Clover Earnings and Symplr Acquisition

Recent earnings and acquisition in the healthcare technology space for the week of May 17, 2021

Clover Health

Clover Health is a San Francisco-based Medicare Advantage insurer. The company’s in-home care model utilizes technology, including data analytics and machine learning, to identify its highest-risk members. It then finds solutions to lower their risk of adverse health events.

• Their propriety platform called Clover Assistant (CA), is designed to improve outcomes for its members. It effectively stores and processes patient records and provides recommendations to enhance the quality of its services and control costs
• 21% growth on a year-over-year basis.
• However, it incurred a sizeable net loss for the quarter at $48.42 million. Looking ahead, it expects its membership numbers to fall between 68,000 and 70,000
• Clover posted a Q1 net loss of $48.4 million, much worse than its net loss of $28.2 million in the prior-year period.
• Clover’s strategy is focused on entering direct contracts with doctors treating patients in the traditional Medicare fee-for-service program and managing the care of those populations. The expectation is that private entities who enter into these risk-sharing contracts will be incentivized to deliver care at a lower cost. The…