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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) announced it will report its Q1 2021 financial results on May 17, 2021, prior to market open. A conference call will be held at 8:30 a.m. ET to discuss the results. The company's mission is to enhance health outcomes for seniors using a technology platform that analyzes health data, aiming to improve medical outcomes and reduce costs. Clover has offices in multiple locations, including Nashville and San Francisco.
Clover Health Investments, Corp. (Nasdaq: CLOV) announced the appointment of Demetrios L. Kouzakas to its Board of Directors, where he will also serve on the Audit Committee. Kouzakas brings extensive experience from his previous roles in the Medicare division at UnitedHealth and as Director of the Center for Medicare at CMS. CEO Vivek Garipalli highlighted Kouzakas's expertise in Medicare regulations and strategic business acumen as vital for Clover's mission to improve health outcomes for seniors. Kouzakas expressed excitement about Clover's technology fostering better care coordination.
Clover Health Investments, Corp. (Nasdaq: CLOV) announced the appointment of William “Bill” Robinson to its Board of Directors as the Chair of the Talent & Compensation Committee. Robinson brings extensive experience, including serving as CHRO for Sabre and Coventry Health Care, and has a strong background in HR leadership at General Electric. CEO Vivek Garipalli highlighted Robinson's proven track record as a significant asset for Clover's mission to enhance health outcomes for seniors across America. Clover Health utilizes technology to improve clinical outcomes and reduce patient costs.
Clover Health has launched a new health and wellbeing magazine, Clover Living, aimed at individuals aged 60 and above. The quarterly publication will provide health education and advice, focusing on chronic disease management, and will be distributed to Clover Health members, doctors, and the general public. With oversight from a medical editorial board, the magazine aims to enhance Clover's outreach and engage the Medicare population, ultimately improving health outcomes. The first issue is set to be released in late Spring 2021.
Clover Health Investments, Corp. (Nasdaq: CLOV) announced participation in a five-year clinical study funded by the National Institutes of Health (NIH) alongside major institutions like Massachusetts General Hospital and Harvard Medical School. The study aims to evaluate the effectiveness of video-based decision aids in improving advance care planning for patients with severe chronic illnesses receiving home-based care. It will involve 500 patients and assess impacts on medical preferences, hospice utilization, and healthcare costs.
Clover Health (Nasdaq: CLOV) will present at the Barclays Global Healthcare Conference on March 10, 2021, at 10:55 a.m. Eastern Time. The presentation will be available via a live webcast on Clover Health's investor website. Clover Health focuses on using technology to enhance healthcare outcomes for seniors.
Clover Health reported a 46% year-over-year increase in total revenue, reaching $673 million in 2020. The company saw a growth in its membership, surpassing 58,000 members, while the lives managed by its Clover Assistant increased by 43% to 32,400. Despite these gains, Clover posted a net loss of $(91.6) million. For 2021, Clover anticipates revenues between $820 million and $850 million, as well as expansion in Medicare Advantage membership. The company aims to implement its Direct Contracting program to further enhance growth.
Clover Health Investments, Corp. has completed its business combination with Social Capital Hedosophia Holdings Corp. III (NYSE: IPOC), forming a publicly traded Medicare Advantage insurer valued at approximately $3.7 billion. Trading under the new ticker symbols 'CLOV' and 'CLOVW' on Nasdaq will begin on January 8, 2021. The merger provides substantial capital for Clover Health to enhance healthcare outcomes for U.S. seniors. Clover aims to innovate the Medicare Advantage space through technology, focusing on affordability and effective clinical decision-making.
