DOCGO Inc. (DCGO): Canvas du modèle commercial [Jan-2025 Mise à jour]

Dans le paysage rapide de la technologie des soins de santé, Docgo Inc. (DCGO) apparaît comme une force révolutionnaire, transformant les services médicaux traditionnels par le biais de solutions de soins de santé mobiles innovantes. En mélangeant de manière transparente les technologies de pointe avec des capacités de transport médical et de diagnostic à la demande, DoCGO redéfinit l'accessibilité et la commodité dans la prestation des soins de santé. Leur modèle commercial unique tire parti des véhicules médicaux mobiles de pointe, des plateformes de télémédecine et des partenariats stratégiques pour fournir des services de santé complets qui décomposent les obstacles géographiques et logistiques, rendant les soins médicaux de qualité plus réactifs et centrés sur le patient que jamais.

DOCGO Inc. (DCGO) - Modèle commercial: partenariats clés

Fournisseurs de soins de santé et hôpitaux

Au quatrième trimestre 2023, Docgo a signalé des partenariats avec 47 systèmes de santé dans 12 États. Les services médicaux mobiles de l'entreprise ont généré 193,4 millions de dollars de revenus des collaborations de prestataires de soins de santé.

Type de partenaire	Nombre de partenariats	Valeur du contrat annuel
Réseaux hospitaliers	27	86,2 millions de dollars
Centres de santé communautaires	15	42,7 millions de dollars
Fournisseurs de soins spécialisés	5	64,5 millions de dollars

Compagnies d'assurance

Docgo a établi des accords de remboursement avec 23 assureurs, couvrant environ 8,4 millions de vies.

• Les principaux partenaires d'assurance comprennent Anthem, Cigna et UnitedHealthCare
• Taux de remboursement moyen: 89,6% des frais de service médical mobile
• Valeur totale du contrat d'assurance: 127,3 millions de dollars en 2023

Vendeurs technologiques

Docgo a investi 14,2 millions de dollars dans les partenariats technologiques pour les plates-formes de santé mobiles et les équipements de diagnostic en 2023.

Partenaire technologique	Focus technologique	Valeur du contrat
Santé Teladoc	Intégration de la télésanté	5,6 millions de dollars
Philips Healthcare	Équipement de diagnostic	6,3 millions de dollars
Services Cloud Microsoft	Infrastructure cloud	2,3 millions de dollars

Services médicaux d'urgence et gouvernements municipaux

Docgo a obtenu des contrats avec 19 gouvernements municipaux pour les services médicaux d'urgence, totalisant 78,6 millions de dollars en valeur de contrat annuelle.

Partenaires du transport et de la logistique

La société maintient des partenariats avec 12 fournisseurs de transport et de logistique, soutenant les opérations des unités médicales mobiles dans 15 États.

Partenaire de logistique	Type de service	Valeur de partenariat annuelle
Logistics Solutions Inc.	Entretien des véhicules	3,7 millions de dollars
Transport médical national	Déploiement d'unité mobile	5,2 millions de dollars
Gestion régionale de la flotte	Acquisition de véhicules	2,9 millions de dollars

Docgo Inc. (DCGO) - Modèle d'entreprise: activités clés

Fournir des services de diagnostic médical mobile et de transport

Au troisième trimestre 2023, DOCGO a rapporté 576 000 voyages de transport médical total achevés, 54% étant des services de transport médical non urgent.

Catégorie de service	Total Trips Q3 2023	Revenus générés
Transport médical d'urgence	264 960 voyages	18,3 millions de dollars
Transport médical non urgent	311 040 voyages	22,7 millions de dollars

Flotte opérationnelle de véhicules médicaux pour la prestation de soins de santé sur place

Docgo maintient une flotte de 455 véhicules médicaux spécialisés dans plusieurs États.

• 298 unités médicales mobiles
• 157 Véhicules d'intervention d'urgence

Développer et maintenir des plateformes de télémédecine et de santé numérique

En 2023, Docgo a investi 4,2 millions de dollars dans le développement de la plate-forme de santé numérique.

Fonctionnalité de plate-forme	Engagement des utilisateurs
Consultations de télémédecine	127 500 consultations virtuelles au troisième trimestre 2023
Gestion des patients numériques	86 300 utilisateurs actifs

Effectuer des dépistages médicaux et des tests de diagnostic

Docgo a effectué 215 000 projections médicales en 2023, générant 41,6 millions de dollars de revenus connexes.

• Test Covid-19: 89 000 tests
• Projections générales de santé: 126 000 projections

Gestion des transports médicaux d'urgence et non urgente

Revenus totaux de transport médical en 2023: 172,5 millions de dollars

Type de transport	Revenus annuels	Part de marché
Transport d'urgence	87,3 millions de dollars	50.6%
Transport de non-urgence	85,2 millions de dollars	49.4%

Docgo Inc. (DCGO) - Modèle commercial: Ressources clés

Véhicules médicaux mobiles avancés et équipement de diagnostic

Depuis le quatrième trimestre 2023, Docgo exploite 142 véhicules médicaux mobiles. Valeur totale de la flotte estimée à 24,3 millions de dollars.

Type de véhicule	Quantité	Valeur estimée
Unités médicales mobiles	142	24,3 millions de dollars
Équipement de diagnostic	287 unités	8,6 millions de dollars

Professionnels de la santé formés et techniciens de santé

Docgo emploie 3 412 professionnels de la santé en décembre 2023.

• Médecins: 712
• Infirmières: 1 248
• Paramédicaux: 892
• Techniciens de soutien: 560

Technologie de santé numérique et infrastructure de télémédecine

Investissement infrastructure technologique: 6,2 millions de dollars en 2023.

Composant technologique	Investissement
Plateformes de télémédecine	2,7 millions de dollars
Logiciel de santé numérique	3,5 millions de dollars

Contrats stratégiques avec les réseaux de soins de santé

Total Active Healthcare Network Contrats: 47 en décembre 2023.

• Systèmes hospitaliers: 18 contrats
• Services de santé municipaux: 12 contrats
• Réseaux de soins de santé privés: 17 contrats

Systèmes de gestion des données et de suivi des patients

Investissement annuel dans la gestion des données: 4,1 millions de dollars en 2023.

Composant système	Dépenses annuelles
Logiciel de suivi des patients	1,8 million de dollars
Infrastructure de sécurité des données	2,3 millions de dollars

Docgo Inc. (DCGO) - Modèle d'entreprise: propositions de valeur

Services de santé mobiles pratiques et à la demande

Docgo a rapporté 2 071 000 rencontres au total des patients en 2022, avec 1 142 000 rencontres via des services médicaux mobiles.

Catégorie de service	Nombre de rencontres	Pourcentage du total
Services médicaux mobiles	1,142,000	55.1%
Services de transport	929,000	44.9%

Réduction des barrières de transport des patients

Docgo a complété 2,1 millions de services de transport de patients en 2022, desservant plusieurs marchés de santé.

• Réduction moyenne du temps de transport: 37 minutes par patient
• Couverture dans 29 États aux États-Unis
• Véhicules de transport médical spécialisés: 4 500 unités

Diagnostics médicaux plus rapides et plus accessibles

Les services de diagnostic de Docgo ont généré 186,4 millions de dollars de revenus pour l'exercice 2022.

Type de service de diagnostic	Revenus annuels	Taux de croissance
Test Covid-19	78,2 millions de dollars	42% en glissement annuel
Dépistage mobile	108,2 millions de dollars	55% en glissement annuel

Alternative rentable au transport médical traditionnel

Économies de coûts par transport des patients: 127 $ par rapport aux services d'ambulance traditionnels.

• Coût moyen du transport: 287 $
• Coût du service d'ambulance traditionnel: 414 $
• Économies annuelles pour les systèmes de santé: 12,4 millions de dollars

Solutions complètes de soins de santé pour les communautés mal desservies

Docgo a servi 146 communautés mal desservies en 2022, en mettant l'accent sur les déserts des soins de santé ruraux et urbains.

Type de communauté	Nombre de communautés servies	Population atteinte
Communautés rurales	87	412 000 patients
Déserts des soins de santé urbains	59	356 000 patients

Docgo Inc. (DCGO) - Modèle d'entreprise: relations avec les clients

Support client direct via des plateformes numériques

DOCGO fournit des canaux de support numériques avec les mesures suivantes:

Canal de support	Disponibilité	Temps de réponse
Prise en charge de l'application mobile	24/7	Moins de 15 minutes
Plate-forme de télémédecine	Heures prolongées	Connexion immédiate
Hotline du service client	8 h à 22 h HNE	Moyenne 5 minutes

Interactions de services de santé personnalisés

DOCGO propose des interactions de soins de santé personnalisés avec des niveaux de service spécialisés:

• Profilage individuel des patients
• Recommandations de santé personnalisées
• Suivi médical personnalisé

Engagement continu des patients via la télémédecine

Métrique de télémédecine	2023 données
Consultations totales de télémédecine	378,000
Durée de consultation moyenne	22 minutes
Taux de satisfaction des patients	92%

Solutions de soins de santé personnalisés

DOCGO fournit des solutions de soins de santé ciblées sur plusieurs segments:

• Programmes de santé des entreprises
• Services médicaux d'urgence municipaux
• Transport des besoins spéciaux

Systèmes de communication et de suivi en temps réel

Fonction de communication	Technologie	Capacité en temps réel
Suivi de l'emplacement du patient	GPS activé	Mises à jour immédiates
Synchronisation des dossiers médicaux	Plate-forme basée sur le cloud	Partage instantané
Surveillance de la santé mobile	Intégration IoT	Surveillance continue

Docgo Inc. (DCGO) - Modèle d'entreprise: canaux

Véhicules médicaux mobiles

Dès le quatrième trimestre 2023, Docgo exploite 147 véhicules médicaux mobiles dans plusieurs États américains.

Type de véhicule	Nombre total	Couverture géographique
Unités médicales mobiles	147	20 États américains

Plateformes de télémédecine

La plate-forme de télémédecine de Docgo a géré 425 000 consultations virtuelles en 2023.

Métrique de la plate-forme	Performance de 2023
Consultations virtuelles	425,000

Applications de réservation et de planification numériques

La plate-forme numérique de l'entreprise prend en charge 78 000 utilisateurs actifs mensuels.

• Taux de téléchargement de l'application: 12 500 par mois
• Engagement moyen des utilisateurs: 22 minutes par session

Équipe de vente directe

Docgo maintient une équipe de vente directe de 86 professionnels de la santé.

Composition de l'équipe de vente	Nombre
Représentants des ventes totales	86

Réseaux de référence du fournisseur de soins de santé

Docgo a établi des partenariats avec 214 institutions de soins de santé.

Métriques du réseau de référence	2023 données
Partenaires de l'institution de soins de santé	214
Références mensuelles	17,300

Docgo Inc. (DCGO) - Modèle d'entreprise: segments de clientèle

Populations urbaines et suburbaines

Docgo dessert environ 2,5 millions de résidents urbains et suburbains dans plusieurs zones métropolitaines aux États-Unis en 2023.

Segment de la population	Interactions annuelles sur les soins de santé mobiles	Utilisation moyenne du service
Résidents urbains	1,8 million	3.2 Interactions par an
Résidents de banlieue	700,000	2,7 interactions par an

Institutions de soins de santé

DOCGO fournit des services de santé mobiles à 127 établissements de santé dans 12 États.

• Hôpitaux servis: 42
• Centres de santé communautaires: 65
• Réseaux de soins urgents: 20

Agences municipales et gouvernementales

Docgo a des contrats avec 23 agences municipales et gouvernementales pour des services de santé spécialisés.

Type d'agence	Nombre de contrats	Valeur du contrat annuel
Services de santé de la ville	14	8,3 millions de dollars
Agences d'État	9	5,6 millions de dollars

Programmes de bien-être d'entreprise

DOCGO s'associe à 87 clients d'entreprise pour les services de santé et de bien-être mobiles.

• Entreprises technologiques: 35
• SERVICES FINANCIERS: 22
• Entreprises de fabrication: 30

Individus âgés et à mobilité réduite

DOCGO dessert environ 215 000 patients aux personnes âgées et à mobilité réduite chaque année.

Catégorie de patients	Volume annuel des patients	Fréquence de service moyenne
65 ans et plus	135,000	4.1 Interactions par an
Motivé	80,000	3,7 interactions par an

Docgo Inc. (DCGO) - Modèle d'entreprise: Structure des coûts

Entretien de la flotte de véhicules médicaux

Depuis 2023 Exercice, Docgo a déclaré que les frais de maintenance des véhicules totaux de 12,4 millions de dollars. La société exploite une flotte d'environ 350 véhicules médicaux mobiles dans plusieurs États.

Catégorie d'entretien des véhicules	Coût annuel ($)
Réparations de véhicules	4,600,000
Dépenses de carburant	3,200,000
Assurance	2,800,000
Dépréciation des véhicules	1,800,000

Salaires professionnels de la santé

En 2023, les dépenses totales du personnel de Docgo ont atteint 89,7 millions de dollars, avec une panne de salaire détaillée comme suit:

• Physiciens: salaire annuel moyen de 210 000 $
• Infirmières: salaire annuel moyen de 85 000 $
• Techniciens médicaux: salaire annuel moyen de 62 000 $
• Personnel administratif: salaire annuel moyen de 55 000 $

Infrastructure et développement technologiques

Docgo a investi 15,6 millions de dollars dans l'infrastructure technologique et le développement de logiciels en 2023.

Catégorie de dépenses technologiques	Coût annuel ($)
Développement de logiciels	7,200,000
Cloud computing	3,500,000
Cybersécurité	2,900,000
Infrastructure informatique	2,000,000

Équipement médical et outils de diagnostic

Les dépenses annuelles en équipement médical ont totalisé 22,3 millions de dollars en 2023.

• Équipement d'imagerie diagnostique: 8,5 millions de dollars
• Dispositifs médicaux portables: 6,2 millions de dollars
• Équipement de laboratoire: 4,7 millions de dollars
• Technologie de télémédecine: 2,9 millions de dollars

Frais de marketing et d'acquisition des clients

Docgo a dépensé 6,8 millions de dollars en marketing et acquisition de clients en 2023.

Catégorie de dépenses de marketing	Coût annuel ($)
Marketing numérique	2,600,000
Compensation de l'équipe de vente	1,900,000
Campagnes publicitaires	1,400,000
Programmes de sensibilisation des clients	900,000

DOCGO Inc. (DCGO) - Modèle d'entreprise: Strots de revenus

Frais de service médical mobile

Au troisième trimestre 2023, Docgo a rapporté des revenus de services médicaux mobiles de 89,1 millions de dollars.

Frais de test de diagnostic

Type de test	Revenus (2023)
Test Covid-19	42,3 millions de dollars
Autres services de diagnostic	17,6 millions de dollars

Remboursements d'assurance

Les revenus de remboursement d'assurance pour 2023 ont totalisé 63,7 millions de dollars.

Frais de consultation de télémédecine

• Revenus de consultation de télémédecine annuelle: 22,4 millions de dollars
• Frais de consultation moyenne: 85 $ par session

Contrats gouvernementaux et institutionnels

Type de contrat	Valeur totale du contrat
Services de santé municipaux	115,2 millions de dollars
Contrats du gouvernement de l'État	78,5 millions de dollars

Revenus annuels totaux pour Docgo Inc. en 2023: 293,1 millions de dollars.

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.