Marpai adds industry-leading, doctor-led MSK solution to its Value-Based Care Network for self-funded employer health plans to lower costs and improve member health.
NEW YORK, March 14, 2023--(BUSINESS WIRE)--Marpai, Inc. ("Marpai" or the "Company") (Nasdaq: MRAI), an AI-powered Third-Party Administrator (TPA) transforming self-funded employer health plans, announces a relationship with Vori Health, Inc. ("Vori Health") to offer innovative musculoskeletal (MSK) care to employer health plan members. Founded by two leading surgeons from Yale University and the Mayo Clinic, Vori Health is an award-winning, nationwide, specialty medical practice designed to treat back, neck, and joint pain more effectively through evidence-based, non-operative care.
This relationship comes at a critical time for employers. MSK conditions not only top the causes of disability globally but also comprise a significant amount of ballooning healthcare costs for employers. Studies show this prevalence is further compounded by high rates of inappropriate care. According to data from a study published in the Harvard Business Review in June 2017, more than half of high-volume spine surgeries recommended to an employee population for low back pain were found to be unnecessary. As a result, traditional MSK care not only costs employers, but can cause harm to their employees and dependents.
Marpai adds Vori Health to its Value-Based Care Network of proven Clinical Care Partners focused on preventing, mitigating, and reversing prevalent, high-cost conditions within health plan populations. Using proprietary AI-powered technology, Marpai proactively identifies health plan members facing costly MSK treatments or procedures, uses multi-channel marketing to drive enrollment, nurtures participating members throughout the process and delivers transparent, detailed reporting to employers. Vori Health is incentivized to deliver outcomes for members, and employers only pay for program participation by member.
Vori Health brings clinically appropriate care to members through a nationwide hybrid network and convenient digital platform. Without bouncing around the healthcare system, members access end-to-end support and evidence-based care from Vori Health providers. Vori Health’s physician-led teams collaboratively manage all aspects of care including a comprehensive medical evaluation and diagnosis, non-opioid prescriptions if needed, physical therapy, and healthy lifestyle coaching. This holistic model, which has been certified by the Validation Institute in January 2023 for lower back pain care, reduces surgery, imaging, and injections while also improving pain management.
"We are thrilled to offer Vori Health to address the high-cost MSK conditions facing our clients and improve member health," says Edmundo Gonzalez, co-founder and Chief Executive Officer of Marpai. "With Vori Health, members access care that can dramatically change their health and even eliminate unnecessary procedures which saves significant money for them and the health plan."
This relationship also advances Marpai’s commitment to health equity. Access to specialists has been increasingly difficult since the pandemic, especially in low-income areas and rural communities. By working with Vori Health, Marpai believes it will eliminate geographic inequalities of care. "We’re unlocking access to top specialists and evidence-based care that will help members get better no matter where they live," says Mr. Gonzalez.
"We’re excited to be working with forward-thinking, technology-powered companies like Marpai," says Ryan Grant, MD, Vori Health’s co-founder and Chief Executive Officer. "Traditional MSK care is broken and too many people suffer unnecessarily. With Marpai, we believe that we can fix this by bringing our evidence-based solution to people where they are, at the right time, so employers can take better care of their teams and bottom lines."
About Marpai, Inc.
Marpai, Inc. (Nasdaq: MRAI) is an AI-powered Third Party Administrator (TPA) delivering health plan administration and services to employers that directly pay for employee health benefits (self-funded employer health plans). As a technology innovator in the $22 billion TPA sector representing over $1 trillion in annual claims, Marpai includes services beyond traditional TPA services that improve health plan value to members, and significantly reduce medical and pharmaceutical costs for members and the plan. By leveraging AI and big data, Marpai proactively enables early clinical interventions by proven value-based care providers that can mitigate and reverse costly conditions and avoid costly care. Marpai also helps members fill gaps in annual care and guides them to high-value in-network providers and affordable pharmacy solutions. Operating nationwide, Marpai offers access to provider networks including Aetna and Cigna and delivers all standard TPA services.
About Vori Health
Vori Health is a specialty medical practice delivering a virtual-first musculoskeletal (MSK) solution to help members get back to their lives faster. As the only nationwide MSK practice with doctor-led care teams, Vori Health is the most convenient way to access appropriate care for back, neck, and joint pain without bouncing around the healthcare system. Whether members need a diagnosis, non-opioid prescription, personalized physical therapy, or health coaching, they can turn to Vori Health for evidence-based care and effective end-to-end support. This holistic model reduces unnecessary surgeries, enables faster recoveries, and lowers MSK spend with up to a 4:1 ROI.
For more information visit www.vorihealth.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, including statements regarding revenues, employee lives and cash. 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 and advantages of Vori Health, that this relationship also advances Marpai’s commitment to healthy equity, and its belief that working [A4] with Vori Health will eliminate geographic inequalities of care . 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, market changes, and 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 (SEC). Investors and security holders are urged to read these documents free of charge on the SEC's web site at http://www.sec.gov.
SOURCE Marpai, Inc.
Released March 14, 2023
View source version on businesswire.com: https://www.businesswire.com/news/home/20230314005824/en/
Danielle Belding-Smith for Marpai
Investor Relations Contact:
Vori Health Media Contact
Carrie McCulloch, MD