DocGo Secures Five New Contracts to Provide Healthcare In Markets Across the United States
DocGo, a leader in technology-enabled mobile health services, announced five new contracts to enhance its remote patient monitoring (RPM), virtual care management (VCM), and chronic care management (CCM) services. These contracts include partnerships with a national health plan, a Pacific Northwest not-for-profit health system, a hospital clinic in Oklahoma, a cardiovascular institute in Delaware, and an assisted living provider in the Southwest. The contracts are expected to increase patient access to essential healthcare services, helping underserved populations and expanding DocGo's market reach.
- Secured five new contracts to expand healthcare services.
- Partnership with a national health plan covering 5 million members.
- Expansion of services in California for preventative healthcare.
- Addition of 4,000 patients for remote monitoring in the Pacific Northwest.
- Monitoring over 1,000 patients for cardiac implants in Oklahoma.
- Providing virtual care and chronic care management in the Southwest.
- None.
Insights
DocGo's recent contracts mark significant growth opportunities for the company in the burgeoning field of mobile and remote healthcare services. Five new contracts across various states indicate strong demand for their offerings. These agreements span critical areas such as remote patient monitoring (RPM), virtual care management (VCM), chronic care management (CCM) and cardiac implantable electronic device (CIED) monitoring.
For retail investors, the expanded portfolio showcases DocGo's adaptability and ability to scale operations. This is particularly relevant in an evolving healthcare landscape where convenience and remote care have gained prominence. The anticipated launch of these services in California and other regions will likely increase their market penetration and brand recognition.
Moreover, collaborating with national health plans and respected institutions enhances their credibility and can lead to a more stable revenue stream. Investors should monitor these developments closely as the company seeks to maintain its growth trajectory and capitalize on emerging healthcare trends.
From a financial perspective, these new contracts suggest potential revenue growth for DocGo. Each contract represents a new revenue stream, which can contribute positively to the company's financial health. The agreement with a national health plan alone, covering approximately five million members, is substantial. It indicates an influx of consistent payments for providing healthcare services to a large, previously underserved demographic.
Investors should note the importance of recurring revenue in the healthcare sector. Contracts related to chronic care and remote monitoring could provide a steady flow of income, reducing volatility in financial results. However, it is important to monitor the company's execution capability, as the scale-up phase can involve significant upfront costs and operational adjustments.
DocGo's expansion into various healthcare services, particularly in underserved areas, highlights a strategic move to address gaps in the current healthcare system. The focus on preventive services and remote monitoring aligns with broader industry trends emphasizing proactive healthcare to reduce hospital admissions.
For instance, the California program targeting wellness visits and screenings will likely boost patient outcomes by catching potential health issues early. Similarly, the partnerships for CIED monitoring in the Pacific Northwest, Oklahoma and Delaware reflect an increasing reliance on technology to manage chronic conditions effectively.
These initiatives not only benefit patients by providing timely, accessible care but also position DocGo as a forward-thinking player in the healthcare market. Investors should appreciate the company's efforts to integrate advanced medical technology with traditional care methods, potentially leading to improved patient satisfaction and loyalty.
“We are proud to announce these new contracts for our mobile healthcare services,” said Lee Bienstock, CEO of DocGo. “These programs will enable us to reach more people with proactive healthcare – helping keep them healthy and out of the hospital.”
New contracts include:
-
An agreement with a national health plan with approximately five million members where DocGo will help close care gaps and lower medical costs for hard to reach, unengaged members, and underserved populations. DocGo expects to launch a program in
California to provide preventative services including annual wellness visits/physicals, vaccinations, diabetic retinopathy screenings, bone mineral density screenings, electrocardiograms (ECG), and more. - An agreement with a not-for-profit that owns and operates 10 hospitals and numerous clinics in the Pacific Northwest for whom DocGo already monitors 3,900 patients. The Company expects to add an additional 4,000 patients at two additional clinics for CIED remote monitoring.
-
An agreement with a hospital clinic in
Oklahoma where DocGo expects to monitor over 1,000 patients for CIED. -
An agreement with a cardiovascular institute in
Delaware where DocGo expects to monitor over 350 patients for CIED. - An agreement with an assisted living provider with facilities across the Southwest where DocGo expects to provide Virtual Care Management, including RPM and CCM Services.
The addition of these five contracts broaden DocGo’s reach and impact, and will help expand patient access to essential healthcare needs.
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 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.
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 plans, strategies, outcomes, and prospects, both business and financial, of the Company, including the Company’s provision of services pursuant to its new contracts and the expected benefits of such contracts. 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 ability of the Company to realize the benefits of its contracts; the Company’s ability to successfully implement its business strategy; 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; 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/20240624298779/en/
Media:
Josh Rosenfeld
Avoq
908-770-7204
Jrosenfeld@teamavoq.com
Investors:
Mike Cole
DocGo
949-444-1341
mike.cole@docgo.com
ir@docgo.com
Steve Halper
LifeSci Advisors
646-876-6455
shalper@lifesciadvisors.com
ir@docgo.com
Source: DocGo Inc.
FAQ
What new contracts has DocGo secured in 2023?
Which states will DocGo's new contracts impact?
How many new patients will DocGo monitor under its new contracts?
What services will DocGo provide under its new contract with a national health plan?
How will DocGo's services benefit underserved populations?
