According to its first quarter earnings release posted May 9, the company brought in $527.8 million in revenue in the first quarter of 2023, compared to $874.4 million in the same time period last year.
Clover Health posted a $72.6 million loss in the first quarter, down from $75.5 million in the first quarter of 2022.
According to the earnings release, the decline in year-over-year revenue was expected. In 2022, the company reduced its participation in CMS’ ACO Reach model by two-thirds.
The model generated $1.8 billion in revenue for Clover Health in 2022.
Revenue in Clover Health’s insurance segment was up year over year. The company reported $317.1 million in revenue in the first quarter of 2023, up from $278.2 million in the first quarter of 2022.
Clover Health had 83,794 insurance members at the end of the first quarter, and 53,616 non-insurance beneficiaries.
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