Tango Health Raises $4 Million in Series B Funding
By Staff Reporter
Feb 07, 2012 08:33 PM EST
Feb 07, 2012 08:33 PM EST
“The efficiency and completeness of the company’s technology, education and service is unlike any other solution in the employee benefits market.”“Tango Health is transforming the way HSAs are managed, similar to the way Intuit transformed consumer finance with its TurboTax and Quicken products,” said Brian R. Smith, managing director at S3 Ventures. “The efficiency and completeness of the company’s technology, education and service is unlike any other solution in the employee benefits market.”
A fundamental shift is underway in the health care market. HSAs are rapidly gaining ground as more and more employers move toward consumer-directed health plans (CDHPs) to offset the rising cost of employee health care benefits. According to a survey by the National Business Group on Health, a nonprofit association of 329 mostly large U.S. employers, in 2012, 73 percent of employers will offer CDHPs compared to 61 percent who did so in 2011. Most of these will be high-deductible health plans with health savings accounts.
“We founded Tango Health because we recognized that employers need help navigating the multi-decade sea change to consumer-driven healthcare,” said Duncan Van Dusen, co-founder and CEO of Tango Health. “Administering HSAs is very challenging for employers, on top of the fact that most HSA management solutions work well for only about one-third of the employees who choose high-deductible plans. Our flagship HSA solution solves these problems while maximizing tax savings and employee participation in HSAs.”
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