Dallas-primarily based overall health advantages technologies firm, Take Command, has secured a $25 million development investment that will be made use of to improve its on the internet platform. The platform enables providers to give employer-sponsored overall health insurance coverage extra effortlessly. The funding was offered by private equity firm Edison Partners, as effectively as current investors LiveOak Venture Partners and SJF Ventures. Take Command’s platform permits employers to present tax-totally free payments, recognized as overall health reimbursement arrangements (HRAs), to their personnel. The personnel can then use the funds to acquire an insurance coverage strategy of their deciding upon below the Economical Care Act. They have the flexibility to choose a strategy primarily based on components 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 classic employer-sponsored group overall health insurance coverage and give many advantages for employers. Take Command asserts that HRAs assistance mitigate price hikes and cut down employee overall health insurance coverage charges. Considering 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 organization claims that employers normally save ten% to 20% in insurance coverage charges by using HRAs.

The $25 million investment will be made use of to enhance payment functionality on Take Command’s platform and introduce new offerings. The organization 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 connected improvement, Take Command received $12 million in funding earlier to expand its platform for employer-sponsored overall health insurance coverage.