Dallas-primarily based overall health rewards technologies firm, Take Command, has secured a $25 million development investment that will be utilised to improve its on the web platform. The platform enables corporations to offer you employer-sponsored overall health insurance coverage extra quickly. The funding was offered by private equity firm Edison Partners, as properly as current investors LiveOak Venture Partners and SJF Ventures. Take Command’s platform makes it possible for employers to deliver tax-totally free payments, recognized as overall health reimbursement arrangements (HRAs), to their personnel. The personnel can then use the funds to buy an insurance coverage program of their deciding on beneath the Cost-effective Care Act. They have the flexibility to pick a program primarily based on elements such as network of providers, co-pays, and preferred solutions like telemedicine. Open enrollment on Healthcare.gov will commence on November 1st.
HRAs serve as an option to standard employer-sponsored group overall health insurance coverage and offer you many rewards for employers. Take Command asserts that HRAs support mitigate price hikes and decrease employee overall health insurance coverage charges. Given that 2020, more than ten,000 employers nationwide have adopted HRAs, marking a 64% improve from final year.
Take Command Health’s founder and CEO, Jack Hooper, highlighted the developing interest in investing in personnel although regaining handle more than healthcare spending. The corporation claims that employers commonly save ten% to 20% in insurance coverage charges by using HRAs.
The $25 million investment will be utilised to boost payment functionality on Take Command’s platform and introduce new offerings. The corporation also plans to expand its workforce from about 120 personnel and 50 seasonal contractors to about 200. Take Command’s annual recurring income at present stands at about $18 million. Previously, the firm raised $21.two million from seed and early-stage investors.
In a associated improvement, Take Command received $12 million in funding earlier to expand its platform for employer-sponsored overall health insurance coverage.