BREAKING: Handl Health has successfully raised $14.2 million in a Series A funding round, just announced today, to tackle skyrocketing healthcare costs through innovative AI technology. This significant investment, led by Arthur Ventures, aims to enhance Handl’s AI-powered healthcare intelligence platform, fundamentally changing how health insurance is structured and managed.
Located in Culver City, Handl Health is poised to transform the healthcare landscape with its solutions designed for both consumers and businesses. Co-founder and CEO Ahmed Marmoush emphasized the urgent need for transparency in healthcare pricing, noting, “There was no correlation between the cost and quality between providers, but huge variation in cost. For example, a colonoscopy could cost $350 or $3,500.”
With healthcare expenses on the rise, Handl Health’s platform enables users to compare costs effectively. The company’s tools are specifically tailored for insurance brokers and third-party administrators, allowing them to optimize insurance offerings for businesses facing increasing premium demands. Over the past year, Handl Health has experienced a remarkable revenue surge of nearly 300%, highlighting the urgent demand for solutions in the mid- and large-sized corporate sector.
The timing of this funding aligns with recent legislation promoting healthcare transparency, positioning Handl Health as a leader in addressing these new challenges. Co-founder Ria Shah, who oversees operations and data science, stated, “We have national data at a specific service level and monitor them as they change. When you start to layer different levers into a plan, such as virtual care, that’s where you can see an impact.”
Handl Health’s participation in the Cedars-Sinai Accelerator program in 2023 has further solidified its commitment to enhancing healthcare delivery. The accelerator provides critical mentorship and resources for innovative healthcare solutions, underscoring the company’s role in reshaping the industry for millions.
Currently, more than 164.5 million people, or approximately 60% of U.S. citizens under retirement age, rely on employer-sponsored health plans. As healthcare costs continue to rise, Handl Health’s advancements are crucial for providing accessible and affordable health insurance options.
As this story develops, the healthcare industry will be closely watching Handl Health’s rollout of its platform and the impact it will have on consumers and businesses alike. For more updates on this groundbreaking development, stay tuned.
