Clover Health

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Clover Health Investments, Corp.
Number of employees
458 (2021)
Websitecloverhealth.com
Footnotes / references
[1][2][3][4][5]

Clover Health Investments, Corp. is an American

U.S. government
. The company manages care for Medicare beneficiaries in 11 states and started trading publicly on January 8, 2021.

History

Vivek Garipalli and Kris Gale co-founded Clover Health in 2014.

hospitals in New Jersey called CarePoint Health.[7]

More than 7,200 people were insured by Clover Health by 2015 and the company had more than 39,000 members by 2019, reporting revenues of $427.4 million and a net loss of $60.57 million.[8][9]

In 2016, the company was fined $106,095 for misleading its members about where they could receive care.[10] According to Bloomberg, Clover Health paid the fine and updated its marketing materials.[11]

Gale left the company in 2017.[12][13] Clover Health launched a home-based primary care program for homebound members in 2017 and partnered with Spiras Health and Upward Health in 2021 to expand the program, designed to reduce costs and hospitalizations.[14]

In 2018, Clover Health partnered with MindMate, an app developer that makes games designed to maintain or improve

cognitive function in older adults.[15]

In 2019, Clover Health launched Clover Therapeutics, a biopharmaceutical company that uses data collected from Clover's plan members to research and develop therapies for chronic diseases related to age. The company partnered with Genentech to study the relationship between genetics and the risk of ocular disease.[16] In March 2019, the company said it needed to shift its focus to health care industry experience and reduced its staff by approximately 20 percent.[17][18]

In February 2021, the short seller Hindenburg Research released a report alleging Clover Health was under investigation by the

retail investors.[24]

In 2023, Andrew Toy became CEO after Vivek Garipalli transitioned out of the role at the end of 2022. Garipalli will stay on with the company as its executive chairperson.[25]

Funding and IPO

From 2015 to 2017, Clover Health ran a series of

Alphabet Inc's investment company GV and led to Clover Health being valued at more than $1.2 billion and achieving “unicorn” status.[1]

In October 2020, the company announced that it had reached a $3.7 billion deal with Chamath Palihapitiya and would go public through a merger with a special-purpose acquisition company.[6] Clover Health began trading on the NASDAQ under the ticker CLOV on January 8, 2021. The company ended its first day on the public market with a value of about $7 billion.[29]

Short seller report and "meme stock" status

Less than a month after it began trading, Clover Health was the subject of a "blistering" short seller report by research firm

short interest, Clover Health became a meme stock and its stock price rose significantly;[32]
before falling back; as of June 2022 the share price remains significantly below where it went public.

Services

Clover Health offers Medicare Advantage plans in "largely rural or underserved areas".[6] The company is led by chief executive officer Andrew Toy. As of August 2021, Clover Health had 129,000 beneficiaries, split between its Medicare Advantage plans and direct contracting coverage.[22] The beneficiaries are located in 11 states: Arizona, Georgia, Kansas, New Jersey, New York, Pennsylvania, Rhode Island, South Carolina, Tennessee, Texas, and Vermont.[33][34]

Clover Health created a machine learning

primary care physicians and alert them about medical events, such as if a patient has picked up their prescription.[35] The platform aggregates health information and uses it with the machine learning process to deliver recommendations to care providers.[36][37]

Operations

The corporate headquarters are in

Jersey City, New Jersey, and Hong Kong.[38][39]

Trump administration, are both members of Clover Health's board of directors.[40][41]

References

  1. ^ a b c Chapman, Lizette (May 10, 2017). "Clover Health tops $1 billion value with Alphabet backing". Bloomberg. Retrieved August 18, 2021.
  2. ^ "Clover Health co-founder Andrew Toy to take reins as CEO in 2023".
  3. ^ "Clover Health launches LiveHealthy Rewards Program".
  4. ^ "Clover Health Appoints Conrad Wai as CTO".
  5. ^ "Clover Health Investments Corp - Company Profile and News". Bloomberg. Retrieved September 27, 2021.
  6. ^ a b c Hirsch, Lauren (October 6, 2020). "Clover Health Is Acquired in a $3.7 Billion Deal". The New York Times. Retrieved August 18, 2021.
  7. ^ Clark, Kate (January 29, 2019). "Alphabet-backed Medicare Advantage startup Clover Health raises $500M". TechCrunch. Retrieved August 18, 2021.
  8. ^ Herman, Bob (April 12, 2017). "This Medicare Advantage startup isn't doing so hot". Axios. Retrieved July 20, 2021.
  9. ^ Reuter, Elise (January 21, 2021). "Medicare Advantage startup Clover Health plans big expansion". MedCity News. Retrieved July 20, 2021.
  10. ^ Small, Leslie (June 1, 2016). "CMS fines Clover Health for 'misleading' marketing tactics". Fierce Healthcare. Retrieved August 18, 2021.
  11. ^ Chapman, Lizette (December 7, 2016). "Silicon Valley Is Trying to Reinvent Health Care, Starting in New Jersey". Bloomberg. Retrieved July 20, 2021.
  12. San Francisco Business Times
    . Retrieved September 27, 2021.
  13. ^ Small, Leslie (December 11, 2017). "Clover Health co-founder to step down from his post". Fierce Healthcare. Retrieved September 27, 2021.
  14. ^ Famakinwa, Joyce (June 9, 2021). "Clover Health Announces In-Home Primary Care Expansion, Becomes New Target for Reddit Traders". Home Health Care News. Retrieved August 18, 2021.
  15. ^ Takahashi, Dean (December 25, 2018). "How Clover Health partnered with MindMate app to help elderly with brain games". VentureBeat. Retrieved July 20, 2021.
  16. ^ Truong, Kevin (July 20, 2019). "Medicare Advantage startup Clover Health launches drug development arm". MedCity News. Retrieved July 20, 2021.
  17. ^ Farr, Christina (March 27, 2019). "Alphabet-backed Clover Health is cutting tech jobs after realizing it needs more health-care experts". CNBC. Retrieved August 18, 2021.
  18. ^ Reuter, Elise (February 19, 2020). "NJ legislators call for probe of insurance unicorn". MedCity News. Retrieved August 18, 2021.
  19. ^ a b Lin, Connie (February 4, 2021). "Clover Health under fire from Hindenburg, the research firm that took down Nikola". Fast Company. Retrieved July 20, 2021.
  20. ^ Warner, Bernhard (February 5, 2021). "Following a bruising short-seller report, Clover Health discloses SEC investigation". Fortune. Retrieved July 20, 2021.
  21. ^ Kelly, Kate (August 21, 2021). "SPACs Went Up, Then Down, but They're Not Out". The New York Times. Retrieved September 27, 2021.
  22. ^ a b Moran, Nick (August 12, 2021). "Clover Health releases Q2 results: 6 things to know". Becker's Hospital Review. Retrieved August 18, 2021.
  23. Wall Street Journal
    . Retrieved July 21, 2021.
  24. ^ Dailey, Natasha (June 22, 2021). "Clover Health jumps 20% as Redditors cheer company's acknowledgement that the stock is the target of a short squeeze". Business Insider. Retrieved July 20, 2021.
  25. ^ Lagasse, Jeff (August 9, 2022). "Clover Health co-founder Andrew Toy to take reins as CEO in 2023". Healthcare Finance. Retrieved February 8, 2023.
  26. ^ Lynley, Matthew (September 17, 2015). "Clover Health, A Data-Driven Health Insurance Startup, Raises $100M". TechCrunch. Retrieved July 21, 2021.
  27. ^ Lynley, Matthew (December 16, 2015). "Data-Driven Health Insurance Provider Clover Health Raises Another $35M". TechCrunch. Retrieved July 21, 2021.
  28. ^ Rauber, Chris (May 20, 2016). "San Francisco health insurance startup nabs $160 million in Series C funding". San Francisco Business Journals. Retrieved July 21, 2021.
  29. Silicon Valley Business Journal
    . Retrieved July 20, 2021.
  30. ^ "Short seller Hindenburg takes on a celebrity-backed health insurer, triggering a retail investor reckoning". Fortune. Retrieved 2022-03-23.
  31. ^ "Following a bruising short-seller report, Clover Health discloses SEC investigation". Fortune. Retrieved 2022-03-23.
  32. ^ Carmichael, Taylor (2021-06-27). "Why Is Clover Health a Meme Stock Now?". The Motley Fool. Retrieved 2022-03-23.
  33. San Francisco Business Times
    . Retrieved July 20, 2021.
  34. ^ "Notice of Direct Contracting Entities Participating in Performance Year 2021 of the Global and Professional Direct Contracting (GPDC) Model". Centers for Medicare & Medicaid Services. April 8, 2021. Retrieved August 18, 2021.
  35. ^ Reuter, Elise (October 9, 2020). "Clover's growth projections reveal direct contracting pivot". MedCity News. Retrieved August 18, 2021.
  36. ^ "Top 25 Innovators - Andrew Toy". Modern Healthcare. August 16, 2019. Retrieved July 21, 2020.
  37. ^ Winck, Ben (October 6, 2020). "Social Capital SPAC led by billionaire Chamath Palihapitiya will merge with Clover Health in $3.7 billion deal". Business Insider. Retrieved August 18, 2021.
  38. Securities and Exchange Commission
    . October 20, 2020. Retrieved July 20, 2021.
  39. ^ "Clover Health Careers". Clover Health. Retrieved August 18, 2021.
  40. Nashville Post
    . Retrieved September 27, 2021.
  41. ^ Khemlani, Anjalee (April 15, 2021). "Clover appoints Trump official, industry vet to board amid market struggles, Medicare push". Yahoo! Finance. Retrieved July 20, 2021.

External links

  • Official website
  • Business data for Clover Health Investments, Corp.:
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