Remodel Health received $100 million in funding from Oak HC/FT and Hercules Capital.
Share Options
Share a link too this article
Remodel Health, an Individual Coverage Health Reimbursement Arrangement (ICHRA) provider, has raised more than $100 million in growth funding, the company recently announced.
The Indianapolis, Indiana-based company helps employers and employees build and access ICHRA plans. ICHRA allows employers to provide employees a monthly allowance of tax-free money that they can use to buy healthcare services for their needs. Remodel Health’s services include plan creation and administration, call center support, automated quoting and employee onboarding. It recently acquired ICHRA company PeopleKeep and serves small, medium and large employers.
“Remodel Health helps address the growing challenge of unpredictable and rising health insurance costs for employers. … By transitioning organizations to ICHRA, we provide employers with greater budget stability, allowing them to control costs year over year while offering employees more flexibility and choice in their health benefits,” said Austin Lehman, CEO of Remodel Health, in an email.
Closing cancer health equity gaps require medical breakthroughs made possible by new funding approaches.
The $100 million in funding is from Oak HC/FT and Hercules Capital, according to the announcement.
“We have been looking at the ICHRA space for a few years now, waiting for a stand out company with the combination of hyper-scaling potential, an ambitious go-to-market strategy and focused dedication from the leadership team,” said Andrew Adams, co-founder and managing partner of Oak HC/FT, in a statement. “We are honored that the Remodel team chose to partner with us and cannot wait to support them in their efforts to build out the ICHRA market for employers and brokers across the U.S.”
The financing will support the company’s national expansion, improve its platform capabilities, and grow its partnerships with brokers, agencies and carriers, Lehman said. Remodel Health will also invest in scaling its operations, advancing customer support and improving technology integrations.
The company’s funding comes as the ICHRA market has been on the rise: ICHRA adoption increased 29% from 2023 to 2024, according to the HRA Council. It’s not the only company providing ICHRA support either. Other companies include StretchDollar and Gravie.
The future looks bright for the integrated specialty pharmacy model – for health systems, providers, and most importantly, for patients.
While Lehman didn’t name these companies as competitors, he said Remodel Health sets itself apart from others with a “large in-person workforce, providing best-in-class customer service through dedicated account managers and onboarding teams assigned to each customer. This hands-on approach ensures personalized support throughout the ICHRA journey.”
Picture: Feodora Chiosea, Getty Images
We will never sell or share your information without your consent. See our privacy policy.
The progress in artificial intelligence (AI) is reshaping patient care, across various dimensions, from facilitating faster discharge to curating treatment plans and suggesting lifestyle changes.
As technology advances, AI-powered tools will increasingly reduce the administrative burdens on healthcare providers.
As technology advances, AI-powered tools will increasingly reduce the administrative burdens on healthcare providers.
We will never sell or share your information without your consent. See our privacy policy.
© 2024 Breaking Media, Inc. All rights reserved. Registration or use of this site constitutes acceptance of our Terms of Service and Privacy Policy.
English 
Français