Here are 1-3 brief analogies for Claritev (CTEV):

• It's like the FICO for medical claims, using data analytics to identify overcharges and ensure proper payments for health insurers.
• Imagine them as the Priceline for healthcare costs, negotiating discounts with providers on behalf of health plans and payers.

Travis Dalton
Chair, President and Chief Executive Officer

Appointed CEO in March 2024, Travis Dalton brings over 20 years of leadership experience in healthcare, focusing on improving patient and provider outcomes while reducing healthcare costs. Prior to joining Claritev, he served as General Manager and Executive Vice President of Oracle Health, where he held global responsibility for growth, delivery, support, and health client accounts across 32 countries. He also spent over two decades at Cerner, holding various leadership positions including Chief Client & Services Officer and President.

Douglas M. Garis
Executive Vice President, Chief Financial Officer

Douglas M. Garis leads Claritev's finance and accounting team, specializing in FP&A, corporate strategy, capital deployment, and financial operations, with over 15 years of experience in finance and global public markets. Before joining Claritev, he was the Chief Financial Officer of Oracle Health and Life Sciences (Oracle's largest vertical industry), and previously served as Head of FP&A at Cerner. His career began at PwC, and he held multiple financial leadership roles at Masonite International Corporation.

Jerome W. Hogge, III
Executive Vice President, Chief Operations Officer

Jerome W. Hogge, III is responsible for overseeing Claritev's day-to-day operations as the Executive Vice President and Chief Operations Officer.

Michael C. Kim
Executive Vice President, Chief Digital Officer

Michael C. Kim serves as the Executive Vice President and Chief Digital Officer, where he leads the AI and Data Science Department. He is responsible for guiding the company's AI and analytics strategy, as well as new product development and capabilities.

Carol H. Nutter
Senior Vice President, Chief People Officer

Carol H. Nutter is the Senior Vice President and Chief People Officer at Claritev, where she is tasked with developing, promoting, and executing the company's people strategy to support its current needs and future growth. She has more than 20 years of experience in leading human capital functions, with previous executive leadership roles at companies such as Optoro, Promontory Financial Group, and Booz Allen Hamilton.

Here are the key risks to Claritev's business:

1. Financial Stability and Performance: Claritev faces risks related to its financial health, highlighted by a reported "new major risk" of negative shareholders' equity. Additionally, concerns exist regarding the company's ability to meet financial projections, with 2026 guidance reportedly falling short of prior expectations. A significant portion of its revenue, approximately 85%, is tied to volumes, introducing considerable uncertainty in forecasting and potentially impacting consistent financial performance.
2. Regulatory and Policy Changes in the Healthcare Industry: Claritev operates exclusively within the highly regulated U.S. healthcare industry, providing cost management, payment, and revenue integrity solutions. Consequently, the company is significantly exposed to legislative, regulatory, or policy changes affecting healthcare providers, payers, claims processing, data privacy, or reimbursement models. Such changes could alter the demand for its services or impose new operational burdens.
3. Technological Competitiveness and Innovation: Claritev's business model is built upon "data analytics and technology-enabled" solutions, including data-driven algorithms to detect claims overcharges and manage costs. A key risk is the potential for competitors to develop more advanced or efficient healthcare technology and data analytics solutions, or for Claritev's existing technologies to become outdated, thereby eroding its competitive advantage and market position.

Claritev (CTEV) Addressable Markets

Claritev (symbol: CTEV), formerly MultiPlan Corporation, provides data analytics and technology-enabled cost management, payment, and revenue integrity solutions to the healthcare industry in the United States. Based on its core offerings, the addressable markets for its main products and services are in the United States.

U.S. Healthcare Analytics Market

The U.S. healthcare analytics market, which encompasses data analytics and AI-driven insights for cost management, is substantial and growing. Various estimates indicate its size and projected growth:

• In 2024, the market was estimated to be between USD 13.87 billion and USD 21.21 billion. It is projected to grow to approximately USD 44.13 billion to USD 67.48 billion by 2033, with a compound annual growth rate (CAGR) ranging from 12.76% to 12.8% from 2025 to 2033.
• Other projections estimate the U.S. healthcare analytics market at USD 26.34 billion in 2025, reaching around USD 152.03 billion by 2034, with a CAGR of 21.49% from 2025 to 2034. Another source predicts a market size of USD 60.85 billion in 2025, growing to USD 293.42 billion by 2034, at a CAGR of 19.1%.

U.S. Healthcare Payment Integrity Market

Claritev's payment and revenue integrity services operate within the U.S. healthcare payment integrity market, which is focused on reducing fraud, waste, and abuse in healthcare payments:

• The U.S. payment integrity market size was estimated at approximately USD 1.24 billion to USD 1.85 billion in 2024-2025. This market is projected to grow significantly to between USD 14.12 billion and USD 21.04 billion by 2034-2035, with a high CAGR of around 27.5% to 27.52%.
• Another estimate indicates the market was valued at USD 15.12 billion in 2025 and is projected to grow to USD 31.25 billion by 2031, at a CAGR of 12.86% from 2026 to 2031.

U.S. Healthcare Revenue Cycle Management Market

Claritev's solutions also contribute to the broader healthcare revenue cycle management sector, which involves managing the financial aspects of healthcare:

• The U.S. healthcare revenue cycle management market was estimated at USD 65.38 billion in 2025 and is projected to reach approximately USD 195.92 billion by 2035, expanding at a CAGR of 11.6% from 2026 to 2035.

Reference-Based Pricing (RBP)

Claritev provides health benefit plans that feature reference-based pricing. While a direct dollar market size for RBP is not readily available, its adoption and potential impact are significant within the U.S. employer-sponsored health plan market:

• Approximately 2% to 3% of employers were utilizing some form of RBP in their healthcare programs in 2019, with 7% to 11% considering it for 2021 and beyond.
• RBP is gaining traction as a cost-saving strategy, with the potential to reduce healthcare spending by as much as 20% to 30% for employers.
• Self-funded employer groups, which represent 65% of U.S. workers, are increasingly exploring RBP to manage rising healthcare costs. The U.S. group health insurance market size was estimated at USD 1.41 trillion in 2024.

Claritev (CTEV) is expected to drive future revenue growth over the next 2-3 years through several key initiatives and market dynamics:

1. Accelerated AI Adoption and Technology Initiatives: Claritev's focus on accelerated AI adoption, cloud migration, and automation initiatives is anticipated to enhance product development, improve operational efficiency, and stabilize margins, ultimately supporting long-term cash flow and reinvestment potential.
2. Expansion into International and Emerging Markets: The company aims to achieve sustainable revenue growth and broaden its market reach by expanding into international and emerging markets.
3. Strategic Partnerships and Strong Client Renewals: Sustainable revenue growth is underpinned by strong client renewals and strategic partnerships. An example includes a strategic agreement with Kinetiq Health to integrate claims surveillance, diagnostic second-opinion services, and cost-intervention expertise into Claritev's BenInsights analytics platform.
4. Growth of Existing and Newly Integrated Solutions: The integration of Kinetiq Health's services into Claritev's BenInsights platform is expected to drive growth by providing enhanced capabilities for identifying high-cost claims early, supporting diagnostic certainty, and reducing avoidable spending.
5. Organic Growth from Increased Claim Volumes and Bookings: Claritev's 2026 revenue guidance projects an organic growth of 4–6% when adjusted for non-recurring revenue. This growth is supported by strong Q4 momentum and record bookings, indicating an increase in the volume of claims processed and services utilized by clients, which is a significant driver given that approximately 85% of its revenue is volume-tied.

Share Repurchases

• In February 2023, MultiPlan (now Claritev) announced a new share repurchase program authorizing up to $100 million of its Class A common stock through December 31, 2023.
• This $100 million share repurchase program was extended through December 31, 2024; by November 8, 2023, $13.1 million had been repurchased, leaving $86.9 million authorized.
• In February 2026, Claritev's Board of Directors approved a new $75 million, five-year share repurchase program, effective from January 1, 2026, through December 31, 2030, with an annual limit of $20 million.

Share Issuance

• In November 2025, affiliates of Hellman & Friedman conducted a public offering of 1.5 million shares of Claritev's Class A common stock at $51.50 per share; Claritev itself did not sell any shares and did not receive any proceeds from this offering.
• For the six months ended June 30, 2025, Claritev received $0.7 million from the issuance of common stock under an Employee Stock Purchase Plan.

Outbound Investments

• In 2023, MultiPlan (now Claritev) deployed $140.9 million for the acquisition of Benefits Science LLC (BST).

Capital Expenditures

• Claritev (as MultiPlan) reported capital expenditures (purchase of property and equipment) of $84.7 million in 2021, $20.9 million in 2022, and $24.5 million in 2023.
• The capital expenditure forecast for fiscal year 2025 was revised to between $165 million and $175 million.
• Expected capital expenditures for fiscal year 2026 are projected to be between $160 million and $170 million, primarily focused on investments in its digital platform and product development initiatives.