Medicare Advantage-focused startup insurer Clover Health on April 17 outlined restructuring efforts as it — like other insurance startups — struggles to achieve profitability. The biggest change is a new partnership with payer administrator UST HealthProof, which will take over Clover’s “core plan operations.” The company will also lay off 10% of its workforce. Clover anticipates annual cost savings of about $30 million beginning in 2024. The startup currently enrolls 82,398 Medicare Advantage members in six states.
Source: AIS’s Directory of Health Plans