Business
Clover Health Reports First Quarter 2021 Financial Results
Record Revenue of Over $200 millionLives Under Management Nearly Doubles Following The Launch of Direct Contracting NASHVILLE, Tenn., May 17, 2021 (GLOBE
About this update from Clover Health Investments, Corp.
[{"type":"text","content":"Record Revenue of Over $200 millionLives Under Management Nearly Doubles Following The Launch of Direct Contracting NASHVILLE, Tenn., May 17, 2021 (GLOBE NEWSWIRE) -- Clover Health (Nasdaq: CLOV) (“Clover” or the “Company”), an innovative technology company improving health outcomes for America's seniors, today reported financial results for the first quarter of 2021. Management will host a conference call today at 8:30 a.m. ET to discuss its operating results and other business highlights. “Clover’s mission is to use our technology platform to improve every life, and every day that passes brings us one step closer to that goal. I am excited that we have reached our strategic milestone of moving beyond Medicare Advantage into the largest segment of Medicare - Original Medicare - by launching Direct Contracting. This has led to our lives under management nearly doubling to over 130,000 Americans,” said Clover Health CEO Vivek Garipalli. “We’re also proud of the progress we’re making on providing high-quality care to members disproportionately affected by social risk factors and the preliminary evidence showing our plan’s strong performance on a prototype of the Medicare Advantage (MA) Health Equity Summary Score (HESS), which we plan to discuss further in a white paper summarizing our efforts around Health Equity.” Andrew Toy, President and CTO of Clover Health added, “Adoption and iteration of the Clover Assistant is critical to our mission to improve every life, and it directly ties back to our financials, supporting the positive alignment between our business and the health of our members. Strategically, growing lives under management through Direct Contracting feeds our virtuous cycle: we believe that as more physicians use the Clover Assistant, the software will get smarter and outcomes will improve, which will then reduce the cost of care. We are also excited about the way we are integrating data from our platform into our work with Walgreens - Walgreens Health advisors will now be able to offer enhanced, personalized services to Clover members based on Clover Assistant data. The Walgreens partnership is off to a great start. Currently, over 30 Health Corners are open to Clover members, and almost 50% of our New Jersey members live within 1 mile of a Walgreens Health Corner where they can receive personalized care based on ...