Marpai, Inc. (OTCQX: MRAI) announced that it has renewed its agreement to access the Aetna Signature Administrator (ASA) PPO network, a national provider network that covers more than 1.5 million physicians and 4,000 hospitals. The renewal, effective January 1 2026 for new clients, preserves the network discounts and continuity of care that Marpai’s self‑insured employer customers rely on.
In addition to the network renewal, Marpai will now offer Aetna’s Faircost Optimizer, a data‑driven cost‑management tool that helps plan sponsors negotiate out‑of‑network claims and cap liability. The tool is designed to reduce unpredictable out‑of‑network costs by up to 30 % for participating plans, according to Aetna’s own projections.
The combined deal is a key element of Marpai’s turnaround strategy. The company has reported a 31.65 % decline in revenue over the last twelve months and has been operating at a negative EBITDA margin. A recent PIPE transaction of $50 million has provided working capital to fund the expansion of high‑margin services such as the upcoming MarpaiRx pharmacy‑benefit platform and the AI‑powered Empower member portal.
Management emphasized that the Aetna partnership “reinforces our value proposition by combining broad network access with a proven cost‑containment solution.” CEO Damien Lamendola said the renewal “positions Marpai to win new self‑insured employers and deepen relationships with existing clients, which is critical to achieving cash‑flow positivity by the end of 2025.”
The TPA market size is a point of debate: some estimates place it at $150 billion, while others cite $22 billion. Marpai’s leadership notes that the larger figure reflects the full scope of self‑funded employer plans, whereas the smaller number focuses on the subset of plans that use third‑party administrators.
Market reaction to the announcement was mixed. On the day of the announcement, Marpai’s stock fell 6.99 % to $0.88, reflecting technical sell signals and a broader market sell‑off. However, insider purchases and a recent upgrade from “Sell” to “Hold” by a leading analyst firm suggested that long‑term investors view the partnership as a positive step toward profitability.
Overall, the renewal and the addition of Faircost Optimizer strengthen Marpai’s competitive position, provide a new revenue stream from cost‑control services, and support the company’s broader goal of returning to positive cash flow while expanding its high‑margin service portfolio.
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