When health savings accounts were introduced in 2003, many were skeptical about the concept, which allows people to save money tax-free for future medical expenses.
But where many saw an unproven financial vehicle, Vikram Kashyap saw opportunity. In 2004, he founded Canopy Financial Inc. on the premise of creating a special bank to handle HSA accounts. One year into setting up a new type of bank, however, Kashyap realized that existing banks would ultimately serve as the repositories for HSA dollars. However, the banks’ processing/technology systems could not support the requirements of these accounts and Kashyap had developed a custom software application to manage them.
As a result, he altered Canopy’s business model to instead specialize in consumer-directed health care technology after determining he could supply platforms that were both superior and more cost effective than what financial institutions could develop in-house.
Today, Canopy is the leading independent provider of health care banking platform technology, and its programs are used in 12 of the top 25 financial institutions and health plans in America. But Kashyap isn’t stopping there: His future success depends on his ability to keep his company on the vanguard of technology driving the CDH market.
The company has filed for four patents and is committed to driving new product innovation. A new mobile initiative lets consumers negotiate point-of-service costs and settle payments to medical providers using their mobile phones. And MyCanopy.com lets businesses offer employees a defined contribution to get insurance individually, helping businesses reduce their health care costs by up to 50 percent and taking away the administrative costs of providing group health insurance.
Kashyap is also introducing a green health savings account, which is 100 percent paperless.
How to reach: Canopy Financial Inc., (866) 960-4700 or www.canopyfi.com