Travis Dalton, Claritev’s chairman, president and CEO, said in a Feb. 17 news release that the rebrand “opens a new chapter” for the company as it accelerates innovation and the use of technology.
“By embracing technology modernization, data infrastructure, cutting edge tools like AI and scale partners, we believe we will be best positioned against the competition, but most importantly, best equipped to bring value to our clients and those they serve,” Mr. Dalton said.
The company will start trading with a new ticker, CTEV, on the New York Stock Exchange on Feb. 28.
The name change comes as the company has faced a series of lawsuits from the American Medical Association; Franklin, Tenn.-based Community Health Systems; Altamonte Springs, Fla.-based AdventHealth and others alleging the firm colluded with commercial payers in a price-fixing scheme to underpay providers by tens of billions annually.
The company has consistently refuted the allegations, arguing that the lawsuits are “without merit and would ultimately increase prices for patients and employers.”
In August, a lawsuit filed by the liquidating trust for Redwood City, Calif.-based Verity Health was dismissed by a California Superior Court judge. The lawsuit, filed in 2021, accused MultiPlan of forging a “hub, spoke and rim” agreement with major payers to artificially reduce out-of-network reimbursement for providers. MultiPlan then allegedly received a cut of the money saved on the lower reimbursement rate.
The Superior Court judge sided with MultiPlan’s argument that reimbursement rates are not prices that can be fixed under the Cartwright Act. The judge also found that Verity did not sufficiently allege unlawful exchange of competitively sensitive business information.
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