Canopy Financial, which has garnered adoption of its Web-based HSA processing platform at almost half of the top 25 banks, is now targeting another paperless evolution for institutions, health plans and third-party administrators. The San Francisco company has intro’d a new Green Health Savings Account that now provides 100-percent paperless account handling, including enrollment, account management, e-statements, online bill-pay and mobile alerts.
To further its green appeal, the account also promises to include access to mutual funds that invest “exclusively in environmentally friendly companies, along with access to information on preferred environmentally conscious healthcare facilities and service providers,” according to the company. “Consumers increasingly view companies that offer sustainable products and services as preferred vendors,” says Vik Kashyap, CEO of Canopy.
According to PayItGreen.org, paperless HSAs could eliminate over 39 million pounds of wasted paper, save over 474,000 trees, and avoid release of over one billion pounds of greenhouse gas emissions annually.