MARPAI ANNOUNCES NEW "OFF CYCLE" CLIENT CONTRACT

Rhea-AI Summary

Marpai, Inc. (OTCQX: MRAI), a technology platform company operating as a national Third-Party Administrator (TPA), has announced a new off-cycle client contract starting September 1st. This contract strengthens Marpai's presence in the southeast, particularly in Florida, bringing nearly 1,500 employee lives under its innovative self-funding solution. The company, which aims to transform the $22 billion TPA market, continues to grow its client base by offering affordable, intelligent healthcare solutions to self-funded employer health plans.

John Powers, Marpai's President, highlighted the significance of securing an off-cycle client, as most new clients typically start on January 1st. He attributed this success to the company's Marpai Saves program, which focuses on value-oriented solutions and excellent customer service, particularly appealing to businesses in the southeastern United States seeking cost-effective, high-quality healthcare options.

Positive

• Secured a new client contract starting September 1st, adding 1,500 employee lives
• Strengthening presence in the southeastern United States market
• Gaining momentum in sales through the Marpai Saves program
• Attracting attention from self-funded employers and brokers in the target region

Negative

• None.

News Market Reaction

+0.21%

1 alert

+0.21% News Effect

On the day this news was published, MRAI gained 0.21%, reflecting a mild positive market reaction.

Data tracked by StockTitan Argus on the day of publication.

Company continues to grow with new business leveraging regional success in the southeast

TAMPA, Fla., Aug. 27, 2024 /PRNewswire/ -- Marpai, Inc. ("Marpai" or the "Company") (OTCQX: MRAI), a technology platform company, operates as a national Third-Party Administrator (TPA) through its subsidiaries. We're transforming the $22 billion TPA market by offering affordable, intelligent, healthcare solutions to self-funded employer health plans. The Company announced that it has closed a new contract with a client which is set to begin on September 1^st.

Marpai once again is strengthening its client base in the southeast this time with a partner based in Florida, bringing nearly 1,500 employee lives with an innovative self-funding solution offering the ease of level funding.

John Powers, Marpai President commented, "The vast majority of new clients come on January 1^st, so it's always nice to pick up a new client "off-cycle". Our sales team continues to gain momentum by offering our Marpai Saves program driving value-oriented solutions with top notch customer service. It's also been a big plus with our focus on businesses based in the southeastern United States that are looking to save money but not quality. We have definitely hit the radar of numerous self-funded employers and the brokers that represent them."

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 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. Investor Relations contact: Steve Johnson steve.johnson@marpaihealth.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. 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 new business and future opportunities. 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. 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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SOURCE Marpai

FAQ

What is the new client contract Marpai (MRAI) announced on August 27, 2024?

Marpai announced a new off-cycle client contract starting September 1st, 2024, with a Florida-based partner, bringing nearly 1,500 employee lives under its self-funding solution.

How is Marpai (MRAI) expanding its presence in the southeastern United States?

Marpai is expanding in the southeast by securing new clients, like the recent Florida-based partner, and offering its Marpai Saves program which focuses on value-oriented solutions and customer service tailored to the region.

What is the significance of Marpai (MRAI) securing an 'off-cycle' client?

Securing an off-cycle client is significant because most new clients typically start on January 1st. This demonstrates Marpai's ability to attract clients throughout the year and indicates growing market interest in their services.

What is Marpai's (MRAI) strategy for attracting self-funded employers in the southeast?

Marpai's strategy involves offering the Marpai Saves program, which provides value-oriented solutions with top-notch customer service, focusing on businesses in the southeastern United States looking to save money without compromising quality.