Clover Health Stock Is Climbing After The Close: What's Going On?

Clover Health Investments Corp (NASDAQ:CLOV) shares are trading higher in extended trading Tuesday after one of the company’s subsidiaries announced a multi-year agreement with The Iowa Clinic.

What Happened: Clover Health subsidiary Counterpart Health struck a multi-year deal with multispecialty healthcare group The Iowa Clinic to provide its cloud-based software platform to clinicians serving the clinic’s Medicare Advantage and Medicare Shared Savings Program patients.

Counterpart’s platform, Counterpart Assistant, will also be made available to The Iowa Clinic’s integrated network partners throughout the Midwest. The Clover Health subsidiary is set to receive a per-member, per-month fee, as well as potential incentive payments tied to the achievement of certain care management goals.

“Counterpart Assistant was engineered in one of the most challenging healthcare markets in the nation, attracting leading payors and provider groups dedicated to addressing the complex needs of patients in challenging markets,” said Andrew Toy, CEO of Clover Health.

“The Iowa Clinic stands at the forefront of innovative, value-based care solutions, and we are confident our technology will deliver substantial clinical value to the hundreds of physicians within this distinguished provider group, as well as their Medicare patients.”

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Counterpart Assistant is an AI-enabled solution designed to seamlessly integrate into physicians’ workflows. More than 1,000 physicians are currently using the platform as part of their daily workflows.

CLOV Price Action: Clover Health shares were up 21.60% in after-hours, trading at $3.04 at the time of publication, according to Benzinga Pro.

Photo: courtesy of Clover Health.