MARPAI LAUNCHES NEW HEALTH PLAN FOR SMALL EMPLOYERS
PLAN ENABLES EASY TRANSITION TO SELF-FUNDING FOR SMALLER EMPLOYERS
NEW YORK, July 18, 2023 /PRNewswire/ -- Marpai, Inc. ("Marpai" or the "Company") (Nasdaq: MRAI), a smart technology Third-Party Administrator (TPA) specializing in transforming self-funded employer health plans, announced the launch of its new plan designed exclusively for small employers. The Marpai Vitality Plan is a unique offering in the rapidly growing segment of self-funded health plans, where small businesses are increasingly opting for greater control, cost savings, and better benefits for their employees.
According to the Kaiser Family Foundation Employer Health Benefits Annual Survey, An estimated 20% of workers employed by businesses with under two hundred employees are in self-funded plans as of 2022, versus only 13% of workers in this segment in 2011. As small businesses recognize the benefits of transitioning from fully insured to self-funded health plans, the Marpai Vitality Plan provides an ideal solution. It combines ease of implementation, speed, and comprehensive coverage to meet the precise needs of small businesses seeking to maximize savings, enhance employee benefits, and provide value-based healthcare options.
Often smaller employers do not have the infrastructure to deal with complex, time-consuming implementations of self-funded health plans. Marpai Vitality Plan has been meticulously designed to simplify the process, ensuring a smooth and hassle-free experience for newly self-funded small employers. From initial setup to ongoing management, the streamlined approach allows organizations to get up and running quickly, enabling them to focus on what they do best - growing their business.
The Marpai Vitality Plan provides comprehensive healthcare for groups of less than 100 employees. It offers a wide range of services, including access to national and regional provider networks, compliance, banking, vision and dental options, telehealth, COBRA administration, out-of-network repricing (OON), utilization management (UM), pharmacy benefit management (PBM), care management, subrogation, and stop-loss placement. With a strong emphasis on value-based benefits, the Marpai Vitality Plan enables smaller employers to prioritize the well-being and healthcare outcomes of their employees.
"We understand that small businesses are increasingly shifting towards self-funded health plans to take advantage of increased savings," said Edmundo Gonzalez, CEO of Marpai. "Our goal is to empower these organizations by providing a plan that is easy to implement, quick to set up, and offers comprehensive coverage for employees and their families."
With the Marpai Vitality Plan, small businesses gain a competitive edge by offering robust benefits packages that attract and retain top talent, while promoting healthier lifestyles and more effective healthcare utilization. The tailored services cater to their needs, helping them navigate the complexities of benefits management effortlessly.
About Marpai, Inc.
Marpai, Inc. (Nasdaq: MRAI) is a technology company bringing AI-powered health plan services to employers that directly pay for employee health benefits. Primarily competing in the $22 billion TPA (Third Party Administrator) sector serving self-funded employer health plans representing over $1 trillion in annual claims, Marpai maximizes the value of the health plan as measured in health outcomes. Marpai takes a member-centric approach that uses AI and big data to connect members to health solutions predicted to have a high probability of positive outcomes and aims to bring value-based care to the self-insured market. With effective early intervention, disease management, claims processing and proactive member outreach, Marpai works to deliver the healthiest member population for the health plan budget. Operating nationwide, Marpai offers access to provider networks including Aetna and Cigna and all TPA services. For more information, visit www.marpaihealth.com, the content of which is not incorporated by reference into this press release.
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 anticipated future results. 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 benefits of its Marpai Vitality Plan. 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 and market changes, 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 website at http://www.sec.gov.
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Released July 18, 2023