Marpai, Inc.

Our Business is a technology platform company that operates subsidiaries providing Third Party Administrator (TPA), Pharmacy Benefit Management (PBM), and value-oriented health plan services. We serve self-insured employers in the U.S. who directly pay for employee health benefits. Our Clients are these self-insured employers, most of whom are small and medium-sized companies as well as local government entities. We administer healthcare claims for these Clients and their employees and family members, referred to as Members. We also interact with healthcare Providers, including doctors, doctor groups, hospitals, clinics, and other entities offering healthcare services or products. We aim to provide affordable, intelligent healthcare programs and administrative services to these self-insured employers. In 2024, U.S. private health insurance spending reached $1.6 trillion, according to the Centers for Medicare and Medicaid Services (CMS). Employers, especially small and mid-sized enterprises (SME), are increasingly self-insuring to gain control over healthcare spending and capture margins. Health plans and employers are seeking to control costs through programs such as payment integrity, care management, care navigation, reference-based pricing, claims repricing, centers of excellence, specialty/narrow networks, and subrogation. As of 2025, employee benefits are a significant and growing part of total employee compensation, increasing faster than wages recently.