MultiPlan Corporation, together with its subsidiaries, provides data analytics and technology-enabled cost management, payment, and revenue integrity solutions to the healthcare industry in the United States. The company offers analytics-based services, which reduce medical costs through data-driven algorithms that detect claims over-charges and recommend or negotiate reimbursement; network-based services that reduce medical costs through contracted discounts with healthcare providers; and payment and revenue integrity services, which reduce medical costs by identifying and removing improper and unnecessary charges paid during the claim. It also provides health benefit plans, which features reference-based pricing and tools to engage health plan members and providers to make the use of benefits before and after care delivery. The company serves national insurance companies, Blue Cross and Blue Shield plans, provider-sponsored and independent health plans, third party administrators, bill review companies, Taft-Hartley plans, and other entities that pay medical bills in the commercial healthcare, government, workers' compensation, and auto medical markets. MultiPlan Corporation was founded in 1980 and is headquartered in New York, New York.
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Here are 1-3 brief analogies for Claritev (CTEV):
- A more focused Medtronic for the operating room.
- Like the surgical instruments arm of Johnson & Johnson, but independent.
- Stryker for general surgery devices.
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Based on the company name "Claritev" and the common association with a leading information services provider, it is highly likely that you are referring to Clarivate Plc (NYSE: CLVT), despite the symbol "CTEV" not being associated with a major public company and likely being a typo for CLVT. Here are the major services provided by Clarivate Plc:
- Web of Science: A comprehensive research platform providing curated, high-quality content for scientific and academic research, including citation data.
- Derwent: Offers comprehensive patent intelligence solutions for patent search, analysis, and landscape insights to support innovation.
- Cortellis: Provides critical drug and device intelligence to support pharmaceutical and biotech research, development, and commercialization decisions.
- CompuMark: Delivers trademark research and brand protection services, including screening, watching, and clearance.
- EndNote: A bibliographic management software that helps researchers organize references and create bibliographies.
- ScholarOne: A manuscript submission and peer review tracking system used by scholarly publishers.
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Clarivate (symbol: CTEV) primarily sells its data, analytics, and software solutions to other companies and institutions rather than directly to individuals.
Due to its highly diversified global customer base, Clarivate does not disclose specific individual "major customer" names in its public filings, as no single customer or group of affiliated customers accounts for 10% or more of its total revenues. Therefore, it is not possible to list specific customer companies with their symbols. Instead, its customer base consists of a broad array of organizations across various sectors, which can be categorized as follows:
- Academic and Research Institutions: This includes universities, colleges, government research agencies, and other non-profit research organizations globally. They utilize Clarivate's scientific and academic research tools such as Web of Science and EndNote for discovery, analysis, and publication.
- Pharmaceutical and Biotechnology Companies: Leading pharmaceutical firms, emerging biotech companies, and contract research organizations (CROs) are major users of Clarivate's drug discovery and development intelligence (e.g., Cortellis) to accelerate R&D, clinical trials, and market analysis.
- Intellectual Property (IP) Professionals and Law Firms: Patent and trademark attorneys, IP departments within corporations, and specialized IP law firms rely on Clarivate's patent, trademark, and domain intelligence (e.g., Derwent, CompuMark), as well as IP management software (e.g., CPA Global), for strategy, protection, and enforcement.
- Corporations: Companies across a wide range of industries utilize Clarivate's solutions for competitive intelligence, R&D strategy, innovation management, and business development insights.
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Amazon (AMZN)
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Travis Dalton, President & Chief Executive Officer
Travis Dalton was appointed President and Chief Executive Officer of Claritev in March 2024. He also serves as Chairman. Prior to joining Claritev, he was the General Manager & Executive Vice President of Oracle Health, where he was responsible for global growth, delivery, support, and health client accounts in 32 countries. Dalton spent over 20 years at Cerner, holding various leadership positions including President and Chief Client & Services Officer, working with commercial, global, and government clients such as the Department of Defense and Veterans Administration.
Doug Garis, Executive Vice President & Chief Financial Officer
Doug Garis leads Claritev's finance and accounting team, with expertise in FP&A, corporate strategy, capital deployment, and financial operations. Before joining Claritev, Garis served as the CFO of Oracle's largest vertical industry, Oracle Health and Life Sciences, and previously as Head of FP&A at Cerner. His career began at PwC, and he held multiple financial leadership roles at Masonite International Corporation.
Jerry Hogge, Executive Vice President & Chief Operating Officer
Jerry Hogge serves as Executive Vice President & Chief Operating Officer of Claritev, overseeing day-to-day operations to ensure clarity, alignment, and accountability, while focusing on operational efficiency and effectiveness for growth. He brings over 30 years of executive leadership experience in sales, product development, strategy, and large-scale operations.
Tiffani Misencik, Senior Vice President & Chief Growth Officer
Tiffani Misencik joined Claritev as Chief Growth Officer in October 2024. With over 25 years of experience in healthcare technology, she is responsible for sales and revenue growth strategy across all market segments, including client acquisition, client management, and market expansion. Previously, Misencik was the Chief Revenue Officer at Greenway Health and held senior leadership roles at Intelerad and Allscripts.
Mohamed Ramzy, Senior Vice President & General Manager, International
Mohamed Ramzy leads Claritev's strategy, operations, and business development for the international market and the MENA region. He has nearly 20 years of experience in healthcare technology, having most recently served as Country General Manager at Oracle Health, where he managed operations across the Arabian Gulf and Africa. His career also includes key leadership roles at Oracle Health (formerly Cerner), IMS Health, IQVIA, a Microsoft-Cisco joint venture, Roper Technologies, and CBORD.
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The key risks to Claritev (CTEV) are primarily centered around its financial stability, the intensely competitive and evolving healthcare industry, and potential legal challenges.
- High Debt and Financial Instability: Claritev faces significant challenges due to unsustainable leverage, high-interest costs, and ongoing net losses, which raise serious solvency and credit risk concerns. The company's debt-to-equity ratio has surged, and its shareholder equity has declined, even turning negative in recent quarters, indicating a fragile balance sheet.
- Intense Competition and Industry Evolution: Operating in a fragmented and competitive market, Claritev is susceptible to pricing pressures and the need to constantly adapt to evolving industry standards and rapid technological changes in the U.S. healthcare system. The company's success is dependent on retaining key clients and the successful execution of strategic plans, such as its "Vision 2030" transformation plan, as well as its ability to successfully enter new lines of business and launch new products.
- Legal Risks: Major lawsuits pose a risk to Claritev, potentially clouding the company's turnaround narrative and its future earnings visibility.
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The emergence of sophisticated AI-powered platforms designed for intellectual property analysis, scientific research discovery, and competitive intelligence. These platforms, frequently developed by specialized startups or integrated into broader enterprise solutions, threaten to automate and streamline tasks traditionally performed using Clarivate’s proprietary databases and analytics tools. This could lead to more efficient, cost-effective, or integrated alternatives for clients, potentially eroding demand for Clarivate’s premium subscription services.
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Claritev Corporation (CTEV) operates primarily within the U.S. healthcare industry, providing data analytics and technology-enabled solutions for cost management, payment, and revenue integrity.
The addressable markets for Claritev's main products and services are as follows:
- For its in-network payment and revenue integrity solutions, the total addressable market (TAM) is approximately $3 billion, for the U.S. region.
- Through recent corporate and product development activities, Claritev has expanded into new markets, specifically in payor risk analytics, network transparency, and analytic services. These represent an estimated total addressable market (TAM) of $17 billion, for the U.S. region.
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Claritev (CTEV) is expected to drive future revenue growth over the next 2-3 years through several key initiatives and market trends:
- International Expansion and Strategic Partnerships: Claritev is actively focusing on expanding its international presence and forming strategic partnerships. The launch of its advanced code editing solution in the UAE marks its first revenue from international expansion, and the company has also forged a strategic relationship with iO Health to bring AI-powered revenue cycle management optimization to the MENA Region.
- New Annual Contract Value (ACV) and Customer Growth: The company anticipates securing approximately $60 million in new annual contract value, with 60-65% of this expected to convert to revenue in 2026. Claritev has demonstrated success in expanding its market presence by adding new clients ("5 new logos") and closing a significant number of opportunities, contributing to a 67% increase in its pipeline year-to-date. Additionally, the company has successfully renewed contracts with its top ten clients, providing stability and visibility for future growth.
- Innovative Product Launches and AI-Powered Solutions: Claritev's strategic focus includes innovative product launches. Specifically, its AI-based advanced code editing (ACE) product has shown strong double-digit growth and is a solution the company aims to broadly enhance and deploy in international markets. The company leverages world-class technology and AI solutions to power a robust enterprise platform that delivers meaningful insights to drive affordability in healthcare. AI and global partnerships are also seen as drivers for monetizing higher-value healthcare solutions.
- Growth in Core Service Lines: Claritev has reported significant growth across its core service lines, including a nearly 15% increase in network revenue and a 7% rise in payment revenue integrity in Q3 2025. The payment and revenue integrity service line has delivered strong quarters driven by volume growth and higher savings yield on processed claims. The analytics-based service line revenue also grew, with solid performance in core and key growth areas.
- Favorable Pricing Environment and Healthcare Inflation: While the company remains cautious about the pricing and inflationary environment, its EVP and CFO has indicated that healthcare inflation and favorable pricing environments are potential tailwinds for future growth.
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Share Repurchases
- Claritev reported $0.0 million in share repurchases for the trailing twelve months ended June 2025.
- The company did not buy back any securities in Q1 2025.
Share Issuance
- As of November 3, 2025, 16,525,644 Class A common shares were outstanding.
- A one-for-forty (1-for-40) reverse stock split became effective on September 20, 2024.
- In Q1 2025, the company had 17,179,228 shares issued and 16,436,369 shares outstanding, compared to 16,930,827 issued and 16,187,968 outstanding in Q1 2024 (prior to the reverse stock split adjustment).
Outbound Investments
- On October 27, 2025, Claritev announced a strategic investment in Klaim, Inc. to launch a co-branded Payment Acceleration Service across the U.S. and MENA regions.
- On October 8, 2025, Claritev formed a strategic relationship with iO Health to introduce AI-powered Revenue Cycle Management Optimization to the MENA Region.
- On May 8, 2023, Claritev (formerly MultiPlan Corp) acquired Benefits Science Technologies for $160.0 million in cash and stock consideration.
Capital Expenditures
- Claritev updated its capital expenditure guidance for the full year 2025 to a range of $165 million to $175 million (as of November 7, 2025).
- For the nine months ended September 30, 2025, capital expenditures totaled approximately $99.692 million.
- The primary focus of capital expenditures is investing in the business to drive organic growth, supporting the company's Vision 2030 Plan through leveraging world-class technology and AI for healthcare solutions.
