Welcome to our dedicated page for Modivcare news (Ticker: MODV), a resource for investors and traders seeking the latest updates and insights on Modivcare stock.
Company Overview
Modivcare Inc is a technology-enabled healthcare services company that provides integrated care solutions to address the social determinants of health. Specializing in non-emergency medical transportation (NEMT), personal care, and remote patient monitoring (RPM), Modivcare leverages advanced technological integrations to support the delivery of comprehensive care. Its solutions are designed to maximize access to essential healthcare services for vulnerable and high-need populations, resulting in improved outcomes and reduced costs for payors and care providers.
Core Business Areas
At the heart of Modivcare's operations are three primary service segments:
- Non-Emergency Medical Transportation (NEMT): This segment ensures that patients have reliable transportation for non-critical medical appointments, facilitating greater access to care.
- Personal Care: The company offers personalized assistance that caters to the diverse needs of patients requiring non-clinical support, emphasizing safety and dignity.
- Remote Patient Monitoring (RPM): Utilizing technology to track patient health remotely, this service enables timely interventions, coordinated care management, and continuous monitoring.
Technology-Enabled Integrated Care
Modivcare distinguishes itself through its commitment to integrating technology with healthcare services. By employing innovative digital platforms and data analytics, Modivcare streamlines care coordination between payors, care providers, and patients. This connective framework not only optimizes the scheduling and management of transportation services but also supports comprehensive monitoring through RPM, ultimately bridging the gap between care access and improved health outcomes.
Value Proposition and Market Position
The company's core value lies in its ability to enhance the efficiency of healthcare delivery while addressing key challenges such as accessibility and cost containment. With an emphasis on scalable, tech-driven solutions, Modivcare positions itself as a critical partner for payors and healthcare organizations aiming to achieve coordinated care. Its multidisciplinary approach allows for a holistic view of patient needs that is seldom matched by traditional service providers in the healthcare ecosystem.
Competitive Landscape
Operating in a competitive and dynamic market, Modivcare faces rivals that offer fragmented services across non-emergency transportation and remote care. However, the company differentiates itself with a fully integrated model that combines multiple service lines under one technological umbrella. This comprehensive offering not only enhances patient care continuity but also enables more efficient resource management, making Modivcare a significant participant in the supportive care segment.
Operational Excellence and Industry Insight
Through continuous innovation and strategic deployment of technology, Modivcare has built a reputation for its methodical approach to solving real-world healthcare issues. Its operational methodology is grounded in industry best practices and informed by a deep understanding of the challenges faced by both patients and payors. By focusing on sustainable and adaptable care models, Modivcare delivers services that remain relevant across shifting healthcare landscapes, thereby bolstering its authoritative presence in the market.
Frequently Asked Questions and Expert Insights
The detailed structure of Modivcare’s offerings and the integration of multiple service dimensions provide a rich ground for inquiry. The company’s approach, emphasizing coordinated care through technological innovation, invites questions on its operational efficiency, competitive dynamics, and the overall impact on healthcare outcomes. This clarity is integral for stakeholders, from investors to healthcare executives, who seek a comprehensive understanding of how integrated care can redefine service delivery in modern healthcare settings.
Modivcare (MODV) reported its Q4 and full-year 2024 financial results, facing significant challenges in its healthcare services operations. Q4 2024 showed service revenue of $702.8M, flat year-over-year, with a net loss of $23.5M ($-1.64 per share). Full-year 2024 revenue increased 1.3% to $2.79B, with a net loss of $201.3M ($-14.14 per share).
The company experienced operational pressures from Medicaid redetermination, increased healthcare utilization, and lower Medicare Advantage reimbursements. Notable metrics include Q4 adjusted EBITDA of $40.4M (5.7% of revenue) and free cash flow of $24.7M. The company secured financial covenant relief through Q2 2025 with a $75M incremental term loan facility.
Additionally, Modivcare announced two new board appointments: Alec Cunningham, former WellCare Health Plans CEO, and David Mounts Gonzales, General Partner of AI Catalyst Fund, effective March 7, 2025.
Modivcare (NASDAQ: MODV) has announced it will release its fourth quarter and full year 2024 financial results on Thursday, March 6, 2025, after market close. The company will host a conference call at 5:00 p.m. Eastern Time on the same day.
Additionally, Modivcare plans to postpone its previously announced special stockholders meeting from March 3, 2025, to March 13, 2025, at 10:00 a.m. Mountain Time. This adjournment will allow for the release of Q4 and full year 2024 financial results before the special meeting. The record date remains January 22, 2025, and previously submitted votes will remain valid unless properly revoked.
Modivcare (Nasdaq: MODV) has named Payson Priola as Maine's Driver of the Year. Priola, who joined the company in 2022, serves as a non-emergency transportation (NET) driver covering Androscoggin, Franklin, and Oxford Counties, transporting Medicaid members to medical appointments.
The recognition highlights Priola's reliability, adaptability, and positive attitude in serving members. Since 2014, Modivcare has expanded its Maine NET provider network from 10 to over 45 local providers, including 26 minority-owned and four women-owned businesses, employing more than 400 contracted drivers.
The company maintains an impressive 94% on-time performance rate and consistently low member complaints and vehicle unavailability rates below 0.1%, exceeding state requirements for service delivery.
Modivcare (MODV) has secured $105 million in incremental financing, consisting of a $75 million term loan and $30 million in new second lien notes from Coliseum Capital Management. The company has appointed Chad Shandler as Chief Transformation Officer and plans to add three new independent directors.
The financing package includes covenant relief from lenders and amendments to the existing credit agreement. The incremental term loan is priced at SOFR + 750 bps with a 2026 maturity date. The company will also pursue a strategic review of its assets, which may include potential asset sales.
As part of these developments, Modivcare has withdrawn its previously stated revenue and adjusted EBITDA guidance for fiscal year 2024 and adjusted EBITDA growth projections for fiscal year 2025.
Modivcare (MODV) reported Q3 2024 financial results with service revenue of $702.0 million, up 2.2% year-over-year. The company posted a net loss of $26.6 million, or -$1.87 per diluted share. Adjusted EBITDA was $43.2 million with adjusted net income of $6.4 million. NEMT segment revenue grew 1.3%, PCS segment revenue increased 4.7%, while RPM segment revenue declined 1.7%. The company affirmed its 2024 guidance with revenue between $2,700-$2,900 million and adjusted EBITDA of $170-$180 million, expecting >10% Adjusted EBITDA growth in 2025.
Modivcare and the Michigan Center for Rural Health have completed an 18-month Remote Patient Monitoring (RPM) pilot program across three rural Michigan hospitals. The program, targeting patients with hypertension, diabetes, and congestive heart failure, achieved a 48.72% enrollment rate from 117 eligible patients. Notable outcomes include doubling the number of patients with controlled blood pressure (39% to 78%) and significant reductions in blood pressure readings (27 mmHg systolic, 11 mmHg diastolic). The pilot demonstrated particular success with homebound patients and those with social support, maintaining a device failure rate below 10% despite rural connectivity challenges.
Modivcare Inc. (Nasdaq: MODV), a technology-enabled healthcare services company, has announced its schedule for reporting third quarter 2024 financial results. The company will release its financial results on Wednesday, November 6, 2024, after the market closes. Following this, Modivcare will host a conference call on Thursday, November 7, 2024, at 8:30 a.m. Eastern Time to discuss the results.
Interested parties can join the conference call using the following dial-in numbers:
- Domestic callers: (888) 437-3179
- International callers: +1 (862) 298-0702
Modivcare, a leading provider of non-emergency medical transportation and in-home care, has transformed its support services for 34 million members using the Genesys Cloud™ platform. The AI-powered experience orchestration capabilities have enabled Modivcare to implement a digital-first strategy, managing 2.2 million monthly calls and communications through a unified desktop. Key improvements include:
1. Deployment of AI-driven self-service voicebots and chatbots, with 63% of members now using chatbots for routine support.
2. Enhanced workforce engagement management for 2,600 contact center advisors.
3. A 31% reduction in average speed of answer and abandonment rates.
4. 5% increase in service levels and quality scores.
5. An impressive 86% increase in teammate retention.
These advancements have significantly improved Modivcare's ability to deliver personalized experiences and efficient healthcare services.
ModivCare Inc. (Nasdaq: MODV) has announced an amendment to its Credit Agreement with JPMorgan Chase Bank, N.A. and other key lenders. The amendment includes:
- An increase in the Total Net Leverage Ratio Covenant to 6.50x from 5.25x for Q3 2024
- A reduction in the Minimum Interest Coverage Ratio Covenant to 2.00x from 2.75x for Q3 2024
The company agreed to a 25 basis point increase in its interest rate margin until it delivers financial statements for FY 2024. ModivCare is also in discussions for a long-term relief amendment. Additionally, the company has successfully collected approximately $60 million in previously delayed contract receivables.
Modivcare Foundation, the philanthropic arm of Modivcare (Nasdaq:MODV), has announced its continued support for Build Jake's Place, an organization creating inclusive playgrounds for children and adults with disabilities. The foundation is donating $5,000 to support the Camden County NJ Miracle League, a program that offers baseball opportunities for people of all ages with disabilities.
Build Jake's Place, founded in 2009, designs accessible playgrounds that allow children using wheelchairs and other assistive devices to play alongside their peers. The Modivcare Foundation has been supporting this initiative for the past two years, aligning with its mission to improve health outcomes and ensure inclusive activities for all.
The donation will also help fund the Miracle League's participation in the National Miracle League All-Star game in Palm Beach, Florida, this November. This partnership reflects Modivcare's commitment to removing barriers to care and well-being in communities.
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