Health In Tech Announces Innovative Collaboration with MARPAI and Vitable DPC to Offer Competitive Quotes in Enhanced Self-Funded Solutions

Rhea-AI Summary

Health In Tech has announced a strategic collaboration with Vitable and MARPAI to launch a competitively priced self-funded health plan. The partnership combines Vitable's Direct Primary Care (DPC) model with MARPAI's self-funded health plans, integrated through Health In Tech's eDIYBS platform.

Vitable's enhanced primary care plan offers both in-person and virtual primary care access, mental health programs, free prescription drugs, lab work, and care navigation for households under a low monthly fee with $0 out-of-pocket costs. The collaboration aims to leverage Vitable's cost containment capabilities, which have been validated by third-party actuarial firms and reinsurance carriers.

The new offering is immediately available through Health In Tech's eDIYBS platform, targeting improved healthcare accessibility and cost reduction while maintaining high member satisfaction rates.

Positive

• Integration of cost-effective Direct Primary Care model with $0 out-of-pocket costs
• Validated cost containment capabilities by third-party actuarial firms
• Immediate availability of the new offering on eDIYBS platform

Negative

• None.

News Market Reaction

-10.28%

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-10.28% News Effect

On the day this news was published, HIT declined 10.28%, reflecting a significant negative market reaction.

Data tracked by StockTitan Argus on the day of publication.

STUART, Fla., Jan. 22, 2025 /PRNewswire/ -- Health In Tech, an Insurtech platform company backed by third-party AI technology, is thrilled to announce a new strategic collaboration with Vitable and MARPAI. This collaboration aims to introduce a  competitively priced self-funded health plan to the market. By utilizing the strength of Vitable's Direct Primary Care (DPC), a health plan, and stop-loss coverage, Health In Tech seeks to offer low quotes on their eDIYBS platform, and to set an ambitious standard in affordability and efficiency.

Vitable's enhanced primary care plan combines in-person and virtual primary care access with mental health programs, free prescription drugs, lab work, and care navigation for the entire household, all under a low monthly fee and $0 out-of-pocket cost for members. With their cost containment ability proven by numerous third-party actuarial firms and reinsurance carriers, our intention is to utilize Vitable's DPC to provide competitively priced quotes within Health In Tech's proprietary eDIYBS platform for networks and carriers under MARPAI's self-funded health plan offerings. We expect Vitable's high utilization and member satisfaction to contribute to reductions in healthcare costs.

"This collaboration exemplifies our commitment to revolutionizing healthcare access and affordability," said Glenn Hillyer, Chief Growth Officer at Health In Tech. "By integrating Vitable's hybrid DPC model - with their successful track record in effectively managing primary care and urgent care claims for self-funded and level-funded plans - with MARPAI's self-funded health plans, and the streamlined process for which Health In Tech is known for, we are working to deliver competitive value and comprehensive care to our clients."

Vitable's hybrid DPC model seeks to ensure seamless access to primary care and mental health services, providing members with the flexibility and convenience of both in-home and virtual visits. This approach addresses the critical need for accessible and affordable healthcare, especially for the under- and uninsured workforce.

"We are excited to join forces with Health In Tech and MARPAI to bring our high-quality health plans at a significantly lower cost," said Steven Baek, Head of Growth at Vitable. "Our commitment is to enhance member satisfaction and utilization while driving down healthcare costs."

"We are excited to announce our collaboration with both Health In Tech and Vitable, two leaders in the employee benefits space," said Ben Utz, Vice President of Strategic Accounts at Marpai. "Together, we hope to deliver smarter, seamless healthcare experiences that prioritize employee well-being, improve access to personalized care, and drive meaningful results for organizations."

This competitive quote opportunity will be available through Health In Tech's eDIYBS platform starting today.

About Health In Tech

Health In Tech (Nasdaq: "HIT") is an Insurtech platform company backed by third-party AI technology, which offers a marketplace that aims to improve processes in the healthcare industry through vertical integration, process simplification, and automation. By removing friction and complexities, we streamline the underwriting, sales and service process for insurance companies, licensed brokers, and TPAs. Learn more at healthintech.com.

About Vitable

Vitable offers a hybrid Direct Primary Care health plan for self-funded and level-funded groups, delivering easy access to high-quality primary care and mental health coverage to the under- and uninsured American workforce. Vitable membership includes in-home and virtual primary care visits, free prescriptions, labs, and mental health programs with no out-of-pocket cost for the members.

About Marpai, Inc.

Marpai, Inc. (OTCQX: MRAI) is a technology platform company which operates subsidiaries that provide TPA and value-oriented health plan services to employers that directly pay for employee health benefits. Primarily competing in the $22 billion TPA sector serving self-funded employer health plans representing over $1 trillion in annual claims. Through its Marpai Saves initiative, the Company works to deliver the healthiest member population for the health plan budget. Operating nationwide, Marpai offers access to leading provider networks including Aetna and Cigna, industry leading Reference Based Pricing (RBP) solutions and all TPA services. For more information, visit www.marpaihealth.com, the content of which is not incorporated by reference into this press release. Investors are invited to visit https://www.ir.marpaihealth.com.

Forward-Looking Statements Regarding Health In Tech

Certain statements in this press release are forward-looking statements for purposes of the safe harbor provisions under the U.S. Private Securities Litigation Reform Act of 1995. Forward-looking statements may include estimates or expectations about Health In Tech's possible or assumed operational results, financial condition, business strategies and plans, market opportunities, competitive position, industry environment, and potential growth opportunities. In some cases, forward-looking statements can be identified by terms such as "may," "will," "should," "design," "target," "aim," "hope," "expect," "could," "intend," "plan," "anticipate," "estimate," "believe," "continue," "predict," "project," "potential," "goal," or other words that convey the uncertainty of future events or outcomes. These statements relate to future events or to Health In Tech's future financial performance, and involve known and unknown risks, uncertainties and other factors that may cause Health In Tech's actual results, levels of activity, performance, or achievements to be different from any future results, levels of activity, performance or achievements expressed or implied by these forward-looking statements. You should not place undue reliance on forward-looking statements because they involve known and unknown risks, uncertainties and other factors which are, in some cases, beyond Health In Tech's control and which could, and likely will, affect actual results, levels of activity, performance or achievements. Any forward-looking statement reflects Health In Tech's current views with respect to future events and is subject to these and other risks, uncertainties and assumptions relating to Health In Tech's operations, results of operations, growth strategy and liquidity.

Investor Contact

Investor Relations:
ir@healthintech.com

 

 

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SOURCE Health In Tech

FAQ

What services are included in Health In Tech's new health plan collaboration with Vitable and MARPAI?

The health plan includes in-person and virtual primary care access, mental health programs, free prescription drugs, lab work, and care navigation for the entire household, all under a low monthly fee with $0 out-of-pocket costs.

When will Health In Tech's new self-funded health plan be available?

The competitive quote opportunity is available immediately through Health In Tech's eDIYBS platform.

How does Health In Tech's collaboration with Vitable aim to reduce healthcare costs?

The collaboration leverages Vitable's DPC model and proven cost containment capabilities, validated by third-party actuarial firms and reinsurance carriers, to offer competitively priced quotes.

What is the primary benefit of Health In Tech's new health plan for members?

Members benefit from comprehensive healthcare access including primary care, mental health services, free prescriptions, and lab work with $0 out-of-pocket costs under a low monthly fee.