For joining us. Our next presentation is DocGo. DocGo provides last-mile mobile health services and integrated medical and mobility solutions. Presenting for the company will be Norm Rosenberg, Chief Financial Officer. With that, I'll turn it over to you, Norm.
Hey, thanks, Vinetrio, and thanks everybody for coming out. Again, my name is Norm Rosenberg. I'm the Chief Financial Officer of DocGo. I'm joined here today with Mike Cole. Mike is our VP of Investor Relations. Most of you probably know Mike. First, let's get the safe harbor out of the way. Obviously, we're going to be making some comments here that qualify as forward-looking statements. The actual results might differ materially from them. Refer to our 10-K and 10-Q for discussion of our risk factors and things of that nature. When you come to a conference like this one, most of the people that we meet with tell us that they're generalists, and that's pretty much the way this conference works. You've got a lot of different companies across the entire spectrum of different industries, a lot of different companies that you're going to meet with today.
What we like to do when we come to this kind of a conference and have this kind of a discussion is to sort of boil down our presentation, at least at the outset, to our investment thesis. Why would you invest in DocGo? Why is it something that would interest you? Why is it something that would interest someone who technically would invest in any of the industries that are out there? Here's our stuff in a nutshell. We're a leading provider of tech-driven mobile care. We'll explain in a little bit more detail what that means. We have a medical transport business, an ambulance business that continues to expand. That's sort of our basement-level business. That was the business that we started with, and that's the foundation off of which we build the rest of our business. We have a rapidly growing care-in-the-home business.
That's something that obviously is of interest to a lot of patients, of interest to a lot of providers. We have a technology backbone that we built on our own that allows us to execute. When you get into the financial side of things, we have a strong balance sheet that gives us the wherewithal to be able to support the growth. We have a very large expanding Total Addressable Market, a TAM. We have a visionary leadership team that sort of looks at this business as being much more than simply a provider of ambulance services and actually the fact that we are a mobile health provider. Our general mission, our general goal, when we boil it down, we put it in a nutshell, is we want to be able to deliver health care at any address.
The idea is that on an increasing basis, health care is being delivered outside of the traditional walls of the hospital or the doctor's office. This is where we come in. Whether we do it on a mobile health basis, where we have clinicians who are going into people's homes, or we do it via the medical transportation business, or as a standby business that we offer at sporting events or things of that nature, we are providing care outside of the traditional areas. We've got about 3,000 clinical staff. That includes clinicians of all different sorts, including EMTs. We have about 1,000 mobile health vehicles, which are ambulances and other vehicles that we use both here in the U.S. and in the U.K. to provide the services.
There is some math behind this, the hundreds of millions of dollars that we're saving by keeping people out of the emergency room. One of the most expensive things within the overall health care industry, which is rife with over-expense, is the fact that people are going to the emergency room when they shouldn't. They're going to the hospital when they shouldn't. One of the things we like to talk about is that we keep you out of the hospital. This, I think, is one of the most, as a CFO perhaps, I think this is the most important slide in the entire presentation. A lot of our business has been impacted by what is ultimately non-recurring items, such as back in 2020, 2021, and 2022, we had COVID. A response was testing, and it was vaccination.
In 2023 and 2024 and into 2025, providing migrant services, so medical services that we were providing on behalf of the City of New York and the State of New York for recent migrants. Aside from the fact that that got a lot of headlines, realistically, what that did was it added a very large non-recurring revenue element to our business. Typically, when you're looking at a business, when you're screening for stocks that are growth stories or stocks that you might be interested in investing in, you're looking for companies that are showing that big year-over-year growth. What happens here is if you look at it, from 2023- 2024, it was flat. 2024 down to 2025 on a headline basis. On a top-line basis, that number is down because of the lack of that non-recurring stuff that, in fact, is not recurring.
If you look at, you know, you take away the gray shaded area, if you look at the underlying business, the core business, medical transportation and payer provider, you can see that it continues to grow and has grown steadily, really, from 2021 and on. Actually, if we were to draw this chart out to the left, if you go back to really since our inception in 2015, there has been some very rapid growth both in the medical transport business and in the payer and provider, the mobile health business. You can also see that our book value per share, and again, not everybody is a believer in book value as a determinant of value, but take it as you will. Our book value per share continues to increase. We're now trading at a very significant discount to both our book value per share and our tangible book value.
Speaking of which, our balance sheet has improved. A couple of minutes here in terms of how we got here. As we started doing a lot of municipal work, whether it was on the COVID side or on the migrant support side, what we found was that these are very large contracts, very large receivables, took a very long time to collect. Over time, we've been able to bring that number in. We've collected now about 98% of everything that we have charged New York City and New York State for the migrant-related services. There's a lot of noise about our ability or maybe potentially our lack of ability to collect this stuff. We have now collected it. You can see this from our balance sheet. Our quarterly accounts receivable, the number peaked at close to $300 million. I think it was about $282 million, $283 million in early 2024.
That number has come down very significantly. Obviously, within that is the migrant services-related AR, which has gone from about $150 million at the end of 2024 to where it currently stands at about $40 million- $50 million. Consequently, our DSO has come down, getting much closer to where we had been. I would say that the more normalized level is what you see here at the midway point of 2023, which was about 86 or 90 days. That's really where we ought to be. Consequently, that obviously has meant that we have converted AR into cash. That's why our cash balance has been going higher. We reported results for Q2 about two weeks ago, a little bit more than two weeks ago, in early August.
Just to give you a little bit of a background there, a little headline, we did about $80.4 million of revenue, which was a little bit above the consensus. Our gross margin was about 31.5%, which was a little lower than our internal expectation. There were a couple of transport markets that had temporarily lower margins during Q2. Those have since improved into Q3. You can see that where the mobile health segment's margin has been, where the medical transportation segment's margin has been, and then the amount that was outstanding on the line of credit at that point was $30 million. We have since paid that down. That debt is no longer there. Our total cash, which included restricted cash for our captive insurance company and restricted investments, was about $128.7 million net of the $30 million credit line.
We were at about a $100 million net cash position, and we are at about that same level today. Let's take a little bit of a step back. That's sort of the update. Let's take a little bit of a step back and talk about some of the macro factors that we're dealing with and that we're trying to take advantage of as we go out and build out our business. If you look at the U.S. health care business, and you've all heard about it, nobody spends more money per capita than the U.S. does on health care, but we don't get the outcomes that are better than anybody else. In fact, nowhere close. As a society, as a system, we are not getting the return on investment that you would expect to get from all the expenditures that are being made. It's something that we know.
What is really the issue behind it? If you think about it, if you look at how we spend money today in our health care system, it's primarily treating issues, treating symptoms. We want to spend our money on, or we spend our money on trying to heal the sick, which is a really good idea. We obviously should spend money on healing the sick. The problem is we don't spend nearly enough money on keeping people well. Had we done that, and if we were to do that, then we would end up spending a lot less money down the line on things like chronic disease. What ends up happening is we sort of wait until people get into the system. We wait until they're at a point where they need to be treated, where they're on medication for the rest of their lives.
We're not doing enough on the other side of it. This is the idea behind it. The CDC estimates at about 90%. Almost all of the $4.5 trillion that's spent in health care are for people with chronic diseases and/or mental health conditions. What we're trying to do is we're trying to assist the payers and providers in the hospital systems with getting people before they're at a stage where you're going to end up paying for their chronic issues. We've tailored some solutions to the different segments. Our two key partner segments, and you'll notice what's not here is the municipal segment, the population health segment, which had traditionally been a very large part of our revenue base, but which is ultimately non-recurring. That's why we're not talking about it here. It's not part of our guidance. We'll continue to do those programs.
Essentially, our solutions are tailored to two key partner groups, one of which is the payers and providers. Health plans like Molina, health plans like Anthem, Emblem, and hopefully soon it'll include really all of the major payers that are out there. The services we provide for them is something called Care Gap Closure and some primary care provider services, PCP services. If you're a health plan provider, you will have millions of people on your plan, not all of whom are keeping up with what they're supposed to do. If they're diabetic, they're not necessarily getting their diabetic retinal exams. They're not necessarily checking their blood sugar or the other things like that that they're supposed to be doing on a regular basis.
That becomes a problem for the health plan provider because ultimately those people don't end up getting the care they need until it's already much later in the process. Now you're treating them on a much more acute level and a much more expensive level. Plus, the plans themselves are rated and provided and ultimately reimbursed on the basis of how well they do in making sure that the people that are in their care are having that preventative care taken care of. That's something that we're doing for them. We go to the home. We do what we call Care Gap Closure. Someone has a gap in their care, and we come in and we close that gap by providing that particular service. The other thing we do is the health care system.
Health care systems, and this traditionally has been a big part of our business, health care systems are not really in the business of transporting patients between their facility and home, home and their facility, within their network of one facility to the other facility. This is something that has long been a pain point for the hospital provider. It's something that we partner with them in order to provide so that they can forget about it. We can handle the transportation, the non-emergency patient transport on behalf of the systems. We provide efficient, reliable transportation to them. We do it in many ways.
We try to do it on a lease hour basis where they don't have to worry about on-time compliance or anything of that nature because they will have a dedicated ambulance or several ambulances and the related personnel and equipment that are there to provide the trips whenever it's needed. We also allow them to integrate. We are fully integrated with their electronic systems, with their electronic platforms. They're able to order it directly. It's not like the old days where you would do a little bit of a jump ball. Your receptionist in the hospital starts to dial and you see who can, sort of like ordering a car service back in the day. Who is going to be available to take my patient home when they need to leave?
The interesting thing is the hospitals spend a tremendous amount of time and effort and money on making sure that the patient experience is good because they're rated on that basis. You might have someone that's in your care and you provided A+ service to that person for two weeks, and now it's time for him to go home. All they're going to remember is that they got discharged and they had to wait two hours to get a ride home and whatever other issues came along with it. This is why this is a big pain point for the hospitals. It's something that we provide them to do. We're currently in discussions. One of the things that we do is we go to hospital systems and we say, look, we can do more than just provide the hospital the transport for you. We can be your entire back end.
We can take care of all your patient transportation needs. We can take care of follow-up visits in the home as well to make sure those people don't go back and get readmitted into the hospital. That's a lot of what we do. It's really much more than a matter of simply taking a ride, raising our hands, saying, OK, we can be there when the dispatcher needs it, and we'll get in and take somebody from point A to point B. It's a lot more than that. Let's look at our two segments. We operate and report in two different segments that I've been talking about here before. There's the Mobile Health segment, and then there's the Medical Transport segment. The Mobile Health segment, you have payers and providers that want to expand the access to care that their patients have. How do we get to our patients?
I'm a health plan provider. How do I get my patients to be able to see a doctor without having to leave their home? How do I get them to have more opportunities to see someone? We offer a broad range of Mobile Health solutions. There are a lot of companies that provide health care in the home. Here's how we're different. Number one, we offer a much broader range of health solutions than most of the others do. Most of the others are one-trick ponies. They'll either only draw blood, or they'll come and do an X-ray, or they'll do some other relatively non-acute type of things. We offer about 40 different things, 40 different types of services, 40+ different codes that we're able to offer. It's whatever somebody might need.
It could be something as simple as a vaccination or a test, or it can be a, you know, we do mobile X-ray. It can be something like a blood draw and everything in between. The way we were able to build this program is because we were in the ambulance space. We had a proprietary logistics platform that's able to route people to get the equipment that's needed, to the clinician that's needed, to where it's needed in the right time. It's something that sounds very simple, but it's not. It's actually what we consider a competitive moat for the company, to be able to build out that kind of platform that can get someone to the right place at the right time and to make sure you're matching the clinician with the need.
By using what we've built over the years and what we've invested over $100 million into over time in terms of a routing network that we built out. By using that and layering onto that a Mobile Health business, we've been able to be very efficient. The other thing that's different about what we do is the way in which we staff it, the way in which we deal with it. If you look at it, there are two different categories here you can see in the two different boxes. There's the on-site clinical staff. There's a person that goes into the patient's home, and then there's the remote clinical staff. Many companies that are offering in-home services are simply sending a doctor to the home or a physician's assistant or someone on that level. Those are relatively expensive clinicians, obviously.
You obviously need to have them there as far as oversight. What our model does is we send a lower-cost clinician into the home to do the physical stuff, like a certified medical assistant or an EMT. One thing that we learned from operating an ambulance business for over 10 years is that EMTs are capable of doing quite a bit more than just getting somebody into an ambulance and out of an ambulance and getting them from point A to point B. They can offer a lot of these services. That's someone who's getting paid, you know, maybe $30 an hour or $40 an hour. That's someone who can go into the home, and that person, even if they only do see one person per hour, for example. Then you have remote clinical staff. That's someone who's getting paid more.
Maybe they're getting paid $100 an hour, $120 an hour. They can see several patients because they're sitting in an office, and they're dialing into the different calls that are happening across the network. When you do that, your unit economics work. Our average ticket price, I'll call it, for a home visit is something in the area of $200- $250, $300, depending on the arrangement. By doing it the way that I've described, we're able to generate a really nice margin. Also, as I mentioned earlier, we provide this very broad suite of services to people, whether it's mobile phlebotomy or all the way to urgent care types of needs. If you have someone and it's hard for you to get to the emergency room or anything like that. Plus, we don't want people to go to the emergency room.
It's just not a place where people should go if they can absolutely avoid it. That's something that can be provided within the home setting. The key thing here is that line that shows the value provided to the health plans. Every one of these things that we would offer provides value to the health plan, the underlying health plan. On the mobile phlebotomy side, for example, we're able to have access to bedbound members. There are a lot of members who need blood tests who just are not able to get out of the home. The Care Gap Closure, the fact that we can, you know, we're not a one-size-fits-all. We're not a one-trick pony. We're able to close over 30 gaps in that area is a very big deal.
That leads to higher quality ratings for the plan that actually translates into dollars and cents because that is the basis upon which they will get reimbursed. They're going to make more money, or conversely, they will lose a lot of money if their patients don't have their care gaps closed. We can do that for them. These are the patients that they find it most difficult to reach. We're able to reach out to the patient because they'll give us a list of tens or hundreds of thousands of people. We'll reach out to them. We'll schedule Care Gap Closures. We'll call them up. We'll say, hey, we'll come over. We'll take care of this particular plan. That's something that's offering a tremendous amount of value to those health plans.
Mobile and staff clinics is something that was an outgrowth of what we did on the population health side when it came to COVID testing and vaccination and other types of vaccination, where we take one of our vehicles, we go to a certain housing project, or we go to a neighborhood. We go somewhere. We're there for a day. It's your typical mobile clinic that you see really a lot of. That gives them access to underserved communities and better health outcomes for the people who are just not otherwise going to be vigilant about making sure that they get to their doctor or other clinic or something of that nature. Then primary care physician, which ultimately, you know, the 25%, 25%- 30%, it might even be an understated number of the people that are out there do not have a primary care provider.
One of the things that they typically will do is they will wait until they're ill. They'll wait until they'll have an issue, and they'll take care of it on an urgent basis. They won't necessarily have a primary care provider. These are the services that we can offer as well. Now medical transportation, which was our initial business and continues to be a big part of what we do. We provide non-emergency medical transport either between clinical settings or back and forth to a patient's home, primarily paid by either insurance, Medicare, Medicaid, or the facility itself. One of the things here that we do is that we typically provide what we call a fee for service, which is I'm going to take you from one place to the other.
There's a reimbursement rate for that, depending on the type of trip that it is, depending on who the payer is. Now what we do is we do leased hour contracts. I mentioned earlier, we'll go to a facility. We'll partner with the hospital, and we'll say, we will provide, let's look at your traffic patterns. Let's look at how many trips typically are done. We will provide four ambulances for your facility, standby, essentially, with a couple of EMTs in the ambulance, maybe a paramedic as needed, and all the equipment that's needed. We will do whatever trips you need. You don't have to worry about on-time arrival or anything like that. They're sitting right there in your parking lot. Obviously, we've got some nice logos. If you look at the names or the pictures below, these are some of the major customers that we have.
New York City Health and Hospitals is a big one on the municipal side. They manage 11 hospitals in New York City, very large. The Jefferson System in Pennsylvania has been a joint venture that we've had since 2019, which has really been a good group to work with. You can see some of the larger names that are out there. We are constantly in the process of trying to add more of these large hospital systems. That's really who our target is. We're not marketing ambulance services to individuals. This is not a B2C type of business. It's a B2B type of business or a partnership type of business or a joint venture type of business where we're trying to partner with some of those larger hospitals to essentially be their transportation arm. There are very, very few, maybe no hospital systems that run profitable ambulance businesses.
It's just not the kind of thing that they're incentivized to run in a profitable way. It's just the kind of thing that's always been a very big pain point for them. Now a little bit about the tech. I know it's always a little dangerous when the CFO is talking about tech because to me, tech is still about the cost and how much of it can be capitalized. The reality is that it's something that we're very proud of. If you look at it, you get a picture here. It looks a lot like your type of Uber interface or Google Maps interface. One of the big things that we've done is by being able to integrate this with Epic, which is one of the leading EHRs, or with AthenaHealth, also with the leading electronic health records platforms. It's a good patient-facing app.
You don't need to be a programmer to use it. This is what you see towards the bottom here, those pictures on the bottom. That's what the user, the person who's ordering the trip, it could be the nurse or the discharge person at a hospital, is seeing. They're also seeing where it's located. It's able to take into account, it's a pretty basic algorithm, it's able to take into account how far away something is, how long it'll take for that particular vehicle to get there. It'll also make sure that we're not overstaffing it. What I mean is that you'll have certain ambulances that are made for what they call advanced life-saving trips. You'll have one EMT and one paramedic on there. A paramedic's making a lot more money per hour than an EMT.
I don't want to send a paramedic, and I don't want to send that more expensive ambulance to do a basic, a BLS, a basic life-saving trip. That's also some of the things that we take into account. It's not just for efficiency, but it's also for the stuff that I see and that Mike sees that the patient won't see, which is, are we doing it in an efficient way economically? A big part of our story as we make up for the decline in the migrant revenue, obviously, is the growth of our core business, which we showed earlier. Here are some of the metrics. I just want to show you what things have looked like in the past three years, what we think they'll be in 2025 and 2026. Medical transportation trips continue to increase at a pretty rapid pace, about 8% between 2023 and 2026.
I should point out that is a number that includes the fact that there are two or three markets that we have pruned. There are a couple of markets. Colorado market, for example, was a solid transportation market for us, but it was never going to get the scale that we demanded it. We turned that market down. If you pull out the markets that we pruned that were there in 2023 and 2024, they're no longer there. That CAGR is not an 8% CAGR. It's probably in the low double digits, maybe 12% or 13%. Also, the next one is patients that are assigned for Care Gap Closure. I had said we partner with these medical plans, and they had these health plans, and they have a bunch of patients.
They'll give us a list of patients, and they say, OK, here's a list of tens of thousands of patients that we need you to try to address, try to get those care gaps closed for them, try to schedule those appointments for them. Originally, when we were starting out, 75,000 of those patients in 2023. That number, as you can see, has increased very dramatically. It'll be over 1 million patients next year. That's a million names from whom that's a list from whom we were able to generate visits. In terms of the number of Care Gap visits completed, we barely scratched the surface in 2023 towards the end of the year. 2024 also was very light. That number is projected to triple this year and then to nearly double in 2026, growing, obviously, at a very, very rapid pace.
We're starting to do a little bit of the primary care physician visit. That's a little bit of a difficult upsell, but that is, to us, the goal. When you look at the lifetime value of a patient, that's when you really start to get some big numbers. We bought a mobile phlebotomy business, and that business is expected to grow very dramatically from 2025- 2026 when we're able to layer on those patients assigned for Care Gap Closure. I think a lot of them need mobile phlebotomy visits, and we're going to be able to execute a lot more of those. There's a lot of growth coming. I don't want to spend too much time talking about management team. I'm not going to talk about myself. I'll let the tabloids and Page Six and the New York Post do that.
On a very serious note, a very big step forward that we took was about 10 months ago, we added Dr. Stephen Klasko as our Chairman of the Board. One of the things that I think was a, I don't want to say a weakness of the company, but one area that we really needed improvement was having someone who really had a certain amount of health care background and gravitas as part of our board. Dr. Klasko obviously provides that in spades. He's run a couple of hospital systems. He's involved on the private equity side as well in that space. He is someone who has opened up a lot of doors for us. Considering that a big part of our idea is to partner with health plans and to partner with hospital systems, obviously having someone like him on board is going to only help accelerate that.
OK, a benefit that we have, and there are many others that are trying to offer this particular service, but very few, if any, that have the vertical integration that we have. We have the technology part. We have the staff. We have the staff already on hand because they're doing the medical transport. They can also do mobile health. We have a laboratory license. We have a clinical practice group so that we can indirectly employ medical practitioners. Obviously, we're credentialed on the Medicare and Medicaid side, and we know how to get people credentialed. If you were to decide that you wanted to start this type of business today, you would have to do all those things. You'd have to put together a fleet of vehicles. You'd have to have a routing platform.
We like to think that we're in a position where the barriers to entry to doing what we're doing, even in a market where the addressable market is growing and is very large, we would like to think that the barriers to entry are very high. This is finally just a little bit of an exercise that we like to do in terms of our ability to offer comprehensive care. You can see one of the things that one of the areas, without getting into every one of the boxes in this matrix, the central ordering for transport and mobile health, the fact that you can go to one place and you can order whatever kind of trip that you need, whatever you need, and it's a proprietary platform, that's something that sort of sets us apart from that group.
The ability to do medical transport is something also that doesn't happen very much across the board. You can see in some areas, there are a lot of companies that have some of these things, and not all those companies, and really none of them that can do all the things that we can do. Having said that, we are constantly on the lookout for companies that are doing things that can help us fill in some of the blanks in the portfolio. If I had to look ahead and estimate, we will probably continue to do M&A in this particular area. The M&A that we're going to do going forward is not going to be a matter of buying revenue, and it's not going to be a matter necessarily of doing a tuck-in ambulance acquisition.
It would probably be something that allows us to fill in some more of the blanks in this particular box because there are companies that handle a good part of some of this continuum, some of this matrix that can definitely help us do what we do even better. If we're going to try to position ourselves as a growth company, what are the factors that are actually going to help us grow? Number one, we have these legacy customers. Legacy has a little bit of a negative connotation, but here it's meant to be these are recurring customers, strong relationships with large health plans. We're focused on reducing hospitalization. We're getting involved in the payer programs and virtual care management. We have a robust pipeline of opportunities.
As I alluded to, we have an M&A channel that will allow us to both expand our customer set and our capability set. What are the key takeaways? We don't get a lot of time, really, to go through everything here. If I wanted to sort of put it in a nutshell or summarize it, here's the way I look at the company. I put the first one up there because I have the floor, and I come from the finance side. To me, this is where things sort of start. Strong balance sheet to support the continued growth. The balance sheet is not just a set of numbers that happens to come together. It is managed. It is strategic. It has a purpose. We need to go into this particular market, which is a somewhat fragmented market. We need to go in there with a war chest.
That's what we've been able to build. We have a defendable competitive technology advantage and vertical integration. Very few, if any, have the vertical integration that we have or the technology platform that we have. We have a unique value proposition to health care systems and the payers and providers. That's something that we approach from the standpoint of, here's what we can do for you. Here's your pain point. Here's your problem that we can solve. We're building a recurring revenue base with very attractive customers. We threw this one in here, a mission-driven company with what really is a world-class management team. There's a really tremendous group of people who manage this company, who come from all different areas. We're not all health care people. Many of us are not health care people at all, myself included.
We just have people who are good at managing, good at logistics, good at managing the financial end of things. Here's our point. We want to be able to provide care where the patient wants to be seen. I really appreciate everybody coming out. We've got a couple of minutes for questions. Mike and I will be here the rest of the day as well. If you want to follow up with us, you can do that as well. I guess we have about three minutes left. Let's throw it out for any questions that anybody may have. Hey, Bill.
Relative to the transportation segment, what proportion of that revenue is ambulance as we would think of it?
There's lights and sirens and whether it be an automobile accident or whatever versus someone going just between facilities, making a phone call, I need to go to the doctor, these sort of non-lights and sirens ambulance sort of activities.
You're talking about within our revenue base? The predominant majority of what we do, not all of it, but the predominant majority of what we do is what we call the non-emergency medical transport, which is taking somebody from the hospital or from the doctor's office home or the other way around, or from one facility to another facility or to a nursing home or back and forth. That's the predominant majority of what we do. The reason it's not 100% of what we do is that we do have here and there, we have a couple of emergency 911 type arrangements with municipalities. We try to avoid it.
The reason we try to avoid it is it's not great business. The reimbursement rates are very low. You often don't get paid. Collections are not great. It's just really something that we try to avoid. The only time we do it is when we have an arrangement with a municipality where we're paid what they call a stipend. We're paid a monthly fee. Dover, Delaware will tell us, we will pay you X dollars per month to be the back end of our 911. They'll have their 911 system. You're going to be the ones who do those actual emergency trips. There is something that compensates us based on the number of trips that we do. We're paid a monthly fee for being able to offer that. We sort of know that we're not going to lose money. That's when we'll do it. Otherwise, we won't.
We've had a couple of situations where we bought companies that had a little bit of a 911 part of the business, and frankly, we couldn't get out of it fast enough.
One question. Would you please go back to the slide that shows number of visits? 2023, 2024, and 2025.
Yeah.
If I go back to 2023, making patients assigned for Care Gap and then the Care Gap Closure visits completed, it's roughly 10%. If we roll it on forward to this year, it's not even close to that 10% number. Is there something that's changed over that time horizon to a different patient set, or is this a Care Gap maturation?
Yeah. No, I think the thing that changes at that initial set of 75,000 was a lot more, I hate to put it in sales terms, but think of it as either a warm lead versus a cold lead versus a hot lead. So those 75,000 was a group where we were basically asked to schedule visits with patients who were already a little bit down the road with the insurer. We were just sort of coming in and closing. It's not a really good proxy. I mean, a 10% conversion rate would be great. It's not something that we assume. We assume, you know, we shoot for something closer to like a 5% conversion rate. In 2024, you didn't see it. Part of the thing is that this is also looking at an appointed time. In 2024, there are 500,000 patients that are assigned, 10,000 trips that are done.
It's a little bit of an apples and oranges comparison because the 500,000 was at year-end. Over the period of the year, we typically get these lives assigned to us towards the latter part of the year. It's not that we started with a list of 500,000 out of which we were able to generate 10,000 trips. It's a little bit misleading there. Our conversion rate, I mean, we would hope over time that we're able to maybe convert 5%- 10% into visits. OK, again, thanks everybody for coming out and listening. Mike and I will be around the rest of the day and look forward to catching up with anybody. Thank you very much.