Clover Health Investments Corp. (NASDAQ: CLOV) stock declined by 23.61% at last close while the CLOV stock price gains by 5.73% in the pre-market trading. Clover Health is a next-generation insurance firm devoted to ensuring that all Americans have access to quality health care. While CLOV’s objective is to enhance everyone’s life, they place a special emphasis on seniors who have historically been denied inexpensive, high-quality healthcare.
What is happening?
Clover Health has announced intentions to expand its Clover Home Care in-home primary care service using the Centers for Medicare and Medicaid Services (CMS) new Direct Contracting model. Direct Contracting focuses on making Medicare more fiscally viable for taxpayers while also improving health results for beneficiaries, which is in line with Clover Home Care’s mission.
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Dr. Kumar Dharmarajan who is the Associate Chief Medical Officer of Clover and Chief Clinician of Clover’s Direct Contracting Entity, Clover Health Partners, is in charge of Clover Home Care. Clover Home Care was founded in 2017 with the goal of better identifying and caring for CLOV’s most medically difficult members, with an emphasis on improving health outcomes and lowering medical costs rather than risk adjustment. Compared to a control group of Clover Health members with similar health profiles, the program lowered hospitalizations by 17 percent and medical expenditure by $325 per month on average from the start of the program to the breakout of COVID-19.
Home care for patients with greater risk is more scalable than fixed-site care, and it allows for the deployment of technology to improve treatment and results right where patients reside. Home-based primary care gives the frailest and most medically complicated older persons, especially those who are housebound, access to treatment. Via a firsthand examination of the home environment, medication bottles, and other factors, it also provides more information into social determinants of health and medication issues.