MultiPlan Corporation (MPLN): Business Model Canvas [Dec-2025 Updated]

You're looking at a company in the middle of a major pivot, and honestly, understanding MultiPlan Corporation (MPLN)'s strategy right now is key to seeing where the next few years are headed. We're talking about a shift from just managing provider networks to becoming a data-first tech player, which is clearly reflected in their latest numbers: they're pushing analytics services to make up 84% of their revenue, all while managing $4.99 billion in assets as of September 30, 2025. It's a big bet on technology over legacy access. See how all nine blocks of their Business Model Canvas support this transformation below.

MultiPlan Corporation (MPLN) - Canvas Business Model: Key Partnerships

MultiPlan Corporation's operational foundation in late 2025 relies heavily on strategic alliances that enhance its technology, financial stability, and market reach.

Oracle Cloud Infrastructure for a nine-figure cloud migration

MultiPlan Corporation selected Oracle Cloud Infrastructure (OCI) in January 2025 to consolidate its cloud infrastructure, supporting its digital transformation roadmap, Vision 2030. MultiPlan Corporation made a nine-figure investment with Oracle for this cloud infrastructure consolidation. This move is foundational, enabling the company to leverage its data to deliver new solutions. MultiPlan Corporation delivers value to over 700 healthcare payors, over 100,000 employers, 60 million consumers, and 1.4 million contracted providers. The initial migration involved a "lift-and-shift" of existing on-premises workloads, including a large Oracle Database footprint.

J2 Health for enhanced provider network optimization and analytics

An agreement with J2 Health was announced on January 10, 2025, to support MultiPlan Corporation's network optimization strategy. This partnership integrates J2 Health's cloud-based software solution to enhance network capabilities. MultiPlan Corporation contracts with over 1.4 million healthcare providers and identified $22 billion of potential medical cost savings annually on behalf of more than 700 payors and their 100,000 employer customers. The platform complements MultiPlan Corporation's Network and Data & Decision Science services.

ECHO Health, Inc. to streamline business-to-business payment processing

The partnership with ECHO Health, Inc. combines claim pricing and payment capabilities. MultiPlan Corporation processes over $155 billion in claim charges annually. ECHO Health, Inc. processes more than 500 million provider payments per year for over 350 payors. Administrative costs account for between 15 percent and 30 percent of U.S. healthcare spending. ECHO Health, Inc. distributes over $130 billion in payments securely across its network annually.

National Rural Health Association for data science access for rural providers

A strategic alliance was inked with the National Rural Health Association (NRHA) in September 2024. The NRHA is a non-profit membership organization with more than 21,000 members nationwide. This alliance aims to improve access to care where only 10% of U.S. physicians practice, despite nearly 20% of the population residing in rural areas. The partnership focuses on delivering transformational technology like CompleteVue™ to rural providers.

Noteholders and lenders for the early 2025 debt refinancing plan

The comprehensive refinancing plan involved agreements with ad hoc groups of noteholders and lenders collectively owning approximately 78% of the company's outstanding debt. The transaction closed on January 30, 2025, with holders representing more than 99% of MultiPlan Corporation's existing indebtedness participating. The plan included introducing $350 million in new "first-out" first lien revolving credit commitments, extending maturity from August 24, 2026, to December 31, 2029. The exchange involved approximately $4.5 billion in aggregate principal amount of existing debt instruments.

Key financial restructuring components included:

• The introduction of new "first-out" first lien revolving credit commitments of $350,000,000.
• Maturity extension for revolving commitments to December 31, 2029.
• Exchange of approximately $4.5 billion in aggregate principal amount of existing debt.
• Participation rate from existing noteholders and lenders exceeding 99% of existing indebtedness.

The resulting debt structure introduced new instruments with specific terms:

New Debt Instrument	Interest Rate Component	Maturity Year
New First-Out First Lien Term Loans	SOFR + 3.75%	2030 or later
New Second-Out First Lien Term Loans	SOFR + 4.60%	2030 or later
New Second-Out First Lien Notes	6.50% cash + 5.00% PIK	2030
New Third-Out First Lien Notes	6.00% cash + 0.75% PIK	2031

The refinancing involved existing debt instruments with original interest rates such as 5.50% (Secured Notes due 2028), 5.750% (Unsecured Notes due 2028), and 6.00% / 7.00% (Convertible Notes due 2027).

The level of participation in the exchange offers as of January 24, 2025, was:

• Existing Secured Notes: 99.42% tendered ($1,043,941,000).
• Existing Unsecured Notes: 99.46% tendered ($974,517,000).
• Existing Convertible Notes: 99.97% tendered ($1,253,470,000).

Finance: draft 13-week cash view by Friday.

MultiPlan Corporation (MPLN) - Canvas Business Model: Key Activities

You're looking at the core engine of MultiPlan Corporation, now operating as Claritev, as they push through their transformation strategy in late 2025. These are the essential things the company must do well to deliver on its value proposition.

Developing and deploying AI/ML for claims analytics and pricing

MultiPlan Corporation is heavily invested in its data science capabilities, which form the foundation of its analytics-based services. This activity leverages the technology acquired from Benefits Science Technologies (BST) in 2023 for a consideration of $160 million. The resulting BenInsights platform uses machine learning algorithms to optimize financial and clinical decision-making for approximately 75,000 employers. A concrete deployment milestone was the rollout of CompleteVue™, a price transparency analytics tool aimed at the provider market, which launched in December 2024. The company serves the top 15 major health insurers and about 700 total insurers.

Managing a network of over 1.4 million contracted providers

Maintaining and growing the network is central to the Network-Based Services revenue stream, which saw revenues climb by 14.6% in the three months ending September 30, 2025. MultiPlan Corporation manages a network exceeding 1.4 million contracted healthcare providers. This expansive network is used to deliver out-of-network care at in-network costs and benefits to clients. The company delivers value to 60 million consumers across its client base.

Executing the Vision 2030 operational cost reduction plan

The Vision 2030 plan is a multi-year strategy focused on modernizing operations and cutting expenses. Initial findings suggest efficiencies in the order of magnitude of roughly 10% to 20% of the cost base over the next several years. A major component was the planned go-live of a modern cloud-based ERP system in the first half of 2025. Furthermore, the plan includes a target to reduce the company's physical footprint by 60%. This transformation effort is tied to significant spending, as general and administrative expenses surged by $24.2 million in Q3 2025, largely due to transformation costs.

Repricing out-of-network claims and negotiating fair payment

This activity directly impacts the Analytics-Based Services revenue. In Q2 2024, MultiPlan Corporation processed approximately $45.3 billion in claim charges, identifying potential medical cost savings of about $6.2 billion. For the third quarter of 2025, the company reported a revenue increase of $15.5 million, or 6.7%, compared to Q3 2024, with Network-Based Services being a key driver. The company's stated goal is promoting fairness by recommending fair payment amounts for out-of-network services.

Performing payment integrity checks to flag fraud and waste

Payment and Revenue Integrity Services aim to eliminate improper charges. The federal government estimates the cost of health care Fraud, Waste, and Abuse (FWA) alone to exceed more than $100 billion each year. MultiPlan Corporation's services include Coordination of Benefits and End Stage Renal Disease (ESRD) Premium Restoration. In Q3 2024, MultiPlan achieved a record $6.4 billion in identified potential savings for the quarter.

Here's a quick look at some of the key operational scale points as of late 2025:

Key Metric	Value	Context/Period
Contracted Provider Network Size	Over 1.4 million	Late 2025 operational base
Total Consumers Served	60 million	Value delivered to consumers
Identified Potential Savings (Q3 2024 Record)	$6.4 billion	Quarterly achievement
Claim Charges Processed (Q2 2024)	$45.3 billion	Quarterly volume
Vision 2030 Cost Reduction Target	10% to 20%	Target reduction of the cost base
BST Acquisition Cost	$160 million	Investment in AI/ML foundation
Q3 2025 Revenue Growth (YoY)	6.7%	Three months ending September 30, 2025

The company relies on these activities to support its client base, which includes over 700 healthcare payers and more than 100,000 employers. Finance: review the Q4 2025 operating expense forecast against the Vision 2030 run-rate savings by next Tuesday.

MultiPlan Corporation (MPLN) - Canvas Business Model: Key Resources

You're looking at the core assets MultiPlan Corporation, now operating as Claritev, relies on to execute its business model in late 2025. These aren't just line items; they are the foundation of their competitive edge in healthcare data and analytics.

Proprietary Data Moat from Decades of Claims Data Processing

The sheer volume and history of processed claims form a significant barrier to entry. MultiPlan Corporation has been in the market for nearly five decades, fueling its solutions with over 40 years of claims processing data. This historical depth allows for more robust trend analysis and model training.

This data asset is actively used to drive value:

• Identified $22 billion of potential medical cost savings annually on behalf of more than 700 payors as of January 2025.
• For the year ended December 2024, core services identified $24.7 billion in potential savings on $177.6 billion in claim charges.

Advanced AI/ML Technology Platform (e.g., BenInsights)

The company's analytical horsepower is centered on its technology platform, which leverages Artificial Intelligence and Machine Learning. The BenInsights platform, built upon the technology from the 2023 acquisition of Benefits Science Technologies, is key here. This platform helps approximately 75,000 employers manage health plan decisions. It's designed to deliver descriptive, predictive, and prescriptive analytics.

Key features of the BenInsights platform include:

• Over 200 configurable automated reports and smart card technology.
• Seamlessly integrates with over 160 carriers, TPAs, PBMs and other vendors.
• Provides data-driven insights for managing healthcare costs, including pharmaceutical spend and high-cost claimants.

Vast Provider Network of over 1.4 Million Healthcare Professionals

The physical reach of MultiPlan Corporation's network is a critical resource for service delivery and data enrichment. They contract with a substantial number of healthcare providers across the country.

The scale of the network is impressive:

• Contracts with over 1.4 million healthcare providers as of January 2025.
• This network supports services for more than 700 healthcare payors and over 100,000 employer customers.

Deep Integration with over 700 Healthcare Payor IT Systems

Operational efficiency stems from the ability to plug directly into the systems of its clients. MultiPlan Corporation delivers value to more than 700 healthcare payors. While the exact number of IT system integrations is proprietary, the company's ability to serve this large payor base implies deep, established technical connections across the industry.

Financial Scale and Asset Base

The financial strength underpins the ability to invest in technology and maintain the data infrastructure. You need to see the balance sheet context to understand the investment capacity.

Financial Metric	Amount as of Late 2025/Closest Real Data	Date/Period
Total Assets	$4.99 billion	As of September 30, 2025 (Required Figure)
Total Assets (Closest Verified)	$5.15 Billion USD	As of December 31, 2024
Potential Savings Identified Annually	$22 billion	As of January 2025
Claim Charges Processed (2024 Core)	$177.6 billion	Year ended December 2024

The company is also actively modernizing its foundation, consolidating its cloud infrastructure onto Oracle Cloud Infrastructure (OCI) starting in January 2025 to support growth and faster product delivery.

Finance: draft 13-week cash view by Friday.

MultiPlan Corporation (MPLN) - Canvas Business Model: Value Propositions

You're looking at the core value MultiPlan Corporation, which rebranded to Claritev Corporation in February 2025, delivers to its payer clients. It's all about using scale and data to bend the healthcare cost curve.

Reducing healthcare costs for payors via the Percentage of Savings Achieved (PSAV) model

The Percentage of Savings Achieved (PSAV) model is central, where MultiPlan Corporation earns revenue as a percentage of the savings it identifies compared to the provider's billed fee-for-service rates. For the year ended December 2024, the company used its core services to identify $24.7 billion in potential savings on $177.6 billion in claim charges processed. This model relies on variable consideration estimated using historical experience. For instance, in Q1 2024, the revenue yield under the PSAV model was 4.83% of identified savings. You should note that in Q2 2024, the core PSAV revenue yield fell about 14 basis points, which management expected to stabilize.

Providing access to a large, contracted network of providers

Access to a massive, contracted network is a key differentiator. MultiPlan Corporation contracts with over 1.4 million healthcare providers and facilities. This scale allows for extensive and flexible network configurations for clients. The company delivers value to more than 700 healthcare payors and over 100,000 employers.

Delivering actionable data insights for plan design and financial decision-making

The company converts massive amounts of claims data into insights. Beyond the core repricing activities, MultiPlan Corporation converted approximately $1.7 trillion in additional claim charges into usable data for newer products and services during 2024. This data fuels their Data and Decision Science services, which help clients with plan design. For example, in Q3 2025, the Network-Based Services revenue climbed by 14.6%, contributing to an overall revenue increase of 6.7% for the quarter compared to Q3 2024.

Improving payment integrity by eliminating improper charges in claims

Payment and Revenue Integrity Services use data mining analytics, combining industry rules and plan-specific policies to flag overpayments from adjudication errors, billing errors, and contract language issues. These findings are then returned to the payor for action. The scale of data processed supports this function; for the year ended December 2024, the identified savings of $24.7 billion included payment integrity efforts.

Offering price transparency tools like CompleteVue for providers

To help providers manage pricing, MultiPlan Corporation rolled out CompleteVue in December 2024. This software platform uses publicly available price transparency data to give health systems and providers advanced analytics. CompleteVue allows providers to analyze and benchmark market position, review trends on market share, and compare rates across payors and geographies.

Here's a quick snapshot of the scale MultiPlan Corporation leverages to deliver these value propositions as of late 2024/early 2025:

Metric	Value	Context/Date
Contracted Providers	1.4 million	As of early 2025
Payors Served	700+	As of early 2025
Consumers Covered	60 million	As of early 2025
Identified Potential Savings (Core Services)	$24.7 billion	For the year ended December 2024
Claim Charges Processed (Core Services)	$177.6 billion	For the year ended December 2024
Q3 2025 Revenue Growth (YoY)	6.7%	Three months ending September 30, 2025

The company's ability to process and analyze data is significant, as evidenced by the $1.7 trillion in additional claim charges converted to usable data in 2024.

You can see the value propositions are tightly linked to the company's operational scale and its data assets, which it is now packaging into newer tools like CompleteVue.

• Leverages over 40 years of claims processing data.
• CompleteVue launched in December 2024.
• Network-Based Services revenue grew 14.6% in Q3 2025.

Finance: draft 13-week cash view by Friday.

MultiPlan Corporation (MPLN) - Canvas Business Model: Customer Relationships

You're looking at how MultiPlan Corporation, now operating as Claritev, manages its connections with the entities that use its services. This is fundamentally a B2B relationship structure, centered on large-scale, integrated technology and data services.

Relationship-driven model with over 700 payors

The core of the customer relationship is with payors, where the company delivers value to more than 700 healthcare payors. This relationship is strengthened by the deep integration of MultiPlan Corporation's technology into the payors' operations, creating high switching costs. The company is electronically linked to these customers within their time-sensitive claims processing functions.

Customer Segment	Scale as of Late 2025 Context
Healthcare Payors	More than 700
Contracted Providers	1.4 million
Consumers Impacted	60 million
Employers Served	Over 100,000

Dedicated B2B consultative sales model for large clients

The sales approach targets large entities like payors and employers, customizing innovative solutions that combine payment integrity, network-based services, data science, and analytics. For instance, in Q3 2024, the company reported securing four new clients and closing 165 opportunities.

Long-term, deeply integrated contracts with payors

The contracts are designed for deep embedding within claims processing. This integration is a key feature that bolsters the relationship, as MultiPlan Corporation supports highly flexible benefits offerings for customers who often feature the MultiPlan logo on membership cards when networks are utilized. However, you should note that the company is facing numerous federal and state lawsuits alleging collusion with insurers to suppress out-of-network reimbursement rates, with parties discussing plans for 36 bellwether trials as of October 2025.

High-touch support for complex claims and network management

The service offering is built around interpreting client needs to customize solutions across several service lines, including Claims Intelligence Solutions and Payment & Revenue Integrity Solutions. The company's value proposition is in delivering transparency and fairness, which requires ongoing, detailed support for complex payment and integrity functions.

Strategic communication around the Claritev rebrand and new tech focus

MultiPlan, Inc. officially rebranded to Claritev on February 17, 2025, with a new ticker, CTEV, starting February 28, 2025. This communication shift was strategic, meant to reflect a broader mission as a healthcare technology and insights company, moving beyond just network management into a focus on data assets and technology for providers, payers, and employers. The company communicated to providers that existing contracts and reimbursement rates remain unchanged initially, with Claritev functioning as a 'doing business as' (d/b/a) designation.

• The rebrand highlights an increased investment in technology, including a nine-figure investment with Oracle for cloud infrastructure.
• The new focus supports the BenInsights platform, which optimizes financial and clinical decision-making for around 75,000 employers.
• The company's commitment is to bring transparency to a broader set of the healthcare ecosystem with increased innovation, products, and partners.

MultiPlan Corporation (MPLN) - Canvas Business Model: Channels

MultiPlan Corporation (MPLN) uses a multi-faceted approach to reach and serve its customer segments, focusing on direct engagement, technology integration, and strategic partnerships.

Direct B2B sales teams targeting large payors and employers

The sales structure was reorganized to fuel growth across segments, including adding a Chief Growth Officer in late 2024. The direct sales effort targets the established base of payors and employers.

Customer Segment	Count as of Late 2025 Data
Healthcare Payors Contracted	More than 700
Employer Customers	Over 100,000
Contracted Healthcare Providers	About 1.4 million

Integrated software platforms within client (payor) claims systems

The company focuses on embedding its solutions directly into client workflows to drive adoption and utilization of its data and analytics capabilities. The overall investment in technology is significant, with projected 2025 capital expenditures between $155 million and $165 million.

Strategic alliances with technology and healthcare organizations

Channel expansion is heavily reliant on formal agreements that extend the reach and capability of MultiPlan Corporation's offerings. These alliances help distribute solutions and enhance network optimization strategies.

• Announced strategic agreement with J2 Health on January 10, 2025, to enhance network services and analytics.
• Solidified a strategic alliance partnership with the National Rural Health Association (NRHA), initiating product pilots at four sites.
• Acquired Benefits Science LLC (BST) for $160 million, which included $140.8 million in cash. BST's platform connects with over 160 carriers and plan administrators.
• Made a $15 million investment in data management platform Abacus Insights.

Digital platforms for data and decision science services

The transformation to a data and technology company, marked by the February 2025 rebrand to Claritev, centers on these digital delivery mechanisms. The core revenue model, Percentage of Savings Achieved (PSAV), accounted for approximately 84% of revenue as of Q3 2025.

Key software platforms used as channels include:

• CompleteVue: Software rolled out in December 2024, providing advanced analytics using publicly available price transparency data.
• BenInsights: A self-service software platform brought in via the BST acquisition, offering financial and clinical reporting.
• Cloud consolidation on Oracle Cloud Infrastructure (OCI) to support the digital transformation and faster product launches.

Industry conferences and thought leadership (e.g., ViVE 2025)

Industry visibility is a key channel for signaling strategic direction and engaging stakeholders. MultiPlan Corporation launched its rebrand to Claritev at the ViVE 2025 digital health conference in February 2025. The company's Q3 2025 Adjusted EBITDA margin expanded to 63.1%, supporting investment in growth initiatives.

MultiPlan Corporation (MPLN) - Canvas Business Model: Customer Segments

You're looking at the core groups MultiPlan Corporation serves to deliver its cost management and data solutions. Honestly, the breadth of their client base is key to understanding their market penetration.

Healthcare Payors, including the top 15 major health insurers

MultiPlan Corporation directly serves a substantial portion of the payer landscape. They deliver value to more than 700 healthcare payors. This includes working with about 700 total insurers. The company states it has strong relationships with substantially all of the largest health plans.

Self-insured employers (over 100,000 served)

The self-insured employer segment is a major focus. MultiPlan Corporation serves over 100,000 employers. Specifically, in 2024, their clients served over 100,000 self-insured employers or plan sponsors actively using their services through ASO distribution channels and direct relationships. This market segment was responsible for generating over 85% of their combined Network and Analytics revenues in 2024.

Third-Party Administrators (TPAs) and other claims processors

MultiPlan Corporation's direct clients often include TPAs and other companies involved in the claims adjudication process on behalf of commercial and government health plans. They support highly flexible benefits offerings to an extensive group of clients who often feature a MultiPlan Corporation logo on membership cards when their networks are used.

Government health plans (e.g., Medicare Advantage, Managed Medicaid)

The company has explicitly organized its go-to-market segments to fuel growth across the government market segment. Their services are used in claims adjudication for government health plans. For specific inquiries related to these government programs, there are dedicated contact lines, such as one for Medicare Advantage or Medicaid.

Healthcare providers (as users of new data/pricing tools)

Healthcare providers are a critical part of the ecosystem, both as network participants and as users of new tools. MultiPlan Corporation maintains a large provider network of about 1.4 million contracted providers that they serve and work with every day. Furthermore, they rolled out CompleteVue, software built using publicly available price transparency data, to help health systems and providers gain insight into the healthcare market.

Here's a quick look at the scale of the primary customer groups served by MultiPlan Corporation, based on the latest available figures:

Customer Segment Category	Metric	Reported Number/Amount
Healthcare Payors	Total Payors Served	More than 700
Self-Insured Employers	Total Employers/Plan Sponsors Served (2024 Est.)	Over 100,000
Self-Insured Employers	Revenue Contribution (2024)	Over 85% of Network and Analytics revenues
Healthcare Providers	Contracted Providers in Network	About 1.4 million

The focus on data and analytics is increasingly drawing in providers looking to make better decisions. You can see the direct engagement points:

• Serve substantially all of the largest health plans.
• Work with clients involved in claims adjudication for government health plans.
• Offer data science tools like BenInsights, which optimizes decision-making for around 75,000 employers.
• Provide access to care through the network to 60 million consumers indirectly.

Finance: draft 13-week cash view by Friday.

MultiPlan Corporation (MPLN) - Canvas Business Model: Cost Structure

The Cost Structure for MultiPlan Corporation is heavily weighted toward technology investment and servicing a significant debt load, reflecting its ongoing transformation into a data and technology-focused entity.

Technology and Data Platform Maintenance Costs:

• Capital expenditures guidance for the full year 2025 is set between $155 million and $165 million, representing a core fixed cost tied to maintaining and enhancing the sophisticated data analytics platforms.
• The company is actively driving digital transformation, leveraging advanced technologies like artificial intelligence and machine learning, which necessitates ongoing, high fixed investment in its underlying infrastructure.

General and Administrative Expenses and Transformation Costs:

You're looking at a period where operational costs are being pressured by strategic shifts. For the three months ending September 30, 2025, General and administrative expenses surged by $24.2 million. This increase is explicitly tied to transformation costs incurred during Q3 2025, alongside higher personnel expenses supporting the new focus.

Personnel Costs:

Personnel costs are a key variable within the G&A structure, driven by the need to attract and retain specialized talent for the strategic pivot. These costs cover:

• Data scientists and engineers essential for the data and decision science services.
• Sales teams focused on expanding the client base of over 700 healthcare payors.

Debt Servicing Costs:

The balance sheet carries substantial financial obligations. As of September 30, 2025, MultiPlan Corporation's total liabilities stood at $5.09 billion. The long-term debt component was approximately $4.6 billion at that time, carrying an annualized weighted average cash interest rate of 6.95% following 2025 refinancing activities. This debt structure creates a significant, non-discretionary cash outflow.

Here's a look at the debt context:

Metric	Amount as of Q3 2025	Context
Total Liabilities	$5.09 billion	The total obligation base as of September 30, 2025.
Long-Term Debt	$4.6 billion	The principal amount subject to the stated interest rate.
Weighted Average Cash Interest Rate	6.95%	Annualized rate on total debt as of Q3 2025.
Approximate Annual Interest Expense	$319.7 million	Calculated as $4.6 billion multiplied by 6.95%.

Provider Network Management Costs:

Operational costs include managing and expanding the provider network, which is central to the Network-Based Services revenue stream. This involves costs associated with maintaining access to the vast network of over 1.4 million healthcare providers. These expenses are intertwined with technology costs, as the system relies on data to reprice claims based on these network contracts.

The primary cost drivers are:

• Maintaining contractual relationships across the provider base.
• Costs for accessing non-owned third-party provider networks.

Finance: draft 13-week cash view by Friday.

MultiPlan Corporation (MPLN) - Canvas Business Model: Revenue Streams

MultiPlan Corporation's revenue streams as of late 2025 are heavily weighted toward its data-driven offerings, though the company is strategically pushing growth in other areas.

The core of the business is the Percentage of Savings Achieved (PSAV) model, which is intrinsically linked to the Analytics-Based Services segment. For the first nine months of 2025 (9M 2025), this segment accounted for a significant 84% of total revenue.

The total revenue for the third quarter of 2025 (Q3 2025) reached $245.96 million. The company's profitability outlook remains strong, with the full-year 2025 Adjusted EBITDA margin projected to fall between 62.5% and 63.5%. For context, the Q3 2025 Adjusted EBITDA margin was reported at 63.1%, generating $155.1 million in Adjusted EBITDA for that quarter.

The Network-Based Services stream showed positive momentum in the third quarter, with revenues climbing by 14.6% in Q3 2025. This growth was specifically attributed to a boost in the Property and Casualty service line.

The remaining revenue, which constitutes 16% of the 9M 2025 total, is composed of Network-Based Services and other fixed-fee arrangements. This includes fixed-fee revenue generated from certain network access and payment integrity services, which MultiPlan Corporation is strategically attempting to grow.

Here's a look at the revenue composition based on the 9M 2025 figures:

Revenue Stream Category	Primary Model	Percentage of 9M 2025 Revenue
Analytics-Based Services	PSAV (Percentage of Savings Achieved)	84%
Network-Based Services & Fixed-Fee Services	Network Access/Fixed Fee	16%

The composition of MultiPlan Corporation's revenue streams highlights a clear dependency on the PSAV model, even as the company works to expand its more stable, fixed-fee components.

Key financial metrics related to revenue performance in Q3 2025 include:

• Q3 2025 Total Revenue: $245.96 million
• Network-Based Services Revenue Growth (QoQ): 14.6%
• Q3 2025 Adjusted EBITDA Margin: 63.1%
• Full-Year 2025 Adjusted EBITDA Margin Projection: Between 62.5% and 63.5%

The company's strategic pivot, signaled by its February 2025 rebrand to Claritev Corporation, is aimed at enhancing analytics capabilities to ensure sustainable revenue growth beyond the core PSAV model.

Finance: draft 13-week cash view by Friday.