Syra Health Corp
Syra Health Corp is a U.S.-based healthcare services company organized around workforce staffing, population health, and behavioral and mental health offerings. The company serves public-sector and healthcare clients through contracts that combine staffing, data analytics, health education, and related consulting services, with operations centered in Indiana and other U.S. markets.
Fiscal year 2025 · change from previous year
Development 2022–2025
Business
Share of revenueStaffing and workforce placement for healthcare and social service settings.
Analytics, reporting, training, and digital health services for care programs.
Behavioral health support and related service delivery for care organizations.
Research consulting, health education, and program support services.
Products
Reported · share of revenue- Population Health73.7 %
- Healthcare Workforce26.3 %
Source: 10-K FY2025, revenue the company reports per product line (SEC XBRL). Shares are of the lines shown and add up to 100 %.
Customers
Syra Health primarily sells to state, local, and county government agencies, especially health and social service organizations. It also serves managed care entities, universities, integrated health networks, and other healthcare organizations that buy staffing, analytics, and program support to improve service delivery and outcomes.
Buy workforce staffing, population health, and behavioral health services for public programs.
Purchase services tied to community health, social services, and program administration.
Use population health and reporting services to support care management and outcomes.
Buy staffing, consulting, and health education support for clinical and operational needs.
Engage the company for healthcare research consulting and program support.
Strategy
The company is building an integrated healthcare services platform across staffing, population health, and behavioral health. Its strategy depends on cross-selling services to existing public-sector and healthcare customers while expanding the number of contracts and reducing reliance on any single account.
Raises wallet share with existing customers and deepens account relationships.
Reduces dependence on a few large contracts and lowers concentration risk.
Creates a more defensible offering than standalone staffing or consulting.
Geography
Syra Health is headquartered in Carmel, Indiana and operates primarily in the United States. Its revenue base is tied to U.S. public-sector and healthcare customers, so state and federal funding conditions directly affect where and how contracts are awarded and performed.
Risks
Syra Health is exposed to customer concentration, public funding dependence, and contract award timing, all of which can cause revenue volatility. It also faces regulatory, competitive, and execution risks because its services are delivered in healthcare markets where pricing, compliance, and customer retention matter materially.
- Customer concentrationImpact: HighLikelihood: High
A small number of customers account for a large share of revenue and receivables.
Exposure: FSSA and Humana represented major revenue shares in reported periods.
- Public funding and government budget dependenceImpact: HighLikelihood: Medium
Many customers rely on state, local, county, and federal program funding.
Exposure: Delays or cancellations in public programs can reduce contract volume.
- Regulatory and contracting complianceImpact: MediumLikelihood: Medium
Healthcare services and government contracts are subject to detailed rules and penalties.
Exposure: Non-performance or ethical violations can reduce revenue and increase costs.
- Competitive pressureImpact: MediumLikelihood: Medium
The company competes with larger healthcare consulting and analytics providers.
Exposure: Pricing pressure and customer substitution can limit growth.
Accounting
Judgemental itemsStaffing, population health, and digital health contracts may be recognized differently depending on performance obligations.
Impact: Affects timing of revenue and comparability across quarters.
Certain state contracts include penalties for ethical or performance issues.
Impact: Can reduce recognized revenue and margin visibility.
Large public and managed care customers can create concentrated receivables exposure.
Impact: Allowance estimates affect earnings and balance sheet quality.
The company has disclosed significant accumulated deficit and reliance on external funding.
Impact: Management estimates can influence disclosures and valuation judgments.
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Last updated: 24/09/2026