With the rising cost of healthcare benefits and the changing legislative landscape, companies are desperate for ways to reduce costs, provide quality benefits for their employees and keep pace with sometimes-confusing government regulations. Consumer-driven health plans have been gaining momentum as a popular option for these companies. And while health savings plans (HSA) save employers and the workforce money, they are often underutilized and misunderstood.
Enter Tango Health – a provider of Health Savings Account (HSA) management software and services. The Austin, Texas based company develops web-based software for the enterprise that offers employees a user-friendly set of tools to help them become more engaged healthcare consumers while reducing benefit costs for enterprises. With Tango Health’s technology, employees can better track health-related spending, get reimbursed for health expenses and manage employer contributions. On the flip side, it alleviates and simplifies administrative duties for employers.
There are other types of software that are revolutionizing the healthcare industry too. For example, companies like Foresee Medical are able to provide HCC risk adjustment coding software that can be used to identify the potential costs of chronic conditions and severe diagnoses for healthcare providers. This information can then be used to provide proper decision support at the point of care making it easier to reduce the workload on office staff.
So what sets Tango Health apart from their competitors? Their product offers an unprecedented high amount of sign-up rates, making the education and adoption step of consumer-directed plans and HSA’s much easier for health benefit professionals. Tango is provides enterprises with a healthcare solution for all their eligible employees.
Customers range from mid-sized businesses to multi-million dollar corporations, and include Austin-based companies Silicon Labs and Compass Learning, San Diego’s RackSpace as well as Georgia-based Insperity. And customer satisfaction doesn’t seem to be lacking with Tango: in 2013, the company renewed 100% of all its customers. And after three successful rounds of funding since its initial start in 2008, the company recently closed almost $2.2 million of a $3 million round according to a filing with the SEC.
Feature Photo Credit: Tango Health