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  "documentTitle": "MultiPlan Corp (MPLN)",
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  "authorName": "Carson C. Block",
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  "notes": "This is a research note page focusing on competitive erosion and customer dissatisfaction.",
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      "text": "In our view, the problem with MPLN is that the company stopped giving customers the level of service that they wanted several years ago, as private equity firms were looting the business for cash.",
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      "text": "We believe that customers have been seeking to do less business with MPLN for years, but MPLN has not been straightforward with the investing community about this fact. In our opinion, management misled investors earlier this year when describing MPLN's revenue decline from $1.06 billion in 2017 to $983 million in 2019 as “idiosyncratic”.",
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      "text": "Though MPLN contends it is “on the right side of healthcare”, our discussions with former executives and customers revealed a company whose interests conflict with those of its clients, and whose customers seem to perceive it as out of touch. Insurers, meanwhile, have apparently cut MPLN's “commission” in half, from ~12% to ~6% for national health plans, which we view as a reflection of MPLN's weak value proposition.",
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      "text": "Naviguard solves this problem by protecting members by default. Naviguard has significant safeguards in place to mitigate balance billing. A core feature of the platform is obtaining the member's consent to negotiate on his behalf.",
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      "kind": "quote",
      "text": "\"...[for] the others, like MultiPlan, it’s just a business. They neglected the member side of it, and the member sensitivity, whereas Naviguard is very engaged with the member about the explanation of benefits. It’s not just they get the bill and there’s some black box.\" — Senior Executive at a Top-Five National Health Plan",
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      "text": "11 MPLN Analyst Day Presentation, p. 49\n12 MPLN Analyst Day Presentation, p. 15\n13 Interview with Former MPLN Executives A and B, October 2020\n14 Interview with Senior Executive at a Top-Five National Health Plan, October 2020",
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      "text": "MPLN's Competitive Position Has Been Eroding For Years, and Insurers Have Noticed",
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