We have got nice information! Take Command is happy to announce that we have secured a $25 million progress funding, led by Edison Companions, as extra employers search reasonably priced medical health insurance profit choices. This spherical of funding confirms what we have believed for a while: ICHRA is taking off! Because the nation’s largest ICHRA administrator, we’re excited to see this traction and welcome the chance to develop our enterprise to higher serve our shoppers.
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Take Command, a Dallas-based SaaS platform and chief within the quickly rising employer sponsored, personalised well being advantages house, introduced it secured $25 million in progress stage financing led by progress fairness investor Edison Companions, with participation from present traders LiveOak Enterprise Companions and SJF Ventures.
Take Command is the primary and largest firm within the U.S. to supply an end-to-end particular person protection well being reimbursement preparations, or ICHRAs, administrative platform and entry to a person well being market. ICHRAs are a brand new various to conventional group medical health insurance. Traditionally, workers have needed to enroll in protection from prescribed, one-size-fits-all insurance coverage, paying for advantages they might not want. ICHRAs as an alternative present workers with a tax-free stipend they’ll use to pick the plan of their alternative and supply employers a method to mitigate or keep away from fee will increase.
ICHRAs save employers a mean of 10-20% in prices, whereas offering workers with unprecedented alternative when choosing a plan that’s proper for them and their household. They’re compliant with the Inexpensive Care Act and their recognition has pushed greater than 10,000 employers to undertake this new advantages mannequin since its inception in 2020, marking 355% progress*. Primarily based on an outlined contribution mannequin, the market transformation is commonly likened to the shift from pension plans to 401(okay)s.
Corporations of all sizes are providing ICHRAs by Take Command. Many small and medium sized employers are utilizing this HRA mannequin to bolster recruitment and retention in a good job market and as an onramp to supply advantages for the primary time. Massive employers, Take Command’s quickest rising section, are leveraging ICHRAs to mitigate annual renewals, enhance minimal participation charges, and improve from costlier one-size-fits-all conventional employer sponsored protection.
In the event you take a look at these progress statistics, it’s clear American employers are desperate to spend money on their workers whereas offering themselves the chance to take again management of how they spend their healthcare {dollars},” stated Jack Hooper, Founder and CEO of Take Command. “Our staff is wanting ahead to partnering with Edison, with its status for sturdy, custom-made worth creation assist as Take Command continues to construct its capabilities to satisfy the rising demand for ICHRAs as extra firms find out about and undertake them.
Take Command will deploy the funding to additional construct out an infrastructure that pioneered and continues to form the way forward for well being advantages. The corporate will particularly use the brand new funding to develop its go-to-market technique, increase cost performance throughout its platform, and innovate new market choices.
Because the first-in-market various medical health insurance answer, Take Command is effectively positioned to capitalize on ICHRA’s meteoric progress,” stated Edison Companions Basic Associate Gregg Michaelson, who led the funding and can be a part of the board of administrators. “Edison is proud to play a job in serving to the corporate scale into their subsequent part of progress and additional speed up Take Command’s journey to constructing the main well being advantages know-how firm.
About Take Command
Take Command is a SaaS platform that helps firms reimburse workers for medical health insurance. Providing seamless administration for Particular person Protection HRAs (ICHRAs) and Certified Small Employer HRAs (QSEHRAs), Take Command was the primary finish to finish ICHRA answer in the marketplace, the primary to convey a viable partnership mannequin to brokerage companies, the one HRA administrator invited to the White Home when ICHRA was introduced, the one firm to supply in-house, personalised enrollment assist for workers, and a founding father of the HRA Council.
With shoppers in all 50 states and shoppers starting from 3 to three,000 workers, Take Command has helped greater than 5,000 firms take command of their well being advantages. Take Command is proud to be named a greatest place to work by Trendy Healthcare, Builtin, and Dallas Enterprise Journal, and has received numerous awards within the startup and innovation sectors.
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*Trade numbers courtesy of HRA Council
Media Contact
Title: Amy Skinner
Electronic mail: amy@takecommandhealth.com
Cellphone: 214-866-7757