• Sat. Sep 23rd, 2023

$25 Million Funding Set to Propel Progress of Dallas-based Well being Advantages Agency


Sep 19, 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 will probably be used to boost its on-line platform. The platform permits corporations to supply employer-sponsored medical health insurance extra simply. The funding was offered by non-public fairness agency Edison Companions, in addition to current traders LiveOak Enterprise Companions and SJF Ventures. Take Command’s platform permits employers to offer tax-free funds, often known as well being reimbursement preparations (HRAs), to their staff. The staff 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 out a plan primarily based on components akin to community of suppliers, co-pays, and most well-liked providers like telemedicine. Open enrollment on Healthcare.gov will start on November 1st.

HRAs function an alternative choice to conventional employer-sponsored group medical health insurance and provide a number of advantages for employers. Take Command asserts that HRAs assist mitigate charge hikes and scale back worker medical health 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 staff whereas regaining management over healthcare spending. The corporate claims that employers usually save 10% to twenty% in insurance coverage prices by using HRAs.

The $25 million funding will probably be used to enhance fee performance on Take Command’s platform and introduce new choices. The corporate additionally plans to increase its workforce from roughly 120 staff 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 increase its platform for employer-sponsored medical health insurance.