Sun. Sep 24th, 2023
$25 Million Funding Set to Propel Progress of Dallas-based Well being Advantages Agency

Dallas-based well being advantages know-how agency, Take Command, has secured a $25 million progress funding that might be used to reinforce its on-line platform. The platform permits firms to supply employer-sponsored medical insurance extra simply. The funding was supplied by non-public fairness agency Edison Companions, in addition to present traders LiveOak Enterprise Companions and SJF Ventures. Take Command’s platform permits employers to offer tax-free funds, referred to as well being reimbursement preparations (HRAs), to their workers. The staff can then use the funds to buy an insurance coverage plan of their selecting underneath the Inexpensive Care Act. They’ve the flexibleness to pick a plan based mostly on elements equivalent to community of suppliers, co-pays, and most well-liked companies like telemedicine. Open enrollment on will start on November 1st.

HRAs function a substitute for conventional employer-sponsored group medical insurance and provide a number of advantages for employers. Take Command asserts that HRAs assist mitigate price hikes and cut back worker medical insurance prices. Since 2020, over 10,000 employers nationwide have adopted HRAs, marking a 64% enhance from final yr.

Take Command Well being’s founder and CEO, Jack Hooper, highlighted the rising curiosity in investing in workers whereas regaining management over healthcare spending. The corporate claims that employers sometimes save 10% to twenty% in insurance coverage prices by using HRAs.

The $25 million funding might be used to enhance cost performance on Take Command’s platform and introduce new choices. The corporate additionally plans to increase its workforce from roughly 120 workers and 50 seasonal contractors to round 200. Take Command’s annual recurring income at present stands at roughly $18 million. Beforehand, the agency raised $21.2 million from seed and early-stage traders.

In a associated growth, Take Command obtained $12 million in funding earlier to increase its platform for employer-sponsored medical insurance.

By Editor