$25 Million Investment Set to Propel Development of Dallas-primarily based Wellness Positive aspects Firm

Dallas-primarily based well being added benefits technologies firm, Take Command, has secured a $25 million development investment that will be utilised to improve its on the net platform. The platform enables businesses to give employer-sponsored well being insurance coverage a lot more very easily. 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 present tax-cost-free payments, recognized as well being reimbursement arrangements (HRAs), to their personnel. The personnel can then use the funds to acquire an insurance coverage strategy of their picking out beneath the Very affordable Care Act. They have the flexibility to pick a strategy primarily based on variables such as network of providers, co-pays, and preferred solutions like telemedicine. Open enrollment on Healthcare.gov will start on November 1st.

HRAs serve as an option to standard employer-sponsored group well being insurance coverage and give numerous added benefits for employers. Take Command asserts that HRAs assist mitigate price hikes and lessen employee well being insurance coverage charges. Given that 2020, more than ten,000 employers nationwide have adopted HRAs, marking a 64% raise from final year.

Take Command Health’s founder and CEO, Jack Hooper, highlighted the increasing interest in investing in personnel whilst regaining manage more than healthcare spending. The firm claims that employers ordinarily 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 firm also plans to expand its workforce from roughly 120 personnel and 50 seasonal contractors to about 200. Take Command’s annual recurring income at the moment stands at roughly $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 well being insurance coverage.