This document presents a mobile initiative for streamlining health savings account (HSA) receipt management. The team aims to solve users' problems with HSA receipt management through a 3-step mobile solution: snap a photo of a receipt, select the transaction, and upload to the cloud. This links receipts to transactions and encourages HSA savings by influencing user behavior. The strategic vision is for the solution to provide lifelong receipt organization, guidance on HSA planning, and value for both users and the financial institution through increased customer interaction and insights over time.
IRS publication of rules for eligible HSA expenses
It’s messy. No one is going to read this 20 page document
It’s difficult to manage receipts
These are the main 3 personas who use HSA
Ivy: unorganized; short term; lives paycheck to paycheck; financially illiterate
Zara: has MBA; in finance industry; very financially literate; forward thinking; on top of retirement planning; spreadsheets and valuations
Henry: not financially literate in nature; but, trying to improve; tries to educates himself but needs some help
Henry is our main target persona, because:
Henry would be most willing to seek out help to solve Receipt Management problem
This is real HSA account balance data of someone who emulates Henry
He tries hard to save, but life events hit him, and he ends up below his starting balance
The two big drops were actually in child birth:
These times are chaotic, messy.
Money and bills flowing in and out; really hard to keep track of receipts
There’s gotta be a better way
Here’s the solution: Streamlined receipt management
We believe we can provide a solution in 3 simple steps
We built a prototype native android app to solve this
The three steps are:
Select a transaction (When you use HSA debit card to pay, Yodlee pulls in transaction data from the bank into the app)
Snap a receipt (of receipt in your hand)
Receipt gets uploaded to cloud (Need to connect your personal cloud i.e. Google Drive/Dropbox etc)
This is the workflow of linking receipts to transactions
Screen 1: Tap on one of those cards (they represent transactions that are outstanding – have not been linked to receipts yet)
Screen 2: Takes you camera, take a picture
Screen 3: Put optional notes, add another picture if receipt is too long, CONFIRM
Screen 4: DONE! Receipt get archived into the “receipt vault”
Now, we’ve solved the receipt management problem
But, we see more opportunities within the solution that would benefit HSA users
Saving and investing within HSAs
We want to “move” and “shift” these users from the left to right side of spectrum
Think of this as a passive to a more active shift in behavior
First shift (Ivy Henry)
This can be accomplished by just providing Ivys with the app
It’s simple, practical, and convenient
This way, we can encourage the Ivys to spend a few seconds at time to save their receipts, rather than a few hours during tax season sorting them
Second shift (Henry Zara)
Move the next slide
1. This opportunity to “shift” from Henry to Zara doesn’t lie in these big transactions, but rather (Next slide)
In these smaller transactions that happen
Why? Because it is always in the users’ best interest to try and keep as much money in HSA as possible and let it accumulate
This leads to compounding triple-tax benefits growth
This is really powerful, because its exponential growhth
This compounding triple-tax benefits growth can be achieved by:
Paying for HSA eligible items out of pocket(OOP), instead of using your HSA card
Meanwhile, let you HSA balance grow
This is the workflow of how you save a receipt of an OOP purchase
Screen 1: Press the floating plus icon on bottom right of screen to “add a receipt”
Screen 2: It launches the camera
Screen 3: Type in details (only $ amount is necessary)
Screen 4: Done. Receipt gets stored in personal cloud, and receipt vault in app
This is the workflow of how to make a reimbursement:
Screen 1: Tap on “make reimbursement” card; you can view your total reimbursable
Screen 2: This allows you to select the amount/receipts you want to reimburse
Screen 3: Select receipt and appropriate amounts you want to reimburse
Screen 4: Click confirm. You’re done and the total selected amount get transferred to your bank
We acknowledge that there are many apps out there that do receipt management
But they don’t do one or all of these features
First, seamless connection throughout ecosystem:
No matter what format receipt, it gets linked directly to the transaction info on app for future ease of reference
Second, lifelong receipts in one place
Its portable. You can use it for multiple HSA account, platforms, and providers
If you use other RM apps, need to use one app for each account, platform, and provider
Third, leverage Behavioral Econ. to provide guidance on HSA planning
Help ppl utilize their HSA to its fullest
First value prop to DST is:
This app is going to be valuable – simple, convenient, practical.
HSA usage are on the rise (>17mil accounts), many are going to need receipt management (RM)
This will increase DST product offering
Second value: Increased investments:
App encourages saving & investing. This leads to increased assets under management
Good for DST clients like banks (UMB). Better margins and revenue
In turn good for DST – Build good relationship with clients, potentially increased frequency and traffic from clients
While there are really solid value proposition, there is an even bigger opportunity here long term.
Medical bills are often abbreviated to the point it’s not humanly possible to understand
40-50% of medical bills contain errors
This is a 3 trillion dollar industry, and half the money flowing through are erroneous
If we keep seeing these receipts, which we will from passing through the app
We can flag anomalies and outliers within bills
This provides consumers a tool to challenge HC system; empower consumers and provide more consumer driven HC
This is our RENEWED value prop.
We can accumulate these bills and perform Big Data Analytics on it
To gain valuable insights and information to:
Better DST’s internal offerings
Improve consumer healthcare
If we can perform Big data analytics, we can go down this roadmap
The sky is the limit for this one, and the list is endless
Summary of our goals
LT goal: Create pipeline for DST to interact with consumers to “influence” their behavior in Healthcare.. Spending and savings
First flow: 100K transactions 20 receipts per active user 5k active users 4% ratio 125k downloads
Second flow: What would it cost DST to build an app that would get 125k downloads? (Refer to spreadsheets titled “HSA cost projections” for details)
We can’t quantify the dollar amount for the data, but these are some revenue streams we can tackle.
