© Reuters.
By Dhirendra Tripathi
Investing.com – Clover Health stock (NASDAQ:) gained more than 2% Wednesday as the Centers for Medicare and Medicaid Services approved the company’s service area expansion to operate in 101 new counties.
Effective January 1, the approval brings Clover’s total coverage area for its Medicare advantage plans to 209 counties across nine states.
The new counties are in states of Georgia, New Jersey, South Carolina, Texas, and Alabama – a new territory for the company.
Individuals eligible for Medicare in any of the 209 counties can sign up for Clover’s plans during the annual election period, which runs from October 15 to December 7, the company said.
The company last month reported a doubling of revenue and memberships in the second quarter.
Clover is on a $1.6 billion annual revenue run rate based on the second quarter results, Clover Health CFO Joe Wagner said in an August 11 note.
Second-quarter revenue grew 140% to $412.5 million. But the company made a loss as against a profit last time because of a higher salary bill and administrative expenses.
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