Clover Health Investments Corp - CLOV STOCK NEWS

Clover Health has announced an enhancement to its over-the-counter (OTC) benefit, introducing a grocery stipend for eligible members in 101 counties across several states including Georgia, New Jersey, and Texas.

Starting August 1, 2021, qualifying members will receive up to $125 quarterly for grocery and OTC purchases, improving access for seniors with health conditions. This initiative addresses food insecurity, with a phased rollout expected to increase participation.

Clover Health (Nasdaq: CLOV) has announced that CFO Joseph Wagner will leave the company on August 13 for personal reasons. Mark Herbers from AlixPartners, LLP will serve as Interim CFO until a permanent replacement is found. Lee Shapiro, Clover's Audit Committee Chair, will lead the search for a new CFO. Wagner expressed gratitude for his time at Clover, highlighting the challenges and achievements during the COVID-19 pandemic and the company's transition to public status. Clover continues its mission to improve healthcare access, particularly for seniors, while emphasizing health equity.

Clover Health (Nasdaq: CLOV) announced the hiring of Prabhdeep Singh as Chief Growth Officer and Justin Joseph as Chief Strategy & Development Officer. Singh, formerly of WeWork and Uber, will focus on member growth and service area expansion. Joseph, with experience from Palantir and Deloitte, aims to drive strategic partnerships. This leadership expansion aligns with Clover's mission to improve health equity for seniors. Clover plans to expand coverage to 101 new counties, pending CMS approval, with enrollment starting in the upcoming Annual Election Period.

Clover Health (NASDAQ: CLOV) plans to nearly double its geographic footprint, expanding its Medicare Advantage plans to 209 counties across nine states, pending CMS approval. This includes 101 new counties, enhancing access for underserved seniors. Current services are offered in 108 counties with approximately 66,300 members. The expansion will allow eligible individuals to enroll during the Annual Election Period from October 15 to December 7 for coverage starting January 1, 2022. Clover also aims to introduce new benefits, including expanded over-the-counter and grocery benefits.

Clover Health (Nasdaq: CLOV) announced the hiring of South Fulton City Councilwoman Carmalitha Gumbs as Head of Community Engagement and Partnerships. Gumbs will lead initiatives to enhance Clover's presence and assist Medicare beneficiaries in Metro Atlanta and the Southeast. CEO Vivek Garipalli praised her extensive experience and commitment to health equity. Clover Health focuses on providing affordable healthcare to underserved seniors, leveraging technology like the Clover Assistant to improve medical outcomes.

Upward Health has partnered with Clover Health to provide integrated in-home medical and behavioral care for patients facing complex challenges. This collaboration, part of CMS' new Direct Contracting initiative, will enhance Clover's Clover Home Care program across New York, Pennsylvania, Georgia, and Texas. The partnership aims to optimize health outcomes while managing costs efficiently. Upward Health's services include Facilitated Virtual Care™ to ensure timely access to necessary care for high-risk patients, emphasizing a holistic approach to healthcare delivery.

Clover Health (Nasdaq: CLOV) announced plans to expand its in-home primary care program, Clover Home Care, through the new Direct Contracting model by CMS, focusing on improving health equity for underserved seniors. The program has successfully reduced hospitalizations by 17% and medical expenses by $325 per member monthly. Clover's home care services include direct access to physicians, maintaining existing primary care relationships, and leveraging technology to enhance patient care. New partnerships with Spiras Health and Upward Health are aimed at delivering exceptional care.

Clover Health (Nasdaq: CLOV) reported a record $200.3 million in revenue for Q1 2021, up 21% from $165.5 million in Q1 2020, driven by increased Medicare Advantage membership, which rose 18% to approximately 66,300. Lives under management nearly doubled to over 130,000 following the launch of Direct Contracting. However, GAAP Medical Care Ratio increased to 107.6%, reflecting higher COVID-19 related costs. The company anticipates total revenues between $810-$830 million for FY 2021, including an estimated $20-$30 million from Direct Contracting.

Clover Health (CLOV) has partnered with Roundtrip to enhance non-emergency medical transportation for its Medicare Advantage members. This initiative addresses transportation barriers faced by seniors, allowing users to book rides through Roundtrip's app, with options like rideshare and wheelchair vans. According to data, 5.8 million Americans have delayed medical care due to transportation issues. The collaboration aims to improve health outcomes by facilitating reliable transportation, integrating Roundtrip's services with Clover's clinical tools.