Clover Health is making a strategic shift in its artificial intelligence (AI) technology for healthcare. Their AI tool, previously known as Clover Assistant, is now being offered as Counterpart Assistant under a Software-as-a-Service (SaaS) model. This means the platform will be available for purchase by a wider range of healthcare players, including payers and providers beyond Clover’s own network.
The primary goal of this move is to minimize healthcare costs. Counterpart Assistant utilizes a hybrid approach, combining SaaS with a shared-savings model and offering options for full capitation. This strategy was hinted at by Clover Health CEO Andrew Toy in a recent LinkedIn post during the Bank of America Healthcare conference. Toy acknowledged industry interest in expanding access to the AI tool for use with various payers and even in markets where Clover doesn’t have a Medicare Advantage plan.
By making Counterpart Assistant more widely available, Clover aims to achieve several benefits. Firstly, it broadens the user base, potentially lowering customer acquisition costs. Secondly, it allows physicians to leverage a single platform for all their Medicare Advantage patients, streamlining workflows. Finally, the recurring revenue model based on monthly fees per member ensures financial sustainability.
However, the core focus, as Toy emphasized, remains on improving patient health outcomes. Counterpart Assistant equips medical professionals with data-driven insights and AI-powered recommendations to better manage chronic illnesses. According to Clover subsidiary Counterpart Health’s website, the tool has demonstrably improved preventive care. Among members who used Counterpart Assistant during a doctor’s visit, 37% showed a significant increase in controlled blood pressure, while rates of colorectal and breast cancer screenings jumped by 21% and 12% respectively.
This strategic shift comes amidst Clover Health navigating financial waters. While the company announced a share repurchase program of up to $20 million over the next two years, it also reported a net loss from continuing operations of $23.2 million last quarter. Counterpart Assistant’s expansion into the wider healthcare market presents an opportunity to not only improve patient care but also potentially generate new revenue streams for Clover Health.
