Ambulnz by DocGo and Bayhealth Renew Partnership in Delaware, Extending Contract for Three Years

Rhea-AI Summary

DocGo Inc. (Nasdaq: DCGO) has announced that its Ambulnz subsidiary has renewed its contract with Bayhealth for an additional three-year term. This extension solidifies Ambulnz's role in providing non-emergency transportation services to central and southern Delaware's largest healthcare system. The company anticipates completing over 20,000 trips during the contract term.

Since January 2022, DocGo has been supporting Bayhealth in managing patient flow through timely transportation services. In July 2024, DocGo expanded its presence in Delaware by launching emergency medical and 911 services in Dover. Over the past two years, the company has invested millions in new ambulances and advanced EMS equipment, while tripling its Delaware workforce.

Positive

• Renewed contract with Bayhealth for three more years
• Anticipated completion of over 20,000 trips during the contract term
• Expansion into emergency medical and 911 services in Dover
• Significant investment in new ambulances and advanced EMS equipment
• Tripled workforce in Delaware

Negative

• None.

Insights

Healthcare Operations Analyst

The renewal of Ambulnz by DocGo's contract with Bayhealth for three years is a positive development for DCGO. This extension demonstrates the company's ability to retain key partnerships and secure recurring revenue streams. The anticipated 20,000 trips over the contract term indicate a steady volume of business, which should contribute to predictable cash flows.

DocGo's expansion into emergency medical and 911 services in Dover marks a significant diversification of their service offerings in Delaware. This strategic move, coupled with substantial investments in equipment and workforce, positions the company for potential growth in the region. The tripling of their Delaware workforce suggests a strong commitment to the market and could lead to increased market share.

However, investors should consider that while these developments are positive, the impact on DCGO's overall financial performance may be given the company's $322 million market cap. The Delaware operations, while growing, likely represent only a portion of DocGo's total business. Nonetheless, this contract renewal and service expansion demonstrate the company's execution capabilities and potential for replicating this model in other markets.

NEW YORK--(BUSINESS WIRE)-- DocGo Inc. (Nasdaq: DCGO) (“DocGo” or the “Company”), a leading provider of technology-enabled mobile health services, today announced that its Ambulnz subsidiary has renewed its contract with Bayhealth – central and southern Delaware’s largest healthcare system – for an additional three-year term. This extension is a testament to Ambulnz’s proven success supporting Bayhealth with timely, dependable non-emergency transportation services. The Company anticipates completing more than 20,000 trips during the contract term.

“Extending our partnership with Bayhealth underscores our commitment to providing high-quality, accessible care in Delaware,” said Stan Gitin, SVP of Operations for DocGo. “From our early work in this region, we recognized a growing need for our services, and we remain dedicated to meeting the healthcare needs of Delaware residents.”

Since January 2022, DocGo has been an important partner to Bayhealth, helping manage patient flow through non-emergency transportation services that ensure patients receive timely care.

“Ambulnz by DocGo’s partnership with Bayhealth has been valuable in meeting the needs of our patients,” said Christine Keithly, DNP, RN, NEA-BC, Vice President of Patient Care Services and Associate Chief Nursing Officer at Bayhealth. “Their services have enabled us to streamline patient flow, improve coordination, and ultimately provide higher-quality care. We look forward to continuing this relationship to help make sure Delaware residents receive the best possible care.”

In July 2024, the Company took a major step in its commitment to Delaware by launching emergency medical and 911 services in Dover, marking a significant milestone in the Company’s growth in the region. Over the past two years, DocGo has invested millions in new ambulances and advanced EMS equipment, and tripled its Delaware workforce. These strategic investments highlight the strong partnership between DocGo, Bayhealth, and the city of Dover, helping to ensure that the Company is well-equipped to address both emergency and non-emergency medical needs, enhance patient outcomes, and provide support for the city’s healthcare infrastructure.

About DocGo

DocGo is leading the proactive healthcare revolution with an innovative care delivery platform that includes mobile health services, remote patient monitoring and ambulance services. DocGo is helping to reshape the traditional four-wall healthcare system by providing high quality, highly accessible care to patients where and when they need it. DocGo’s proprietary technology and relationships with a dedicated field staff of certified health professionals elevate the quality of patient care and drive business efficiencies for facilities, hospital networks and health insurance providers. With Mobile Health, DocGo empowers the full promise and potential of telehealth by facilitating healthcare treatment, in tandem with a remote physician, in the comfort of a patient’s home or workplace. Together with DocGo’s integrated Ambulnz medical transport services, DocGo is bridging the gap between physical and virtual care. For more information, please visit www.docgo.com. To get an inside look on how the proactive healthcare revolution is helping transform healthcare by reducing costs, increasing efficiency and improving outcomes, visit www.proactivecarenow.com.

Forward-Looking Statements

This press release includes forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, regarding, among other things, the Company’s plans, strategies, outcomes, and prospects, both business and financial, of the Company, including its contract with Bayhealth and the provision of services in Delaware. These statements are based on the beliefs and assumptions of the Company’s management. Although the Company believes that its plans, intentions and expectations reflected in or suggested by these forward-looking statements are reasonable, the Company cannot assure you that it will achieve or realize these plans, intentions, outcomes, results or expectations. Accordingly, you should not place undue reliance on such statements. All statements other than statements of historical fact are forward-looking. In some cases, these statements may be preceded by, followed by or include the words “believes,” “estimates,” “expects,” “projects,” “forecasts,” “may,” “might,” “will,” “should,” “could,” “can,” “would,” “design,” “potential,” “seeks,” “plans,” “scheduled,” “anticipates,” “intends” or the negative of these terms or similar expressions. Forward-looking statements are inherently subject to substantial risks, uncertainties and assumptions, many of which are beyond the Company’s control, and which may cause the Company’s actual results or outcomes, or the timing of results or outcomes, to differ materially from those contained in the Company’s forward-looking statements, including, but not limited to the following: the Company’s ability to successfully implement its business strategy, including with respect to the provision of services in Delaware; the Company’s reliance on and ability to maintain its contractual relationships with its healthcare provider partners and clients; the Company’s ability to compete effectively in a highly competitive industry; the Company’s ability to maintain existing contracts, including its contract with Bayhealth; the Company’s reliance on government contracts; the Company’s ability to effectively manage its growth; the Company’s financial performance and future prospects; the Company’s ability to deliver on its business strategies or models, plans and goals; the Company’s ability to expand geographically; the Company’s competitive position and opportunities, including its ability to realize the benefits from its operating model; and other risk factors included in the Company’s filings with the Securities and Exchange Commission. The forward-looking statements made in this press release are based on events or circumstances as of the date on which the statements are made. The Company undertakes no obligation to update any forward-looking statements made in this press release to reflect events or circumstances after the date of this press release or to reflect new information or the occurrence of unanticipated events, except as and to the extent required by law.

View source version on businesswire.com: https://www.businesswire.com/news/home/20241009613271/en/

Media:

Tommy Meara

Moxie Strategies

718-309-3506

tommy@moxiestrategies.com

Investors:

Mike Cole

DocGo

949-444-1341

mike.cole@docgo.com

ir@docgo.com

Source: DocGo Inc.

FAQ

What is the duration of DocGo's (DCGO) renewed contract with Bayhealth?

DocGo's Ambulnz subsidiary has renewed its contract with Bayhealth for an additional three-year term.

How many trips does DocGo (DCGO) expect to complete during the Bayhealth contract term?

DocGo anticipates completing more than 20,000 trips during the contract term with Bayhealth.

When did DocGo (DCGO) launch emergency medical and 911 services in Dover, Delaware?

DocGo launched emergency medical and 911 services in Dover, Delaware in July 2024.

How has DocGo (DCGO) expanded its presence in Delaware over the past two years?

Over the past two years, DocGo has invested millions in new ambulances and advanced EMS equipment, and tripled its Delaware workforce.