Yesterday, Tom Tobin joined me in the "studio" to discuss the myriad of problems $CLOV faces to be the "growth" company it purports to be. A small New Jersey insurance company has an uphill climb when underwriting losses are substantial, cost controls are limited and customer service poor. No evidence their nifty website can change those things. Timestamps below.
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Timestamps: 0.00 - 1:50 Intro 1:50 - 4:01 SPAC's, health care and the dangers of limited disclosure 4:01 - 6:07 Quick primer on Medicare 6:07 - 8:38 $CLOV is just an insurance company in New Jersey 8:38 - 10:18 Georgia Enrollment and Walmart relationship 10:18 - 12:01 Enrollment growth versus national trends 12:01 - 16.42 $CLOV is not good at what they do, underwriting losses, net premium per month, benefit expenses, unpaid claims 17:37 - 18:50 Comparison of MLRs with $UNH Oxford unit 18:50 - 21:28 Star ratings, low and not rising 21:28 - 25:16 Clover's technology is no special sauce; paying docs to use it 25:16 - 33:03 Unclear path (may be no path?) to eligibility for Direct Contracting Model 33:04 - 34:56 Membership projections will be hard to meet 34:56 - 37:19 Clover is a health insurance company in New Jersey and a not very good one Q & A 37:19 - 39:50 Telehealth capabilities 39:50 - 41:08 What Chamath Palihapitiya got wrong 41:08 - 43:36 Lead time to enter new markets 43:36 - 44:53 Unpaid claims over 120 days 44:54 - 48:35 Comments on Hindenburg Report; inducements to use Clover 48:35 - 50:40 Disclosure of Seek Insurance Services ownership 50:41 - 53:28 Data protection 53:29 - 55:45 Utilization of Clover Assistant 55:45 - 57:01 Possibility for M & A 57:01 - 1:01:00 Tom Tobin on long versus short 1:01:00 - 1:02:00 Delayed care and fallout of COVID care 1:02:00 - 1:06:15 $CLOV is poorly positioned for a changing health care system |
Emily Evans
Managing Director – Health Policy
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