Aric Sharp Announced as Divisional CEO of Value Based Care for Clover Health

Rhea-AI Summary

Clover Health Investments (NASDAQ: CLOV) announced the appointment of Aric Sharp as CEO of Value Based Care, effective immediately. Sharp, a leader in healthcare value transition, will oversee Clover Health Partners and drive its transition to the ACO REACH Model starting in 2023. With extensive experience in managing accountable care organizations, Sharp aims to enhance physician enablement technology and network growth. Clover focuses on improving health equity for seniors through its proprietary software, the Clover Assistant, and operates under both Insurance and Non-Insurance segments.

Positive

• Appointment of Aric Sharp as CEO of Value Based Care.
• Sharp's experience in accountable care positions Clover to enhance its operations.
• Clover Health Partners to transition to the ACO REACH Model in 2023, potentially improving care delivery.

Negative

• None.

FRANKLIN, Tenn., May 09, 2022 (GLOBE NEWSWIRE) -- Clover Health Investments, Corp. (NASDAQ: CLOV) (“Clover” or “Clover Health”), a physician enablement company committed to improving health equity for seniors, today announced the appointment of Aric Sharp as Chief Executive Officer (“CEO”) of Value Based Care for Clover. Sharp will spearhead all value based care operations for the company including for Clover Health Partners, Clover’s Direct Contracting Entity (“DCE”).

Sharp is recognized as a national leader on the healthcare transition to value, innovation, and physician practice management and is Chair-Elect of the American Medical Group Association. In his former role as Senior Vice President and Chief Transformation Officer at INTEGRIS Health, he led the system's journey to value based care including launching INTEGRIS’ participation in the Direct Contracting Model, a Medicare Advantage Plan, and Oklahoma’s first virtual hospital.

Sharp will begin by overseeing the transition of Clover Health Partners to fit the requirements of the evolved Accountable Care Organization (“ACO”) Realizing Equity, Access, and Community Health (“REACH”) Model, which will take effect in 2023.

“We are thrilled to welcome Aric to the Clover family, and believe his experience leading transformation efforts for payor innovation strategies around value based agreements will position him well to lead Clover Health Partners through its transition to the ACO REACH Model,” said Clover CEO Vivek Garipalli. “Additionally, Aric’s expertise in physician relations and ability to strategize and operationalize with a keen focus on provider education, buy-in and engagement will be a huge asset to Clover as we look to broaden our provider network and adoption of the Clover Assistant.”

Prior to INTEGRIS, Sharp served as Vice President for Accountable Care at UnityPoint Health, where he developed and led UnityPoint Accountable Care, one of the nation’s largest and most successful ACOs, with over 8,000 physicians, 40 hospitals, and over $1.5 billion of medical spend under risk including the country’s largest Next-Generation ACO Model. Earlier in his career, Sharp served in various executive roles including CEO and Chief Operating Officer for Quincy Medical Group and The Iowa Clinic, respectively, two of the nation’s highest-performing multispecialty medical groups.

“I am excited to join Clover because I see an opportunity to develop and implement a myriad of value based care and population health initiatives to further strengthen the company’s existing DCE efforts. My primary goal is to supercharge network growth and adoption of Clover’s physician enablement technology to make value based care more accessible for physicians across the country, and therefore more patients,” said Sharp.

About Clover Health:
Clover Health (Nasdaq: CLOV) is a physician enablement company focused on seniors who have historically lacked access to affordable, high-quality healthcare. Our strategy is underpinned by our proprietary software platform, the Clover Assistant, which is designed to aggregate patient data from across the health ecosystem to support clinical decision-making and improve health outcomes. We operate two distinct lines of business: Insurance and Non-Insurance. Through its Insurance segment, the company provides PPO and HMO plans to Medicare Advantage members in several states. The company's Non-Insurance segment consists of its operations in connection with its participation in CMS' Direct Contracting model, which will transition to the ACO REACH model beginning in 2023. Clover’s corporate headquarters are in Franklin, Tenn.

Visit: www.cloverhealth.com
Read about our Health Equity strategy: www.cloverhealth.com/healthequity
Learn about the Clover Assistant: www.cloverassistant.com

Forward-Looking Statements:
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’s future results of operations, financial position, market size and opportunity, business strategy and plans, and the factors affecting Clover’s performance and objectives for future operations. 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,” “guidance,” “objective,” “plan,” “seek,” “grow,” “target,” “if,” “continue” or the negative of these words or other similar terms or expressions that concern Clover’s expectations, strategy, priorities, plans or intentions. Additional information concerning these and other risk factors is contained in the Risk Factors section included in Clover’s Annual Report on Form 10-K for the year ended December 31, 2021, which was filed with the Securities and Exchange Commission (the “SEC”) on February 28, 2022, and in Clover’s other filings with the SEC. The forward-looking statements included in this release are made as of the date hereof. Except as required by law, Clover 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-Baxter
press@cloverhealth.com

Investor Relations:
Derrick Nueman & Ryan Schmidt
investors@cloverhealth.com

FAQ

Who is the new CEO of Value Based Care at Clover Health?

Aric Sharp has been appointed as the new CEO of Value Based Care for Clover Health.

What is the ACO REACH Model that Clover Health plans to adopt?

The ACO REACH Model is a new initiative aimed at enhancing health services delivery and improving health equity, set to take effect in 2023.

What is Clover Health's primary focus?

Clover Health focuses on improving health equity for seniors through its physician enablement technology and proprietary software.

What experience does Aric Sharp bring to Clover Health?

Aric Sharp has extensive experience in healthcare transformation and accountable care, having previously led major initiatives at INTEGRIS Health and UnityPoint Health.