According to Fortune, Clover Health, a US health insurance company, recently announced that it has completed a $160 million Series C round of financing, led by Greenoaks Capital, and existing investment institutions Arena Ventures, First Round Capital, Sequoia Capital, Social Capital, Wildcat Ventures, along with new investors AME Cloud Ventures, Casdin Capital, Floodgate, Nexus Ventures, Refactor Capital, and Spark Capital.
As of now, Clover Health has received a total investment of approximately $285 million. Previous reports showed that Clover Health received $100 million from First Round Capital and $35 million from Sequoia Capital in September 2015 and December 2015, respectively.
Clover Health is experimenting with data analytics and preventive care to improve the health of older people while giving customers who use private health insurance a cheaper alternative. The company's insurance caters to those who are covered by the Medicare Advantage, which is 65 years of age and older and has a certain disability. The plan allows private insurance companies to manage their insurance, the government subsidizes the fees, and pays all claims received by private insurance companies.
While United Health Insurance and many other insurances have advantages, Clover Health claims that it costs far less than the insurance giant and can operate more efficiently. Because its algorithms and software can identify patients at risk of hospitalization or expensive treatment, it then sends a nurse or young doctor to visit those patients' homes and coordinate them to do the necessary tests. Clover Health also analyzed laboratory data to identify those at risk for serious illnesses such as diabetes. Clover Health's goal is to give them advice before people need to pay high treatment fees.
Currently, Clover Health covers only a few counties in New Jersey, but it will use the latest pool of funds to expand into new areas.
In the US, similar to the Clover Health model, it also includes Oscar Health, which completed $400 million in financing in January 2016. It also hopes to provide better health insurance with the help of data and technology.
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