BREAKING: Handl Health has just announced a groundbreaking $14.2 million Series A funding round led by Arthur Ventures, aimed at combatting soaring healthcare insurance costs through innovative AI technology. This urgent investment will accelerate the rollout of Handl’s state-of-the-art healthcare intelligence platform, transforming how customers build, launch, and monitor health insurance plans.
Handl Health, based in Culver City, is set to reshape the healthcare landscape as rising premiums burden mid- and large-sized companies across the nation. “We had the fortune of good timing with legislation around healthcare transparency,” stated Ahmed Marmoush, co-founder and CEO. He highlighted the alarming discrepancies in costs for similar services, such as colonoscopies that can range from $350 to $3,500.
The funding comes at a critical time, with more than 164.5 million people, or approximately 60% of U.S. citizens under retirement age, relying on employer-sponsored health plans. Handl Health strives to provide both consumer-facing tools and specialized systems for insurance brokers and third-party administrators to facilitate better cost comparisons.
Marmoush, who co-founded the company with Chief Product Officer Ria Shah, said the platform leverages national data to monitor service-level changes, enabling businesses to implement cost-efficient measures. “When you start to layer different levers into a plan, such as virtual care, that’s where you can see an impact,” he added.
The company has experienced a staggering 300% revenue increase over the past year, fueled by growing demand for solutions to combat escalating healthcare expenses. Participating in the Cedars-Sinai Accelerator program in 2023, Handl Health received mentorship and grants aimed at enhancing healthcare delivery.
As healthcare costs continue to rise, this investment signifies a pivotal moment for Handl Health and the industry at large. The company’s innovative approach promises not only to alleviate financial burdens for businesses but also to empower consumers with critical information.
Stay tuned for more updates as Handl Health prepares to launch its new platform, which could change the way millions of Americans access and manage their healthcare options. This is a developing story that could have significant implications for the future of health insurance in the U.S.
