All right, thanks everybody for joining us. I'm Charles Rhyee. I'm the healthcare facilities and services analyst here at TD Cowen. Welcome everybody to the first day. Very excited here to introduce DocGo. DocGo is a leading provider of technology-enabled mobile healthcare and medical transport services. They work with some of the largest health systems in the U.S. and the U.K., and leading national insurance payers to deliver high quality, high accessible healthcare to everybody and bring those capabilities of a doctor's office into the patient living room. Pleased to have our DocGo's CEO, Lee Bienstock here. He's gonna share the company's story. He's gonna talk about why their vision of delivering proactive healthcare at any address positions DocGo for a bright future in the rapidly changing healthcare landscape. Lee, go ahead.
Awesome. Good morning, everybody. Thank you, Rhyee. It's great to be here with you. My name is Lee Bienstock. I'm the CEO of DocGo. Essentially the way to think about us, we bring healthcare to where it's needed, when it's needed. We run a fleet of medical transportation, ambulances, and mobile healthcare vehicles, and we bring care to where patients are when they need it. We are one of the country's leading providers of mobile healthcare. We are one of the nation's largest medical transportation providers, everything we do is underpinned by our technology stack. This idea where the doctor used to come visit you in your home, it's an old idea, but it was incredibly inefficient, and so we use technology to bring that experience back because at the end of the day, patients really do want to be at home.
They don't wanna be in an emergency room unless they absolutely need to be. They don't wanna be in a waiting room with other patients that are sick. They'd rather be at home. We use technology to be incredibly efficient in the field, but also bring the capabilities of a doctor's office to your living room, and that's essentially what we built, and I'm gonna share a lot more about it with you today. The way to think about us, I mentioned medical transportation. In 2025, we conducted over 700,000 patient transports. We also went to visit patients in the home 150,000 times, and we remotely monitor about 55,000 patients. In addition to that, we also have a virtual platform where we do telehealth, which we conducted over 1 million visits last year.
We're operating at great scale. There's very few companies out there doing what we're doing at the scale we're doing it at, and all of it is enabled by our fleet of mobile vehicles. We have almost 1,000 vehicles out in the field providing care each and every day, powered by over 3,000 clinical staff that work at the company. Patients absolutely love it. Turns out when you meet the customer, in our case, the patient, where they are, that's usually a recipe for success in any industry when you can deliver something to them. That's what we do. They love it. Our patient Net Promoter Score is over 92, which is frankly unheard of in the space. Since we started, we've served over 10 million patients. Again, we have significant scale.
We've been working at this for about 10 years now, going and delivering care to where patients are. We have world-class customers, which I'll go into. Our customers tend to be the hospital systems, very large hospital systems, which you see their logos up here, Northwell, Jefferson, Mount Sinai, Main Line Health, and then major insurance companies, Molina, L.A. Care, Anthem, and so forth. They are the ones that identify the patients that need our services for us. We don't do any advertising. We don't do any direct to consumer, direct to patient advertising. All of our hospital partners, all of our insurance partners direct the patients to us that are in need of our services. That's a very, very key aspect of what we do. The business has been on a really great trajectory. You may say, Lee, what gives?
You know, what's, where's the rub, right? If you know our story, we, over the last 5 years or so, have had significant government contracts in providing COVID testing and vaccinations, as well as providing healthcare to the migrants and asylum seekers that were arriving in New York City that were getting bussed up from southern states. That's the gray bars that you see here. Huge infusion of revenue from those projects. All the while, we've been growing our medical transportation and mobile health business organically and through M&A very, very consistently year in and year out.
For next year, sorry, for 2026, on our last earnings call of the year last year, we guided revenue for 2026 for this year to be between $280 million and $300 million of revenue, and none of that includes any revenue relating to asylum seekers or migrants or COVID or anything of that nature. It's all the base business delivering care to where patients are, medical transportation, and so forth. On our last earnings call, we're gonna have our next earnings call coming up here in a bit. On our last earnings call in November of last year, we shared that Q3 we had quarterly revenue of about $71 million of revenue, and that broke out basically $50 million on medical transportation, $20 million on the mobile health segment. The company doesn't have any outstanding debt.
We had a line of credit with Citibank, which we paid down to 0, and we had about $95 million of cash on hand on the balance sheet as of the end of Q3 of last year. Really important to note out, we did guide to $280 -$300 million for this year in revenue with an adjusted EBITDA loss of -$15 to -$25 million. We do expect to exit this year at a break-even profitable run rate. Very important to call that out. We also shared on the call our business units and all of our service offerings were operating at record volume levels. Record volume levels. Our services, medical transportation, patient monitoring, care in the home, virtual care, we've never had more volume than we did at the end of Q3.
We've never had more volume than we have right now. Everything is up and to the right on the volume side, the patients absolutely love it, the customers love it, the business is on a really great trajectory. This is what we solve. It's sad to say, this country is sick and getting sicker and getting older. About 160 million Americans have at least one chronic condition. About less than half of Americans have a consistent primary care provider. It costs $3 million to bring a new hospital bed online in this country. The infrastructure we have is just not good enough for the need, and that's where we come in. That's the real pain point that we're solving. Our goal is to keep patients out of the hospital.
You say to yourself, "Lee, how do you have hospital customers when you're trying to keep the patients out of the hospital?" The whole idea is you should be in the hospital or in the emergency room when you need to be. I think we all have an experience where we've taken a loved one or a child or yourself to the emergency room, and then you found out you didn't really need to go to the emergency room, right? That's the problem we're trying to solve. Of course, if it's a life or death emergency, that's exactly where you should be, in the emergency room. Too often you have patients that are bouncing back to the emergency department every other month, every month.
We have patients that we've been referred to by our insurance partners that are literally in the hospital, in the emergency room 5, 6, 7 times a year. Pretty much every other month. It's very expensive when a patient is in the hospital. This company definitely doesn't want you in the hospital. The patient certainly doesn't wanna be in the hospital, even the hospital only wants you there if you actually need to be there. That's kind of the confluence of great incentives that we have. Everybody is winning with us. We're helping keep patients out of the hospital. Patients are happy. The hospital systems are happy. 'Cause again, they only want the patients that need to be there, the insurance company might be the happiest of them all 'cause they're paying for it.
That's what we're trying to solve with our proactive mobile healthcare delivery, and it's very effective. I'll talk a little bit about mobile health, and then I'll dive into medical transportation as well. As I mentioned, our value proposition is we increase access to care for patients that don't have great access, have accessibility issues, have mobility issues, have childcare issues, and we bring care to them. The insurance companies identify these patients that have open gaps in care, and they give us these lists of patients. To date, we've been provided over 1 million patients that need our services from our insurance company partners. Okay. They give us these lists of patients. You see the customers here, Molina, Health First, and the Empire Health Plan, L.A. Care. They give us lists and lists of patients.
Let's say a patient that has osteoporosis needs a bone density scan. That's their care gap closure. No matter how hard the insurance company has tried, they have not been successful getting the patient into the clinic to get the bone density scan. What we do alongside the payer, insurance company, we'll engage that patient and set up a visit in their home. When you go to a patient's home, very deep insights and valuable moments happen. I mentioned that osteoporosis patient. When we do that bone density scan in the home, it's the same bone density scan that gets done in a doctor's office. When we're in the home, and we see the patient that has osteoporosis that's at risk of falling and breaking a bone, we get to see that there's loose carpeting all over their apartment.
We get to see that the pavement outside their home is cracked. We get to see that their bedroom is on the third floor or in the basement. We get a chance to see a lot more of the social aspects of a patient's health needs. That is very valuable when you wanna move into a value-based, pay-for-performance, pay-for-outcomes-based healthcare system, which is what CMS, Medicare, Medicaid, the government, the insurance companies are all pushing towards, is to pay not just for every time you do a test, you get paid as a physician, but you actually get paid the fewer tests that you need to do. You get paid the healthier the patient is, not the sicker the patient is. That's where everybody's trying to drive this healthcare system to. We are, like, right in the middle of that.
Right in the middle of that. We get a chance to see the social aspects of a patient's health. We get a chance to go to patients that don't have good access, that are costing the health system a ton of money. They're bouncing back to the emergency room, and we're there to go and provide preventative care in the home. Everybody wins. Everybody wins. We do. We do over 40 different care gaps in the home. diabetic A1C, retinal scans, annual wellness visits, vaccines, which is very hard to do in a mobile fashion. Again, pediatric well-child visits. We have a list of over 40 different things.
We're basically investing in bringing the capabilities of a doctor's office into your living room, that's where the investment and the EBITDA loss is going into, is building this out, which we think is gonna be very, very valuable. We exit the year on a profitable run rate. Here's how we do it. The doctor can't come to your house. There's too much drive time. There's too much set-up time. Think about it when you go and see a doctor in the office. There's support staff that usher you in, get you checked in, they bring you into the waiting room, then they bring you into the exam room, then a nurse may see you, then the doctor comes in for 45 seconds, jots down a few notes, and gets out of there, right?
That efficiency. We don't do it like that, but that efficiency is we have to find a way to create that sort of efficiency in a mobile setting. What we do is we send the LPN, a licensed practical nurse, going home to home, or a mobile phlebotomist or a medical assistant. These are the clinicians that frankly, there are many of these clinicians available, and they're not as expensive as the MDs and the nurse practitioners and the physician assistants. What we do is we equip that licensed practical nurse that's in the home with a suite of diagnostics to be able to transmit to a advanced provider all of the readings, all of the diagnostics so that the advanced provider that's remote can treatment plan, diagnose, prescribe, and so forth.
We pair that with our tech stack, which is very powerful. This is how we do what we do. The remote clinician is telehealthing in, beaming in visit after visit, right. Because there's not enough of them, so we're being super efficient with them, and they're beaming in, and they're treatment planning and prescribing, and they're directing the hands, eyes and ears in the home to take a swab, to take a blood sample, to look inside the ear, nose and throat. All of that is happening in real time so we can be incredibly efficient. In order to supercharge this, we acquired a company in October called SteadyMD that has hundreds and hundreds of advanced providers, that has a very large clinical network.
I mentioned they did $1 million telehealth visits last year, $2 million lab orders, and they are the ones that are overlaying that advanced provider network on top of our clinicians in the field. In addition, the business is a great business. It did over $25 million of revenue last year that got added to our company. It's gonna be EBITDA positive this year. Again, doing great scale. These are all the services we do in the home. You can check, really building a platform that's able to deliver care in the home, phlebotomy, care gap closure, primary care, transitional care management, all of that in the home so that we can make sure that the patients don't bounce back to the emergency room.
One of our insurance partners is giving us patients that have LACE scores, length of stay, acuity, chronic condition, episodic scores out of 1 to 10. They give us an average of 9.2. Those are the scores they're giving us. Patients that are quite sick. We've been able to reduce their hospital readmissions by 60% with the cohort that work with us. We're being very successful helping those patients stay out of the hospital. That's the mobile health side. This is the medical transportation side. Again, we operate a fleet of hundreds and hundreds of ambulances. We work directly with name brand hospital systems. We're the enterprise medical transportation provider.
Last year, as I mentioned, we did 700,000 medical transports for name brand hospital systems like the ones you see up here, HCA, Jefferson, New York City Health and Hospitals, Main Line Health, Bayhealth, all customers of ours. We come in and we manage their entire transportation system. Why does that matter? Why do they care? Because when a patient has to stay overnight for an extra night that the patient doesn't need to, the hospital's not getting reimbursed for that. The hospital bed is staying occupied, a hospital bed that's needed for the next patient. The patient flow is something very important for hospital systems, and transportation is the number 1 element of that. We work directly with the hospital systems to prioritize which patients need to get moved when.
They have capacity, they have guaranteed capacity from us, where they know that when they call us, we're gonna be there, and we're gonna optimize their patient flow, and that bed is gonna get freed up for the next patient. It's very important to the hospital systems, and that's why we've been able to grow the business. This business will do over $200 million of revenue for us this year. How do we do it? We basically built a tech platform that feels very much like the consumer platforms you know today. The discharge nurse directly from the patient's chart in Epic clicks a button, and they can see exactly when the ambulance is gonna arrive to pick up that patient.
We've built essentially an Uber-like experience for hospital systems where we've calculated millions and millions of estimated time of arrival, where hospital systems know when we're gonna arrive. Before this, what used to happen is a discharge nurse would pick up the phone, call the first ambulance company and say, "Hey, could you come pick up a patient?" "Okay, we'll be there in an hour." They just wait. They don't know if it's gonna be an hour and ten minutes, it's gonna be fifty minutes. "Oh, can you pick up this patient?" "Oh, they're uninsured. They have Medicaid." "Oh, sorry, we're super busy right now. We don't have any ambulances at all." Right? We solve that. We give them guaranteed capacity through the way we've contracted with the hospital systems. Directly from a patient's chart, they know when we're gonna arrive.
Housekeeping knows exactly when to come and make that bed up for the next patient. Intake knows exactly when that bed is freed up for the next patient. Discharge knows exactly when to get the patient ready, when we're gonna arrive. All that magical symphony within a hospital, it's so important, is enabled by our tech platform. How did we get it integrated with Epic? Well, one of our big partners, Jefferson, who was one of Epic's biggest customers, helped us liaise with Epic and get it integrated, which is a very key component of what we do. Very defensible. I mentioned all of our metrics. These are some of the things we track at the company. These are our success metrics. How many patients get assigned to us?
I mentioned that our insurance partners have given us over 1 million patients that are in need of these services. It's growing incredibly fast. We've grown our care gap visits. From 2024 to 2025, we increased the number of patients we're seeing in the home by 300%. That's how quickly it's growing. On the phlebotomy side, again, we're growing over 20%, and on the virtual care side, we're growing over 74%. Again, these are the metrics we track, how many patients we're able to serve, how much scale we're getting, the demand for our services, and we're very, very energized by what we're seeing here.
We have a great team. I always feel a little awkward talking about myself, but we have a really great team. Some of you may know Dr. Klasko, he's the former CEO of the Jefferson Health. I spent, you know, over a decade at Google on the tech side. Norm and Steve are great members of our leadership team. Steve is actually a pretty interesting guy. He's a firefighter, a nurse, a lawyer. I'm sure I'm forgetting something else, he'll remind me when I get back to the office. Just a really great person.
Has a paramedic background, a nurse background, a volunteer firefighter. Just a really great embodiment of our culture of really eat, sleeping, and breathing what we do at the company. Our vertical integration is a key aspect of what we do. Like, in order to deliver medical care, you have to actually have a physician's practice to do that.
We have our own licensure. We have our own fleet. We have our own tech stack. We have our own lab license. We have our own clinical practice group. We have our own managed care credentials. All of this is put in a way where the patient is getting a seamless experience from our medical group. It's not easy to do this. It is not easy to do this. We spent the last decade, certainly over the last three to five years, putting all these components together to be able to deliver the experience of a doctor's office in a patient's home. We think we stack up really well to the competition. This is one of my favorite slides.
I'm rooting for all these folks, to do well after us. Essentially the suite of services we provide, the ability to provide care anywhere you are, whether it be in person with you in the home, whether it be to take you to the next setting of care through medical transportation, what to do virtual care, Remote Monitoring, vaccinations in the home. There's really nobody else out there that's doing it in the way that we are. There are lots of people doing components of it. Again, it's a big, big space. There's gonna be a lot of winners. Really there's nobody out there doing all the services we are and the way we're doing it. You have people doing telehealth. You can't give someone a vaccine through a Zoom meeting.
There are people doing medical transportation, but they're not doing Remote Patient Monitoring, so they drop off a patient at the next setting, they don't know what's happening with that patient after they've been dropped off. There are people that are going into the home but don't have the other components of it, so we really feel like this scale that we've been building is very, very valuable if you wanna deliver care to where patients are. Every other industry has figured out a way to deliver their goods and services to where the customer is, except for healthcare, the biggest market of them all. That's really what we're building and the opportunity we're going after. Here's how we're gonna grow. I think frankly we're only scratching the surface. I showed you all the logos of the hospitals and the insurance partners.
I think we have a lot of opportunity to grow within those customer sets. As an example, one of our insurance partners, we launched in California, they asked us to scale to New Mexico, we just recently are signed the deal to go to Kentucky. The insurance, the national insurance providers can take us from state to state, expand with us, grow with us. The hospital customers that are buying medical transportation from us can buy patient monitoring, can buy virtual care. There's a lot of cross-selling that we could be doing to the customers we have. We have a really robust business. Here's the key takeaway. We really have a defensible, competitive technology advantage. We are really providing a unique value proposition to the healthcare space.
We're building a recurring revenue base. That slide that I shared with the COVID and migrant revenue is important to me because that all has the base business growth in it, and you can see how we've been building that business. We're really in a mission-driven company. Every day that goes by, we get a message from a patient or an insurance provider that we saved them from going to the hospital or a near-death incident, and that energizes us greatly. We really view the living room is just so much better than the waiting room, and that's what we're building out. Thank you so much. Ryan, may we have a few questions?
Yeah. Thank you. That was fantastic. You said something that caught my ear that I think is kind of an incredible stat. You said, I believe, 50% or less of the U.S. public doesn't have a dedicated primary care physician. The question is sort of why? Is that just access? Is it where they live? Is it not enough physicians? Sort of what's driving that and maybe I mean, you sort of laid out how you step in, but maybe how do you really kinda get them to maybe have a more permanent PCP?
Yeah. you know, first off, one in four Americans doesn't have a PCP provider. less than 50% have seen the same provider for the course of five years. It's really hard to do longitudinal care if you're not seeing the same provider, right? you're like seeing a new doctor every other year. They don't know your health history as well. They don't have that relationship. They don't have that trust. Then again, a quarter of Americans don't even have a primary care provider. The other piece is, the first primary care visit for a patient saves the health system $4,000. Primary care is incredibly important. Preventative care is incredibly important, and we're doing a really bad job of it as a country. I think, Rhyee, it's all the things you mentioned.
It's, there aren't enough of them, so we have to use technology to get more out of the ones we have. I think that, you have, basically a lot of people changing insurance plans, and who's covered in their insurance plans is playing into it. The dirty truth of value-based care is the reward comes years later. You wanna be incentivized to make a patient healthier, but the insurance company may only have that member for two years. Now they're gonna invest, now they're gonna go and see the patient, now they're gonna go envelop them with care. Then they're gonna be healthier, but they're gonna be healthier for the next insurance company that sees them. That's the problem with value-based care right now, no one's talking about it.
In order to get the benefit of healthier outcomes, you need to have a wider timeframe to look at things. You can't impact someone's health so profoundly within a few months, or they're with your insurance plan for one year and then they move employers and they go to the next insurance plan. Now that insurance plan benefits from all the work the insurance plan that came before them. That's the major issue right now. No one's talking about that in value-based care. I think it's all the above, Rhyee, and I think that we have to get more out of the physicians we have, has to happen with technology, that's the only way, and preventative care has to be rewarded a lot more than what it is right now on a longer time horizon.
On that point with technology, you know, you obviously talked about your tech stack. You know, how does your platform maybe differ from some of your competitors, and maybe where does that competitive advantage come from?
Yeah, so first off, our tech platform, here's another kind of trend we see. There are so many people selling software to hospital systems, and there are so many people selling tech solutions, but now the hospital system or the insurance company is left to figure out how to implement it themselves. We've heard a lot. I spent a lot of time with hospital executives. I spent a lot of time with insurance executives, and they're just like, "If I have to see another person trying to sell me another piece of software..." By the way, everybody always asks, "Well, Epic can just do that eventually." Right? Our strategy is fundamentally different.
We make our own software that we use for our own operations, for our own boots on the ground, for our own clinicians, for our own crews in the field. We know what the software needs to do because we're the ones in the field using it. That insight makes us so much smarter than somebody just trying to build software. If you're just trying to build software, you have to go meet with an EMS company or a provider group and say, "What features do you want?" We already know what features we need, 'cause we're the ones delivering care in the home. That's the first piece. The second piece is, we know very specifically our software is designed to make us maximally efficient in the field.
Again, the scarce resource is the advanced provider, the scarce resource is the ambulance, and we need to be able to get as much utilization and as much efficiency out of those resources as we possibly can, and that's what our tech stack is designed to do. It's purpose-built specifically for this, and we use it ourselves. The hospital systems love it for all the reasons I mentioned. It's integrated with Epic. It gives them full transparency into when we're gonna be arriving. The patients love it, right? Like, whenever you deliver care or you deliver any service, you have, like, the cable guy problem. You know, when I was, when we were all kids, the cable guy would say, "I'll be there between 10:00 and 6:00 PM," and you're literally just waiting at home waiting for them to arrive. We don't do that.
We give you a very discreet window. Directly on your phone you can see exactly when we're arriving. The patients love it. The hospitals love it. Our crews love it, 'cause it makes them be super efficient. The right clinician with the right vehicle, with the right licensure, with the right patient need, all optimized in a way that they can have a really productive day in the field. That's the way you have to operate as a provider in this space if you wanna be able to deliver mobile care.
May be hard to squeeze in 45 seconds.
Yeah
What's the biggest opportunity for DocGo over the next, call it, three to five years?
I think the biggest opportunity is continuing to do what we're doing. I think we've really kind of evolved the company in a way where we know exactly what our product roadmap needs to be. We know exactly what our value prop is. For me, I think we have to continue to scale our medical transportation business. That's the bread and butter of the company. The hospital systems absolutely love it. While we're already working with those hospital systems, we can provide them with the virtual care and the care delivery. Ultimately, I think you mentioned 5 years, we're being very thoughtful about this, but there probably will be nobody better in a value-based world to be able to take on that value-based arrangement than us. We're in the home of the patient. We're quarterbacking their care.
We're remotely monitoring them when we're not with them. We're quarterbacking basically their primary care services, and we have deep insight into their social elements of health by being in their home. We think that we can deliver great value-based care. The industry needs to continue to move in that direction. CMS is pushing that. CMS just launched a program called the Access program, where they're rewarding people like us for better outcomes. That needs to continue to be a trend in the industry, and then we're gonna be perfectly situated to facilitate that and to take advantage of that.
That's great. Well, thanks for being here, and thanks, everybody, and enjoy the rest of the conference.
Thank you so much. Appreciate it.