What You Should Know:
- InComm Payments announced it has acquired Zenda, an AI-powered HSA and FSA solution.
- With aligned organizational goals of “helping more people better manage their health expenses and livelihoods,” the acquisition of Zenda allows InComm to enter into the employer health benefits category while also furthering the capabilities of its InComm Healthcare business unit which includes the Dual Network Benefit Card.
AI-Powered HSA and FSA Solutions for Employee Benefit Programs
Zenda’s self-driving HSA and FSA solutions automate tasks such as expense-tracking and record-keeping to maximize value for employees, whether they use an account for spending or investing. Through Zenda’s native mobile apps or web portal, account holders can access automatically generated receipts as well as guidance on making contributions and withdrawals. Finally, Zenda provides built-in expert tax-saving strategies that help users avoid missing tax deductions, which ultimately leads to higher tax savings and satisfaction.
Zenda’s use of automation extends to a unified debit card, which is connected to an HSA or FSA account plus an everyday checking account. As employees make payments with the card, Zenda’s platform automatically detects and routes medical expenses to the HSA or FSA, while non-eligible purchases are charged to the everyday account. This ensures employees do not miss eligible transactions, making it easier for them to manage their health and budget.
This acquisition will allow for patients to more easily afford and access the healthcare that they need through their HSA and FSA benefits – hopefully leading to patients who are less likely to delay care which would create better overall outcomes.