Clover Health: Difference between revisions

Gale left the company in 2017. 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.

In 2018, Clover Health partnered with MindMate, an app developer that makes games designed to maintain or improve [[cognitive function]] in older adults.

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 [[List of systemic diseases with ocular manifestations|ocular disease]]. 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.

 

From 2015 to 2017, Clover Health ran a series of [[venture capital]] funding rounds, receiving funding from [[First Round Capital]], [[Sequoia Capital]], and Greenoaks Capital. A [[Series D]] funding round in 2017 included support from [[Alphabet Inc]]'s investment company [[GV (company)|GV]] and led to Clover Health being valued at more than $1.2 billion and achieving “[[Unicorn (finance)|unicorn]]” status.

In October 2020, the company announced that it had reached a $3.7 billion deal with [[Chamath Palihapitiya]] and would [[Initial public offering|go public]] through a merger with a [[special-purpose acquisition company]]. 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.

Less than a month after it began trading, Clover Health was the subject of a "blistering" short seller report by research firm [[Hindenburg Research]] that drove its stock down by 15%.  Responding the following day, the company disclosed it was under investigation by the U.S. Securities and Exchange Commission. Later in 2021, attracted by the significant [[short interest]], Clover Health became a meme stock and its stock price rose significantly; before falling back; as of June 2022 the share price remains significantly below where it went public.

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

Clover Health created a machine learning [[software platform]] called the Clover Assistant to offer care recommendations to [[primary care physicians]] and alert them about medical events, such as if a patient has picked up their prescription.  The platform aggregates health information and uses it with the machine learning process to deliver recommendations to care providers.

The corporate headquarters are in [[Franklin, Tennessee|Franklin]], Tennessee, and the company has additional offices in [[San Francisco]], [[California]], [[Jersey City]], New Jersey, and [[Hong Kong]].

 

[[Chelsea Clinton]] and Demetrios L. Kouzoukas, the former Director of the Center for Medicare and Principal Deputy Administrator of the [[Center for Medicare and Medicaid Services]] (CMS) during the [[Trump administration]], are both members of Clover Health's board of directors.