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Friday, September 22, 2023

About our newest spherical of funding


We have nice information! Take Command is happy to announce that we have secured a $25 million development 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.

Learn the press launch → 

Take Command, a Dallas-based SaaS platform and chief within the quickly rising employer sponsored, customized well being advantages area, introduced it secured $25 million in development stage financing led by development fairness investor Edison Companions, with participation from present buyers 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 different to conventional group medical health insurance. Traditionally, workers have needed to enroll in protection from prescribed, one-size-fits-all insurance policy, paying for advantages they could not want. ICHRAs as an alternative present workers with a tax-free stipend they will use to pick the plan of their selection and supply employers a method to mitigate or keep away from price will increase.

ICHRAs save employers a median of 10-20% in prices, whereas offering workers with unprecedented selection when choosing a plan that’s proper for them and their household. They’re compliant with the Reasonably priced 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% development*. Primarily based on an outlined contribution mannequin, the market transformation is commonly likened to the shift from pension plans to 401(okay)s.

Firms of all sizes are providing ICHRAs via Take Command. Many small and medium sized employers are utilizing this HRA mannequin to bolster recruitment and retention in a decent job market and as an onramp to supply advantages for the primary time. Massive employers, Take Command’s quickest rising phase, are leveraging ICHRAs to mitigate annual renewals, enhance minimal participation charges, and improve from dearer one-size-fits-all conventional employer sponsored protection.

Should you have a look at these development statistics, it’s clear American employers are desperate to put money into their workers whereas offering themselves the chance to take again management of how they spend their healthcare {dollars},” mentioned Jack Hooper, Founder and CEO of Take Command. “Our staff is trying ahead to partnering with Edison, with its status for sturdy, custom-made worth creation assist as Take Command continues to construct its capabilities to fulfill the rising demand for ICHRAs as extra corporations 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 increase its go-to-market technique, increase cost performance throughout its platform, and innovate new market choices.  

Because the first-in-market different medical health insurance resolution, Take Command is properly positioned to capitalize on ICHRA’s meteoric development,” mentioned Edison Companions Basic Companion Gregg Michaelson, who led the funding and can be a part of the board of administrators. “Edison is proud to play a task in serving to the corporate scale into their subsequent section of development 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 corporations 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 resolution available on the market, the primary to carry a viable partnership mannequin to brokerage corporations, the one HRA administrator invited to the White Home when ICHRA was introduced, the one firm to supply in-house, customized 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 corporations take command of their well being advantages. Take Command is proud to be named a finest place to work by Fashionable Healthcare, Builtin, and Dallas Enterprise Journal, and has gained numerous awards within the startup and innovation sectors.

For digital press equipment, please go to this hyperlink.

 *Trade numbers courtesy of HRA Council

 

Media Contact

Identify: Amy Skinner

E-mail: amy@takecommandhealth.com

Cellphone: 214-866-7757

 

 



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