Claritev Corporation · NYSE:CTEV
Claritev — Investor Day (March 2026)
98 slides from Claritev's investor day presentation, Mar 16, 2026
Slide 1: 2026 Investor Day
2026 Investor Day Ne w Yor k Sto ck Exchange Mar ch 16, 2026 Confidential and Proprietary – Do not distribute without permission 1
Slide 2: Welcome & Introduction
Welcome & Introduction Todd Friedman Head of Investor Relations Confidential and Proprietary – Do not distribute without permission 2
Slide 3: Forward-Looking Statements
Forward - Looking Statements This presentation includes statements that express our management’s opinions, expectations, beliefs, plans, objectives, assumptions or projections regarding future events or future results and therefore are, or may be deemed to be, “forward-looking statements.” These for
Slide 4: Non-GAAP Measures
Non - GAAP Measures In addition to the financial measures prepared in accordance with generally-accepted accounting principles in the United States (“GAAP”), this presentation contains certain non-GAAP financial measures, including EBITDA, Adjusted EBITDA, and Levered Free Cash Flow and Adjusted Cas
Slide 5: The Healthcare Lifecycle
The Healthcare Lifecycle Confidential and Proprietary – Do not distribute without permission 5
Slide 6: Today's Agenda
Today’s Agenda 1 Claritev: Vision → Execution 4 Life of a Claim: Core Solutions to Payments 2 Employer Perspective – Optimizing Benefit Plan Design 5 AI at Claritev 3 Provider Perspective – Supporting the Delivery of 6 AforFinancial Foundation Profitable Growth Care Confidential and Proprietary – Do
Slide 7: Presenters
Presenters Sean Crandell, Brad Ross, Travis Dalton, Doug Garis, SVP-GM, Claim SVP-GM, Payment & President & CEO Chief Financial Officer Intelligence Revenue Integrity Jerry Hogge, Mike Feeney, Chief Operating Carol Nutter, Co-Founder & Sarah Michaels, RN Officer Chief People Officer Managing Chief C
Slide 8: Claritev: Vision → Execution
Claritev: Vision → Execution Travis Dalton President & CEO Confidential and Proprietary – Do not distribute without permission 8
Slide 9: We work to help make healthcare transparent and affordable for all
Our purpose is simple. We work to help make healthcare transparent and affordable for all. Confidential and Proprietary – Do not distribute without permission 9
Slide 10: What We Do | Who We Serve
What We Do | Who We Serve Claims Intelligence Payment & Revenue Integrity • Identify and negotiate fair • Prevent and correct improper billing reimbursements for out-of-network by identifying errors to improve claims payment accuracy • Provide end-to-end surprise billing • Includes Pre- and Post- pa
Slide 11: Our Journey
Our Journey 2024 2025 2026 2027 2028-2030 THE FOUNDATION THE TURN THE WAY UP THE WAY FORWARD REALIZE THE VISION and THE VISION Launch Brand, New Focus and Disciplined Sustained Growth, Impact Healthcare Clarity | Alignment | Focus, Products, Business Execution, Sales Independence, Culture, Continuum
Slide 12: Keeping our Promises
Keeping our Promises We are making demonstrable progress and keeping our “Say/Do” ratio 2024 – The Foundation and The Vision 2025 – The Turn 2026 – The Way Up Rebranded as Claritev Forecasted YoY Growth – Mid- Established Clarity | Alignment | Single Digits Focus – 30+ KPIs Launched 5 New Market Ver
Slide 13: The Vision
The Vision To Make Healthcare More Transparent and Affordable for All Patients Public Sector Providers Brokers | Employers Channel Partners Payers | International TPA Strategy & Insights Services PRODUCTS Claims Payment & Data & Network Intelligence Revenue Integrity Analytics Enterprise Data Platfo
Slide 14: Marketplace Aligned
Marketplace Aligned We are advancing our strategy to offer our products and services across multiple vertical markets and distribution channels Payers | Brokers | Public Channel Providers International TPA Employers Sector Partners Claims Intelligence Network Payment & Revenue Integrity Data & Analy
Slide 15: Why Claritev: Our Competitive Advantage
Why Claritev Network scale A multi-decade network footprint Our Competitive embedded across payers and providers Advantage Proprietary data & analytics $500M+ High provider acceptance Invested in 400k custom business rules derived Our solutions minimize provider from 750+ payers and over 45 years R&
Slide 16: Serving Patients through Innovation
Serving Patients through Innovation A Fireside Chat with Tres Health Mike Feeney Tres Health Co-Founder & Managing Partner Travis Dalton Claritev President & CEO Confidential and Proprietary – Do not distribute without permission 16
Slide 17: Employer Perspective
Employer Perspective Optimizing Benefit Plan Design Sean Crandell SVP-General Manager, Claims Intelligence Confidential and Proprietary – Do not distribute without permission 17
Slide 18: Benefit Plan Management Challenges Have Never Been Greater
Benefit Plan Management Challenges Have Never Been Greater Reducing healthcare spend Disparate data sources and various platforms Benefits design changes without holistic view of the impact Point solution burn-out with lack of data-backed decisions Complexity of the benefits ecosystem impact ROI of
Slide 19: Reactive Versus Proactive Impacts
Reactive Versus Proactive Impacts Lack of Insights 01 02 Driving Slow, Reactive Plan Designs & Employers spend 3 to 6 weeks 5% of the population account for nearly Management annually preparing renewal reporting half of total healthcare spending1 The Benefits When Proactive Address low-cost to high-
Slide 20: BenInsights®
BenInsights® Where Finance Meets Talent — One Powerful Platform Achievement in Data and Analytics Take Insights 200+ automated reports for instant to the Next insights Level One integrated Seamless source across medical, HCM access with pharmacy, stop loss, SSO and point solutions Proactive risk Adv
Slide 21: Closing the Loop: Intelligent Plan Design with Embedded Clinical Risk Management
BenInsights® + Kinetiq Health Closing the Loop: Intelligent Plan Design with Embedded Clinical Risk Management Sarah Michaels, RN Kinetiq Health Chief Clinical Officer Sean Crandell Claritev SVP-General Manager, Claims Intelligence Confidential and Proprietary – Do not distribute without permission
Slide 22: Transformative Health Care Risk Management
Transformative Health Care Risk Management Driving healthier outcomes for companies and members. WELLNESS $1 = $0.50 return Impacting Trend Advanced Analytics Proactive Clinical Intervention Analytics, Reporting & Data Warehousing HEALTH $1 =$3.80 return Case Management Data Reviewed by Source: RAND
Slide 23: The Missing Link in Managing Benefit Spend for Employers
The Missing Link in Managing Benefit Spend for Employers What used to require multiple vendors and disconnected workflows now operates as one ecosystem Platform Insights Action Powerful data chassis powered by Claritev delivers real-time Kinetiq Health activates the 200+ automated reports and visibi
Slide 24: Leveraging Clinical Expertise to Negotiate $700,000 in Savings
City Faces Unaffordable Benefits Renewal The city was plagued by five high-cost claims on their plans that included health insurance lasers totaling $935,000 — resulting in high renewal estimates and substantial financial responsibility for the city. Clinical Review Drives Meaningful Savings Leverag
Slide 25: BenInsights + Kinetiq Health: Pharmacy Cost Impact
BenInsights ® + Kinetiq Health: Pharmacy Cost Impact Financial Sector Employer | 400 Employees | Self-Funded Plan Opportunity Strategic Financial Identification Intervention Impact • High-cost infusion therapy • BenInsights engaged employer • $2.4M saved in year one flagged within months of self- an
Slide 26: A Case Study in Smarter Healthcare Investment
Claritev’s BenInsights® A Case Study in Smarter Healthcare Investment Carol Nutter Claritev Chief People Officer Doug Garis Claritev Chief Financial Officer Confidential and Proprietary – Do not distribute without permission 26
Slide 27: The cost of care is rising. So is the cost of doing nothing.
The cost of care is rising. So is the cost of doing nothing. Healthcare is the second largest expense on the P&L after payroll costs. Total health benefit cost per “Employers prepare for the highest health 6.5% employee is expected to rise 6.5% on average in 20261 benefit cost increase in 15 years.”
Slide 28: Two Perspectives. Two Responsibilities. One Shared Outcome
Two Perspectives. Two Responsibilities. Rising Health Retain & Attract Care Costs Talent Chief Chief Cost Avoidance Optimize Talent & Financial Strategies ROI People Officer Officer Fiduciary Smart Plan Design Responsibilities & Engagement One Shared Outcome BenInsights® aligns Finance and Talent pr
Slide 29: The Shift: Then vs. Now
The Shift: Then vs. Now • Growing high-risk population with increasing ER The Challenge utilization Before • Limited visibility into cost drivers BenInsights • Choice: Higher employee premiums vs. lesser benefits • BenInsights analyzed 3 years of claims data • Uncovered hidden cost drivers (e.g., MS
Slide 30: What We Achieved
Our Results What We Achieved • Negotiated favorable carrier Chief • Saved $4 million in total benefits spend contracts and increased stop-loss Financial • No increase in employee retention Officer contribution • Added support for MSK • Lowered ER visits by 12% • Added support for Women’s Health • Ad
Slide 31: Provider Perspective
Provider Perspective Supporting Delivery of Care Jigar S Patel, M.D., FAMIA Chief Medical & Product Officer Confidential and Proprietary – Do not distribute without permission 31
Slide 32: Financial Pressures Reshaping the Provider Market
Financial Pressures Reshaping the Provider Market Many providers are struggling to stay financially Labor shortages and Fragmented data viable amidst rising operating costs across complex growing health IT systems pressures Increased complexity Increasing Growing demand for in reimbursement and comp
Slide 33: Operationalizing Publicly Available Price Transparency Data to Empower Providers
Operationalizing Publicly Available Price Transparency Built for Data to Empower Providers customization, revenue impact model Expansive 500+ billion MRF records from 150+ payers for comprehensive benchmarking Clean Leveraging data science and healthcare expertise for data confidence Efficiently com
Slide 34: CompleteVue Analytics
CompleteVue Analytics Helping Providers Turn Pricing Complexity into Financial Performance Understand Enable Better Market Pricing Strategic Strengthen rate Investments negotiations with Focus growth on the Improve Rate better data service lines that intelligence drive margin Simulate Simplify Bench
Slide 35: Comprehensive Provider Offerings
Comprehensive Provider Offerings Reducing complexity and improving financial and clinical outcomes Technology Benefit Optimization Management Services Operational • Implementation Resilience BenInsights® • Application Workfo rce • Optimization Health Strategy & Insights • Smart Cards • Plan Manageme
Slide 36: Carlinville Area Hospital and Clinics
Carlinville Area Hospital and Clinics Jay Hodges Chief Financial Officer Brian Burnside Chief Executive Officer & President Confidential and Proprietary – Do not distribute without permission 36
Slide 37: Mission
Mission To provide a professional medical community and hospital in order to promote expert healthcare, close to home. Carlinville Area Hospital & Clinics (CAH&C) Overview • Comprehensive rural health system serving residents of Macoupin County, Illinois and beyond • 25 licensed inpatient beds – inc
Slide 38: Creating a Model Rural Healthcare System of the Future
Creating a Model Rural Healthcare System of the Future • Generated positive “Momentum” across the entire organization • Re-Designed Primary Care Services as the “Center of our Strategy” towards Specialty Services growth • Enhanced Culture & Re-Calibrated HR “Through Lens of our Teammate’s eyes” • Ad
Slide 39: Net Patient Services Revenue
Net Patient Services Revenue $70 Millions $60 $57 $51 $53 $50 $45 $40 $37 $32 $30 $27 $25 $26 $25 $24 $19 $19 $20 $20 $19 $20 $15 $10 $0 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 FY26 Budget Source: Eide Bailly Audited Financial Statements 2010-2023
Slide 40: Our Findings Reveal Reimbursement Disparities
Leveraging CompleteVue Our Findings Reveal Reimbursement Disparities Emergency Room CPT Description Carlinville Case Study 99282 ER Level II $315 99283 ER Level III $428 99284 ER Levels IV $591 Price Transparency Comparison: 99285 ER Levels V $857 Our analysis compared publicly available price and L
Slide 41: Fireside Chat
Fireside Chat Confidential and Proprietary – Do not distribute without permission 41
Slide 42: Life of a Claim: Core Solutions to Payments
Life of a Claim: Core Solutions to Payments Jerry Hogge Chief Operating Officer Confidential and Proprietary – Do not distribute without permission 42
Slide 43: Value Across the Healthcare Ecosystem
OUR CORE Value Across the 750+ Insurance carriers, plan admins ~30M Claims processed Healthcare Ecosystem and other payor clients per month $25.0B Potential Savings ~$180B Claim Charges Identified Processed For more than 45 years, Claritev has been a l eading provider of data - driven Cost Managemen
Slide 44: Our Core Solutions
Our Core Solutions Claims Intelligence Payment & Network Revenue Integrity • Primary Networks • Negotiation Services • Complementary • Reference-Based • Pre-Payment Integrity Networks Pricing • Post-Payment Integrity • Government Networks • Surprise Bill Services • Revenue Integrity (No Surprises Ac
Slide 45: 2026 Innovation & Solutions Roadmap
30+ New Solutions | Market Entry new features/ enhancement 2026 Innovation & Solutions Roadmap New Features | Enhancements 18+ Q1 2026 Q2 2026 Q3 2026 Q4 2026 new solutions Pro Pricer® – without Reference Based AI Provider Contact Research Enhanced briefs to include facility Expand NSA Insights Port
Slide 46: PHCS Novera: High Performance Primary Network Offering
PHCS Novera : High Performance Primary Network Offering Delivers transparent, competitive rates with greater flexibility and scale in network access. National Coverage, Regional Focus • National network with regional specialization built for full benefit plans • Built from existing PHCS contracts •
Slide 47: The Now & Future of Claim Repricing
Claims Intelligence Solutions The Now & Future of Claim Repricing Sean Crandell SVP-GM, Claims Intelligence Solutions Confidential and Proprietary – Do not distribute without permission 47
Slide 48: Out-of-Network Services Approach
Out - of - Network Services Approach Our solutions solve for the member’s journey Member had no choice* Member had a choice • Emergency services • Services were not rendered on an emergency basis • Air ambulance • Participating providers available to render services • Non-participating providers at
Slide 49: Claritev Transparent Pricing Engine Solutions
Claritev Transparent Pricing Engine Solutions Patient Receives Care Out of Network (OON) Defensible Claims Engine / Workflow Orchestration Market Claim Price DATA FOUNDATION PRODUCT / METHODOLOGIES Claim Intake Claim is Created by Provider; Sent to Payer Data iSight for Payment Medicare-based Pricin
Slide 50: From Raw Transparency Data to Enterprise Pricing Infrastructure
FIRST TO MARKET AT SCALE From Raw Transparency Data to Enterprise Pricing Infrastructure Industrializing MRF Professional and Facility Pricing Machine Readable File Pricing Proven Technology (MRF) Data Chassis Expertise at Scale • Strong data science talent • 45 years of claims repricing history • C
Slide 51: Strengthening Payment Accuracy Across the Claim Lifecycle
Payment & Revenue Integrity Solutions Strengthening Payment Accuracy Across the Claim Lifecycle Brad Ross SVP-GM, Payment & Revenue Integrity Solutions Confidential and Proprietary – Do not distribute without permission 51
Slide 52: Payment and Revenue Integrity Solutions
How Claritev Supports the Life Cycle of a Claim Payment and Revenue Integrity Solutions Claim Claim Received Paid Pre-Pay Solutions Post-Pay Solutions Combines technology with expert review to Comprehensive, flexible solutions to recover identify complex coding and clinical issues inappropriate or o
Slide 53: A Complex Claims Accuracy Platform Built from Proven Technology
A Complex Claims Pre-Payment DRG Review Process for Accuracy Platform Inpatient Claims Built from Proven Technology Claim is received 01 Analytics identify & flag for validation Revolutionizing our Advanced Code Editing (ACE) solution into a 02 comprehensive, complex claim Claritev requests accuracy
Slide 54: Pre-Pay Clinical Precision at Scale
OUR ACE CATALYST FOR MARKET EXPANSION Pre - Pay Clinical Increased Technology Scale AI | ML Precision at Scale Best in Class Performance & AI-enabled clinical Flexibility with 10 Years Expertise validation embedded in the pre-pay workflow, Proven Results with more than $1.8B Complex Medical Cost Sav
Slide 55: Claritev Payments Powered by ECHO
Claritev Payments Powered by Tom Dean ECHO Will Mintz President Claritev Chief Strategy Officer Confidential and Proprietary – Do not distribute without permission 55
Slide 56: ECHO, payments simplified
ECHO, payments simplified 450 83% 90%+ of payments settled electronically to new electronic adoption, payer tax IDs paid in the provider payments customers past 12 months $220B+ ~30 payments settled 900M+ annually $187B years in payments claims paid settled via ACH privately owned annually © 2025 EC
Slide 57: An ECHO Case Study
An ECHO® Case Study About our client Challenges → Nationally recognized healthcare payer and one 1 Digital adoption plateau of the largest Medicaid managed care plans Electronic adoption rate plateaued at 74.6% → Serves over 2M members across multiple states 2 Multiple platforms → As their business
Slide 58: ECHO's Solution
ECHO’s Solution 1 Increased digital adoption Electronic adoption: ECHO’s network of over 1.6M unique provider connections and payment preferences, immediately fostered digital payment adoption 2 Streamlined payment processing with a 94% 90% 96% single system ECHO’s single platform for payment and re
Slide 59: Complementary Partners in the Payment Process
Complementary Partners in the Payment Process Mitigate Fraud Coordinated Ensure Clean submission Manage dispute resolution Automate posting - collection and patient aid auto adjudication controlled release of Validation against funding validate FWA questionable claims contract across the industry
Slide 60: AI at Claritev
AI at Claritev Fernando Schwartz Claritev Chief AI Officer Michael Kim Claritev Chief Digital Officer Confidential and Proprietary – Do not distribute without permission 60
Slide 61: AI Vision
AI Vision Position Claritev as a global leader in technology innovation, reimagining healthcare through AI and data-driven insights Key Objectives Transformative Optimized Business Building an Products Operations Effortless Innovation AI-Native enterprise (Predictive, Generative, Agentic) Grow Reven
Slide 62: Advancing Healthcare Intelligence
Claritev Advancing Healthcare Intelligence Oracle Cloud provides secure, O r high-performance foundation E a R cl CO e Clou d OpenAI powers Agentic workflows OpenAI Claritev’s Operational Reasoning Engine in healthcare: Generative & Agentic Confidential and Proprietary – Do not distribute without pe
Slide 63: Example: Pro Pricer
Example: Pro Pricer ® Configurable intelligence simplifies the savings/member satisfaction balance Flexible Configurable to client preferences, and can quickly pivot if market conditions change Many complex options, simplified Removes the guesswork from payer out-of-network cost management programs
Slide 64: Example: Surprise Bill Services
Example: Surprise Bill Services AI drives best in class outcomes in NSA Services by Automate modeling willingness to negotiate, suitability of ceiling/ offer offers, and reactions to offers, as well as enhancing IDR/PPN SBS Shield Ceiling research to produce defensible, well-informed arguments in ti
Slide 65: 2026 Innovation & Solutions Roadmap
30+ New Solutions | Market Entry new features/ enhancement 2026 Innovation & Solutions Roadmap New Features | Enhancements 18+ Q1 2026 Q2 2026 Q3 2026 Q4 2026 new solutions Enhanced briefs to include facility Pro Pricer® – without Reference Based AI Provider Contact Research Expand NSA Insights Port
Slide 66: 2026 Innovation & Solutions Roadmap
30+ New Solutions | Market Entry new features/ enhancement 2026 Innovation & Solutions Roadmap New Features | Enhancements 18+ Q1 2026 Q2 2026 Q3 2026 Q4 2026 new solutions Enhanced briefs to include facility Pro Pricer® – without Reference Based AI Provider Contact Research Expand NSA Insights Port
Slide 67: AI: Moat and Opportunity
EMBEDDED WORKFLOW DATA & ANALYTICS DEPTH OF CLIENT RELATIONSHIPS AI: Moat and NETWORK SCALE & Opportunity ENTRENCHMENT Our right to win and longevity relative to AI TALENT & KNOWLEDGE Confidential and Proprietary – Do not distribute without permission 67
Slide 68: A Financial Foundation for Profitable Growth
A Financial Foundation for Profitable Growth Doug Garis Chief Financial Officer Confidential and Proprietary – Do not distribute without permission 68
Slide 69: Topics
Topics 1 Guiding Principles 4 Operating Leverage 2 The Drivers 5 2026 Guidance 3 ACV/Bookings 6 Vision 2030 Model Confidential and Proprietary – Do not distribute without permission 69
Slide 70: Our Journey to the WAY UP in 2026
Our Journey to the WAY UP in 2026 2026 → THE WAY UP 2024 2025 THE FOUNDATION 1 2 3 4 and THE VISION THE TURN • Clarity | Alignment | • Debt Refinance Focus • Digital Transformation 1 Core Solutions Claims Intelligence, Network, Payment & Revenue Integrity • Fit for Growth • Rebrand • Vision 2030 • N
Slide 71: Guiding Principles
Guiding Principles Confidential and Proprietary – Do not distribute without permission 71
Slide 72: Expanding Addressable Market
Expanding Addressable Market >$1B CORE VERTICALS Long-Term International Opportunity EXPANSION AREAS Mid-single-digit long-term growth High single/low double-digit long- term growth $1B-$2B Alternative Employer Networks Claims Intelligence Vistara Solutions Value-Driven Health Plan Services (VDHP) $
Slide 73: Strategic Investment Prioritization
Strategic Investment Prioritization Our primary use of capital is invest in our business, serve our clients, care for our associates, and maximize shareholder value. Organic investments to HIGHEST PRIORITY Guiding Principles fuel Vision 2030 Plan • Diversify & Accelerate HIGH PRIORITY Debt paydown •
Slide 74: The Drivers
The Drivers Confidential and Proprietary – Do not distribute without permission 74
Slide 75: Key Macro Trends driving revenue projections
Key Macro Trends driving revenue projections • OON Volume supports claims volume forecast Out of Claims Network Mix Volume • Claims Mix increases charge and savings per claim • Policy-Driven Market Forces Shape Regulatory/ Client Budgets and Buying Cycles Policy Confidential and Proprietary – Do not
Slide 76: Out-Of-Network Market Trends Favorable to Support our Growth Thesis
Out - Of - Network Market Trends Favorable to Support our Growth Thesis Out-of-Network (OON) 01 Specialty Practice and 02 Payer Networks are 03 Usage Remains Stable Shift to Outpatient Drive Mature OON Usage • From 2020-2024 the market • Saturated core geographies with demonstrates consistent patter
Slide 77: Top Savings on Claims by Specialty
(Claims with Identified Savings) Top Savings on Claims by Specialty Provider ~40% of savings Facility Out-Patient ~40% of savings Key Observations All Other Behaviora l H ealth All Other Surg ery 22% 28% 28% 26% Surgery is improving both on dollars and Pharmacy 6% volume — aligning with broader indu
Slide 78: Key Claims Volume/Pricing Trends
(Claims with Identified Savings) Key Claims Volume/Pricing Trends FY 25 Key Trends Revenue Per Claim Potential Savings Per Claim Charge Per Claim Total Claims 118% 120% 117% • Total Claim volume 115% 115% down ~11% YOY; 109% 111% moderated throughout 110% 111% 2025; Q4 increased 105% 105% 105% 109%
Slide 79: Regulatory and Policy Changes Create Opportunity
Regulatory and Policy Changes Create Opportunity Key Trends Claritev Benefits • Most significant healthcare legislation • Clients increasingly demand cycle in 15 years – e.g., OBBBA, ACA transparency tools and insight to assist subsidy conversations, Medicare navigating policy-induced shifts Advanta
Slide 80: ACV/Bookings
ACV/Bookings Confidential and Proprietary – Do not distribute without permission 80
Slide 81: 2025 Sales Dashboard
2025 Sales Dashboard 2025 Summary Results $67.3M Bookings (+12% vs. Plan) 650+ Opportunities Closed Won 30 New/Reactivated Logos Closed in 2025 by Booking Type More than 100 Deals over $100K Upsell | Cross-Sell Net New New 35% 29% $100K deals increase 30%+ product/service sold for existing client Av
Slide 82: Vision 2030 Operating Leverage
Vision 2030 Operating Leverage Confidential and Proprietary – Do not distribute without permission 82
Slide 83: Vision 2030 Transformation – Program Overview
Vision 2030 Transformation – Program Overview Multi-year process to fuel growth and scale technology + operations footprint Digital Transformation & Business Business Process Technology Modernization Realignment Optimization ▪ Modernize technology ▪ Refresh our go-to-market ▪ Deploy scaled shared pl
Slide 84: Technology Transformation
Technology Transformation • Lift & Shift FY 2025; Modernization FY 2025 through FY 2028 • Strategic allocation of resources and investment to modernize applications, create an OCI platform to support modernization and empower a culture and process shift • Incremental Capital of ~$20M to ~$35M per ye
Slide 85: 2025 Digital Transformation Impact Examples
2025 Digital Transformation Impact Examples Lift & Shift — Migration to AutoFlow — Accelerating Pre- Platform — A New Foundation Cloud Pay Decisions for Client Data • 7 months. ~100 servers. Zero • AI-powered automation for • Core data platform moved from disruption. complex hospital bills AWS and l
Slide 86: 2026 Guidance
2026 Guidance Confidential and Proprietary – Do not distribute without permission 86
Slide 87: FY 2026 Guidance
FY 2026 Guidance FY 2026 Revenue $980 million to $1 billion Adjusted EBITDA1 $605 million to $615 million Total Capital Spend2 $160M to $170M Effective Tax Rate 24% to 28% Free Cash Flow $0 to $10 million 1 We have not reconciled the forward-looking Adjusted EBITDA guidance included above to the mos
Slide 88: Claritev 2026 Revenue Walk
Claritev 2026 Revenue Walk $ in millions Bookings conversion to +2-4% Revenue & Expansion $980 - $1,000 Property & Casualty Business Mid-90s is historic $965 normalized MSD Growth GRR range driven by market +6-7% (2%) factors, price & mix (5-6%) +4-5% 2025 1x Items Gross Revenue Net Revenue ACV Reve
Slide 89: Revenue Mix Summary
Revenue Mix Summary Revenue Type as a % of Total Revenue Client Density - % of Total Revenue 100% 100% 7.8% 10.3% 11.6% 90% 16.0% 90% 80% 80% % of Total Revenue % of Total Revenue 70% 70% 71.3% 70.8% 67.6% 60% 60% 77.3% 50% 50% 92.2% 89.7% 88.4% 40% 84.0% 40% 30% 30% 20% 20% 28.7% 29.2% 32.4% 10% 10
Slide 90: Vision 2030 Model
Vision 2030 Model Confidential and Proprietary – Do not distribute without permission 90
Slide 91: From The Turn to the Way Up
From The Turn to the Way Up $ in millions Revenue (1) Adjusted EBITDA Margin (2) ‘The Way Up’ $1000 ‘The Turn’ $980 $962 ‘The Foundation’ $965 $931 64% 62% 62% ~61% 2023A 2024A 2025A 2026E (1) 2026E Reve nue represe nts guidance range as of Fe bruary 23, 2026. (2 ) 2026E Adjusted EBI TDA margin cal
Slide 92: Strong visibility to growth and profitability
Strong visibility to growth and profitability $ in millions Revenue (1) Adjusted EBITDA and Margin (1, 2) Short Term ACV to Revenue conversion typically takes 2-4 quarters ~61% ~60% - 63% ~61% - 64% depending on implementation > $1,300 > $1,100 Steady core growth $1,000 augmented by early growth > $
Slide 93: Strong visibility to growth and profitability
Strong visibility to growth and profitability Mid-to-Long Term $ in millions Revenue (1) Adjusted EBITDA and Margin (1, 2) Leverage scale and data assets to fuel growth and ~61% ~60% - 63% ~61% - 64% accelerate distribution in established and > $1,300 underpenetrated markets > $1,100 $1,000 Continue
Slide 94: Pathway to de-leveraging
Pathway to de - leveraging $ in millions Levered Free Cash Flow (“LFCF”) Net Leverage (1) Incremental investments in go-to-market strategy, international expansion, and (3) > $225 launch of services offering (3) Initial shift from capitalized expenses to OpEx Years 2 and 3 of the Transformation Prog
Slide 95: Pathway to de-leveraging
Pathway to de - leveraging LFCF growth accelerates with wind down of Transformation $ in millions Levered Free Cash Flow (“LFCF”) Net Leverage (1) Program and other Adjusted Operating Expenses (3) > $225 Long term cash flow benefits (3) from our Transformation Program, including Digital Transformati
Slide 96: Target Operating Model
Target Operating Model Represented % of revenue Long-Term Goal Cost of Goods Sold 22% to 24% Research & Development 2% to 3% Sales & Marketing 6% to 7% General & Administrative 5% to 6% Adjusted EBITDA 61% to 64% Confidential and Proprietary – Do not distribute without permission 96
Slide 97: Where Our Transformation Leads Us
Where Our Transformation Leads Us World-Class Talent and Leadership with Growth Mindset Leading with Data, Analytics Serving the Entire and Technology Healthcare Continuum Capital Structure that Fits Sustainable Growth the Business Process Rigor, Discipline, Diversified Business Model and Predictabi
Slide 98: Thank you
Thank you Confidential and Proprietary – Do not distribute without permission 98