Customer Story: Lane Health — Helping More Employees Afford Medical Expenses

Problem: Lane Health, the first company to offer tax-deductible medical loans for employees with Health Savings Accounts (HSAs), needed a secure, compliant way to access employee data and track deductions of different amounts per every payroll period.

Solution: With Finch, Lane Health synchronizes employee data, enabling Lane Health to save 8-12 hours a month of manual data entry for employer admins!

Lane Health

An HSA is a tax-advantaged savings account. An HSA account holder can use it to pay for out-of-pocket qualified medical expenses for themselves and their dependents. Using untaxed dollars in an HSA to pay for copayments, deductibles, etc., can significantly reduce healthcare expenses. Yet many employees choose not to take advantage of an HSA—then regret that decision when faced with high medical bills.

Lane Health is revolutionizing the HSA industry by helping employees pay their medical bills through a unique line of credit. With Lane Health, employees can borrow against future deductions to pay their bills, even if the employee originally elected zero deductions. The company’s award-winning product helps employers stand out and gives employees peace of mind—especially since more than 60% of Americans cannot cover a surprise $1,000 expense.

The First Line of Credit + HSA

Lane Health was the first administrator to combine a line of credit with an HSA, allowing employers to offer tax-effective lending for employees. With Lane Health, employees can pay for care over 12 months, reduce their taxes, and lower their total cash outlay. While the product is especially attractive for employees with a high deductible health plan, Lane Health offers significant benefits to all employees—without risk or lending fees for employers.

In addition to their groundbreaking HSA, Lane Health provides Flexible Savings Accounts (FSAs), Dependent Care Savings Accounts, Commuter Benefits Accounts, and other popular tax-advantaged spending accounts, all bundled on a convenient, single card solution.

Managing Ever-Changing Deductions

For employees who do not elect to fund their HSA—then choose to borrow money through Lane Health—the amount deducted per paycheck will vary, depending on how much the employee owes, how they repay, and other factors. An employee might owe $12 one paycheck, $20 the next, then $25 the next. So instead of entering deductions once per year for 100 employees, for example, an employer now has to enter deductions once every payroll for a few dozen employees.

To accomplish their mission and grow their company, the Lane Health team needed to streamline integration of complex, ever-changing employee data across various payroll providers. However, they needed to move quickly and work within two highly regulated industries—HSAs and lending. That’s when Lane Health began looking for a better solution, and found Finch.

A Finch-Powered Solution for Health Savings Accounts

With Finch, the Lane Health team can save employers countless hours—and dollars—by syncing the entire employer’s system with Finch’s platform.

Previously, employer admins had to pay their payroll provider for a flat file for each payroll period, then send that file to Lane Health. Now, the employer can utilize Finch’s API to sync this data in just a few seconds at a fraction of the cost.

“It’s always an interesting opportunity to partner with somebody that can essentially solve problems, and Finch seems to offer exactly that,” explains Lenny Blyukher, Chief Technology Officer for Lane Health.

Impact

• ⏳ 8-12 hours a month saved by employer admins that would normally be spent updating information in Lane Health or exporting and importing flat files
• $50,000-$100,000 saved by Lane Health using Finch instead of building and maintaining an API in-house

Finch offers a very robust way to integrate with the industry standard web services, and automate all the things that we have to do manually on a regular basis.

Lenny Blyukher, Chief Technology Officer

Where Finch Fits In

All three use cases are unlocked in <30 seconds:

1. Lane Health’s onboarding flow asks employers to link their payroll system.
2. Admin users sync their organization’s system by passing their credentials through Finch's secure and compliant Connect Flow.
3. In a matter of seconds, Lane Health’s clients can start enrolling employees across the organization into HSA and additional benefits.

Peace of Mind for Employees

The exclusive Lane Health HSA makes paying medical bills easier for all employees—not just the few who choose to contribute to an HSA. Moving forward, Lane Health is on a mission to continue providing cutting-edge, inclusive products that improve financial wellness.

We’re sharing our pipeline with Finch, and they’re listening to our suggestions and helping drive our roadmap, which will continue to put us ahead of our competitors.

Crystal Peel, Vice President of Client Solutions

At Finch, we’re excited to support innovative platforms like Lane Health. If you’re interested in exploring workforce data, please send us a message here, and let’s unlock an entirely new use case together!