URGENT UPDATE: Handl Health has just announced a groundbreaking $14.2 million Series A funding round, aimed at tackling rising healthcare insurance costs using cutting-edge AI technology. This investment, led by Arthur Ventures, will expedite the launch of their innovative healthcare intelligence platform, transforming how consumers and businesses navigate the complexities of health insurance.
The funding is timely, coinciding with recent legislation promoting healthcare transparency. Co-founder and CEO Ahmed Marmoush emphasized the critical need for such solutions, stating, “There was no correlation between the cost and quality between providers, but huge variation in cost.” For instance, a colonoscopy can range from $350 to $3,500, underscoring the urgent need for better cost comparison tools.
Handl Health, based in Culver City, is committed to building consumer-facing tools that enable cost comparisons and providing systems for insurance brokers and third-party administrators. Co-founder and Chief Product Officer Ria Shah plays a key role in overseeing operations and data science, ensuring the platform meets the needs of employers and employees alike.
In just the past year, Handl Health’s revenue has surged by nearly 300%, driven by mid- and large-sized companies seeking to combat escalating healthcare premiums. Currently, over 164.5 million people in the U.S., or approximately 60% of citizens under retirement age, rely on employer-sponsored health plans.
Marmoush highlighted the platform’s capability to adapt and monitor national data at a service level, explaining that incorporating solutions like virtual care can significantly impact healthcare costs. “When you start to layer different levers into a plan, such as virtual care, that’s where you can see an impact,” he said.
This funding follows Handl Health’s participation in the Cedars-Sinai Accelerator program earlier this year, which provided grants and mentorship to enhance healthcare delivery. With the new capital, the company is set to expand its operations and continue its mission to revolutionize the healthcare insurance landscape.
As healthcare costs continue to rise, Handl Health’s innovative approach promises to provide valuable solutions for both consumers and businesses. The developments from this funding round will be closely watched as they unfold in the coming months, with implications for millions of Americans seeking affordable healthcare options.
Stay tuned for more updates on Handl Health and its transformative journey in the healthcare industry. This is a story you won’t want to miss!
