Docgo Inc. (DCGO): Modelo de negócios Canvas [Jan-2025 Atualizado]

No cenário em rápida evolução da tecnologia de saúde, a Docgo Inc. (DCGO) surge como uma força revolucionária, transformando os serviços médicos tradicionais por meio de soluções inovadoras de saúde móvel. Ao combinar perfeitamente a tecnologia avançada com os recursos de transporte médico sob demanda e diagnóstico, o DOCGO está redefinindo a acessibilidade e a conveniência na prestação de serviços de saúde. Seu modelo de negócios exclusivo aproveita veículos médicos móveis de ponta, plataformas de telemedicina e parcerias estratégicas para fornecer serviços abrangentes de saúde que quebram barreiras geográficas e logísticas, tornando os cuidados médicos de qualidade mais responsivos e centrados no paciente do que nunca.

Docgo Inc. (DCGO) - Modelo de Negócios: Principais Parcerias

Provedores de saúde e hospitais

A partir do quarto trimestre 2023, a Docgo relatou parcerias com 47 sistemas de saúde em 12 estados. Os serviços médicos móveis da empresa geraram US $ 193,4 milhões em receita das colaborações de prestadores de serviços de saúde.

Tipo de parceiro	Número de parcerias	Valor anual do contrato
Redes hospitalares	27	US $ 86,2 milhões
Centros de Saúde Comunitária	15	US $ 42,7 milhões
Prestadores de cuidados especializados	5	US $ 64,5 milhões

Companhias de seguros

A DOCGO estabeleceu acordos de reembolso com 23 provedores de seguros, cobrindo aproximadamente 8,4 milhões de vidas.

• Os principais parceiros de seguros incluem Anthem, Cigna e UnitedHealthcare
• Taxa média de reembolso: 89,6% dos custos de serviço médico móvel
• Valor total do contrato de seguro: US $ 127,3 milhões em 2023

Fornecedores de tecnologia

A Docgo investiu US $ 14,2 milhões em parcerias de tecnologia para plataformas de saúde móvel e equipamentos de diagnóstico em 2023.

Parceiro de tecnologia	Foco em tecnologia	Valor do contrato
Teladoc Health	Integração de telessaúde	US $ 5,6 milhões
Philips Healthcare	Equipamento de diagnóstico	US $ 6,3 milhões
Serviços em nuvem da Microsoft	Infraestrutura em nuvem	US $ 2,3 milhões

Serviços médicos de emergência e governos municipais

A DOCGO garantiu contratos com 19 governos municipais para serviços médicos de emergência, totalizando US $ 78,6 milhões em valor anual do contrato.

Parceiros de transporte e logística

A empresa mantém parcerias com 12 provedores de transporte e logística, apoiando operações de unidades médicas móveis em 15 estados.

Parceiro de logística	Tipo de serviço	Valor anual da parceria
Logistics Solutions Inc.	Manutenção do veículo	US $ 3,7 milhões
Transporte Médico Nacional	Implantação da unidade móvel	US $ 5,2 milhões
Gerenciamento regional de frota	Aquisição de veículos	US $ 2,9 milhões

Docgo Inc. (DCGO) - Modelo de negócios: Atividades -chave

Fornecimento de serviços de diagnóstico e transporte médico móvel

No terceiro trimestre de 2023, o Docgo registrou 576.000 viagens de transporte médico total concluídas, com 54% sendo serviços de transporte médico não emergenciais.

Categoria de serviço	Total Trips Q3 2023	Receita gerada
Transporte médico de emergência	264.960 viagens	US $ 18,3 milhões
Transporte médico não emergencial	311.040 viagens	US $ 22,7 milhões

Frota operacional de veículos médicos para prestação de serviços de saúde no local

Docgo mantém uma frota de 455 veículos médicos especializados em vários estados.

• 298 unidades médicas móveis
• 157 veículos de resposta a emergência

Desenvolvimento e manutenção de plataformas de telemedicina e saúde digital

Em 2023, a Docgo investiu US $ 4,2 milhões em desenvolvimento de plataformas de saúde digital.

Recurso da plataforma	Engajamento do usuário
Consultas de telemedicina	127.500 consultas virtuais no terceiro trimestre 2023
Gerenciamento digital do paciente	86.300 usuários ativos

Condução de exames médicos e testes de diagnóstico

O DOCGO realizou 215.000 exibições médicas em 2023, gerando US $ 41,6 milhões em receita relacionada.

• Teste Covid-19: 89.000 testes
• Exibições gerais de saúde: 126.000 exibições

Gerenciando o transporte médico de emergência e não emergencia

Receita total de transporte médico em 2023: US $ 172,5 milhões

Tipo de transporte	Receita anual	Quota de mercado
Transporte de emergência	US $ 87,3 milhões	50.6%
Transporte não emergencial	US $ 85,2 milhões	49.4%

Docgo Inc. (DCGO) - Modelo de negócios: Recursos -chave

Veículos médicos móveis avançados e equipamentos de diagnóstico

A partir do quarto trimestre 2023, o DOCGO opera 142 veículos médicos móveis. Valor total da frota estimado em US $ 24,3 milhões.

Tipo de veículo	Quantidade	Valor estimado
Unidades médicas móveis	142	US $ 24,3 milhões
Equipamento de diagnóstico	287 unidades	US $ 8,6 milhões

Profissionais médicos treinados e técnicos de saúde

A Docgo emprega 3.412 profissionais médicos em dezembro de 2023.

• Médicos: 712
• Enfermeiros: 1.248
• Paramédicos: 892
• Técnicos de suporte: 560

Tecnologia da saúde digital e infraestrutura de telemedicina

Investimento em infraestrutura tecnológica: US $ 6,2 milhões em 2023.

Componente de tecnologia	Investimento
Plataformas de telemedicina	US $ 2,7 milhões
Software de saúde digital	US $ 3,5 milhões

Contratos estratégicos com redes de saúde

Contratos totais de rede de saúde ativa: 47 em dezembro de 2023.

• Sistemas hospitalares: 18 contratos
• Departamentos de Saúde Municipais: 12 contratos
• Redes privadas de saúde: 17 contratos

Gerenciamento de dados e sistemas de rastreamento de pacientes

Investimento anual em gerenciamento de dados: US $ 4,1 milhões em 2023.

Componente do sistema	Despesas anuais
Software de rastreamento de pacientes	US $ 1,8 milhão
Infraestrutura de segurança de dados	US $ 2,3 milhões

Docgo Inc. (DCGO) - Modelo de Negócios: Proposições de Valor

Serviços de saúde móveis convenientes e sob demanda

Docgo relatou 2.071.000 encontros totais de pacientes em 2022, com 1.142.000 encontros através de serviços médicos móveis.

Categoria de serviço	Número de encontros	Porcentagem de total
Serviços médicos móveis	1,142,000	55.1%
Serviços de transporte	929,000	44.9%

Barreiras reduzidas de transporte de pacientes

A DOCGO completou 2,1 milhões de serviços de transporte de pacientes em 2022, servindo vários mercados de saúde.

• Redução média do tempo de transporte: 37 minutos por paciente
• Cobertura em 29 estados nos Estados Unidos
• Veículos de transporte médico especializado: 4.500 unidades

Diagnóstico médico mais rápido e acessível

Os serviços de diagnóstico da DOCGO geraram US $ 186,4 milhões em receita para o ano fiscal de 2022.

Tipo de serviço de diagnóstico	Receita anual	Taxa de crescimento
Teste Covid-19	US $ 78,2 milhões	42% A / A.
Triagem móvel	US $ 108,2 milhões	55% A / A.

Alternativa econômica ao transporte médico tradicional

Economia de custos por transporte de pacientes: US $ 127 em comparação aos serviços de ambulância tradicionais.

• Custo médio de transporte: US $ 287
• Custo do serviço de ambulância tradicional: US $ 414
• Economia anual de custos para sistemas de saúde: US $ 12,4 milhões

Soluções abrangentes de saúde para comunidades carentes

Docgo serviu 146 comunidades carentes em 2022, com foco nos desertos de saúde rural e urbana.

Tipo de comunidade	Número de comunidades servidas	População alcançada
Comunidades rurais	87	412.000 pacientes
Desertos da saúde urbana	59	356.000 pacientes

Docgo Inc. (DCGO) - Modelo de Negócios: Relacionamentos do Cliente

Suporte direto ao cliente através de plataformas digitais

O DOCGO fornece canais de suporte digital com as seguintes métricas:

Canal de suporte	Disponibilidade	Tempo de resposta
Suporte ao aplicativo móvel	24/7	Menos de 15 minutos
Plataforma de telemedicina	Horário prolongado	Conexão imediata
Linha direta de atendimento ao cliente	8:00-22:00 EST	Média de 5 minutos

Interações personalizadas para serviços de saúde

Docgo oferece interações personalizadas de saúde com níveis especializados de serviço:

• Perfil individual do paciente
• Recomendações de saúde personalizadas
• Rastreamento médico personalizado

Engajamento contínuo do paciente via telemedicina

Métrica de telemedicina	2023 dados
Total de consultas de telemedicina	378,000
Duração média da consulta	22 minutos
Taxa de satisfação do paciente	92%

Soluções de saúde personalizadas

O DOCGO fornece soluções de saúde direcionadas em vários segmentos:

• Programas de saúde corporativa
• Serviços médicos de emergência municipais
• Transporte de necessidades especiais

Sistemas de comunicação e rastreamento em tempo real

Recurso de comunicação	Tecnologia	Capacidade em tempo real
Rastreamento de localização do paciente	GPS ativado	Atualizações imediatas
Sincronização de registros médicos	Plataforma baseada em nuvem	Compartilhamento instantâneo
Monitoramento de saúde móvel	Integração da IoT	Monitoramento contínuo

Docgo Inc. (DCGO) - Modelo de Negócios: Canais

Veículos médicos móveis

A partir do quarto trimestre 2023, o DOCGO opera 147 veículos médicos móveis em vários estados dos EUA.

Tipo de veículo	Número total	Cobertura geográfica
Unidades médicas móveis	147	20 Estados dos EUA

Plataformas de telemedicina

A plataforma de telemedicina do Docgo lidou com 425.000 consultas virtuais em 2023.

Métrica da plataforma	2023 desempenho
Consultas virtuais	425,000

Aplicativos de reserva e agendamento digital

A plataforma digital da empresa suporta 78.000 usuários ativos mensais.

• Taxa de download do aplicativo: 12.500 por mês
• Engajamento médio do usuário: 22 minutos por sessão

Equipe de vendas diretas

O DOCGO mantém uma equipe de vendas direta de 86 profissionais de saúde.

Composição da equipe de vendas	Número
Total de representantes de vendas	86

Redes de referência de prestadores de serviços de saúde

A DOCGO estabeleceu parcerias com 214 instituições de saúde.

Métricas de rede de referência	2023 dados
Parceiros da Instituição de Saúde	214
Referências mensais	17,300

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

Populações urbanas e suburbanas

Docgo atende a aproximadamente 2,5 milhões de residentes urbanos e suburbanos em várias áreas metropolitanas nos Estados Unidos a partir de 2023.

Segmento populacional	Interações anuais de saúde móvel	Utilização média de serviço
Residentes urbanos	1,8 milhão	3.2 Interações por ano
Residentes suburbanos	700,000	2,7 interações por ano

Instituições de Saúde

O DOCGO fornece serviços de saúde móvel a 127 instituições de saúde em 12 estados.

• Hospitais servidos: 42
• Centros de Saúde Comunitária: 65
• Redes de atendimento urgente: 20

Agências municipais e governamentais

A DOCGO possui contratos com 23 agências municipais e governamentais para serviços especializados em saúde.

Tipo de agência	Número de contratos	Valor anual do contrato
Departamentos de Saúde da Cidade	14	US $ 8,3 milhões
Agências estaduais	9	US $ 5,6 milhões

Programas de bem -estar corporativo

A DOCGO faz parceria com 87 clientes corporativos para serviços de saúde e bem -estar móveis.

• Empresas de tecnologia: 35
• Empresas de serviços financeiros: 22
• Empresas de manufatura: 30

Indivíduos idosos e com problemas de mobilidade

O DOCGO atende a aproximadamente 215.000 pacientes idosos e com mobilidade anualmente.

Categoria de pacientes	Volume anual do paciente	Frequência média de serviço
65 anos ou mais	135,000	4.1 Interações por ano
Mobilidade desafiada	80,000	3,7 interações por ano

Docgo Inc. (DCGO) - Modelo de negócios: estrutura de custos

Manutenção da frota de veículos médicos

A partir de 2023, o Docgo registrou despesas totais de manutenção de veículos de US $ 12,4 milhões. A empresa opera uma frota de aproximadamente 350 veículos médicos móveis em vários estados.

Categoria de manutenção de veículos	Custo anual ($)
Reparos de veículos	4,600,000
Despesas de combustível	3,200,000
Seguro	2,800,000
Depreciação do veículo	1,800,000

Salários profissionais de saúde

Em 2023, as despesas totais de pessoal do Docgo atingiram US $ 89,7 milhões, com um detalhamento de salário detalhado da seguinte maneira:

• Médicos: salário médio anual de US $ 210.000
• Enfermeiros: salário médio anual de US $ 85.000
• Técnicos médicos: salário médio anual de US $ 62.000
• Equipe administrativo: salário médio anual de US $ 55.000

Infraestrutura e desenvolvimento de tecnologia

A Docgo investiu US $ 15,6 milhões em infraestrutura de tecnologia e desenvolvimento de software em 2023.

Categoria de despesa de tecnologia	Custo anual ($)
Desenvolvimento de software	7,200,000
Computação em nuvem	3,500,000
Segurança cibernética	2,900,000
Infraestrutura de TI	2,000,000

Equipamentos médicos e ferramentas de diagnóstico

As despesas anuais em equipamentos médicos totalizaram US $ 22,3 milhões em 2023.

• Equipamento de diagnóstico de imagem: US $ 8,5 milhões
• Dispositivos médicos portáteis: US $ 6,2 milhões
• Equipamento de laboratório: US $ 4,7 milhões
• Tecnologia de telemedicina: US $ 2,9 milhões

Despesas de marketing e aquisição de clientes

Docgo gastou US $ 6,8 milhões em marketing e aquisição de clientes em 2023.

Categoria de despesa de marketing	Custo anual ($)
Marketing digital	2,600,000
Compensação da equipe de vendas	1,900,000
Campanhas de publicidade	1,400,000
Programas de divulgação de clientes	900,000

Docgo Inc. (DCGO) - Modelo de negócios: fluxos de receita

Taxas de serviço médico móvel

No terceiro trimestre de 2023, o DOCGO registrou receitas de serviços médicos móveis de US $ 89,1 milhões.

Taxas de teste de diagnóstico

Tipo de teste	Receita (2023)
Teste Covid-19	US $ 42,3 milhões
Outros serviços de diagnóstico	US $ 17,6 milhões

Reembolsos de seguros

A receita de reembolso de seguros para 2023 totalizou US $ 63,7 milhões.

Taxas de consulta de telemedicina

• Receita anual de consulta de telemedicina: US $ 22,4 milhões
• Taxa de consulta média: US $ 85 por sessão

Contratos governamentais e institucionais

Tipo de contrato	Valor total do contrato
Serviços de saúde municipal	US $ 115,2 milhões
Contratos do governo do estado	US $ 78,5 milhões

Receita anual total da Docgo Inc. em 2023: US $ 293,1 milhões.

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.