Clover Plans Expansion into 101 New Markets
June 24 2021 - 9:00AM
Today, Clover Health (NASDAQ: CLOV) (“Clover”), an innovative
technology company committed to improving health equity for
America’s underserved seniors, announces plans to nearly double its
geographic footprint. The expansion, which is subject to CMS
approval, will make Clover’s Medicare Advantage (MA) plans
available to eligible individuals in a total of 209 counties across
nine states.
Individuals eligible for Medicare in these new counties can sign
up for Clover’s plans during the Annual Election Period, which runs
from October 15 to December 7, with coverage starting on January 1,
2022.
Clover currently offers its Medicare Advantage plans in 108
counties where it cares for approximately 66,300 members. The
planned expansion will bring coverage to an additional 101
counties, 94 of which are in Clover’s existing states of Georgia,
New Jersey, South Carolina, and Texas, and seven of which are in
Alabama—a new state for the company. Clover also has plans
available in Arizona, Mississippi, Pennsylvania and Tennessee.
“This expansion would allow more seniors—many of whom live in
rural areas and are more likely to face health disparities than
those in more urban areas—to access Clover’s high value,
affordable, open network plans and data-driven, personalized care
made possible by our clinical support tool, the Clover Assistant,”
said Andrew Toy, President of Clover Health. “By empowering a wide
network of primary care physicians with the Clover Assistant, we
aim to improve care coordination and address care gaps and
ultimately enhance the quality of care and lower overall medical
expenses for more Medicare eligibles in underserved communities.
Going forward, we plan to be even more focused on expanding
Clover’s plans to eligibles in these underserved communities.”
Going into 2022, all of the company’s plans will be operating
solely under the Clover brand, and as such, Clover will discontinue
its current co-branding arrangement with Walmart in eight Georgia
counties. There will be no material change to benefits under those
plans, and Clover expects there to be no disruption for its members
in these plans.
Additionally, Clover intends to introduce a number of new
benefits, some of which may be launched to existing Clover members
as early as the third quarter of 2021. For many of its plans,
Clover intends to expand its over-the-counter benefit and add a
grocery benefit, which would be available in many major retailers
(including Walmart), additional local supermarkets, and regional
chains.
About Clover HealthClover Health (Nasdaq: CLOV)
is a next-generation risk-bearing organization aiming to achieve
health equity for all Americans. While our mission is to improve
every life, we particularly focus on seniors who have historically
lacked access to affordable high quality healthcare.
We aim to provide great care, in a sustainable way, by having a
business model built around improving medical outcomes while
lowering avoidable costs. We do this while taking a holistic
approach to understanding the health needs and social risk factors
of those under our care. This strategy is underpinned by the
company’s proprietary software platform, the Clover Assistant,
which is designed to aggregate patient data from across the health
ecosystem to support clinical decision-making by providing
physicians with real-time, personalized recommendations at the
point of care.
Making care more accessible is at the heart of our business, and
we believe patients should have the freedom to choose their
doctors. We offer two models of care: affordable Medicare Advantage
plans with extensive benefits; and care coordination for Original
Medicare beneficiaries through Direct Contracting. For both
programs, we provide primary care physicians with the Clover
Assistant and also make comprehensive home-based care available via
the Clover Home Care program.
With its corporate headquarters in Nashville, Clover’s workforce
is distributed around the U.S. and also includes a team of
world-class technologists based in Hong Kong. The company manages
care for Medicare beneficiaries in eleven states, including
Arizona, Georgia, Kansas, Mississippi, New Jersey, New York,
Pennsylvania, South Carolina, Tennessee, Texas and Vermont.
Cautionary Statement About Forward-Looking
Statements
This news release contains forward-looking statements about our
future financial performance and business. Because forward-looking
statements are based on our current expectations and assumptions
regarding the future, they are subject to inherent risks and
uncertainties. You are urged not to unduly rely on forward-looking
statements, as actual results could differ materially from
expectations. Forward-looking statements speak only as of the date
made, and we do not undertake to update them to reflect changes or
events that occur after that date. For information about factors
that could cause actual results to differ materially from our
expectations, refer to our reports filed with the Securities and
Exchange Commission (the “SEC”), including the sections entitled
“Cautionary Note Regarding Forward-Looking Statements” and “Risk
Factors” in our Annual Report on Form 10-K for the year ended
December 31, 2020, available on the SEC’s website at www.sec.gov,
and in our other reports filed with the SEC.
Contacts:
Investor Relations:Derrick Nuemaninvestors@cloverhealth.com
Press Contact:Andrew Still-Baxterpress@cloverhealth.com
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