Dallas-based well being advantages expertise agency, Take Command, has secured a $25 million development funding that can be used to reinforce its on-line platform. The platform permits corporations to supply employer-sponsored medical insurance extra simply. The funding was supplied by personal fairness agency Edison Companions, in addition to present traders LiveOak Enterprise Companions and SJF Ventures. Take Command’s platform permits employers to supply tax-free funds, generally known as well being reimbursement preparations (HRAs), to their workers. The workers can then use the funds to buy an insurance coverage plan of their selecting below the Reasonably priced Care Act. They’ve the flexibleness to pick a plan based mostly on elements akin to community of suppliers, co-pays, and most popular providers like telemedicine. Open enrollment on Healthcare.gov 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 fee hikes and cut back worker medical insurance prices. Since 2020, over 10,000 employers nationwide have adopted HRAs, marking a 64% enhance from final 12 months.
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 can be used to enhance fee performance on Take Command’s platform and introduce new choices. The corporate additionally plans to broaden its workforce from roughly 120 workers and 50 seasonal contractors to round 200. Take Command’s annual recurring income presently stands at roughly $18 million. Beforehand, the agency raised $21.2 million from seed and early-stage traders.
In a associated improvement, Take Command obtained $12 million in funding earlier to broaden its platform for employer-sponsored medical insurance.