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Clover Health

Clover Health has raised almost $300 million in venture capital funding, but so far, it isn't providing any returns to its outside investors. Losses at the tech-based health insurance company, which only enrolls Medicare Advantage seniors, were seven times higher in 2016 than 2015 due to "higher-than-expected medical expenses," according to Clover's financial documents.

Why this matters: Venture capitalists have poured a lot of money into startups like Clover Health, Oscar and Zoom since Obamacare went into effect with the assumption those companies will "disrupt" the health insurance industry. They haven't yet. And it's unclear if investors and consumers will have the patience to wait and see if new companies can fundamentally change an industry that, at its core, is about collecting premiums from the healthy to pay for the costs of the sick.

Here are the 2016 numbers for Clover Health, based on financial documents analyzed by Axios:

  • $34.6 million net loss, seven times higher than Clover's $4.9 million loss in 2015.
  • 20,600 Medicare Advantage members, almost triple the 7,200 members from 2015. All of them are in New Jersey.
  • Medicare paid Clover an average of $848 per month for each member, giving Clover $184 million in taxpayer-funded revenue.

Clover says it is different than other insurers that focus on Medicare Advantage members because it is built around technology that analyzes health data, which is used to coordinate care for its members. The company also touts its in-home health assessments, free primary-care visits and robust network of doctors.

Yes, but: Clover's business model hasn't translated into financial success in the first four years of its existence, even with ample payments from the federal government. The Centers for Medicare and Medicaid Services also fined Clover last year for misleading marketing practices.

Clover did not respond to an interview request. But CEO Vivek Garipalli told me last year that he had hoped to expand into more states and that Clover's technology would eventually lead to an "unmatchable member experience."

Go deeper

Behind GameStop's latest stock surge

Illustration: Aïda Amer/Axios

Back in focus: The meme stock trade.

By the numbers: GameStop finished up 19%, after a wild day that saw shares spike as much as 80%.

AT&T spins off U.S. video business via deal with TPG

Photo: AaronP/Bauer-Griffin/GC Images

AT&T is spinning off three of its video services, including its satellite TV brand DirecTV, to create a new standalone video company called New DIRECTV.

Details: The company will be jointly owned by AT&T and private-equity giant TPG. AT&T will retain a 70% stake and TPG will own 30% of the firm.

Updated 1 hour ago - Sports

Ex-USA Gymnastics coach dies by suicide after being charged with human trafficking

John Geddert. Photo: AFP via Getty Images

The body of John Geddert was found on Thursday, just hours after the former USA Gymnastics coach was charged with 24 counts of criminal misconduct, according to Michigan Attorney General Dana Nessel.

What they're saying: “My office has been notified that the body of John Geddert was found late this afternoon after taking his own life. This is a tragic end to a tragic story for everyone involved," Nessel said in a statement.