MARPAI COLLABORATES WITH NUVOAIR TO OFFER VALUE-BASED CARDIOPULMONARY CARE TO SELF-FUNDED EMPLOYER HEALTH PLANS
Marpai adds industry-leading virtual specialty care provider to its value-based care network to improve member health and lower employer costs.
NEW YORK, July 5, 2023 /PRNewswire/ -- Marpai, Inc. ("Marpai" or the "Company") (Nasdaq: MRAI), an AI-powered Third-Party Administrator (TPA) transforming self-funded employer health plans, announces a relationship with NuvoAir U.S., Inc. ("NuvoAir") to offer virtual care for heart and lung conditions, focusing on asthma, chronic obstructive pulmonary disease ("COPD") and chronic heart failure ("CHF"), to its employer health plan members and their families. Approximately 42 million people in the U.S. live with asthma or COPD, which cause nearly 3.6 million emergency room visits and hospitalizations, costing the nation over $106 billion annually. CHF is one of the leading causes of hospital admissions in the U.S., with more than 6.2 million individuals diagnosed, costing the nation an estimated $30 billion annually. Marpai has thousands of members with these conditions, costing plans over $12 million per year. This new relationship with NuvoAir seeks to meet the increased urgency employers face to address the care needs of employees and their families living with these difficult to manage and costly conditions.
NuvoAir is a value-based, integrated specialty care provider offering a virtual-first care model that drives better health outcomes for individuals living with cardiovascular and respiratory diseases, thereby improving patient outcomes, increasing employee productivity and saving costs for employers and payors. NuvoAir's care model customizes clinical and behavioral interventions to address the unique needs of each individual, combining best-in-class remote monitoring technology with a multidisciplinary virtual clinic, enabling continuous and proactive treatment, triage, and management of chronic heart and lung conditions. NuvoAir has demonstrated high engagement and satisfaction with virtual-first care, along with improved health outcomes.
Marpai is adding NuvoAir to Marpai Connect, its value-based care network of proven clinical care partners focused on preventing, mitigating, and reversing prevalent, high-cost conditions within health plan populations. "We are proud to have created a best-in-class value-based care model with NuvoAir to drive improved health outcomes for our members, and lower costs for our clients," said Lutz Finger, President of Product and Technology of Marpai. Using proprietary AI-powered technology, Marpai proactively informs and educates health plan members facing costly conditions, leveraging multi-channel marketing to drive enrollment, nurturing participating members throughout the process and delivering transparent, detailed reporting to employers. NuvoAir is incentivized to deliver outcomes for members, and employers only pay for program participation by a member.
"We are thrilled to offer NuvoAir to address the high-cost heart and lung conditions facing members of health plans we manage," said Mr. Edmundo Gonzalez, Chief Executive Officer of Marpai. "With NuvoAir, members and their families can readily access care that can dramatically improve their health and quality of life and avoid high-cost emergency room visits and hospitalizations, which saves significant money for employers and their respective health plans."
NuvoAir members have access to same-day appointments with a dedicated team of specialists, including care coordinators, respiratory therapists, health coaches, nurses, pulmonologists and cardiologists. According to NuvoAir, its approach to care supports people wherever they are on their health journey and has proven results, with a self-reported 60% decrease in exacerbations, 80% decrease in hospitalizations, and 87% improvement in quality of life.
"Healthcare delivery often suffers from fragmentation, inefficiencies, and increased costs. NuvoAir is dedicated to addressing these gaps, focusing on heart and lung care, with a commitment to leaving no patient behind," said Lorenzo Consoli, NuvoAir's Founder and Chief Executive Officer. "We're excited to collaborate with Marpai, extending our innovative care model to members and their families, creating a best-in-class, value-based model that delivers improved outcomes and saves costs for Marpai's clients."
NuvoAir is currently available to support individuals in 15 states, with plans to expand in the coming year.
About Marpai, Inc.
Marpai, Inc. (Nasdaq: MRAI) is an AI-powered Third Party Administrator (TPA) delivering health plan administration and services to employers that directly pay for employee health benefits (self-funded employer health plans). As a technology innovator in the $22 billion TPA sector representing over $1 trillion in annual claims, Marpai includes services beyond traditional TPA services that improve health plan value to members, and significantly reduces medical and pharmaceutical costs for members and the plan. By leveraging AI and big data, Marpai proactively enables early clinical interventions by proven value-based care providers that can mitigate and reverse costly conditions and avoid costly care. Marpai also helps members fill gaps in annual care and guides them to high-value in-network providers and affordable pharmacy solutions. Operating nationwide, Marpai offers access to provider networks including Aetna and Cigna and delivers all standard TPA services. For more information, visit www.marpaihealth.com or https://ir.marpaihealth.com for investors.
NuvoAir is a value-based specialty care provider that empowers better care and lowers healthcare costs for people living with cardiopulmonary conditions like COPD, CHF, and asthma. NuvoAir combines an integrated virtual-first care model with best-in-class remote monitoring technology and a virtual clinic to continuously and proactively treat, triage, and manage complex heart and lung conditions. NuvoAir works with health plans, accountable care organizations, and providers to improve outcomes and lower the total cost of care, and is currently offering care across 15 states in the U.S. For more information, visit www.nuvoair.com.
Forward-Looking Statement Disclaimer
This press release contains forward-looking statements, as that term is defined in the Private Litigation Reform Act of 1995, that involve significant risks and uncertainties, including statements regarding revenues, employee lives and cash. Forward-looking statements can be identified through the use of words such as "anticipates," "expects," "intends," "plans," "believes," "seeks," "estimates," "guidance," "may," "can," "could", "will", "potential", "should," "goal" and variations of these words or similar expressions. For example, the Company is using forward looking statements when it discusses the potential benefits from its relationship with NuvoAir, the benefits to be derived from the use of NuvoAir's services and that NuvoAir offers the most clinically advanced virtual cardiopulmonary care to its employer health plan members. Readers are cautioned not to place undue reliance on these forward-looking statements, which reflect Marpai's current expectations and speak only as of the date of this release. Actual results may differ materially from Marpai's current expectations depending upon a number of factors. These factors include, among others, adverse changes in general economic and market conditions, competitive factors including but not limited to pricing pressures and new product introductions, uncertainty of customer acceptance of new product offerings, market changes, and risks associated with managing the growth of the business. Except as required by law, Marpai does not undertake any responsibility to revise or update any forward-looking statements whether as a result of new information, future events or otherwise. More detailed information about Marpai and the risk factors that may affect the realization of forward-looking statements is set forth in Marpai's filings with the Securities and Exchange Commission (the "SEC"). Investors and security holders are urged to read these documents free of charge on the SEC's web site at http://www.sec.gov.
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Released July 5, 2023