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  "documentTitle": "Clover Health | Investor Presentation Deck | 28 slides",
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  "authorName": "Clover Health",
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  "presentationDate": "2021-11-01 00:00:00",
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  "pageNumber": 26,
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  "notes": "The slide uses a combination of bar charts for revenue and line charts for MCR to demonstrate growth and margin recovery.",
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      "text": "Clover's underlying fundamentals are becoming more clear. We expect to see a materially more attractive cost structure over the next 18 months as COVID costs ultimately subside, future CA features are rolled out, and operating synergies are realized.",
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      "text": "GAAP MA MCR",
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      "text": "Operating efficiencies from the increase to 3.5 Stars in PPO from 3.0 Stars. New Clover Assistant Features offer upside beyond Stars. Other medical expense efficiencies. Lower operating expense as a percentage of revenue.",
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      "text": "Source: Company filings and CMS. (1) Includes ceded premiums. (2) Direct Contracting launched in April 2021. Q3 2021 (including the full impact of DC) was up 153% YoY.",
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      "text": "Clover Is Growing Rapidly With An Attractive Underlying Margin Profile",
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