Claritev (CTEV) Piper Sandler 37th Annual Healthcare Conference summary

Business performance and client relationships

• Renewed top 10 customers, representing 70% of revenue, reflecting strong client relationships and high NPS scores.

• Pipeline has increased 67% over the past year, with half of new opportunities from existing clients.

• Renewals are seen as growth opportunities, not just retention, with a focus on expanding within the current client base.

• Major customer renewals achieved at commensurate economics, supporting continued investment in R&D.

• Shifted from focusing on contract renewals to emphasizing a diversified and growing pipeline.

Revenue model and market dynamics

• Core revenue model is PSAV (percentage of savings achieved), generating 88% of revenue, with subscription-based revenue as a smaller component.

• Identified potential savings typically in the mid to high 20% range of medical charges processed.

• Out-of-network claims management is ROI-based, with payment tied to value delivered.

• Customers outsource claims management due to the scale, technology, and R&D investment required for effective cost containment.

• Identified $25 billion in savings last year, highlighting the scale and impact of services.

Growth drivers and market trends

• Commercial health plan medical charges processed grew 7% in 2024 and 8.5% year-to-date in 2025, driven by healthcare inflation and higher mix of high-cost claims.

• Growth is concentrated in ambulatory surgery, musculoskeletal, and behavioral health categories.

• Out-of-network spend expected to remain stable at 5%-7% of overall healthcare spend over the next three to five years.

• Launched six new market verticals this year, expanding addressable market.

• Increased focus on transparency, waste, fraud, and abuse in healthcare is driving demand for services.