Revolutionizing Self-Insurance Through Deep Learning To Meet Consumer Demands
Marpai Health, Inc., a global leader in deep learning, the most advanced form of artificial intelligence, announced today it has entered into a definitive agreement to acquire third-party administrator Continental Benefits, LLC. Marpai brings deep learning to self-insured health plans, which will allow for the processing of comprehensive data to increase quality care, reduce costs, simplify the healthcare experience, and empower plan members to live healthier lives. The transaction is expected to close in April 2021.
The healthcare industry is experiencing historical changes grounded in AI and driven by innovation, acceleration and adoption of technologies across all sectors of the industry, including health insurance. Alongside these changes, is the rise of healthcare consumerism where consumers are taking control of their care. Consumers are demanding better access, more options, improved outcomes and reduced costs, similar to how they make choices in the ecommerce or hospitality sectors.
“We believe that our acquisition of Continental Benefits will mark a significant milestone in how technology, and AI specifically, is transforming the way health plans are delivered and used,” stated Edmundo Gonzalez, CEO of Marpai Health. “Marpai’s SMART health plan system is grounded in deep learning, to empower members to drive their healthcare with informed decisions, guided by future insights aimed at connecting providers, employers and patients to achieve better healthcare outcomes, lower costs and higher satisfaction.”
Healthcare costs have been rising, cutting into wages and increasing costs to employees with high deductible and cost sharing plans. As a result, many avoid important healthcare screenings, critical preventative checkups and prescription medicine treatment. The decline in preventative care could result in diagnoses of conditions that might have been prevented if detected early, as well as treatments and therapies that could have been avoided. This may lead to rising costs and increased long-term health risks.
“We have been working with Marpai for over a year with great results. We believe that our shared vision will enable us to deliver a member-centric system that will reduce costs and improve care,” said Damien Lamendola, owner of Continental Benefits. “By mapping future health states to enable early intervention, we believe that we can help prevent the onset of major illnesses and allow members and employers to get ahead of costs that could have been avoided. We also expect to be able to eliminate fraud, waste and abuse in the healthcare system through our AI, which wasn’t available previously.”
Consumers owe an estimated $45 billion in medical debt1, with over 14% struggling to pay off their debt, according to the CDC2. According to Salary Finance, one third of employed Americans carry medical debt with almost 28% owing over $10,000, resulting in a negative impact on wages. People burdened with debt are forced to borrow money, max credit limits on credit cards or avoid making major life decisions such as buying a home or starting a family. The pandemic has only exacerbated this long-standing problem, complicating it further with rising unemployment and burgeoning costs of medical care.
“Marpai’s approach to managing health plans is member-focused and its goal is to help prevent and reduce medical debt while improving health. By guiding our members toward top providers, reducing chronic illness with future insights, enabling best care journeys across the continuum with expert guidance and a SMART app that empowers better health, we believe that we will enable better living and radically reduce costs,” says Gonzalez. “Our mission is not just to improve lives, but also to save lives. There is so much we can do with deep learning to not only fix the problems of the past, but also to open new pathways to better living. The possibilities are remarkable.”