Business
Clover Health Reports Third Quarter 2021 Financial Results
Total revenue was $427.2 million, up 153% year-over-year, enabled by a wide, open network designed to serve all Medicare lives Lives under Clover Management
About this update from Clover Health Investments, Corp.
[{"type":"text","content":"Total revenue was $427.2 million, up 153% year-over-year, enabled by a wide, open network designed to serve all Medicare lives Lives under Clover Management increased 125% year-over-year GAAP Medicare Advantage (MA) Medical Care Ratio (MCR) improved by 850 basis points compared to the prior quarter MA PPO plan focused on underserved communities and offering a wide provider network was awarded 3.5 Stars Clover provides preliminary 2022 MA guidance: Average MA Lives of 82,000, up 20% plus year-over-year, and MA MCR in the range of 95% to 99% NASHVILLE, Tenn., Nov. 08, 2021 (GLOBE NEWSWIRE) -- Clover Health (Nasdaq: CLOV) (\"Clover\" or the \"Company\"), a next-generation healthcare company focused on improving health outcomes for America's seniors, today reported financial results for the third quarter of 2021. Management will host a conference call today at 5:00 p.m. ET to discuss its operating results and other business highlights. \"Our mission is to improve every life; we do so by providing access to care across a wide, open network, which is supported and enabled by our technology platform, the Clover Assistant. We serve a broader variety of communities than is typical in MA - approximately 66% of our members live in communities in the top half of the area deprivation index and approximately 49% of our members who self-identify are minorities - and we are proud that we have been identified as a high-performing MA plan based on a prototype of the Health Equity Summary Score,\" said Clover Health CEO Vivek Garipalli. \"Clover’s wide network and the Clover Assistant platform helped drive record growth, which was complemented by a significant decrease in MCR. We are also pleased that our wide network PPO, designed so that one day we can provide care to everyone in the Medicare market, was recently upgraded to 3.5 stars. As we look forward to 2022, we believe our solid execution will lead to continued rapid growth of Lives under Clover Management and lower MCR through enhanced operational efficiencies and improved clinical care.\" Andrew Toy, President and CTO of Clover Health added, \"As the Clover Assistant evolves, we believe it will continue to drive better outcomes for all constituents - physicians, patients and the government. To this point, in the third quarter, MA members with a PCP live on Clover Assistant had an MCR that...