Marpai, Inc. (NASDAQ:MRAI) Q4 2023 Earnings Call Transcript
Marpai, Inc. (NASDAQ:MRAI) Q4 2023 Earnings Call Transcript March 27, 2024
Marpai, Inc. isn't one of the 30 most popular stocks among hedge funds at the end of the third quarter (see the details here).
Operator: Good morning and welcome to the Marpai Fourth Quarter and Fiscal Year 2023 Earnings Conference Call. All participants will be in a listen-only mode. [Operator Instructions]. Please note this event is being recorded. I would now like to turn the conference over to Steve Johnson, Chief Financial Officer. Please go ahead.
Steve Johnson: Thank you and good morning and welcome to Marpai's fourth quarter and fiscal year 2023 earnings release webcast. With me today is Damien Lamendola, CEO and Director of Marpai. This morning we will review the state of the industry and cover some of the key trends that are relevant to Marpai. Damien will also highlight our strategic priorities and we will walk through some specific actions that the team has completed. Then I will take you through the financial highlights, our next steps, and we will wrap up with some final thoughts. As the conference operator mentioned, today's webcast will be recorded and available later today. So if you have missed something, you can go back and get that. Switching to the next slide just briefly, just see the required Safe Harbor and forward-looking statement disclosure.
I'm not going to read all that. Alright, on Slide 3 is I'd like to turn over the call to Damien and he'll start us off with what the industry trends are.
Damien Lamendola: Great. Thank you, Steve. Marpai is a leading national health benefit Third Party Administrator, sometimes called a TPA, for self-funded employers. The industry is experiencing significant growth, which we expect to continue to possibly impact the performance of Marpai. First is a continued shift in employers taking advantage of the benefit plan savings by moving to a self-funded plan. In fact, on average, a company switching to a self-funded plan saves 8% to 10% on their health plan costs. Second, inflationary pressures in both health care costs and employee compensation. Employers are looking for innovative solutions to increase their base savings. Third, the TPA model allows increased flexibility and customization, which allows employers to drive towards a more value-based care model.
And finally, the industry has seen significant demand from clients looking for unique solutions to mitigate high-cost chronic conditions and manage prescription costs for the employees. The TPA model lets employers focus on their core business and allows the TPA to manage and monitor diverse programs on their behalf. It all begins with our customer. We focus on making the customer experience as pleasant as possible. No one likes to see their doctor, and it's usually only when you are sick. Marpai is one of the few independent Third Party Administrators that has access to two leading national provider networks with both Aetna and Cigna, so our members have a terrific choice of in-network care. We're also revamping our customer service department to make sure we get our members the right answers when they need them.
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