DocGo Inc. (DCGO): Lienzo del Modelo de Negocio [Actualizado en Ene-2025]

En el panorama en rápida evolución de la tecnología de la salud, Docgo Inc. (DCGO) surge como una fuerza revolucionaria, transformando los servicios médicos tradicionales a través de soluciones innovadoras de atención médica móviles. Al combinar sin problemas la tecnología avanzada con capacidades de diagnóstico y transporte médico a pedido, DocGo está redefiniendo la accesibilidad y la conveniencia en la prestación de atención médica. Su modelo de negocio único aprovecha los vehículos médicos móviles de vanguardia, las plataformas de telemedicina y las asociaciones estratégicas para proporcionar servicios integrales de atención médica que descomponen las barreras geográficas y logísticas, lo que hace que la atención médica de calidad sea más receptiva y centrada en el paciente que nunca.

Docgo Inc. (DCGO) - Modelo de negocio: asociaciones clave

Proveedores de atención médica y hospitales

A partir del cuarto trimestre de 2023, Docgo informó asociaciones con 47 sistemas de salud en 12 estados. Los servicios médicos móviles de la compañía generaron $ 193.4 millones en ingresos de las colaboraciones de proveedores de atención médica.

Tipo de socio	Número de asociaciones	Valor anual del contrato
Redes hospitalarias	27	$ 86.2 millones
Centros de salud comunitarios	15	$ 42.7 millones
Proveedores de atención especializada	5	$ 64.5 millones

Compañías de seguros

Docgo ha establecido acuerdos de reembolso con 23 proveedores de seguros, que cubren aproximadamente 8,4 millones de vidas.

• Los principales socios de seguros incluyen Anthem, Cigna y UnitedHealthcare
• Tasa de reembolso promedio: 89.6% de los costos de servicio médico móvil
• Valor total del contrato del seguro: $ 127.3 millones en 2023

Proveedores de tecnología

Docgo invirtió $ 14.2 millones en asociaciones tecnológicas para plataformas de salud móviles y equipos de diagnóstico en 2023.

Socio tecnológico	Enfoque tecnológico	Valor de contrato
Salud de teladoc	Integración de telesalud	$ 5.6 millones
Philips Healthcare	Equipo de diagnóstico	$ 6.3 millones
Servicios en la nube de Microsoft	Infraestructura en la nube	$ 2.3 millones

Servicios médicos de emergencia y gobiernos municipales

Docgo aseguró contratos con 19 gobiernos municipales para servicios médicos de emergencia, por un total de $ 78.6 millones en valor anual del contrato.

Socios de transporte y logística

La compañía mantiene asociaciones con 12 proveedores de transporte y logística, apoyando las operaciones de la unidad médica móvil en 15 estados.

Socio de logística	Tipo de servicio	Valor de asociación anual
Logistics Solutions Inc.	Mantenimiento del vehículo	$ 3.7 millones
Transporte médico nacional	Implementación de la unidad móvil	$ 5.2 millones
Gestión de la flota regional	Adquisición de vehículos	$ 2.9 millones

Docgo Inc. (DCGO) - Modelo de negocio: actividades clave

Proporcionar servicios de diagnóstico y transporte médico móvil

En el tercer trimestre de 2023, Docgo reportó 576,000 viajes de transporte médico total completados, con un 54% de servicios de transporte médico que no son de emergencia.

Categoría de servicio	Total de viajes Q3 2023	Ingresos generados
Transporte médico de emergencia	264,960 viajes	$ 18.3 millones
Transporte médico no emergente	311,040 viajes	$ 22.7 millones

Flota operativa de vehículos médicos para la prestación de atención médica en el sitio

Docgo mantiene una flota de 455 vehículos médicos especializados en múltiples estados.

• 298 unidades médicas móviles
• 157 vehículos de respuesta a emergencias

Desarrollar y mantener plataformas de telemedicina y salud digital

En 2023, Docgo invirtió $ 4.2 millones en desarrollo de plataformas de salud digital.

Característica de la plataforma	Compromiso de usuario
Consultas de telemedicina	127,500 consultas virtuales en el tercer trimestre de 2023
Gestión de pacientes digitales	86,300 usuarios activos

Realización de exámenes médicos y pruebas de diagnóstico

Docgo realizó 215,000 exámenes médicos en 2023, generando $ 41.6 millones en ingresos relacionados.

• Prueba de Covid-19: 89,000 pruebas
• Generaciones generales de salud: 126,000 proyecciones

Gestión de transporte médico de emergencia y no emergencia

Ingresos totales de transporte médico en 2023: $ 172.5 millones

Tipo de transporte	Ingresos anuales	Cuota de mercado
Transporte de emergencia	$ 87.3 millones	50.6%
Transporte de no emergencia	$ 85.2 millones	49.4%

Docgo Inc. (DCGO) - Modelo de negocio: recursos clave

Vehículos médicos móviles avanzados y equipos de diagnóstico

A partir del cuarto trimestre de 2023, Docgo opera 142 vehículos médicos móviles. Valor total de la flota estimado en $ 24.3 millones.

Tipo de vehículo	Cantidad	Valor estimado
Unidades médicas móviles	142	$ 24.3 millones
Equipo de diagnóstico	287 unidades	$ 8.6 millones

Profesionales médicos capacitados y técnicos de salud

Docgo emplea a 3.412 profesionales médicos a diciembre de 2023.

• Médicos: 712
• Enfermeras: 1.248
• Paramédicos: 892
• Técnicos de apoyo: 560

Tecnología de salud digital e infraestructura de telemedicina

Inversión en infraestructura tecnológica: $ 6.2 millones en 2023.

Componente tecnológico	Inversión
Plataformas de telemedicina	$ 2.7 millones
Software de salud digital	$ 3.5 millones

Contratos estratégicos con redes de atención médica

Contratos de red de salud activos totales: 47 a diciembre de 2023.

• Sistemas hospitalarios: 18 contratos
• Departamentos de salud municipales: 12 contratos
• Redes de salud privadas: 17 contratos

Gestión de datos y sistemas de seguimiento de pacientes

Inversión anual en gestión de datos: $ 4.1 millones en 2023.

Componente del sistema	Gasto anual
Software de seguimiento de pacientes	$ 1.8 millones
Infraestructura de seguridad de datos	$ 2.3 millones

Docgo Inc. (DCGO) - Modelo de negocio: propuestas de valor

Servicios de salud móviles convenientes y móviles a pedido

Docgo reportó 2,071,000 encuentros totales de pacientes en 2022, con 1,142,000 encuentros a través de servicios médicos móviles.

Categoría de servicio	Número de encuentros	Porcentaje de total
Servicios médicos móviles	1,142,000	55.1%
Servicios de transporte	929,000	44.9%

Barreras de transporte de pacientes reducidos

Docgo completó 2.1 millones de servicios de transporte de pacientes en 2022, sirviendo múltiples mercados de atención médica.

• Reducción promedio del tiempo de transporte: 37 minutos por paciente
• Cobertura en 29 estados en los Estados Unidos
• Vehículos de transporte médico especializados: 4.500 unidades

Diagnóstico médico más rápido y accesible

Los servicios de diagnóstico de Docgo generaron $ 186.4 millones en ingresos para el año fiscal 2022.

Tipo de servicio de diagnóstico	Ingresos anuales	Índice de crecimiento
Prueba de Covid-19	$ 78.2 millones	42% interanual
Selección móvil	$ 108.2 millones	55% interanual

Alternativa rentable al transporte médico tradicional

Ahorro de costos por transporte del paciente: $ 127 en comparación con los servicios de ambulancia tradicionales.

• Costo promedio de transporte: $ 287
• Costo de servicio de ambulancia tradicional: $ 414
• Ahorro anual de costos para sistemas de atención médica: $ 12.4 millones

Soluciones integrales de atención médica para comunidades desatendidas

Docgo sirvió 146 comunidades desatendidas en 2022, con un enfoque en los desiertos de salud rurales y urbanos.

Tipo comunitario	Número de comunidades atendidas	La población alcanzó
Comunidades rurales	87	412,000 pacientes
Deserts de atención médica urbana	59	356,000 pacientes

Docgo Inc. (DCGO) - Modelo de negocios: relaciones con los clientes

Atención al cliente directa a través de plataformas digitales

DocGO proporciona canales de soporte digital con las siguientes métricas:

Canal de soporte	Disponibilidad	Tiempo de respuesta
Soporte de aplicaciones móviles	24/7	Menos de 15 minutos
Plataforma de telemedicina	Horas extendidas	Conexión inmediata
Línea directa de servicio al cliente	8 am-10pm EST	Promedio de 5 minutos

Interacciones personalizadas de servicio de salud

Docgo ofrece interacciones personalizadas de atención médica con niveles de servicio especializados:

• Perfil de paciente individual
• Recomendaciones de salud personalizadas
• Seguimiento médico personalizado

Compromiso continuo del paciente a través de la telemedicina

Métrica de telemedicina	2023 datos
Consultas totales de telemedicina	378,000
Duración de consulta promedio	22 minutos
Tasa de satisfacción del paciente	92%

Soluciones de atención médica personalizadas

DOCGO proporciona soluciones de atención médica específicas en múltiples segmentos:

• Programas de salud corporativa
• Servicios médicos de emergencia municipales
• Transporte de necesidades especiales

Sistemas de comunicación y seguimiento en tiempo real

Característica de comunicación	Tecnología	Capacidad en tiempo real
Seguimiento de ubicación del paciente	GPS habilitado	Actualizaciones inmediatas
Sincronización de registros médicos	Plataforma basada en la nube	Intercambio instantáneo
Monitoreo de salud móvil	Integración de IoT	Monitoreo continuo

Docgo Inc. (DCGO) - Modelo de negocio: canales

Vehículos médicos móviles

A partir del cuarto trimestre de 2023, Docgo opera 147 vehículos médicos móviles en múltiples estados de EE. UU.

Tipo de vehículo	Número total	Cobertura geográfica
Unidades médicas móviles	147	20 estados de EE. UU.

Plataformas de telemedicina

La plataforma de telemedicina de Docgo manejó 425,000 consultas virtuales en 2023.

Métrica de plataforma	2023 rendimiento
Consultas virtuales	425,000

Aplicaciones de reserva y programación digital

La plataforma digital de la compañía admite 78,000 usuarios activos mensuales.

• Tasa de descarga de la aplicación: 12,500 por mes
• Participación promedio del usuario: 22 minutos por sesión

Equipo de ventas directas

Docgo mantiene un equipo de ventas directo de 86 profesionales de la salud.

Composición del equipo de ventas	Número
Representantes de ventas totales	86

Redes de referencia de proveedores de atención médica

Docgo ha establecido asociaciones con 214 instituciones de atención médica.

Métricas de redes de referencia	2023 datos
Socios de la institución de atención médica	214
Referencias mensuales	17,300

Docgo Inc. (DCGO) - Modelo de negocio: segmentos de clientes

Poblaciones urbanas y suburbanas

Docgo atiende a aproximadamente 2.5 millones de residentes urbanos y suburbanos en múltiples áreas metropolitanas en los Estados Unidos a partir de 2023.

Segmento de población	Interacciones anuales de atención médica móvil	Utilización promedio del servicio
Residentes urbanos	1.8 millones	3.2 Interacciones por año
Residentes suburbanos	700,000	2.7 interacciones por año

Instituciones de atención médica

Docgo brinda servicios de atención médica móviles a 127 instituciones de salud en 12 estados.

• Hospitales servidos: 42
• Centros de salud comunitarios: 65
• Redes de atención urgente: 20

Agencias municipales y gubernamentales

Docgo tiene contratos con 23 agencias municipales y gubernamentales para servicios de atención médica especializados.

Tipo de agencia	Número de contratos	Valor anual del contrato
Departamentos de salud de la ciudad	14	$ 8.3 millones
Agencias estatales	9	$ 5.6 millones

Programas de bienestar corporativo

Docgo se asocia con 87 clientes corporativos para servicios de atención médica y bienestar móviles.

• Empresas de tecnología: 35
• Empresas de servicios financieros: 22
• Empresas de fabricación: 30

Individuos ancianos y con cautela de la movilidad

Docgo atiende a aproximadamente 215,000 pacientes de edad avanzada y con cautela de movilidad anualmente.

Categoría de paciente	Volumen anual de paciente	Frecuencia de servicio promedio
Más de 65 años	135,000	4.1 Interacciones por año
Con cautela de la movilidad	80,000	3.7 interacciones por año

Docgo Inc. (DCGO) - Modelo de negocio: Estructura de costos

Mantenimiento de la flota de vehículos médicos

A partir del año fiscal 2023, Docgo reportó gastos totales de mantenimiento del vehículo de $ 12.4 millones. La compañía opera una flota de aproximadamente 350 vehículos médicos móviles en múltiples estados.

Categoría de mantenimiento del vehículo	Costo anual ($)
Reparaciones de vehículos	4,600,000
Gastos de combustible	3,200,000
Seguro	2,800,000
Depreciación del vehículo	1,800,000

Salarios profesionales de la salud

En 2023, los gastos totales de personal de Docgo alcanzaron los $ 89.7 millones, con un desglose salarial detallado de la siguiente manera:

• Médicos: salario anual promedio de $ 210,000
• Enfermeras: salario anual promedio de $ 85,000
• Técnicos médicos: salario anual promedio de $ 62,000
• Personal administrativo: salario anual promedio de $ 55,000

Infraestructura y desarrollo tecnológico

Docgo invirtió $ 15.6 millones en infraestructura tecnológica y desarrollo de software en 2023.

Categoría de gastos tecnológicos	Costo anual ($)
Desarrollo de software	7,200,000
Computación en la nube	3,500,000
Ciberseguridad	2,900,000
Infraestructura	2,000,000

Equipo médico y herramientas de diagnóstico

El gasto anual en equipos médicos totalizó $ 22.3 millones en 2023.

• Equipo de imagen de diagnóstico: $ 8.5 millones
• Dispositivos médicos portátiles: $ 6.2 millones
• Equipo de laboratorio: $ 4.7 millones
• Tecnología de telemedicina: $ 2.9 millones

Gastos de marketing y adquisición de clientes

Docgo gastó $ 6.8 millones en marketing y adquisición de clientes en 2023.

Categoría de gastos de marketing	Costo anual ($)
Marketing digital	2,600,000
Compensación del equipo de ventas	1,900,000
Campañas publicitarias	1,400,000
Programas de divulgación de clientes	900,000

Docgo Inc. (DCGO) - Modelo de negocio: flujos de ingresos

Tarifas de servicio médico móvil

En el tercer trimestre de 2023, Docgo informó ingresos por servicios médicos móviles de $ 89.1 millones.

Cargos de prueba de diagnóstico

Tipo de prueba	Ingresos (2023)
Prueba de Covid-19	$ 42.3 millones
Otros servicios de diagnóstico	$ 17.6 millones

Reembolsos de seguros

Los ingresos por reembolso de seguros para 2023 totalizaron $ 63.7 millones.

Tarifas de consulta de telemedicina

• Ingresos anuales de consulta de telemedicina: $ 22.4 millones
• Tarifa de consulta promedio: $ 85 por sesión

Contratos gubernamentales e institucionales

Tipo de contrato	Valor total del contrato
Servicios de atención médica municipal	$ 115.2 millones
Contratos del gobierno estatal	$ 78.5 millones

Ingresos anuales totales para Docgo Inc. en 2023: $ 293.1 millones.

DocGo Inc. (DCGO) - Canvas Business Model: Value Propositions

High-quality, accessible care delivered at any address

• Care Gap program coverage reached 1.2 million patients assigned as of Q2 2025, up from 900K lives covered in Q1 2025.
• Projected home visits for Q4 2025 are ~11.5K.
• Primary Care Provider (PCP) visits are expected to scale to 10K in 2025, up from 144 in 2024.
• Mobile phlebotomy volume increased 11% in Q3 2025 compared to Q3 2024.
• The company completed more in-home visits in the first half of 2025 than in all of 2024.

Bridging the gap between physical and virtual healthcare

• The SteadyMD acquisition added 50-state virtual care capabilities.
• The SteadyMD platform brings over 500 clinicians to the network.

Improving payer quality scores (e.g., HEDIS) and health outcomes

The focus on care gap closure directly impacts payer metrics:

Metric Category	Period Comparison	Growth/Value
Care Gap Closure and Transitions of Care Volume	Q3 2025 vs Q3 2024	Up ~320% YoY
Remote Patient Monitoring (RPM) Annual Recurring Revenue (ARR)	As of Q3 2025	~$15M
RPM Adjusted EBITDA Contribution	As of Q3 2025	>10%

Reducing emergency department utilization for routine care

While 2025 specific data on ED reduction is not available, prior performance shows impact:

• In 2023, DocGo programs prevented an estimated 54,000 unnecessary Emergency Department (ED) visits.

Providing efficient, technology-enabled medical transport

Transportation Services remains a core, high-volume component:

Metric	Period	Amount/Value
Transportation Services Revenue	Q3 2025	$50.1M
US Medical Transportation Volume Growth	Q3 2025 vs Q3 2024	2.5% Increase
Forecasted Transport Volume	Year-End 2025	~575K trips
Expected 2025 EBITDA Contribution from Transports	Full Year 2025 Estimate	Over $15M
VA Medical Transport Contract Value	Secured July 2025	$3.4 million

The company generated $50.8M in Transportation Services revenue in Q1 2025, compared to $48.2M in Q1 2024.

DocGo Inc. (DCGO) - Canvas Business Model: Customer Relationships

You're looking at how DocGo Inc. manages its relationships with the various groups it serves-from massive insurance companies to individual patients needing a ride to the clinic. It's a mix of high-touch human service and scalable technology, which is key to their strategy.

Dedicated account management for large payer/provider contracts

For your major partners, DocGo Inc. assigns dedicated resources. This relationship management is clearly paying off in volume growth within the Payer and Provider vertical. For the third quarter of 2025, this vertical was expected to generate approximately $50 million in revenue, which includes a contribution from the recent SteadyMD acquisition. Management projects this segment will grow to $85 million next year, 2026. The focus on these relationships drives significant patient engagement; by the third quarter of 2025, DocGo Inc. surpassed 1.3 million patients assigned by its payer and provider partners for care gap closure services, an increase from 1.2 million in the prior quarter. Furthermore, the Care Gap Closure and Transitions of Care business more than quadrupled when comparing Q3 2025 to Q3 2024. Back in 2023, their existing payer partners represented more than 20 million covered lives.

Here's a snapshot of the scale in this relationship segment:

Metric	2025 (Latest Data)	Projection for 2026
Payer & Provider Revenue	Approx. $50 million	$85 million
Care Gap Closure Patients Assigned (Q3)	Over 1.3 million	N/A
New Virtual Care Patients Added (CA Cardiology Group)	Additional 1,000	N/A

High-touch, proactive engagement for longitudinal care patients

The relationship with patients requiring ongoing, or longitudinal, care is supported by mobile health services and remote patient monitoring (RPM). DocGo Inc. is actively expanding these relationships. For instance, they signed a one-year contract to expand services with a California-based cardiology group, adding virtual care management for an additional 1,000 patients. The company's commitment to proactive care is evident in the growth of its core non-migrant Mobile Health revenues, which increased by more than 20% year-over-year in Q3 2025, driven by RPM and care gap closures. This high-touch approach helps keep patients healthy and out of the hospital.

Technology-driven patient engagement (e.g., AI appointment agent)

While specific numbers for an AI appointment agent aren't public, the technology stack itself is a relationship enabler. DocGo Inc. is focused on improving the efficiency of its service delivery, which directly impacts patient experience. The company noted enhancements to its platform aimed at enabling a 40% improvement in address search functionality for platform user requests. This kind of efficiency gain in scheduling and dispatch is critical for maintaining high satisfaction levels across all patient interactions.

Long-term contract renewals for medical transport services

Medical transportation is a foundational relationship area, often secured through long-term contracts. The segment achieved record volumes in Q3 2025. Revenue for Medical Transportation Services in Q3 2025 was $50.1 million, up from $48.0 million in Q3 2024. You see the value of renewals clearly in the Tennessee partnership; the two-year extension is expected to see trips increase to over 20,000 annually, up from about 17,000 trips per year previously. Separately, a multi-year contract was secured with the Albany Stratton VA Medical Center starting July 1, 2025, valued at $3.4 million. Another subsidiary secured a one-year, $4 million contract extension with Atlantic City, managing approximately 14,000 patient transports each year under that agreement.

The transport segment is definitely a reliable revenue anchor. It's the backbone of their physical presence.

Direct-to-consumer model for some virtual care services (SteadyMD)

The acquisition of SteadyMD in mid-October 2025 significantly bolstered the direct-to-consumer and virtual care relationship channel. SteadyMD is projected to service over 3 million patients in 2025 and is expected to generate approximately $25 million in revenue for the full year 2025. This virtual network includes a roster of over 600 clinicians operating across all 50 states. DocGo Inc. plans to use this network to pair its field clinicians with SteadyMD's virtual providers for more efficient care delivery. SteadyMD is expected to achieve positive EBITDA in 2026.

• SteadyMD projected 2025 revenue: $25 million.
• SteadyMD projected 2025 patient count: Over 3 million.
• SteadyMD clinician roster size: Over 600.
• SteadyMD expected EBITDA positive year: 2026.

Finance: draft 13-week cash view by Friday.

DocGo Inc. (DCGO) - Canvas Business Model: Channels

You're mapping out DocGo Inc.'s reach into the market as of late 2025. The company relies on a blend of physical presence and digital platforms to deliver care, a strategy that has seen significant shifts following the wind-down of certain municipal programs.

Mobile medical units and ambulances (Ambulnz brand)

The ground operations, primarily under the Ambulnz brand, remain a core channel, focusing on medical transportation and mobile health services. Transportation Services revenue for the third quarter of 2025 was reported at $50.1 million, up from $48.0 million in the third quarter of 2024. This segment is seeing growth in key US markets like Texas and Tennessee. A specific example of this channel securing business is the multi-year $3.4 million contract awarded to the Ambulnz subsidiary to service the Albany Stratton VA Medical Center, which began July 1, 2025. Furthermore, the EMS Direct subsidiary signed a Two-Year Contract to provide various ambulance services for a major health and hospital system in Fort Worth.

Virtual care platform and telehealth services

The acquisition of the virtual care platform SteadyMD in October 2025 significantly bolstered this channel, aiming for nationwide coverage across all 50 states. This platform is expected to service over 3 million patients in 2025 and utilizes a network of over 600 clinicians. For the full year 2025, the acquired SteadyMD is projected to generate approximately $25 million in revenue. This virtual network is paired with the mobile health clinicians to create more efficient care delivery, bridging the gap between physical and virtual care.

Direct sales teams targeting health plans and hospital executives

Direct sales efforts focus heavily on securing payer and provider contracts, particularly for care gap closure programs. DocGo is targeting over 31,000 care gap visits for 2025. As of the second quarter of 2025, the company surpassed 1.2 million assigned lives for its care gap closure program. One significant contract secured involves a national health plan with approximately five million members for whom DocGo will help close care gaps. The company also expanded a transition of care services contract with a long-time payer customer from one hospital to four.

Digital patient engagement tools and mobile apps

Technology is integrated across channels, but specific tools are used for direct patient interaction and operational efficiency. The engineering team launched a text-based AI agent to automate appointment management, which had already confirmed over 3,000 appointments and rescheduled another 350 by early August 2025. This AI-driven engagement supports the broader goal of closing care gaps.

In-home visits by certified clinicians

The in-home care channel shows strong sequential growth. DocGo completed more in-home visits in the first half of 2025 than they did in the entirety of 2024. Non-migrant mobile health revenues, which include these in-home services, increased by more than 20% year-over-year in the third quarter of 2025. The Mobile Health Services segment reported revenue of $30.8 million in Q2 2025 and $20.7 million in Q3 2025, with the latter including approximately $8 million in migrant-related revenues. The adjusted gross margin for the mobile health segment was 32.5% in Q2 2025, improving to 36.2% in Q3 2025.

Here's a quick look at some key operational metrics across the primary revenue-generating channels for the first three quarters of 2025:

Channel/Metric	Q2 2025 Value	Q3 2025 Value	2025 Projection/Scope
Total Revenue	$80.4 million	$70.8 million	Full Year Guidance: $315 million to $320 million
Transportation Services Revenue	$49.6 million	$50.1 million	Albany VA Contract Value: $3.4 million (Multi-year)
Mobile Health Services Revenue (Total)	$30.8 million	$20.7 million	Care Gap Visits Target: Over 31,000
Mobile Health Revenue (Non-Migrant)	N/A	Over 20% YoY Increase (Q3)	SteadyMD Patient Scope: Over 3 million
SteadyMD Revenue Contribution	N/A	N/A	Expected 2025 Revenue: Approx. $25 million

The overall company cash position as of September 30, 2025, was strong, with total cash and cash equivalents, including restricted cash and investments, at approximately $128.7 million. The company also repurchased 2.5 million shares of common stock in Q2 2025 for about $5.1 million.

The channels drive different service types:

• In-home visits for preventative services, including physicals and screenings.
• Remote Patient Monitoring (RPM) and Chronic Care Management (CCM) services.
• Basic Life Support (BLS), Advanced Life Support, and Critical Care transportation.
• Virtual care for real-time matching of patient needs to clinical expertise.

If onboarding for new payer contracts takes longer than the expected 90 days, as seen in the Fort Worth EMS Direct agreement timeline, it could definitely impact the immediate revenue ramp.

Finance: draft 13-week cash view by Friday.

DocGo Inc. (DCGO) - Canvas Business Model: Customer Segments

You're looking at the core groups DocGo Inc. serves to generate revenue as of late 2025. The focus has clearly shifted following the wind-down of certain government contracts, emphasizing payer and provider relationships.

Health Insurance Providers (Payers) like Medicare/Medicaid plans

• DocGo Inc. launched a new care gap closure program with one of the largest not-for-profit Medicare and Medicaid public health plans in the US during the second quarter of 2025.
• The company surpassed 1.3 million patients assigned by payer and provider partners for care gap closure services as of September 30, 2025.
• This patient count was 1.2 million at the end of the second quarter of 2025, and 900,000 at the end of the first quarter of 2025.
• Care gap closure and transitions of care volume increased by 320% comparing the third quarter of 2025 to the third quarter of 2024.
• A new agreement was announced with a national health plan to serve approximately five million members for care gap closure and preventative services.
• The Payer & Provider vertical continued to perform in line with expectations as of the first quarter of 2025.

Hospital Systems and large healthcare facilities

• DocGo Inc. signed a two-year contract in the first quarter of 2025 to provide medical transportation services for a national health system's network of hospitals in Dallas and Fort Worth, TX.
• The company has an agreement with a not-for-profit operating 10 hospitals and numerous clinics in the Pacific Northwest, where DocGo Inc. already monitors 3,900 patients and expects to add 4,000 more for Cardiac Implantable Electronic Device (CIED) remote monitoring.
• An agreement with a hospital clinic in Oklahoma expects to monitor over 1,000 patients for CIED.
• Another agreement with a cardiovascular institute in Delaware expects to monitor over 350 patients for CIED.
• Transition of care services expanded with a long-time payer customer from one hospital to four during the second quarter of 2025.

The core business, excluding the wind-down of government programs, is heavily weighted toward these institutional and insurance partners. Here's a quick look at the segment revenue context for 2025:

Segment/Metric	Q3 2025 Actual Amount	Q2 2025 Actual Amount	Full Year 2025 Guidance Range
Total Revenue	$70.8 million	$80.4 million	$315 million-$320 million
Mobile Health Services Revenue (Total)	$20.7 million	$30.8 million	N/A
Mobile Health Services Revenue (Migrant-related)	Approximately $8 million	N/A (Decline due to wind-down)	$68 million-$70 million (Total Migrant-related Revenue)
Transportation Services Revenue	$50.1 million	$49.6 million	N/A

Municipal and Government Agencies for 911 and public health

• DocGo Inc. made a strategic decision to remove all non-migrant Government Population Health revenue and projections from its 2025 guidance.
• The full-year 2025 revenue guidance was lowered to $300-$330 million from a previous estimate of $410-$450 million due to this exclusion.
• The Mobile Health Services revenue in the third quarter of 2025 was $20.7 million, down from $90.7 million in the third quarter of the prior year, driven by the sunset of migrant services.
• Mobile Health Services revenue for the second quarter of 2025 was $30.8 million, a significant drop from $116.7 million in the second quarter of 2024, due to the planned wind-down of migrant-related programs.

Individual patients (indirectly, via payer/provider contracts)

• The number of patients assigned for care gap closure services reached 1.3 million as of the end of the third quarter of 2025.
• The company completed more in-home visits in the first half of 2025 than in the entirety of 2024.
• Non-migrant mobile health revenues increased by more than 20% year-over-year in Q3 2025, driven by care gap closures.

Corporate clients for on-site health services (smaller segment)

• DocGo Inc. operates a segment explicitly listed as Corporate as of the second quarter of 2025.
• The acquisition of SteadyMD in October 2025 brings in virtual care for top consumer, healthcare, and digital wellness brands, including multiple Fortune 10 customers.
• SteadyMD is expected to service over 3 million patients in 2025.
• SteadyMD is projected to generate approximately $25 million in revenue in 2025.

DocGo Inc. (DCGO) - Canvas Business Model: Cost Structure

You're looking at the cost side of DocGo Inc. as they pivot away from the high-revenue, lower-margin migrant programs toward core services. The cost structure is definitely shifting as they right-size operations and invest in new payer-provider contracts. Honestly, understanding where the dollars are going now is key to seeing the path to profitability they project for 2026.

The overall cost of revenues for the three months ended March 31, 2025, stood at 67.9% of revenues, up from 65.0% in the same period of 2024. This signals pressure on direct service delivery costs as the revenue mix changes.

Labor costs for field staff (EMS, nurses, phlebotomists) are defintely high

Labor is a primary driver of the Cost of Revenues. In the first quarter of 2025, the company saw a $7.1 million decrease in total compensation costs year-over-year, alongside a significant $31.5 million decline in subcontracted labor costs. This suggests an internal shift to using more directly employed staff, which can stabilize quality but requires upfront investment in hiring and overhead.

To support the growth in transportation services, management plans to hire between 700-800 EMS staff to capture approximately 26,000 outsourced trips embedded in existing contracts.

Fleet maintenance, fuel, and vehicle depreciation expenses

While direct fleet maintenance and fuel costs aren't broken out separately from Cost of Revenues, the scale of the transportation segment gives you a sense of the asset base required. Transportation Services revenue was $50.1 million in the third quarter of 2025, up from $48.0 million in Q3 2024. The GAAP gross margin, which includes non-cash depreciation expenses, was 20.0% in Q3 2025, a drop from 33.0% in Q3 2024.

Technology development and platform maintenance costs

Technology costs fall largely within Selling, General, and Administrative (SG&A) or are capitalized. The acquisition of SteadyMD is a clear investment in the platform, expected to contribute approximately $25 million in revenue in 2026. Furthermore, the Remote Patient Monitoring (RPM) service line is already a meaningful cost center and revenue generator, sitting at approximately $15 million in Annual Recurring Revenue (ARR) with an adjusted EBITDA contribution greater than 10%.

Sales, General, and Administrative (SG&A) expenses, currently right-sizing

You're right, management is actively working to bring SG&A down as they transition revenue bases. In the second quarter of 2025, the company made cuts to corporate overhead that are expected to generate an estimated $10 million in annual savings. The Q3 2025 net loss was $29.7 million, and the adjusted EBITDA loss for that quarter was $7.2 million. The full-year 2025 adjusted EBITDA loss is guided to be between $25 million and $28 million.

Investment in new care gap closure programs and primary care

This is where near-term costs are intentionally running high to secure future revenue. Management noted that early-stage care gap and primary care investments weighed on 2025 EBITDA and margins. This increased investment in care gap closure programs was a primary reason for revising the full-year 2025 adjusted EBITDA margin guidance down to approximately 5% from an earlier estimate of 8%-10%. At the end of 2024, DocGo Inc. surpassed 700,000 total patient lives assigned for care gap closure programs.

Here's a quick look at the financial context surrounding these costs as of the latest reported quarter:

Metric	Q3 2025 Actual	Full-Year 2025 Guidance	Q3 2024 Actual
Total Revenue (Millions USD)	$70.8	$315 - $320	$138.7
Adjusted Gross Margin	33.0%	N/A	36.0%
Adjusted EBITDA (Millions USD)	Loss of $7.2	Loss of $25 - $28	$17.9 Million Profit
Transportation Revenue (Millions USD)	$50.1	N/A	$48.0

The company is clearly spending to scale the core business, evidenced by the planned EMS hiring and the investment drag on 2025 EBITDA. Finance: draft 13-week cash view by Friday.

DocGo Inc. (DCGO) - Canvas Business Model: Revenue Streams

You're looking at the revenue streams for DocGo Inc. (DCGO) as of late 2025, which reflects a significant pivot away from volatile government contracts toward core, recurring services. Here are the hard numbers guiding the current model.

The overall expectation for the full fiscal year 2025 revenue is tightened to a range of $315-$320 million. This figure incorporates the planned sunsetting of the large, one-time government programs while highlighting growth in the underlying business.

The revenue streams are segmented across Medical Transportation and Mobile Health, with the latter now showing strong growth excluding the wind-down impact.

Mobile Health Services (Excluding Migrant Programs)

This segment is demonstrating solid organic traction. Excluding revenue from migrant-related programs, Mobile Health Services revenue showed a year-over-year increase of >20% in the third quarter of 2025. For context, the growth rate was explicitly cited as 23% year-over-year in the second quarter of 2025. The company is actively scaling its care gap closure programs, which now have collectively exceeded 1.2 million assigned lives to engage with since inception.

Within Mobile Health, the Remote Patient Monitoring (RPM) component is a key recurring revenue driver, currently sitting at approximately $15 million in Annual Recurring Revenue (ARR). This RPM stream is also noted to contribute >10% to Adjusted EBITDA.

Medical Transportation Services

This segment, which includes the Ambulnz services, has been setting operational records. Transportation Services revenue for the third quarter of 2025 was $50.1 million, up from $48.0 million in the third quarter of 2024. The second quarter of 2025 saw revenue of $49.6 million. Management noted achieving the highest utilization since the first quarter of 2024 and plans to hire 700-800 EMS staff to capture approximately 26,000 outsourced trips embedded in contracts.

Migrant-Related Government Contracts Wind-Down

The planned wind-down of these contracts is the primary driver of the year-over-year total revenue decline, but the remaining expected contribution is now quantified within the full-year guidance. The expected revenue contribution from these sunsetting migrant-related government contracts for the full year 2025 is set at $68-$70 million. For comparison, the third quarter of 2025 saw only $8.4 million in migrant-related revenue, a sharp drop from $80.7 million in the third quarter of 2024.

Here's a quick look at the revenue components informing the 2025 guidance:

Revenue Stream Component	Latest Reported Quarterly Figure (Q3 2025)	Full-Year 2025 Expectation/Metric
Total Revenue Guidance	$70.8 million (Q3 2025)	$315-$320 million
Medical Transportation Services Revenue	$50.1 million	Modeled for ~2/3 of 2026 revenue mix
Mobile Health Services Revenue (Ex-Migrant)	$20.7 million (Total Q3 Mobile Health)	Growing >20% YoY (Non-Migrant)
Remote Patient Monitoring (RPM) ARR	Not specified quarterly	~$15 million ARR
Migrant-Related Government Contracts Revenue	$8.4 million	Expected total contribution of $68-$70 million

The company is clearly structuring its revenue base around these core, repeatable services, which is reflected in the 2026 model assuming zero migrant revenue.

• Non-migrant Mobile Health growth rate in Q2 2025 was 23% year-over-year.
• The company is targeting over 31,000 care gap visits for 2025.
• The 2026 revenue projection is $280-$300 million, with no migrant revenue factored in.

Finance: draft 13-week cash view by Friday.