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ModivCare Inc. (MODV) is a renowned leader in healthcare services, committed to addressing the social determinants of health (SDoH) through a variety of integrated solutions. The company specializes in non-emergency medical transportation (NEMT), personal care, nutritious meals, and remote patient monitoring (RPM). These services are designed to support payors and their members, promoting greater access to healthcare, reducing costs, and improving patient outcomes.
With a technology-driven approach, ModivCare aims to simplify and enhance the delivery of healthcare services. Their NEMT services provide safe and reliable transportation for patients to medical appointments, ensuring that mobility challenges do not prevent individuals from receiving necessary care. Personal care services offer in-home assistance to those who need help with daily activities, allowing them to maintain their independence.
Moreover, ModivCare’s RPM solutions enable continuous monitoring of patients’ health conditions from their homes, offering real-time data to healthcare providers. This not only enhances the quality of care but also helps in early detection of potential health issues, leading to timely interventions.
The company’s significant revenue is generated from its NEMT segment, demonstrating its substantial impact in this area. Recent achievements include expanding partnerships with healthcare providers and payors, enhancing their service delivery models, and integrating advanced technologies to improve operational efficiencies.
ModivCare's commitment to improving healthcare accessibility is evident through its innovative solutions and dedicated services. As the company continues to grow, it remains focused on addressing the evolving needs of vulnerable patient populations by providing comprehensive and effective care solutions.
Modivcare Inc. (Nasdaq: MODV) has expanded its partnership with BayCare Health System to enhance community health initiatives in West Central Florida. The collaboration leverages Higi, a Modivcare service, to provide free self-service screening, education, health engagement, and care navigation tools. These stations allow community members to assess their risk for chronic illnesses, participate in educational programs, and access BayCare-developed initiatives, including a social determinants of health (SDoH) program.
The partnership aims to simplify access to care, particularly for underserved communities, by providing knowledge and support for both immediate and long-term health needs. BayCare has also introduced cardiovascular health-focused offerings, aligning with its mission to improve community wellness. This initiative spans Modivcare's network in West Central Florida, enhancing access to personalized care navigation.
Modivcare Inc. (Nasdaq: MODV), a technology-enabled healthcare services company, has announced its schedule to report second quarter 2024 financial results. The company will release its financial results on Wednesday, August 7, 2024, after the market closes. Following this, Modivcare will host a conference call on Thursday, August 8, 2024, at 8:30 a.m. Eastern Time to discuss the Q2 2024 financial results.
Investors and interested parties can access the call via phone or webcast. The dial-in number for domestic callers is (888) 645-4404, while international callers should use +1 (862) 298-0702. A live webcast will also be available on the company's website. A replay of the conference call will be accessible on Modivcare's website shortly after the call concludes.
Modivcare (Nasdaq: MODV), a healthcare services company, has refinanced its $500 million senior notes due 2025 with a new $525 million term loan B, maturing in July 2031. The transaction, closed on July 1, 2024, addresses upcoming debt maturities and boosts financial flexibility. Key highlights include strong interest from investors, full redemption of the senior notes, and extending the company's $325 million revolving credit facility by 12 months to February 2028. The minimum liquidity covenant was reduced from $100 million to $75 million. JPMorgan Chase led the refinancing, with KKR Capital Markets as the advisor and Gibson, Dunn & Crutcher providing legal counsel.
Modivcare (Nasdaq: MODV), a healthcare services company, released its 2023 Sustainability Report. This report highlights the company's commitment to responsible business practices, member support, team inclusivity, and environmental management. Key achievements include a 12% and 11% year-over-year decrease in Scope 1 and Scope 2 emissions, respectively. The report also mentions expanded disclosures, including Scope 3 emissions, and various initiatives promoting diversity, equity, and inclusion. CEO L. Heath Sampson emphasized the company's dedication to integrating sustainability with their corporate strategy and improving health outcomes.
Modivcare announced that its President and CEO, L. Heath Sampson, and CFO, Barbara Gutierrez, will attend two upcoming investor conferences. They will participate in fireside chat presentations and host investor meetings. The first event is the Leerink Partners 2024 Healthcare Crossroads Conference in Austin, Texas, where Gutierrez will present on May 30, 2024, at 9:40 a.m. ET. The second is the Jefferies 2024 Global Healthcare Conference in New York on June 5, 2024, at 1:30 p.m. ET. Webcast links for the presentations will be available on Modivcare's Investor Relations website, with replays accessible for 90 days.
Modivcare (Nasdaq: MODV) has launched its Integration Hub, a pioneering digital platform aimed at enhancing the user experience for Medicaid and Medicare members using non-emergency medical transportation (NEMT) benefits. The platform allows health plan clients, state Medicaid agencies, and facility partners to integrate ride and benefit management features directly into their own apps and portals through open APIs. This innovation is designed to streamline access to care, reduce user frustration, and improve efficiency. It has already shown promising results, such as 35% fewer verified complaints and 14% fewer missed trips when used via the Modivcare Member Mobility App. The Integration Hub supports a variety of transportation options, including rideshares and mass transit, and offers real-time trip data and scheduling.
Modivcare Inc. (MODV) reported Q1 2024 financial results with service revenue of $684.5 million, a 3.3% increase from Q1 2023. The company had a net loss of $22.3 million and adjusted EBITDA of $32.1 million. They won $171.2 million in NEMT total contract value in Q1 2024. The CEO is optimistic about achieving a run-rate adjusted EBITDA of $220-230 million by Q4 2024.
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