HealthEquity, Inc.: Accounting System Selection

Company Background

HealthEquity offers a complete solution for health plans, insurance companies, third party administrators, financial institutions, and large employers that are entering the consumer driven health care space. These solutions include health care accounts (such as Health Savings Accounts, Health Reimbursement Arrangements, and Flexible Spending Accounts) supplemented with health care financial services and client advisory services. HealthEquity’s specific expertise in client services is the key to help people make the right decisions as they use their new health care accounts.

Project Summary

HealthEquity, Inc., a company in the consumer-driven health care industry, needed to upgrade its accounting and financial software to keep up with its growth. HealthEquity asked the BYU Management Consulting team to help them find an accounting software vendor with software that would meet its accounting needs and be within its budget.

In order to accomplish this task, the consulting team interviewed HealthEquity’s controller to find out what functionality the accounting system would need to have. The team also interviewed the HealthEquity’s information technology department to learn the technical requirements of the system. All of the requirements information was then put into matrix form. That document then became the basis for an RFP and the consulting team’s evaluation of vendors.

The consulting team found potential vendors by searching the internet. The vendors looked at the requirements matrix and indicated which requirements they could meet. They also estimated the cost of the software, including implementation and customization costs. Finally, the consulting team evaluated vendor responses and recommended five vendors to HealthEquity that could meet its needs.

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