Clover Health Exits ACO REACH to Accelerate Path to Profitability
01 12월 2023 - 10:15PM
Clover Health Investments, Corp. (NASDAQ: CLOV) (“Clover,” “Clover
Health” or the “Company”), a physician enablement company committed
to bringing access to great healthcare to everyone on Medicare,
today announced that it has delivered notice to the Centers for
Medicare and Medicaid Services (“CMS”) that it will exit the CMS
ACO REACH Program at the end of the 2023 performance year. Written
notification will also be sent to all participating physicians in
accordance with CMS requirements. The decision will have no impact
on its ACO REACH beneficiaries, and Clover will continue to fulfill
all of its obligations under the ACO REACH Program for the 2023
performance year.
Andrew Toy, Clover Health’s Chief Executive Officer, stated:
“When we entered the ACO REACH business in 2021, we felt that
expanding our platform to Original Medicare would have a number of
benefits, including increasing the number of lives under Clover
Assistant management and enabling us to rapidly increase the number
of physicians we worked with directly. And, while we were
successful in those goals, we have not seen a clear line to
profitability in this business and it has also become quite clear
that, over the same period of time, we have made far greater and
swifter strides on our path to profitability in our Medicare
Advantage insurance business.”
“We remain extremely excited about the success of our Medicare
Advantage insurance business in 2023 and intend to focus our
resources on building that business and continuing to invest in
Clover Assistant as part of our path to profitability. We remain
focused on our goal to deliver a sustainable, profitable Clover
Heath to our members and investors. This is another step in that
direction. As we have said previously, we continue to expect
meaningful tailwinds in 2024 from a number of favorable drivers,
including efficiencies from our previously announced partnership
with UST HealthProof, our robust care management assets, and the
continued maturation of Clover Assistant. Overall, this narrower
focus gives us even greater optimism that Clover Health can deliver
profitability on an Adjusted EBITDA basis for full-year 2024.”
About Clover HealthClover Health (Nasdaq: CLOV)
is a physician enablement company committed to bringing access to
great healthcare to everyone on Medicare. This includes a health
equity-based focus on seniors who have historically lacked access
to affordable, high-quality healthcare. Our strategy is powered by
our software platform, Clover Assistant, which is designed to
aggregate patient data from across the healthcare ecosystem to
support clinical decision-making and improve health outcomes
through the early identification and management of chronic disease.
We operate two distinct lines of business: Insurance and
Non-Insurance. Through our Insurance line of business, we provide
PPO and HMO Medicare Advantage plans in several states, with a
differentiated focus on our flagship wide-network, high-choice PPO
plans. Our Non-Insurance line of business similarly aims to reduce
cost-of-care while enhancing the quality of care for patients
enrolled in Original Medicare.
Forward-Looking StatementsPlease note that this
press release contains forward-looking statements within the
meaning of Section 27A of the Securities Act of 1933, as amended,
and Section 21E of the Securities Exchange Act of 1934, as amended.
Forward-looking statements include statements regarding future
events and Clover Health’s future results of operations, financial
position, business strategy and future plans. Forward-looking
statements are not guarantees of future performance, and you are
cautioned not to place undue reliance on such statements. In some
cases, you can identify forward looking statements because they
contain words such as “may,” “will,” “should,” “expects,” “plans,”
“anticipates,” “going to,” “can,” “could,” “should,” “would,”
“intends,” “target,” “projects,” “contemplates,” “believes,”
“estimates,” “predicts,” “potential,” “outlook,” “forecast,”
“goal,” “guidance,” “objective,” “plan,” “seek,” “grow,” “target,”
“if,” “continue” or the negative of these words or other similar
terms or expressions that concern Clover Health’s expectations,
strategy, priorities, plans or intentions. Forward-looking
statements in this press release include, but are not limited to,
statements regarding expectations related to Clover Health’s
liquidity, future performance and profitability, future operations
and future results. These statements are subject to known and
unknown risks, uncertainties and other factors that may cause
Clover Health’s actual results, levels of activity, performance or
achievements to differ materially from results expressed or implied
in this press release. Additional information concerning these and
other risk factors is contained in Clover Health’s most recent
Annual Report on Form 10-K, filed with the Securities and Exchange
Commission (the “SEC”) on March 1, 2023 and in our subsequent
Quarterly Reports on Form 10-Q filed with the SEC on May 9, 2023,
August 8, 2023 and November 6, 2023, in each case where relevant,
including the Risk Factors sections therein, and in its other
filings with the SEC. The forward-looking statements included in
this press release are made as of the date hereof. Except as
required by law, Clover Health undertakes no obligation to update
any of these forward-looking statements after the date of this
press release or to conform these statements to actual results or
revised expectations.
Press Contact: Andrew
Still-Baxterpress@cloverhealth.com
Investor Relations Contact: Ryan
Schmidtinvestors@cloverhealth.com
Clover Health Investments (NASDAQ:CLOV)
과거 데이터 주식 차트
부터 4월(4) 2024 으로 5월(5) 2024
Clover Health Investments (NASDAQ:CLOV)
과거 데이터 주식 차트
부터 5월(5) 2023 으로 5월(5) 2024