Clover Health (CLOV.US) Agrees to AI Deal with Iowa Clinics, Shares Surge 22% After-Hours
1min read U.S. healthcare technology company Clover Health Investments (CLOV.US) jumped 22% after hours on Tuesday after its subsidiary Counterpart Health signed a multi-year agreement with healthcare provider group The Iowa Clinic.
Counterpart said the deal would make The Iowa Clinic one of its key customers in the Midwest as part of its broader national expansion strategy.
Under the agreement, clinicians who serve Medicare Advantage and Medicare Shared Savings Plan patients at The Iowa Clinic will be able to access Counterpart's artificial intelligence-powered cloud software platform Counterpart Assistant.
Counterpart Assistant is based on Clover Health's original technology and is a support AI solution designed to seamlessly integrate into doctors' workflows to support early diagnosis and management of chronic diseases, with over 1,000 doctors using it as part of their daily workflows to enhance patient care. Using real-time insights from over 100 data sources and over 100 machine learning models, Counterpart Assistant providers can identify, diagnose and treat some of the most expensive chronic diseases earlier.
In return, Counterpart will receive a monthly fee per member, as well as incentives based on achieving certain care management goals, according to a statement.
The Iowa Clinic is an independent, physician-owned multi-specialty group with a large presence in healthcare, with over 250 doctors and healthcare providers in over 40 specialties.
Its main facility is located in West Des Moines with eight additional locations throughout the Des Moines metropolitan area and multiple outreach clinics in rural areas. The organization serves about 1.1 million patients annually, with about 450,000 patients served each year.
Counterpart Health is a leading AI-enabled physician support platform. Counterpart Health's flagship software platform Counterpart Assistant was incubated by Clover Health as Clover Assistant and has helped improve Medicare members' plan performance and clinical outcomes through proprietary AI technology.