We’ve obtained nice information! Take Command is happy to announce that we have secured a $25 million development funding, led by Edison Partners, as extra employers search reasonably priced medical insurance profit choices. This spherical of funding confirms what we have believed for a while: ICHRA is taking off! As 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 purchasers.
Read 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 Partners, with participation from present traders LiveOak Venture Partners 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 insurance. Historically, staff have needed to enroll in protection from prescribed, one-size-fits-all insurance coverage, paying for advantages they could not want. ICHRAs as an alternative present staff with a tax-free stipend they’ll use to pick the plan of their selection and supply employers a approach to mitigate or keep away from fee will increase.
ICHRAs save employers a mean of 10-20% in prices, whereas offering staff with unprecedented selection when choosing a plan that’s proper for them and their household. They are compliant with the Affordable Care Act and their reputation has pushed greater than 10,000 employers to undertake this new advantages mannequin since its inception in 2020, marking 355% development*. Based on an outlined contribution mannequin, the market transformation is usually likened to the shift from pension plans to 401(ok)s.
Companies of all sizes are providing ICHRAs by way of 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. Large employers, Take Command’s quickest rising phase, are leveraging ICHRAs to mitigate annual renewals, enhance minimal participation charges, and improve from costlier one-size-fits-all conventional employer sponsored protection.
If you take a look at these development statistics, it’s clear American employers are desirous to spend money on their staff 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 crew is wanting ahead to partnering with Edison, with its status for sturdy, personalized worth creation help 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 firm will particularly use the brand new funding to broaden its go-to-market technique, increase fee performance throughout its platform, and innovate new market choices.
As the first-in-market different medical insurance resolution, Take Command is effectively positioned to capitalize on ICHRA’s meteoric development,” mentioned Edison Partners General Partner Gregg Michaelson, who led the funding and can be part of the board of administrators. “Edison is proud to play a task in serving to the corporate scale into their subsequent part of development and additional speed up Take Command’s journey to constructing the main well being advantages expertise firm.
About Take Command
Take Command is a SaaS platform that helps corporations reimburse staff for medical insurance. Offering seamless administration for Individual Coverage HRAs (ICHRAs) and Qualified Small Employer HRAs (QSEHRAs), Take Command was the primary finish to finish ICHRA resolution in the marketplace, the primary to convey a viable partnership mannequin to brokerage corporations, the one HRA administrator invited to the White House when ICHRA was introduced, the one firm to supply in-house, customized enrollment help for workers, and a founding father of the HRA Council.
With purchasers in all 50 states and purchasers starting from 3 to three,000 staff, 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 Modern Healthcare, Builtin, and Dallas Business Journal, and has received numerous awards within the startup and innovation sectors.
For digital press package, please go to this hyperlink.
*Industry numbers courtesy of HRA Council
Media Contact
Name: Amy Skinner
Email: amy@takecommandhealth.com
Phone: 214-866-7757