Marpai is a third-party administrator (TPA) for self-insured employers — businesses that pay employee healthcare claims directly rather than buying traditional health insurance. Marpai handles the administrative work: designing benefit plans, processing and paying claims, managing provider networks, and supporting employees. Marpai's clients are primarily small and mid-sized businesses and local government entities. Marpai charges a per-employee, per-month (PEPM) administrative fee, so revenue scales with the number of covered employees ("lives") on its platform. Revenue breaks into three buckets: core health plan administration (claims processing, network access, member services), in-house ancillary services sold on top of the core fee, and third-party network access fees that contribute little to gross profit. Marpai does not bear financial risk on underlying claims — that stays with the employer and any stop-loss insurer the employer buys separately. Beyond core TPA administration, Marpai is investing in two areas it argues differentiate it from regional competitors: MarpaiRx, a pharmacy benefit management (PBM) program targeting high-cost drug spend, and technology tools, including AI-driven care management and a member app, designed to reduce avoidable claims. Marpai is currently in a turnaround, having shed unprofitable legacy contracts to improve margins, and is targeting profitability in early 2026 as it rebuilds its client base and expands MarpaiRx adoption.