Clover Health Medicare Advantage Plans Earn 3.5 Star Rating for 2023

Rhea-AI Summary

Clover Health Investments Corp. (NASDAQ: CLOV) announced a significant update regarding its Medicare Advantage plans. For the 2021 measurement year, the PPO plan achieved a rating of 3.5 stars, while the HMO plan improved from 3 stars to 3.5 stars on the Medicare Star Ratings, with over 90% of its membership enrolled in the PPO plan. COO Jamie Reynoso highlighted the achievement as a validation of Clover's operational excellence in delivering personalized care during challenging times.

Positive

• PPO Medicare Advantage plan rated at 3.5 stars.
• HMO Medicare Advantage plan rating improved from 3 stars to 3.5 stars.
• Over 90% of Clover's membership is in the PPO plan.
• Recognition of operational excellence despite pandemic challenges.

Negative

• None.

FRANKLIN, Tenn., Oct. 11, 2022 (GLOBE NEWSWIRE) -- Clover Health Investments, Corp. (NASDAQ: CLOV) (“Clover,” “Clover Health” or the “Company”) today announced that for the 2021 measurement year, the Centers for Medicare and Medicaid Services (“CMS”) has rated its PPO Medicare Advantage (“MA”) plan at 3.5 stars and increased the rating of its HMO MA plan from 3 stars to 3.5 stars on the Medicare Star Ratings. Currently, over 90% of Clover’s MA membership is served through its PPO plan.

“Our goal is to provide everyone with access to personalized primary care from a physician that they trust, and maintaining our star rating validates our differentiated approach,” said Jamie Reynoso, Chief Operating Officer of Clover. “Sustaining such a high level of plan quality, especially during a once in a century pandemic, is a testament to the operational excellence we’ve developed as an organization.”

Every year, Medicare evaluates plans based on a 5-star rating system.

The statements contained in this document are solely those of the authors and do not necessarily reflect the views or policies of CMS. The authors assume responsibility for the accuracy and completeness of the information contained in this document.

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, 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 our Insurance line of business, we provide PPO and HMO plans to Medicare Advantage members in several states. Our Non-Insurance line of business aims to reduce expenditures and enhance the quality of care for patients enrolled in fee-for-service Medicare. Clover’s corporate headquarters are in Franklin, Tenn.

Visit: www.cloverhealth.com

Press Contact:
Andrew Still-Baxter
Emma Baron
press@cloverhealth.com 

Investor Relations Contact:
Ryan Schmidt
investors@cloverhealth.com 

FAQ

What star rating did Clover Health's PPO Medicare Advantage plan receive?

Clover Health's PPO Medicare Advantage plan received a rating of 3.5 stars.

How did the HMO Medicare Advantage plan rating change for Clover Health?

The HMO Medicare Advantage plan rating improved from 3 stars to 3.5 stars.

What percentage of Clover Health's MA membership is enrolled in the PPO plan?

Over 90% of Clover Health's Medicare Advantage membership is enrolled in the PPO plan.

What is Clover Health's focus in its business operations?

Clover Health focuses on providing access to personalized primary care for seniors.

What year was the Medicare rating announced in the press release?

The Medicare rating was announced for the 2021 measurement year.