New innovative PBM lowers drug costs for
self-insured health plans and makes it easy for members to find
affordable medications
NEW
YORK, Aug. 25, 2022 /PRNewswire/ -- Marpai,
Inc., ("Marpai") (Nasdaq: MRAI), an AI technology company
transforming third-party administration (TPA) in the self-funded
employer health plan market, announces a new pharmacy benefit
management (PBM) solution available to current and potential
clients nationwide called MarpaiRx. MarpaiRx is powered by a
collaboration with MedOne Pharmacy Benefit Solutions ("MedOne").
MedOne is a trusted leader in the pharmacy benefit management
market, delivering enhanced member experiences, improved clinical
outcomes and net cost reduction through its aligned and
performance-based model.
As pharmacy expenses can typically account for 20 percent or
more of costs within a health plan and is the fastest growing cost
area, it has a big influence on care and plan affordability. While
many PBMs are scrutinized for driving up drug costs with
manufacturer rebate retention and spread pricing, MarpaiRx provides
a refreshing alternative. MarpaiRx is a patient-centric
solution that guides health plan members towards the most
cost-effective medication for their condition (rather than steering
them toward a drug with a rebate), passes all discounts and
eligible rebates on to clients and creates the formulary based on
drug outcome performance.
"Our clients across the country are demanding simplicity and
transparency as they provide prescription drug benefits to their
employees. MarpaiRx provides a formulary that we believe is
best suited to the needs of members in a given employer group. We
are committed to better outcomes for members and transparency for
the employers," says Edmundo
Gonzalez, Chief Executive Officer of Marpai.
MarpaiRx offers rigorous specialty medication management which
is expected to deliver significant savings versus industry
standards. It features proprietary pharmacy claims processing,
custom formulary management, an integrated specialty and mail order
pharmacy, results-oriented clinical programs and next-level
customer service. MarpaiRx features innovative pharmacy benefit
services including a real-time integration with
nationally-recognized discount cards ensuring insurance costs are
never higher than what is available to the general public. All
prices are compared without any member effort with the lowest cost
delivered to the member with application to deductibles and
out-of-pocket maximums. MarpaiRx coordinates pharmacy and medical
benefits to ensure that the right care is delivered and paid for in
a way that reduces claims costs.
"It can be challenging and overwhelming to understand your
options when it comes to pharmacy benefits. Our unique approach to
navigating prescription costs for members focuses on transparency
and personalization. We believe that this will provide an immense
impact to our members, ensuring they get the right prescription at
the right price without any sacrifice to quality," said
Ronnie Brown, Chief Operating
Officer at Marpai.
MarpaiRx is available to all Marpai clients nationwide and is
soon to be part of the myMarpai App (available on Android and Apple
devices) allowing health plan members to manage all healthcare
needs in one place.
MarpaiRx is part of Marpai Cares, Marpai's commitment to
create the healthiest member population with the greatest cost
efficiency within the health plan budget to maximize plan value.
MarpaiRx joins a host of innovative AI-powered health plan services
by Marpai designed to improve member health and reduce excessive
health plan costs.
For more information, visit www.marpaihealth.com.
About Marpai, Inc.
Marpai, Inc. (Nasdaq: MRAI) is a technology company bringing
AI-powered health plan services to employers that directly
pay for employee health benefits. Primarily competing in the
$22 billion TPA (Third Party
Administrator) sector serving self-funded employer health plans
representing over $1 trillion in
annual claims, Marpai maximizes the value of the self-funded health
plan by creating the healthiest member population with the greatest
cost efficiency within the plan budget. Marpai uses AI and big data
to proactively fill gaps in care for members, implement meaningful
interventions that impact near-term outcomes and guide members to
high-value provider and pharmacy solutions to reduce avoidable
care, excessive utilization, inappropriate care and excessive
costs. Operating nationwide, Marpai offers access to 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.
About MedOne Pharmacy Benefit
Solutions
MedOne helps organizations and their health plan members
conveniently access the most appropriate prescription at the most
affordable price through its aligned and performance-based pharmacy
benefit solution. MedOne's offering focuses on enhancing the
member's pharmacy benefit experience, improving clinical outcomes
and reducing net cost for plan sponsors and their members. MedOne
operates in all 50 states and its customer base includes
organizations of all sizes and across a variety of industries.
MedOne is honored to be included in the 2022 Inc. Magazine's 5000
fastest growing private companies in America. For more information,
visit www.medone-rx.com.
Forward-looking
Statements
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 anticipated fourth-quarter results. Forward-looking
statements can be identified through the use of words such as
"anticipates," "expects," "intends," "plans," "believes," "seeks,"
"estimates," "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 advantages of MarpaiRx, that its unique approach to
navigating prescription costs for members makes it easy for members
to find affordable medications, that MarpaiRx will provide an
impact to its members, ensuring they get the right prescription at
the right price without any sacrifice to quality, that
MarpaiRx is soon to be a part of the myMarpai App, the potential
savings that may be realized using MarpaiRx and the Company's
commitment to create the healthiest member population with the
greatest cost efficiency within the health plan budget to maximize
plan value. 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