Clover Health Investments Corp - CLOV STOCK NEWS

Clover Health (Nasdaq: CLOV) announced it will release its third quarter 2024 financial results after market close on Wednesday, November 6, 2024. The company will host a conference call and webcast at 5:00 p.m. Eastern Time the same day to discuss the results. U.S. participants can dial 800-579-2543, while international callers should use 785-424-1789, with conference ID CLOVQ324. The webcast will be available on Clover Health's Investor Relations website for 12 months.

Clover Health (Nasdaq: CLOV) has unveiled its 2025 Medicare Advantage (MA) plan offerings in New Jersey, focusing on affordable and flexible healthcare options for seniors. The company's flagship PPO plans, which serve over 95% of its MA membership, have received a 4 Star rating from CMS. Clover's 2025 plans include:

- Low specialist and prescription drug copays
- Enhanced OTC and dental allowances
- A rewards program offering up to $400 annually for healthy activities
- Competitive in-network and out-of-network costs for PPO plans

CEO Jamie Reynoso emphasized Clover's commitment to providing stability and increased value for members, especially during a time when many plans are scaling back benefits. The company aims to help New Jersey seniors manage their healthcare costs while maintaining quality and affordability.

Clover Health announced that the Centers for Medicare and Medicaid Services (CMS) has increased the Star rating of its PPO Medicare Advantage plans to 4 Stars for 2025, affecting payment year 2026. The company's HMO MA plan rating also increased to 3.5 Stars. Over 95% of Clover's Medicare Advantage membership is served through its PPO plans.

The improved rating was driven by exceptional performance in Medication Adherence, HEDIS, and CAHPS measures. Notably, Clover earned a 4.94 out of 5 Stars on HEDIS, which measures a plan's ability to deliver preventative screenings and manage various health issues.

Clover's CEO, Andrew Toy, emphasized the company's commitment to improving healthcare outcomes through technology like Clover Assistant. The higher Star rating is expected to allow Clover to reinvest in more competitive benefits, potentially driving membership growth while maintaining financial strength and care quality.

Counterpart Health, a subsidiary of Clover Health (Nasdaq: CLOV), has appointed David Tsay M.D., Ph.D as Chief Medical Officer (CMO). Dr. Tsay will advance Counterpart's clinical strategy and product roadmap for Counterpart Assistant, an AI-powered physician enablement platform. With over two decades of experience in health technology and clinical innovation, Dr. Tsay previously held leadership roles at Cue Health, Apple, and New York-Presbyterian.

Counterpart Health's CEO, Conrad Wai, expressed confidence in Dr. Tsay's ability to accelerate the company's expansion into value-based healthcare networks. Dr. Tsay highlighted Counterpart Assistant as an innovative solution for providers looking to deliver value-based care. The platform aims to reduce the total cost of care in value-based models through advanced chronic disease management.

Clover Health (Nasdaq: CLOV) has appointed Joseph Brand as Chief Operating Officer (COO) for its Medicare Advantage (MA) plan. Brand, a New Jersey native with nearly 20 years of healthcare leadership experience, will oversee core MA operations and drive performance improvements. His focus will be on enhancing healthcare delivery in New Jersey through operational efficiencies and technological innovation.

Brand's experience includes roles at Jefferson Health Plans and Horizon Blue Cross Blue Shield of New Jersey, where he led operational transformations and implemented innovative solutions. At Clover Health, he will manage MA operations, optimize processes, and drive value-based care initiatives using advanced technology and data-driven solutions.

This appointment aligns with Clover's commitment to operational excellence and supporting local healthcare providers. The company aims to strengthen independent physicians and provide affordable, high-quality healthcare plans for seniors in New Jersey.

Counterpart Health, a subsidiary of Clover Health (NASDAQ: CLOV), has signed a multi-year agreement with The Iowa Clinic, a leading multispecialty healthcare group in the US. The Iowa Clinic, with over 250 providers across 40+ specialties, will deploy Counterpart's AI-powered physician enablement platform, Counterpart Assistant, to its Medicare Advantage and Medicare Shared Savings Program patients.

The platform will also be available to The Iowa Clinic's clinically integrated network partners in the Midwest. Counterpart will receive a per-member, per-month fee and potential incentive payments based on care management goals. The AI-enabled solution is designed to support earlier diagnosis and management of chronic diseases, with Clover Health reporting a 1,000 basis point medical cost ratio differential for members whose PCPs use Counterpart Assistant versus those who don't.

Clover Health (NASDAQ: CLOV) has appointed Thomas L. Tran to its Board of Directors and Audit Committee. Tran, with over 35 years of financial leadership in healthcare, most recently served as CFO of Upstream Care and previously as CFO of Molina Healthcare. CEO Andrew Toy highlighted Tran's expertise in strategic financial planning for public managed care organizations as a significant asset for Clover's mission of empowering physicians and improving health outcomes through technology. Tran expressed enthusiasm for Clover's innovative approach to Medicare and value-based care, stating his commitment to helping shape the company's vision.

Clover Health Investments, Corp. (Nasdaq: CLOV), a physician enablement technology company focused on Medicare, has announced its participation in the 2024 Wells Fargo Healthcare Conference. Peter Kuipers, the company's Chief Financial Officer, is scheduled to present on Wednesday, September 4, 2024, at 4:30 p.m. Eastern Time.

Investors and interested parties can access a live webcast of the presentation through Clover Health's investor relations website. Additionally, a replay of the presentation will be made available on the same platform for those unable to attend the live event. This conference participation provides an opportunity for Clover Health to showcase its commitment to improving healthcare access for Medicare beneficiaries.

Clover Health (NASDAQ: CLOV) reported strong Q2 2024 financial results, showing significant improvements year-over-year. Total revenue grew 11% to $356.3 million, while GAAP Net Income from Continuing Operations reached $7.2 million, compared to a $28.9 million loss in Q2 2023. Adjusted EBITDA increased to $36.2 million from $9.9 million in the previous year.

The company's Insurance revenue grew 11.3% to $349.9 million, driven by strong member retention and intra-year growth. The Insurance MCR improved to 71.3% from 77.2% in Q2 2023. Based on these strong results, Clover Health has increased its full-year 2024 guidance, projecting Insurance Revenue of $1.35-$1.375 billion and Adjusted EBITDA of $50-$65 million.