Becker's Healthcare May 10, 2022
Clover Health saw explosive growth in revenue and managed lives, but posted a net loss of over $75 million in the first quarter, according to the company’s earnings report published May 9.
The Franklin, Tenn.-based insurtech company was founded in 2014 and provides Medicare Advantage plans through federal contracts.
“2022 is off to a strong start, led by significant year-over-year revenue growth and quarter-over-quarter margin improvements in insurance (Medicare Advantage) and non-insurance (direct contracting),” CEO Vivek Garipalli said. “We believe our focus on balancing this strong growth with ongoing action to further reduce medical cost ratios and increase operational efficiencies is powering our progress towards profitability.”
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