29 Nov , 2021 By : monika singh
AI driven Health- tech company Fedo has announced a announced ‘Health Savings Account’, called Fedo HSA, in collaboration with neo bank Open.
Fedo HSA will be offering a combined account that helps customers meet their required spends through a combination of smart savings, insurance, line of credit all bundled in a powerful savings account that comes with a health Credit/ Debit cards with health benefit features and rewards.
“There is a dire need of transformation on the healthcare sector to address the issues with the rising healthcare costs and the aftermath of the pandemic. We are happy to be a part of Fedo HSA journey that has the potential to transform the industry by taking a personalised approach towards healthcare finance clubbed with incredible customer innovation by technology," Anish Achuthan, CEO, OPEN said in a statement.
Fedo said that there is a very large and urgent need to simplify and bridge the financing gap between insurance policy coverage and hospitalization expenses. This offering will enhance the value proposition for insurers and banks alike, and more importantly will address the needs of consumers, with empathy.
“With the right mix of data and machine intelligence, Fedo HSA aims to provide a systematic way of planning for health needs based on predictable health risks and solve the financial crisis which impacts millions of families each year due to medical emergencies," Prasanth Madavana, CEO & Co-Founder at Fedo said.
The company has partnered with insurers, card issuers and banks to expand the network of Fedo HSA service. This development comes after the company developed the proprietary Fedo score which helps insurance companies successfully underwrite its users and helps Fedo consumers understand how healthy they are.
We’re looking at this as an end-to-end solution that addresses healthcare access and affordability. Our goal is to not only transform the experience on the front-end for the customers, but also to streamline operational processes in the back end in ways that most providers aren’t thinking," Arun Mallavarapu, CTO & Co-Founder at Fedo said.