Remodel Health Raises More Than $100 Million to Continue Expansion in ICHRA Market
Remodel Health, the leading Individual Coverage Health Reimbursement Arrangement (ICHRA) provider, has secured over $100 million in growth funding from Oak HC/FT and Hercules Capital (NYSE: HTGC). The company offers a comprehensive white-labeled tech platform for ICHRA plans and has experienced significant growth, with 11x YoY increase in broker-led ICHRA bookings.
The platform provides employers with predictable annual benefits costs, delivering average savings of 30%. Following its acquisition of PeopleKeep in early 2024, Remodel Health is positioned to serve organizations of all sizes. The ICHRA market has shown strong growth, with a 29% increase in adoption from 2023 to 2024, and is projected to grow tenfold by 2032.
Remodel Health, il principale fornitore di Health Reimbursement Arrangement (ICHRA) con copertura individuale, ha ottenuto oltre 100 milioni di dollari in finanziamenti per la crescita da Oak HC/FT e Hercules Capital (NYSE: HTGC). L'azienda offre una piattaforma tecnologica completa a marchio bianco per i piani ICHRA e ha registrato una crescita significativa, con un aumento dell'11x anno su anno nelle prenotazioni ICHRA gestite dagli intermediari.
La piattaforma fornisce ai datori di lavoro un costo annuo prevedibile per i benefici, offrendo un risparmio medio del 30%. A seguito dell'acquisizione di PeopleKeep all'inizio del 2024, Remodel Health è pronta a servire organizzazioni di tutte le dimensioni. Il mercato ICHRA ha mostrato una forte crescita, con un aumento del 29% nell'adozione dal 2023 al 2024, e si prevede che crescerà dieci volte entro il 2032.
Remodel Health, el principal proveedor de Health Reimbursement Arrangement (ICHRA) con cobertura individual, ha asegurado más de 100 millones de dólares en financiación de crecimiento de Oak HC/FT y Hercules Capital (NYSE: HTGC). La empresa ofrece una plataforma tecnológica integral de marca blanca para los planes ICHRA y ha experimentado un crecimiento significativo, con un incremento del 11x año tras año en las reservas de ICHRA lideradas por corredores.
La plataforma proporciona a los empleadores costos anuales de beneficios predecibles, ofreciendo un ahorro promedio del 30%. Tras su adquisición de PeopleKeep a principios de 2024, Remodel Health está posicionada para servir a organizaciones de todos los tamaños. El mercado de ICHRA ha mostrado un fuerte crecimiento, con un incremento del 29% en la adopción de 2023 a 2024, y se proyecta que crecerá diez veces para 2032.
리모델 헬스(Remodel Health)는 개인 건강 재정 지원 제도(ICHRA)의 선두 제공업체로서, Oak HC/FT와 Hercules Capital (NYSE: HTGC)으로부터 1억 달러 이상의 성장 자금을 확보했습니다. 이 회사는 ICHRA 계획을 위한 포괄적인 화이트 라벨 기술 플랫폼을 제공하며, 중개인이 주도하는 ICHRA 예약에서 연간 11배 증가라는 상당한 성장을 경험했습니다.
이 플랫폼은 고용주에게 예측 가능한 연간 복리비용을 제공하며 평균 30%의 비용 절감을 제공합니다. 2024년 초 PeopleKeep을 인수한 후, 리모델 헬스는 모든 규모의 조직을 지원할 수 있는 위치에 있습니다. ICHRA 시장은 2023년에서 2024년 사이에 29%의 증가를 보였으며, 2032년까지 10배 성장할 것으로 예상됩니다.
Remodel Health, le principal fournisseur de Health Reimbursement Arrangement (ICHRA) avec couverture individuelle, a sécurisé plus de 100 millions de dollars de financement pour la croissance auprès d'Oak HC/FT et de Hercules Capital (NYSE: HTGC). L'entreprise propose une plateforme technologique complète en marque blanche pour les plans ICHRA et a connu une croissance significative, avec une augmentation de 11 fois d'une année sur l'autre des réservations ICHRA menées par des courtiers.
La plateforme offre aux employeurs des coûts de prestations annuels prévisibles, permettant des économies moyennes de 30%. Suite à son acquisition de PeopleKeep au début de 2024, Remodel Health est en mesure de servir des organisations de toutes tailles. Le marché ICHRA a montré une forte croissance, avec une augmentation de 29% de l'adoption entre 2023 et 2024, et devrait croître dix fois d'ici 2032.
Remodel Health, der führende Anbieter von Health Reimbursement Arrangements (ICHRA) mit individueller Deckung, hat über 100 Millionen Dollar an Wachstumskapital von Oak HC/FT und Hercules Capital (NYSE: HTGC) gesichert. Das Unternehmen bietet eine umfassende markenunabhängige Technologieplattform für ICHRA-Pläne und hat ein signifikantes Wachstum erlebt, mit einem 11-fachen Anstieg im Jahresvergleich bei von Maklern geführten ICHRA-Buchungen.
Die Plattform bietet Arbeitgebern vorhersehbare jährliche Kosten für Sozialleistungen und erzielt im Durchschnitt Einsparungen von 30%. Nach der Übernahme von PeopleKeep Anfang 2024 ist Remodel Health in der Lage, Organisationen jeder Größe zu bedienen. Der ICHRA-Markt hat ein starkes Wachstum gezeigt, mit einem 29% Anstieg der Annahme von 2023 bis 2024, und wird voraussichtlich bis 2032 zehnmal wachsen.
- Secured $100 million in growth funding
- 11x YoY growth in broker-led ICHRA bookings
- Delivers 30% average cost savings for employers
- Strategic acquisition of PeopleKeep expanding market reach
- Operating in a market projected to grow 10x by 2032
- None.
Insights
Remodel offers an end-to-end, white-labeled tech platform that supports employers and employees with everything they need to launch and access their ICHRA plans, including plan creation and administration, call center support, automated quoting, employee onboarding, HRIS integrations and payments with carriers and access to ancillary products. Starting with the group to individual health insurance shift in 2015, Remodel has become a dominant player in the ICHRA space, bolstered by the acquisition of PeopleKeep in early 2024. Together, the two companies are uniquely positioned to serve small, medium and large employers, with a suite of products across ICHRA and QSEHRA. With this investment from Oak HC/FT and Hercules Capital, Remodel will look to continue its national expansion.
Remodel stands apart from the competitive set with its meaningful scale and a go-to-market motion defined by its white-glove service, deep broker relationships and easy-to-understand approach to marketing and sales. Importantly, as employer health insurance premiums continue to increase, ICHRA provides Remodel's customers with predictable annual benefits costs, driving stability and an average of
"We are on a mission to resource organizations with missions that matter, partnering with employers and their brokers to do so. Remodel Co-Founders Justin Clements and Scott Lingle and I started trailblazing in 2015, and PeopleKeep founder Paul Zane Pilzer identified this shift like pension to 401(k) in the early 2000's," said Austin Lehman, CEO of Remodel Health. "We are now seeing it begin to come to fruition. The Oak team have been great dreamers with us and have great connections in the insurance payer space to accelerate growth and help increase access to medical care and resource organizations with missions that matter."
ICHRA was created in 2020 as a flexible alternative to traditional group health insurance, offering choices around contribution levels to employers and more personalized options around benefits for employees. Similar to a 401K, employers of any size can provide an allowance of pre-tax dollars to their employees. This is used by employees for the purchase of some or all of their healthcare premiums for insurance bought on the ACA exchanges. It offers an exciting cost-savings proposition for employers, particularly small and mid-size ones, who want to offer health insurance to their teams, by allowing them to move their employees to state risk pools to help offset costs, instead of trying to level-fund or self-insure.
"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
Since its launch, the ICHRA market has been steadily increasing and is projected to 10X by 2032. According to the HRA Council, ICHRA adoption increased
About Remodel Health
Remodel Health is the expert guide for employers and brokers navigating the complexities of transitioning to ICHRA. With nearly a decade of experience in the individual health benefits space, our proprietary software and licensed health benefits experts deliver tailored solutions for businesses with 100 to 10,000 employees. Committed to best-in-class customer service, we provide hands-on support throughout the process, ensuring successful implementation and long-term success. Learn more about how we transform health benefits at remodelhealth.com.
About PeopleKeep
PeopleKeep specializes in helping small and midsize businesses offer affordable, flexible health benefits through the ICHRA and qualified small employer HRA (QSEHRA). By focusing on expanding access to coverage for employees often overlooked by traditional employer-sponsored plans due to cost and complexity, PeopleKeep empowers small employers to thrive. With easy-to-use software, automated compliance, and a seamless employee experience, PeopleKeep is committed to simplifying benefits administration and making health coverage more accessible.
About Oak HC/FT
Oak HC/FT is a venture and growth equity firm specializing in investments in fintech and healthcare. Using partnership as a foundation, Oak HC/FT guides companies and founders at every stage, from seed to growth, to create businesses that make a measurable and lasting impact. Founded in 2014, Oak HC/FT has invested in over 85 portfolio companies and has over
About Hercules Capital, Inc.
Hercules Capital, Inc. (NYSE: HTGC) is the leading and largest specialty finance company focused on providing senior secured venture growth loans to high-growth, innovative venture capital-backed companies in a broad variety of technology and life sciences industries. Since inception (December 2003), Hercules has committed more than
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SOURCE Remodel Health
FAQ
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