Dallas-primarily based overall health positive aspects technologies firm Take Command has secured a $25 million development investment that will be employed to advance its on line platform. The platform enables firms to extra simply supply employer-sponsored overall health insurance coverage. The financing was supplied by private equity firm Edison Partners, as effectively as current investors LiveOak Venture Partners and SJF Ventures. Take Command’s platform enables employers to deliver their workers with tax-no cost payments, identified as Wellness Reimbursement Arrangements (HRAs). Personnel can then use the funds to obtain the insurance coverage program of their selection below the Economical Care Act. They have the flexibility to pick a program primarily based on components such as provider network, co-pays and preferred solutions such as telemedicine. Open enrollment on Healthcare.gov will commence on November 1st.
HRAs serve as an option to classic employer-sponsored group overall health insurance coverage and supply quite a few positive aspects for employers. Take Command claims that HRAs assistance mitigate price increases and lower employee overall health insurance coverage fees. As of 2020, more than ten,000 employers across the nation have adopted HRA, representing a 64% boost more than final year.
Take Command Wellness founder and CEO Jack Hooper highlighted the expanding interest in investing in workers though regaining manage more than overall health care spending. The business claims that employers ordinarily save ten% to 20% on insurance coverage fees by applying HRA.
The $25 million investment will be employed to enhance the payment functionality on the Take Command platform and introduce new gives. The business also plans to expand its workforce from roughly 120 workers and 50 seasonal contractors to roughly 200. Take Command’s annual recurring income is presently roughly $18 million. Previously, the business raised $21.two million from seed and early-stage investors.
In a associated improvement, Take Command previously received $12 million to expand its employer-sponsored overall health insurance coverage platform.