Clover Health Announces Counterpart Health, a New SaaS and Tech Enabled Services Solution to Bring the Power of CA Technology to all Medicare Advantage Payors and Providers
29 Maggio 2024 - 2:00PM
Clover Health Investments, Corp. (NASDAQ: CLOV) (“Clover,”
“Clover Health” or the “Company”), a physician enablement
technology company committed to bringing access to great healthcare
to everyone on Medicare, is excited to announce that its flagship
clinical decision support tool, Clover Assistant, is now generally
available for external payors and providers under the brand name
Counterpart Assistant (“CA”). This strategic move with Counterpart
Health, a subsidiary of Clover Health, aims to extend the benefits
of data-driven proven technology, personalized care to a wider
audience, enabling enhanced patient outcomes and reduced healthcare
costs across the nation.
Key Highlights:
- Strategic Expansion: CA will now support
healthcare providers outside Clover Health's Medicare Advantage
plan, broadening its impact on patient care and operational
efficiency, and giving Clover a new pathway to growth leveraging
its existing technology assets.
- Robust Revenue Model: The new offering will
employ a hybrid SaaS and shared-savings model, with options for
full capitation. This ensures flexibility and alignment of
financial incentives with improved health outcomes.
- Unmatched Features: CA's differentiated
technology-centric model delivers rapid value-based success via
data, artificial intelligence (AI), and machine learning to enhance
the data and suggestions available to clinicians and improve
patient care.
- Comprehensive Support: Leveraging Clover’s
extensive experience with its own MA plan, Counterpart Health
provides full implementation support, including training,
integration assistance, and ongoing technical support. CA’s
cloud-native architecture ensures scalability.
- Proven in Value-Based Care: Clinicians
using Counterpart Assistant see over 1,000 basis point differential
in Medical Cost Ratios.
- Proven Clinical Outcome
Improvement: Clover has released retrospective data
analyses exploring the significant association between CA use and
early diagnosis of Diabetes and Chronic Kidney Disease as well as
improved Medication Adherence.
"We are incredibly proud of CA and the clinical improvements it
brings to value-based care including through its association with
the improved identification and management of chronic disease,"
said Andrew Toy, CEO of Clover Health. "At Clover, we measure the
progress of our mission and the progress of our business by the
same metric - the number of lives managed by primary care
physicians using our CA technology. By making CA available to be
used to manage lives that are in other Medicare Advantage plans, we
are taking a significant step towards our mission of improving
healthcare for all. The usage of CA remains consistent - a patient
is a patient - so we feel this is a great way to grow the number of
lives under CA management quickly."
Counterpart’s proprietary technology platform is now live with
its first clinician users in external software-as-a-service (SaaS)
and value-based arrangements, and supports clinicians in a range of
practices, from large integrated health systems to small,
ACO-affiliated community practices. To learn more about Counterpart
Health, a subsidiary of Clover Health, visit:
www.counterparthealth.com.
For supplemental information on today’s announcement, please
refer to the accompanying investor presentation found here as well
as on Clover Health’s Investor Relations website at:
investors.cloverhealth.com
Clover Health’s management team will be presenting at the 2024
Leerink Partners Healthcare Crossroads Conference later today, May
29, 2024, at 4:40 p.m. Eastern Time. A live audio webcast will be
available online at:
https://wsw.com/webcast/leerink34/clov/2226900. A replay of the
webcast will be available via webcast for on-demand listening after
the completion of the call, at the same web link and at Clover
Health’s Investor Relations website at
investors.cloverhealth.com.
About Clover Health:Clover Health (Nasdaq:
CLOV) is a physician enablement technology company committed to
bringing access to great healthcare to everyone on Medicare. This
includes a health equity-based focus on seniors who have
historically lacked access to affordable, high-quality healthcare.
Our strategy is powered by our software platform, Clover Assistant,
which is designed to aggregate patient data from across the
healthcare ecosystem to support clinical decision-making and
improve health outcomes through the early identification and
management of chronic disease.
Forward-Looking Statements:Please note that
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 Health’s future results of operations, financial
position, business strategy and future plans. 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 Health’s expectations, strategy,
priorities, plans or intentions. Forward-looking statements in this
press release include, but are not limited to, the anticipated
benefits associated with the use of Clover Assistant, and the
expansion of this platform to external payors and providers through
Counterpart Assistant, including the ability of external payors and
providers to utilize Counterpart Assistant to manage their medical
care ratios, as well as our expectations related to Clover Health’s
profitability, liquidity, future performance, future operations and
future results. These statements are subject to known and unknown
risks, uncertainties and other factors that may cause Clover
Health’s actual results, levels of activity, performance or
achievements to differ materially from results expressed or implied
in this press release. Additional information concerning these and
other risk factors is contained in Clover Health’s most recent
Annual Report on Form 10-K, filed with the Securities and Exchange
Commission (the “SEC”) on March 14, 2024, and in our subsequent
filings with the SEC, in each case where relevant, including the
Risk Factors sections therein, and in its other filings with the
SEC. The forward-looking statements included in this press release
are made as of the date hereof. Except as required by law, Clover
Health 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.
For customer inquiries on Counterpart Assistant, please
contact:hello@counterparthealth.com
Investor Relations Contact:
Ryan Schmidt
investors@cloverhealth.com
Press Contact:
Andrew Still-Baxter
press@cloverhealth.com
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