Clover Health Announces Major Expansion with Plans to Enter Six New Markets in 2019
Clover Health, a healthcare company using technology to improve medical outcomes, today announced a significant national expansion by offering its Medicare Advantage health plans in Camden, Charleston, El Paso, Nashville, Philadelphia and Tucson on January 1, 2019, pending regulatory approvals.
Also today, Clover announced a strategic partnership with Taiwan-based Cathay Life Insurance, a wholly-owned subsidiary of Cathay Financial Holdings, to leverage Clover’s sophisticated artificial intelligence (AI) platform to provide Cathay Life with actionable, data-driven insights.
Clover released results today showing its technology has an 85 percent accuracy rate in identifying patients at risk of being admitted to the hospital in the next 28 days – an unmatched level of precision. This insight is invaluable, as it allows healthcare professionals to proactively administer the appropriate medical care to their patients and prevent hospitalizations. Reducing hospitalizations significantly improves the quality of life for the individual, while simultaneously bringing down overall costs for the healthcare ecosystem.
Clover has been able to produce these highly accurate results in the United States with its own Medicare members and now in Taiwan as well, demonstrating the strength and universal applicability of the underlying AI models.
“Clover’s platform gives Cathay Life the tools to improve the health outcomes of our policyholders. These insights are enormously valuable, and we see broad applicability for Cathay Life to use Clover’s platform for our insurance business,” said David Sun, SEVP Cathay Financial Holdings. “A major factor in our decision to work with Clover is based on their strong technology and innovative business operations. Cathay Life has been an investor in Clover since the beginning of the year and we have been very impressed with their business metrics, market insights, and AI platform. We are also excited about the potential for the expansion of their business model in Asia.”
“Expanding into new cities and deploying our AI platform with international partners are both core to Clover’s mission of improving the health of our customers by uniting cutting-edge technology with committed, personalized medical care,” said Vivek Garipalli, CEO of Clover Health. “We are already seeing the extremely positive results that our technology is having on the lives of our members and are optimistic about how we can begin to impact health on a global scale.”
Working with Cathay Life will also strengthen Clover’s effectiveness in predicting and preventing harmful medical complications or acute episodes for its growing Medicare Advantage population in the United States.
The new cities in Clover’s expanding footprint were selected based on a receptive customer base and the company’s ability to deliver high-quality Medicare Advantage plans through top local health care providers. Currently, Clover serves more than 30,000 seniors and others eligible for Medicare in parts of Georgia, New Jersey, Pennsylvania and Texas.
If approved, Clover’s Medicare Advantage plans will be available during the annual enrollment period from October 15 to December 7, 2018, during which time Medicare beneficiaries are allowed to change insurance providers, outside of the Special Enrollment Period.