Dallas-based well being advantages expertise agency, Take Command, has secured a $25 million progress funding that shall be used to boost its on-line platform. The platform allows corporations to supply employer-sponsored medical health insurance extra simply. The funding was offered by personal fairness agency Edison Companions, in addition to present buyers LiveOak Enterprise Companions and SJF Ventures. Take Command’s platform permits employers to offer tax-free funds, often called well being reimbursement preparations (HRAs), to their workers. The workers can then use the funds to buy an insurance coverage plan of their selecting beneath the Inexpensive Care Act. They’ve the flexibleness to pick out a plan primarily based on elements reminiscent of community of suppliers, co-pays, and most popular companies like telemedicine. Open enrollment on Healthcare.gov will start on November 1st.

HRAs function an alternative choice to conventional employer-sponsored group medical health insurance and provide a number of advantages for employers. Take Command asserts that HRAs assist mitigate fee hikes and cut back worker medical health insurance prices. Since 2020, over 10,000 employers nationwide have adopted HRAs, marking a 64% enhance from final 12 months.

Take Command Well being’s founder and CEO, Jack Hooper, highlighted the rising curiosity in investing in workers whereas regaining management over healthcare spending. The corporate claims that employers usually save 10% to twenty% in insurance coverage prices by using HRAs.

The $25 million funding shall be used to enhance fee performance on Take Command’s platform and introduce new choices. The corporate additionally plans to increase its workforce from roughly 120 workers and 50 seasonal contractors to round 200. Take Command’s annual recurring income at the moment stands at roughly $18 million. Beforehand, the agency raised $21.2 million from seed and early-stage buyers.

In a associated growth, Take Command acquired $12 million in funding earlier to increase its platform for employer-sponsored medical health insurance.