Shad Vick aka RetailRudy

$CLOV Clover Health Q3: revenue up 53% to $759M, first profitable year ahead (YTD net income $62M), Medicare Advantage members up 45%, 5 Star PPO rating, and raised 2026 guidance across every metric.

$CLOV On November 11, a company most investors still file under Medicare Advantage will sit on a voice AI stage in New York City, and once you understand why Clover Health is the one in that chair, you understand the whole thesis. Here is the news. ElevenLabs, the voice AI company valued at $22 billion in September, announced that Clover is coming to ElevenLabs Summit NYC, and it described Clover as already running voice agents as the front door for member engagement, from care check ins to helping members navigate their plan benefits. On November 11, Cameron Pringle, Clover’s Head of Strategy for the Office of the Chairman, sits down with ElevenLabs CRO Ashley Kramer to talk about bringing voice AI into healthcare. ElevenLabs has announced Jensen Huang for the same summit. That is the room a Medicare company from New Jersey is now in, and the screenshot is below. The Office of the Chairman matters here, because it is where Clover put its speed. In February, Vivek Garipalli posted on X that Clover was building a new team in New York called /COMMIT, launching spring 2026 for builders and doers, credentials optional, and that he would spend his own time with that team with one goal, increasing the “speed to reality” of Clover’s ideas by many orders of magnitude. Pringle’s own post described /COMMIT as a New York team working inside the Office of the Chairman on AI native solutions to real problems in healthcare. Now compare that to the baseline in my profession. The most cited estimate in translational medicine is that it takes about 17 years for research evidence to reach routine clinical practice (Morris, Wooding and Grant, Journal of the Royal Society of Medicine, 2011). Large healthcare incumbents are built for caution, and caution is measured in years. Clover built a strike team in Manhattan whose only mandate is speed, and nine months later its strategy lead is on a voice AI stage. That is the difference between a company that talks about innovation and a company that is structured for it. This is also why the label people put on Clover has always been wrong, and the CEO said so five years ago. In an October 2021 HealthLeaders interview, Andrew Toy, then President and CTO and now CEO, was asked about people who call Clover just a Medicare Advantage plan, and his answer was “No, we’re not.” That screenshot is below too. Today Clover’s own press releases describe it as a physician enablement technology company, and when it took Counterpart Health to market the company said it measures the progress of its mission and its business by the same number, the lives managed by primary care physicians using its software. Clover did not build an insurance company because it wanted to be an insurer. It built one because a physician facing AI platform needs real patients, real claims, real doctors and a real financial consequence attached to every recommendation, and the only way to get all four at once was to own the plan. The plan is the proving ground. The software, born as Clover Assistant and now sold outside the plan as Counterpart Assistant, is the product, and it already runs at The Iowa Clinic, Duke Connected Care and Southern Illinois Healthcare. The proving ground has produced receipts, and the ones that matter come from scorekeepers Clover does not control. U.S. News & World Report named Clover the Best Medicare Advantage Plan in New Jersey, Georgia and South Carolina in its 2027 ratings, with the highest score for care continuity in all three states and Best Overall in all three. On the HEDIS clinical quality measures that NCQA defines and CMS uses, Clover’s PPO scored 4.82 out of 5 and ranked number one in the nation among PPO plans with more than 2,000 members, special needs plans excluded, for the third consecutive year, and that score holds under both CMS methodologies currently in dispute. CMS awarded the PPO 5 Stars for 2027 after a federal court ruled 20 measures should not have been included; the ruling is on appeal, and with those measures included the plan would carry 4.5 Stars, which qualifies for the quality bonus either way. Clover’s own analyses tie these results to the software: diabetes diagnosed up to three years earlier, chronic kidney disease more than a year and a half earlier, 18% fewer hospitalizations and 25% fewer thirty day readmissions among heart failure patients whose primary care physician uses the tool, and roughly a 1,500 basis point medical cost ratio gap between returning members whose doctors use it and those whose doctors do not. Those are company analyses rather than randomized trials, and I say that openly. The point is that the independent rankings and the internal data point the same direction, and the business underneath them is guiding to between $2.92 billion and $3.00 billion of 2026 revenue, posted $28 million of GAAP net income last quarter, and holds $443 million in cash with no debt. As a resident physician who lives inside the electronic health record every day. The research on what that record costs us is not subtle. A time and motion study in the Annals of Internal Medicine found that for every hour of face time with patients, physicians spend nearly two more hours on the record and desk work. An emergency medicine study counted roughly 4,000 mouse clicks in a single busy ten hour shift. Fortune and Kaiser Health News titled their 2019 investigation of this “Death by a Thousand Clicks,” and every doctor who read it nodded. Ambient scribes were the first real relief, and the numbers are real: Kaiser Permanente’s medical group reported in NEJM Catalyst that 7,260 physicians used one across more than 2.5 million visits and saved an estimated 15,791 hours of documentation. But a scribe only writes down what it hears after you press start and stop, and an agent does something categorically different. Here is the exam room I want to practice in. I walk in and talk to my patient, and that is all I do. The agent listens, pulls the labs the patient came with and the ones this visit calls for, builds a working impression and shows me the differential, and I am leading every step of it. When I decide, I say it out loud, the same way I give orders during a rapid response, get me an ABG, give me epinephrine, except now it is clinic: order the A1c, repeat the basic metabolic panel, send the referral. It places the orders. It sends the referral to the specialist I actually trust, because it has learned which ones I send to and why, the way every primary care doctor carries a short list built on outcomes, reliability and bedside manner. It sends the prescription to the pharmacy. And when the New England Journal of Medicine publishes something that changes what we just decided, it tells me in the room, lets me finish my plan, and emails me the paper so I can claim the CME credit. None of that is science fiction. It is a scribe, plus a voice layer, plus the thing Counterpart Assistant already does, which is sit inside the physician’s workflow, connect to more than a hundred data sources and surface the diagnosis at the point of care. Clover sits on all three pieces: the clinical data platform used by thousands of clinicians, its own plan where roughly 70% of members are already cared for by physicians using it, and now a seat at ElevenLabs’ table. The summit on November 11 is about the front door, the member who calls in and gets heard. The same technology walks in through the back door too, the physician in the room, speaking instead of clicking, with the diagnosis already surfaced, and as a resident physician that is the door I am watching. The company that owns the clinical data layer, has its own plan to prove it on, publishes the quality numbers, and built a team in New York whose only job is speed is the company positioned to open both. Clover spent a decade being called an insurance company. On November 11 it will be on a voice AI stage in Manhattan explaining how it talks to its members, and the label stopped fitting long before that. Until Next Time, Albert Alan, MD

$CLOV LOOK AT THAT CUP AND HANDLE WITH THAT SIDE BULL FLAG.