Health In Tech partners with Verdegard to enhance TPA services

Published 25/07/2025, 05:48
Health In Tech partners with Verdegard to enhance TPA services

STUART, Fla. - Health In Tech (NASDAQ:HIT), an insurtech platform company with a market capitalization of $109 million and impressive 67% gains in the past week, announced Thursday a new collaboration with Arizona-based Verdegard Administrators, a third-party administrator owned by MedImpact. According to InvestingPro data, the company maintains strong financial health with a robust 71% gross profit margin.

The partnership will integrate Health In Tech’s Enhanced Do It Yourself Benefit Systems (eDIYBS) platform with Verdegard’s third-party administration services for self-funded health insurance plans.

Verdegard, which is owned by MedImpact, the largest independent pharmacy benefit manager in the U.S., will utilize Health In Tech’s digital tools to provide real-time quoting capabilities and streamlined operations for brokers and employer groups.

"Our eDIYBS platform equips partners like Verdegard to be able to quote and implement self-funded health plans faster and more accurately," said Dustin Plantholt, Chief Growth Officer at Health In Tech, according to the company’s press release.

Chris Wrba, Vice President of Sales & Marketing at Verdegard Administrators, stated that the partnership "allows us to bring next-level efficiency and customization to our services," adding that the platform enables broker partners to generate quotes and plan designs instantly.

The collaboration aims to leverage Verdegard’s pharmacy cost advantages through MedImpact, which manages prescription benefits for over 20 million members, while incorporating Health In Tech’s technology to improve efficiency in plan design, claims administration, and reporting services.

Both companies indicate the partnership is focused on modernizing services in the self-funded insurance industry through technology integration. With nearly 30% revenue growth in the last twelve months and analysts expecting continued growth, Health In Tech appears well-positioned in the insurtech sector. For detailed financial analysis and 12+ additional investment insights, visit InvestingPro, where you can access the comprehensive Pro Research Report covering what really matters about this emerging insurtech player.

In other recent news, Health In Tech reported its second-quarter earnings for 2025, showing a mixed financial performance. The company posted earnings per share of $0.01, which was below the forecasted $0.02, representing a 50% shortfall. However, the company’s revenue reached $9.3 million, an impressive 86% increase compared to the previous year. This significant revenue growth suggests positive momentum despite the earnings miss. Additionally, Health In Tech announced it has regained compliance with Nasdaq’s minimum bid price rule. The company received formal confirmation from The Nasdaq Stock Market that it has met the listing requirement of maintaining a minimum closing bid price of $1.00 per share. These developments reflect the company’s ongoing efforts to strengthen its financial standing.

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