Rework Well being, an Particular person Protection Well being Reimbursement Association (ICHRA) supplier, has raised greater than $100 million in development funding, the corporate lately introduced.

The Indianapolis, Indiana-based firm helps employers and staff arrange and entry ICHRA plans. ICHRA permits employers to offer their staff with tax-free cash every month that they’ll use to buy well being care companies for his or her wants. Rework Well being's companies embody plan creation and administration, name heart assist, automated quoting and worker onboarding. It lately acquired ICHRA enterprise PeopleKeep and serves small, medium and huge employers.

“Rework Well being helps handle the rising problem of unpredictable and rising medical health insurance prices for employers. … By transitioning organizations to ICHRA, we’re offering employers with better funds stability, permitting them to manage prices 12 months after 12 months whereas providing staff extra flexibility and selection of their well being advantages,” mentioned Austin Lehman, CEO of Rework Well being, in an e mail.

In line with the announcement, the $100 million in financing comes from Oak HC/FT and Hercules Capital.

“We now have been eyeing the ICHRA house for a number of years now, anticipating a standout firm with the mix of hyper-scaling potential, an bold go-to-market technique and centered dedication from the management crew,” mentioned Andrew Adams. , co-founder and managing accomplice of Oak HC/FT, in an announcement. “We’re honored that the Rework crew selected to work with us and may't wait to assist them of their efforts to construct the ICHRA marketplace for employers and brokers within the US”

The financing will assist the corporate's nationwide growth, improve its platform capabilities and broaden partnerships with brokers, companies and carriers, Lehman mentioned. Rework Well being may even spend money on scaling its operations, advancing buyer assist and enhancing expertise integrations.

The corporate's funding comes because the ICHRA market is rising, with ICHRA adoption growing 29% between 2023 and 2024, in accordance with the HRA Council. It's not the one firm providing ICHRA assist, both. Different firms embody StretchDollar and Gravie.

Whereas Lehman didn’t title these firms as opponents, he mentioned Rework Well being differentiates itself from others with a “giant private workforce, offering best-in-class customer support by way of devoted account managers and onboarding groups assigned to every buyer. This sensible strategy supplies private assist all through all the ICHRA course of.”

Picture: Feodora Chiosea, Getty Photographs