Clover Health boasted a 153 percent jump in revenue in 2021's third quarter, but could convert that growth into positive income, according to its Nov. 8 earnings report.
Here are five takeaways:
1. Clover reported $427.2 million in revenue this quarter, which is up 153 percent from the $169.1 million reported in 2020's third quarter. Revenue was almost evenly anchored by Medicare Advantage and direct contracting funds.
2. While 2020's third quarter reported $12.8 million in income, this year, Clover lost $34.5 million.
3. The insurer's Medicare Advantage medical care ratio also saw a significant change this quarter, jumping about 16 percentage points to 102.5 percent. This quarter's figure dropped from the 111 percent medical care ratio reported in the second quarter.
4. Clover's enrollment grew 125 percent year-over-year to 129,100. That figure is split relatively evenly between Medicare Advantage and direct contracting enrollment.
5. In an effort to continue that growth, Clover announced it would continue to expand its Medicare Advantage offerings by adding 5,000 physicians and specialists to its Georgia network.