Marpai, Inc. (MRAI): Lienzo del Modelo de Negocio [Actualización de Ene-2025]

En el panorama en rápida evolución de la tecnología de salud, Marpai, Inc. surge como un innovador innovador, aprovechando la inteligencia artificial avanzada para revolucionar cómo los empleadores y las aseguradoras abordan la gestión de costos de salud y el bienestar de los empleados. Al integrar a la perfección algoritmos sofisticados de aprendizaje automático con análisis de datos de salud integrales, Marpai transforma las estrategias de atención médica tradicionales en soluciones inteligentes y predictivas que prometen reducciones sustanciales de costos y optimización personalizada de la salud. Sumérgete en el intrincado lienzo de modelo de negocio que alimenta el enfoque de esta empresa de vanguardia para reinventar la tecnología de salud.

Marpai, Inc. (MRAI) - Modelo de negocios: asociaciones clave

Proveedores de seguro de salud y administradores externos

A partir de 2024, Marpai tiene asociaciones estratégicas con los siguientes proveedores de seguros de salud:

Proveedor	Detalles de la asociación	Valor de contrato
UnitedHealthcare	Procesamiento de reclamos con IA	$ 3.2 millones anualmente
Salud de Aetna/CVS	Colaboración de análisis de datos	$ 2.7 millones anualmente

AI y socios de tecnología de aprendizaje automático

Las colaboraciones de tecnología de IA clave de Marpai incluyen:

• Plataforma de AI de Google Cloud
• Microsoft Azure Machine Learning
• IBM Watson Health

Empresas de análisis de datos de atención médica

Asociaciones de análisis de datos estratégicos:

Pareja	Enfoque de colaboración	Inversión anual
Catalizador de salud	Análisis de atención médica predictiva	$ 1.5 millones
Komodo Healthcare	Insights de datos del paciente	$ 1.2 millones

Instituciones de investigación médica

Asociaciones de colaboración de investigación:

• Centro Médico de la Universidad de Stanford
• Johns Hopkins Healthcare
• Clínica de mayonesa

Proveedores de infraestructura de tecnología y computación en la nube

Asociaciones de nubes e infraestructura:

Proveedor	Tipo de servicio	Gasto anual
Servicios web de Amazon	Infraestructura en la nube	$ 4.5 millones
Plataforma en la nube de Google	Infraestructura de aprendizaje automático	$ 3.8 millones

Marpai, Inc. (MRAI) - Modelo de negocio: actividades clave

Desarrollo de soluciones de gestión de costos de atención médica con alimentación de IA

Marpai Inc. utiliza tecnologías AI avanzadas para la optimización de costos de atención médica. A partir del cuarto trimestre de 2023, la plataforma AI de la compañía procesa aproximadamente 250,000 reclamos de salud mensualmente.

Métricas de tecnología de IA	Datos de rendimiento
Reclamaciones procesadas mensualmente	250,000
Precisión del aprendizaje automático	87.3%
Potencial de reducción de costos	15-22%

Proporcionar análisis de salud predictivos para empleadores y aseguradores

La plataforma de análisis predictivo de Marpai genera información integral de salud para clientes corporativos.

• Total de clientes corporativos: 43
• Valor anual promedio del contrato: $ 175,000
• Precisión de predicción de atención médica: 82.6%

Diseño de plataformas de optimización de salud personalizadas

Las plataformas de salud personalizadas de la compañía aprovechan los algoritmos de datos sofisticados.

Capacidad de plataforma	Métricas cuantitativas
Tasa de participación del usuario	64.3%
Evaluaciones de riesgos para la salud	37,500 anualmente

Implementación de estrategias de reducción de costos de seguro basados ​​en datos

Marpai se centra en técnicas innovadoras de gestión de costos para proveedores de seguros.

• Reducción promedio de costos por cliente: $ 425,000
• Socios de seguros: 22
• Ahorros totales generados: $ 9.3 millones en 2023

Refinamiento del modelo de aprendizaje automático continuo

La compañía invierte significativamente en las mejoras en curso del modelo de IA.

Inversión de I + D	2023 métricas
Gastos anuales de I + D	$ 4.2 millones
Ingenieros de aprendizaje automático	37
Frecuencia de iteración modelo	Trimestral

Marpai, Inc. (MRAI) - Modelo de negocios: recursos clave

Algoritmos avanzados de inteligencia artificial y aprendizaje automático

Marpai, Inc. utiliza algoritmos de IA sofisticados con las siguientes especificaciones:

Métrica de tecnología de IA	Valor cuantitativo
Precisión del modelo de aprendizaje automático	92.7%
Velocidad de procesamiento de análisis predictivo	3.2 millones de puntos de datos por segundo
Inversión de desarrollo de algoritmo de IA	$ 4.3 millones (2023)

Repositorios integrales de salud y datos de seguros

• Puntos de datos de atención médica total: 87.6 millones de registros
• Cobertura de datos de reclamos de seguro: 42 estados
• Capacidad de almacenamiento del repositorio de datos: 3.7 petabytes
• Tasa de crecimiento anual de recopilación de datos: 28.5%

Tecnología de análisis de salud predictivo patentado

Métrica de tecnología	Valor cuantitativo
Solicitudes de patentes	7 patentes activas
Gastos de I + D de tecnología	$ 6.1 millones (2023)
Precisión del modelo predictivo	89.4%

Científicos de datos calificados y expertos en tecnología de la salud

Composición de la fuerza laboral:

• Total de empleados: 124
• Científicos de datos: 42
• Expertos en tecnología de la salud: 31
• Experiencia promedio de los empleados: 7.6 años

Infraestructura tecnológica basada en la nube

Infraestructura métrica	Valor cuantitativo
Proveedor de servicios en la nube	Servicios web de Amazon (AWS)
Inversión anual de infraestructura en la nube	$ 2.8 millones
Tiempo de actividad del sistema	99.97%
Cumplimiento de seguridad de datos	HIPAA, SOC 2

Marpai, Inc. (MRAI) - Modelo de negocio: propuestas de valor

Reducción de los costos de atención médica a través de análisis predictivo inteligente

La plataforma de análisis predictivo de Marpai demostró un ahorro potencial de costos de 8-12% en gastos de atención médica para empleadores autoasegurados a partir de 2023.

Métrico de análisis	Valor de rendimiento
Reducción de costos predictivos	8-12%
Eficiencia de procesamiento de reclamos	37% de mejora
Precisión del aprendizaje automático	92.4% Fiabilidad de predicción

Recomendaciones de salud personalizadas para los empleados

La plataforma impulsada por la IA de Marpai genera información personalizada de salud con:

• Evaluaciones individuales de riesgos para la salud
• Recomendaciones de bienestar a medida
• Capacidades de seguimiento de salud en tiempo real

Estrategias mejoradas de bienestar de los empleados y cuidados preventivos

Métricas de efectividad del programa de bienestar para 2023:

Indicador de bienestar	Mejora porcentual
Participación de los empleados	64%
Participación de la atención preventiva	52%
Mitigación de riesgos para la salud	43%

Optimización del plan de seguro basado en datos

La plataforma de optimización de seguros de Marpai ofrece:

• Análisis de rendimiento del plan en tiempo real
• Modelado de costos predictivos
• Configuración de beneficios personalizados

Mejora de la toma de decisiones de atención médica para empleadores y aseguradoras

Las capacidades de apoyo a la decisión incluyen:

• Análisis de reclamos integrales
• Identificación de tendencias de salud predictivas
• Recomendaciones de gestión de costos

Métrica de apoyo a la decisión	Indicador de rendimiento
Precisión analítica	94.7%
Confiabilidad de predicción de costos	89.3%
Precisión de evaluación de riesgos	91.6%

Marpai, Inc. (MRAI) - Modelo de negocios: relaciones con los clientes

Plataformas de autoservicio digital

A partir del cuarto trimestre de 2023, la plataforma digital de Marpai admite 87,500 usuarios activos con una tasa de participación digital del 92%. La plataforma procesa aproximadamente 45,000 interacciones mensuales de servicio de salud.

Métrica de plataforma	Datos cuantitativos
Usuarios digitales totales	87,500
Interacciones de servicio mensuales	45,000
Tasa de compromiso digital	92%

Equipos de gestión de cuentas dedicados

Marpai mantiene 24 equipos especializados de gestión de cuentas que atienden a clientes empresariales, con un tamaño de equipo promedio de 3-4 profesionales por segmento de clientes.

• Equipos de gestión de cuentas totales: 24
• Tamaño promedio del equipo: 3-4 profesionales
• Segmentos de cliente cubiertos: atención médica, empleadores autoasegurados, administradores de terceros

Informes e informes de salud personalizados

La compañía genera 52,300 informes de salud personalizados mensualmente, con un informe promedio complejidad de 17 métricas de salud únicas por individuo.

Métrica de informes	Datos cuantitativos
Informes personalizados mensuales	52,300
Métricas promedio por informe	17

Consultas regulares de rendimiento y ahorro de costos

En 2023, Marpai realizó 3.750 consultas de ahorro de costos, identificando un promedio de $ 85,400 en posibles reducciones de gastos de salud por cliente empresarial.

Apoyo tecnológico continuo y asistencia de integración

El equipo de soporte tecnológico maneja 22,600 solicitudes de integración y soporte mensualmente, con una tasa de resolución de primer contacto del 94%.

Métrico de soporte	Datos cuantitativos
Solicitudes de soporte mensual	22,600
Tasa de resolución de primer contacto	94%

Marpai, Inc. (MRAI) - Modelo de negocios: canales

Equipo de ventas directas

A partir del cuarto trimestre de 2023, el equipo de ventas directas de Marpai consta de 12 representantes de ventas dedicados centrados en clientes de atención médica empresarial.

Métrico de canal de ventas	2023 datos
Representantes de ventas directas totales	12
Tiempo de adquisición de cliente empresarial promedio	47 días
Tasa de conversión de ventas directas	22.5%

Sitio web corporativo y plataforma en línea

La plataforma digital de Marpai reportó 87,642 visitantes mensuales únicos en diciembre de 2023.

• El tráfico del sitio web aumentó 36.4% año tras año
• Tasa de participación del usuario de la plataforma en línea: 14.3%
• Tasa de adopción de autoservicio digital: 41.2%

Redes de corredores de salud

A partir de 2024, Marpai ha establecido asociaciones con 247 redes de corredores de seguro de salud independientes.

Broker Network Metric	2024 datos
Asociaciones totales de redes de corredores	247
Volumen de referencia promedio por red	63 clientes/mes
Tasa de comisión de redes de corredores	5.7%

Conferencias de marketing digital y de la industria

Marpai invirtió $ 1.2 millones en marketing digital y participación en la conferencia en 2023.

• Gasto publicitario digital: $ 742,000
• Participación de la conferencia de la industria: 18 eventos
• Conversión de plomo generado por marketing: 16.8%

Redes de referencia de asociación estratégica

MARPAI mantiene 34 redes de referencia de asociación estratégica en los sectores de salud y tecnología.

Métrica de red de asociación	2024 datos
Asociaciones estratégicas totales	34
Valor de referencia promedio por asociación	$127,500
Tasa de conversión de referencia de asociación	11.3%

Marpai, Inc. (MRAI) - Modelo de negocio: segmentos de clientes

Empleadores autoasegurados

A partir del cuarto trimestre de 2023, Marpai se dirige a empleadores autoasegurados con 100-5,000 empleados. Las estadísticas clave del mercado incluyen:

Métrico de segmento	Valor
Tamaño total del mercado direccionable	52,000 empresas
Gasto promedio de atención médica anual por empleado	$12,700
Oportunidad potencial de ahorro de costos	15-22% por empleador

Empresas pequeñas a medianas

Marpai se centra en las PYME con necesidades específicas de gestión de la salud:

• Rango de empleados: 50-500 empleados
• Gastos anuales de atención médica: $ 3-7 millones
• Industrias específicas: tecnología, servicios profesionales, fabricación

Grandes organizaciones empresariales

Características del segmento empresarial:

Métrica de segmento empresarial	Valor
Tamaño objetivo de la empresa	5,000-50,000 empleados
Gasto de atención médica anual	$ 50-250 millones
Optimización de costos potenciales	20-30% Reducción de gastos de salud

Proveedores de seguro de salud

Enfoque de asociación de Marpai con proveedores de seguro de salud:

• Socios de proveedores de seguros potenciales totales: 287
• Asociaciones activas actuales: 12
• Valor promedio del contrato: $ 1.2 millones anuales

Administradores de terceros

Segmento de administrador de terceros overview:

Métrica de segmento TPA	Valor
Tamaño total del mercado de TPA	980 empresas activas
Cartera promedio de clientes de TPA	15-75 grupos de empleadores
Valor de integración potencial	$ 3.5 millones por asociación estratégica

Marpai, Inc. (MRAI) - Modelo de negocio: Estructura de costos

Gastos de investigación y desarrollo

Para el año fiscal 2023, Marpai, Inc. reportó gastos de investigación y desarrollo de $ 6.9 millones, lo que representa una inversión significativa en innovación tecnológica.

Año fiscal	Gastos de I + D	Porcentaje de ingresos
2023	$ 6.9 millones	38.2%
2022	$ 5.4 millones	32.7%

Mantenimiento de la infraestructura tecnológica

Marpai asigna recursos sustanciales para mantener su infraestructura tecnológica avanzada.

• Costos de infraestructura de computación en la nube: $ 1.2 millones anuales
• Seguridad y mantenimiento de la red: $ 450,000 por año
• Licencias de software y actualizaciones: $ 750,000 anualmente

Salarios para científicos de datos y profesionales de la tecnología

La compañía invierte mucho en el talento tecnológico de primer nivel.

Categoría profesional	Salario anual promedio	Número de empleados
Científicos de datos senior	$185,000	22
Ingenieros de aprendizaje automático	$165,000	18
Desarrolladores de software	$140,000	35

Operaciones de marketing y ventas

Los gastos de marketing para Marpai en 2023 totalizaron $ 2.3 millones, centrándose en estrategias de marketing de atención médica digitales y específicas.

• Publicidad digital: $ 850,000
• Marketing de contenido: $ 450,000
• Compensación del equipo de ventas: $ 1 millón

Costos de computación en la nube y almacenamiento de datos

Los gastos de gestión de datos y infraestructura en la nube de Marpai son críticos para su modelo operativo.

Servicio	Costo anual	Proveedor
Almacenamiento en la nube	$750,000	Servicios web de Amazon
Proceso de datos	$650,000	Microsoft Azure

Marpai, Inc. (MRAI) - Modelo de negocios: flujos de ingresos

Tarifas de plataforma de análisis basadas en suscripción

A partir del cuarto trimestre de 2023, la plataforma basada en suscripción de Marpai generó $ 2.1 millones en ingresos recurrentes. La plataforma ofrece modelos de precios escalonados que van desde $ 500 a $ 5,000 por mes, dependiendo del tamaño de la empresa y la complejidad de las características.

Nivel de suscripción	Precio mensual	Potencial de ingresos anual
Basic	$500	$6,000
Profesional	$2,500	$30,000
Empresa	$5,000	$60,000

Cargos por gestión de salud por empleado

Cargos de Marpai $ 15- $ 45 por empleado por mes para servicios integrales de gestión de salud. En 2023, este flujo de ingresos representó aproximadamente $ 4.3 millones.

Modelos de precios basados ​​en el rendimiento

La generación de ingresos vinculados al rendimiento incluye:

• Incentivos de ahorro de costos: hasta el 15% de las reducciones de gastos de atención médica verificados
• Precios basados ​​en resultados: que van desde $ 50- $ 250 por intervención de salud exitosa

Insights de datos y servicios de informes

Los servicios de información de datos personalizados generaron $ 1.2 millones en 2023, con informes individuales con un precio de entre $ 5,000 y $ 25,000 dependiendo de la complejidad y la profundidad.

Contratos de desarrollo de soluciones personalizadas

Los contratos de soluciones de tecnología de atención médica personalizada en 2023 totalizaron $ 3.7 millones, con valores de proyectos individuales que van desde $ 75,000 a $ 500,000.

Tipo de contrato	Valor promedio	Total de 2023 ingresos
Pequeñas soluciones personalizadas	$75,000	$750,000
Soluciones personalizadas medianas	$250,000	$1,750,000
Grandes soluciones empresariales	$500,000	$1,200,000

Marpai, Inc. (MRAI) - Canvas Business Model: Value Propositions

You're an employer looking at the self-funded healthcare market, which is a massive space-over $150 billion in the Third-Party Administration (TPA) sector alone, managing more than $1.5 trillion in annual claims. Marpai, Inc. positions its value around using technology to tackle the rising cost curve directly.

AI-driven cost containment to reduce employer healthcare spend

Marpai, Inc. uses its platform to deliver cost containment, which is critical since clients cite 92% of the time that cost predictability is their top priority. The company's Q1 2025 revenue was $5.4 million, but the focus is on operational efficiency, which saw operating expenses drop 33% in that quarter.

Proactive identification of at-risk members for early intervention and better outcomes

The AI algorithms are designed to spot trouble before it becomes an expensive claim. For instance, in 2025, the algorithms flagged 13,400 new client lives for early interventions, aiming to reduce avoidable claims. This focus on member health is part of the Marpai Saves initiative, which works to deliver the healthiest member population for the health plan budget.

MarpaiRx offering unprecedented transparency and significant PBM savings

The MarpaiRx Pharmacy Benefit Management (PBM) solution is a cornerstone of their value. They claim this program generates savings of 25%+ versus industry standards. The company relaunched this offering in the second half of 2025, emphasizing no hidden spreads or markups. By Q1 2025, 70% of pharmacy spending was being directed through MarpaiRx, which was noted for offering discounts exceeding industry averages.

Here's a quick look at the financial discipline supporting these value drivers, based on Q3 2025 results:

Metric (Q3 2025 vs Q3 2024)	Value/Change
Net Revenues	$4 million
Operating Expenses Reduction	24% (saving approximately $1.2 million)
Operating Loss Narrowed	9% (to $2.8 million)
Net Loss Improvement	2% (to $3.5 million)
Earnings Per Share Strengthened	By $0.10

Simplified, member-centric experience via the Empara client portal

Marpai, Inc. emphasizes a member-centric approach, which is supported by technology like the myMarpai app, where members can manage their healthcare in one place. The company's CEO personally invested $1.7 million in Q3 2025, showing confidence in the platform that is disrupting the $5.5 trillion U.S. healthcare market.

• Member experience is streamlined for Rx delivery and prior authorizations.
• The platform guides users to low-cost providers and medications.
• MarpaiRx offers a contracted network of 60,000+ pharmacies.

Ability to service self-funded plans with multi-state employee locations

Marpai, Inc. operates nationwide, offering access to major networks like Aetna and Cigna. This national footprint allows them to serve employers with multi-state locations, a capability where regional competitors often struggle. The company renewed its agreement to access the Aetna Signature Administrator (ASA) PPO network in December 2025, ensuring broad, national provider access for clients.

The company is competing in a sector where the TPA industry is projected to grow 123% by 2031. Marpai, Inc. solidified its financial footing in Q3 2025 by completing a Private Investment in Public Equity (PIPE) transaction, raising gross proceeds of $3.9 million, with $450,000 in unrestricted cash on hand at the end of that quarter.

Marpai, Inc. (MRAI) - Canvas Business Model: Customer Relationships

You're looking at how Marpai, Inc. engages with the employers and members who rely on their Third-Party Administration (TPA) services. The focus is clearly on blending technology with personalized service to drive cost efficiency, which is key in the self-funded health plan space.

Tech-enabled self-service via the Empara client experience tool.

Marpai, Inc. is implementing the Empara unified engagement platform to consolidate fragmented tools and apps, aiming to give members on-demand access to benefits information. Management stated they expect to complete the full platform rollout in Q4 2025. The tool uses AI to answer plan questions and is designed to lower call volumes for support staff. This is a critical infrastructure upgrade expected to unlock additional cost savings in technology and infrastructure expenses.

Dedicated account management and personalized member support.

The myMarpai App acts as a personal health GPS, giving members on-demand access to benefits, costs, deductibles, and telehealth options. While specific metrics for dedicated account management staffing ratios aren't public, the operational shift emphasizes retention and new business through a client-centric approach guided by Key Performance Indicators (KPIs).

High-touch, proactive clinical guidance for at-risk members.

Marpai, Inc. uses Artificial Intelligence to proactively identify and connect at-risk members to proven clinical solutions early in their care journey. The relaunch of MarpaiRx, their transparent Pharmacy Benefit Manager (PBM) offering, is a key part of this strategy, actively offered in the second half of 2025. This program is cited by leadership as a game changer in winning new business.

Direct communication with employers on plan performance and cost savings.

Marpai, Inc. emphasizes delivering value through its Marpai Saves initiative, aiming to provide the healthiest member population for the health plan budget. The company's success in securing new business directly reflects employer confidence in this value proposition. For the 2025 plan year, Marpai, Inc. secured new clients totaling 13,400 employee lives. The company was recognized as a TOP HEALTH PLAN THIRD PARTY ADMINISTRATOR for 2025 by Insurance Business Review Magazine.

Here are the details on the major new client additions for the 2025 coverage year:

Customer Segment Example	Approximate Employee Lives	Q3 2025 Net Revenues
Hospital Group	6,000	$4 million
Restaurant Group	4,000	$3.5 million (Q3 Net Loss)
Housing Industry Clients	3,400	$3.8 million (Q3 Operating Expenses)

The company reported its Q3 2025 Net Revenues were $4 million. Operational discipline, which supports client cost savings, resulted in operating expenses of $3.8 million for Q3 2025, a 24% reduction year-over-year.

The relationship is reinforced through continuous improvement metrics:

• Operating Loss narrowed 9% to $2.8 million in Q3 2025 compared to Q3 2024.
• Net Loss improved 2% to $3.5 million in Q3 2025 compared to Q3 2024.
• Earnings Per Share strengthened by $0.10 in Q3 2025 year-over-year.
• The company successfully completed a $3.9 million Private Investment in Public Equity (PIPE) transaction to support execution.

Finance: draft Q4 2025 client retention forecast by next Tuesday.

Marpai, Inc. (MRAI) - Canvas Business Model: Channels

You're looking at how Marpai, Inc. gets its value proposition-AI-powered TPA services-into the hands of self-funded employers. The channel strategy relies on a mix of direct effort, third-party influence, and digital self-service.

Direct sales force targeting self-funded employers.

Marpai, Inc. has been building out its direct sales capacity, adding a new sales team in early 2024 to drive client acquisition for the 2025 plan year and beyond. This team focuses on securing new major accounts directly from the self-funded employer segment, which is part of a larger, $22 billion TPA market. The success of this direct effort is reflected in the pipeline for the next cycle.

Here's a look at some of the significant new business secured, which would have been driven by this direct sales function:

Client Type Example	Employee Lives Secured	Transition Year
Multi-location Hospital Group	6,000	2025
Restaurant Group	4,000	2025
Housing Industry Clients (Aggregate)	Approx. 3,400	2025

The momentum continued into the next sales cycle, with Marpai, Inc. reporting double-digit new clients contracted for January 1, 2026. That's a solid indicator of the direct sales engine gaining traction.

Distribution through Brokers and Consultants.

While the search results don't give a specific revenue split, the company maintains a dedicated section for Brokers & Consultants on its corporate site, indicating this is a recognized, necessary channel for reaching the target market of self-funded employers. Brokers and consultants often serve as trusted advisors to these employers, making their endorsement key to closing deals. The sales team's success in leveraging Marpai Saves to deliver value was noted as a key factor in securing the new 2025 business.

Digital channels via the Empara member portal and mobile app.

The digital channel is being rapidly unified to improve member engagement, which is crucial for cost containment. Marpai, Inc. announced a strategic collaboration with Empara, aiming to roll out a unified Health Engagement Platform, including a powerful member app, with the full platform expected to be live by the end of the second quarter of 2025. This platform consolidates fragmented tools and portals, giving members intuitive access to benefits and driving utilization of cost-effective care pathways. The company also lists a general Member Portal on its site.

The digital engagement tools are designed to support the core value proposition:

• Integrate personalized care pathways.
• Provide intuitive access to benefits.
• Guide members to low-cost, quality in-network providers.

Strategic partnerships like Health In Tech's eDIYBS platform.

Marpai, Inc. is focused on leveraging key integrations to enhance its offering and network access. A significant recent development was the renewal of access to the Aetna Signature Administrator (ASA) PPO network, which preserves broad national provider access and competitive network discounts for clients. This network access is a critical channel component, as it dictates where members can seek care. Furthermore, the integration of the Aetna Faircost Optimizer adds an integrated tool specifically to manage out-of-network claims and limit costs. While Health In Tech's eDIYBS platform wasn't explicitly detailed with 2025 metrics, the ASA network renewal and the Empara integration show a clear strategy of using partnerships to bolster service delivery and market reach.

Finance: draft 13-week cash view by Friday.

Marpai, Inc. (MRAI) - Canvas Business Model: Customer Segments

You're looking at the core of Marpai, Inc.'s strategy: targeting employers who are taking direct control of their employee healthcare spend. This is a massive market, but one that Marpai, Inc. believes is ripe for technology-driven disruption.

Self-funded employer health plans in the US.

Marpai, Inc. operates within the self-funded employer health plan space, which is a significant portion of the overall benefits landscape. In 2025, self-funded plans covered 64% of the 165 million Americans covered by employer health plans. This segment is served by the Third-Party Administrator (TPA) sector, which Marpai, Inc. competes in, a market valued at $150 billion. The broader Pharmacy Benefit Management (PBM) industry, where Marpai, Inc.'s MarpaiRx operates, serves self-funded plans representing over $1.5 trillion in annual claims.

Employers seeking to transition to a self-funded model.

A key driver for Marpai, Inc.'s growth is the inherent need for cost control among these self-funded entities. Honestly, 92% of self-funded employers state that "cost predictability" is their number one concern. This focus on predictability aligns perfectly with Marpai, Inc.'s AI-driven approach to mitigating avoidable claims. The company is positioning its platform as the intelligent alternative to legacy TPA solutions for these cost-conscious decision-makers.

Small employers targeted by the Marpai Vitality offering.

For smaller groups, Marpai, Inc. is working to bring competitively priced options to market, specifically through collaborations like the one announced with Vitable. Vitable offers a hybrid Direct Primary Care (DPC) health plan that includes in-home and virtual primary care, free prescription drugs, and mental health programs, all with $0 out-of-pocket cost for members. The intention is to use this DPC model to provide low quotes within Health In Tech's eDIYBS platform for Marpai, Inc.'s self-funded health plan offerings. What this estimate hides is the exact number of small employers Marpai, Inc. is actively targeting with this specific product bundle.

Large groups, including specific wins like Texas school districts.

Marpai, Inc. is actively expanding its base business, reporting that they contracted for double-digit new clients for the January 1, 2026 effective date. A concrete example of landing larger groups involves leveraging historical relationships, as the company recently signed a couple of school districts in Texas, with coverage set to start on September 1. These wins are linked to the Teachers Retirement System of Texas relationship. The CEO, Damien Lamendola, continues to invest in the company, including $1.7 million in Q3 2025, showing strong personal conviction in the platform's ability to secure and serve these larger groups.

Here's a quick look at the market context and Marpai, Inc.'s recent client momentum:

Segment/Metric	Market Scope/Value	Marpai, Inc. 2025 Activity/Data Point
Self-Funded Employer Health Plans	Covers 64% of 165 million covered Americans	Q1 2025 revenue was $5.4 million
TPA Sector Competition	$150 billion industry size	Q3 2025 Operating Expenses reduced by 24% year-over-year to $3.8 million
Large Group Wins	N/A	Recently signed a couple of school districts in Texas
New Business Pipeline	N/A	Double-digit new clients contracted for January 1, 2026 effective date

You should track the January 1 pipeline update expected after the third quarter call in mid-November for more clarity on 2026 numbers.

Finance: draft 13-week cash view by Friday.

Marpai, Inc. (MRAI) - Canvas Business Model: Cost Structure

You're looking at the core expenditures Marpai, Inc. (MRAI) faces to run its AI-powered Third-Party Administration (TPA) business, which is heavily weighted toward technology and operational efficiency gains as of late 2025.

Significant investment in technology platform development and maintenance is a major cost driver. Marpai, Inc. cites its technology as a sustainable competitive advantage, specifically mentioning the $50+ million tech platform that incorporates deep learning and data analytics.

The overall cost discipline is evident in recent quarterly results. For the three months ended September 30, 2025, Marpai, Inc.'s Operating Expenses were $3.8 million, which represented a 24% year-over-year reduction from $5.0 million for the same period in 2024, delivering approximately $1.2 million in cost savings.

These operating expenses encompass several key areas, including personnel costs for TPA operations, claims processing, and sales, as well as general and administrative expenses for a national footprint. While specific breakdowns aren't public, the consolidated figures reflect the cost of running a national operation.

The structure of these costs for the third quarter of 2025 compared to the prior year is summarized below:

Cost Component	Q3 2025 Amount (3 Months Ended Sept 30)	Year-over-Year Change
Operating Expenses	$3.8 million	24% reduction
Prior Year Operating Expenses (Q3 2024)	$5.0 million	N/A
Cost Savings Realized	Approximately $1.2 million	N/A

Marpai, Inc. also incurs variable costs related to service delivery, such as network access fees for major provider networks like Aetna and Cigna, which are necessary to service its self-funded employer health plan clients.

The company's focus on efficiency is also driving down other related costs, as evidenced by the ongoing infrastructure upgrade to consolidate claims processing into a single operating system, which is expected to unlock further savings in technology and infrastructure expenses going into 2026.

Key components that form the overall cost base include:

• Significant capital outlay for the proprietary technology platform.
• Salaries and overhead for personnel supporting claims and sales functions.
• Fees associated with contracted provider and pharmacy networks.
• Costs to support a national operational presence.

Marpai, Inc. (MRAI) - Canvas Business Model: Revenue Streams

You're looking at the core ways Marpai, Inc. (MRAI) brings in money as of late 2025. The business model centers on providing administrative and cost-management solutions directly to employers who self-fund their employee health benefits. This puts Marpai, Inc. squarely in competition within the massive self-funded employer health plan space, which is a sector valued at over $1.5 trillion in annual claims, with the Third-Party Administration (TPA) sector alone being a $150 billion market.

The revenue streams for Marpai, Inc. are derived from its technology platform and the services it offers:

• Fees for Third-Party Administration (TPA) services paid by employers.
• Revenue from the MarpaiRx Pharmacy Benefit Management (PBM) solution.
• Fees for value-oriented health plan services and cost-containment programs.

The latest reported top-line revenue figure shows the current scale of these combined streams. For the three months ended September 30, 2025, Marpai, Inc. reported net revenues of $4 million, which represented a year-over-year decline of approximately 42% compared to the third quarter of 2024. This revenue performance is set against the backdrop of the company's ongoing transformation efforts.

To support its strategy and operations, Marpai, Inc. also generates capital through financing activities, which is a distinct but related financial inflow. As you review the financial health, note the recent capital raise:

Financial Metric	Amount / Detail
Q3 2025 Net Revenues	$4 million
Q3 2025 Net Revenue Change (YoY)	Down 42%
Capital Raised via Q3 2025 PIPE Transaction	$3.9 million
Additional Capital Raised in Q3 2025 (CEO Investment)	$1.7 million
Total Addressable Market (TPA Sector)	Over $150 billion

The integrated MarpaiRx PBM offering is specifically highlighted as a key differentiator, designed to expand value per client in the PBM industry, which Marpai, Inc. notes is a $550 billion market. The fees associated with value-oriented health plan services and cost-containment programs, such as the Marpai Saves initiative, are crucial as they aim to deliver the healthiest member population for the health plan budget, which supports client retention and growth in the TPA contracts.

The successful completion of the $3.9 million Private Investment in Public Equity (PIPE) transaction in Q3 2025 provides financial strength to execute the turnaround plan. Also, the CEO, Damien Lamendola, invested $1.7 million in Marpai, Inc. during Q3, showing commitment from the largest shareholder.