As Health Savings Accounts (HSAs) and consumer-directed benefits continue to grow in popularity, Private Equity (PE) investors are eyeing the space for its potential: long-term account growth, recurring revenue, and untapped product innovation. But not all HSA or TPA providers are created equal — and buying into this industry without the right diligence and operational plan can be costly.

By HSA Consulting Services; May 2025

At HSA Consulting Services, we’ve spent decades in the trenches with HSA and TPA firms — from startups and scale-ups to market leaders. We’ve seen what works, what burns cash, and what leads to sustainable growth. If you’re a PE firm looking to make a strategic investment in this space, here’s what you need to watch out for —

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SOURCE: HSA Consulting Services; May 2025; https://hsaconsultingservices.com/newsletter/what-private-equity-needs-to-know-before-acquiring-an-hsa-or-tpa-business-and-how-hsa-consulting-services-can-help