DocGo (NASDAQ:DCGO) executives and TD Cowen healthcare facilities and services analyst Charles Rhyee outlined the company’s strategy to deliver “proactive healthcare at any address,” positioning its mobile health and medical transportation platform as a way to improve access, reduce unnecessary emergency department utilization, and support a healthcare system facing capacity constraints and rising chronic disease.
Scale of operations and recent financial framing
Chief Executive Officer Lee Bienstock said DocGo operates at significant scale across several modalities of care delivery. He stated that in 2025 the company conducted more than 700,000 patient transports, completed 150,000 in-home patient visits, remotely monitored roughly 55,000 patients, and performed more than 1 million telehealth visits through its virtual platform. Bienstock added that DocGo has nearly 1,000 vehicles in the field and more than 3,000 clinical staff, and that the company has served more than 10 million patients since inception.
Discussing prior disclosures, Bienstock referenced the company’s November earnings call, where it reported approximately $71 million in Q3 revenue, including about $50 million from medical transportation and $20 million from the mobile health segment. He also said DocGo had no outstanding debt, had paid its Citibank line of credit down to zero, and had about $95 million of cash on hand at the end of Q3. The company guided to an adjusted EBITDA loss of negative $15 million to negative $25 million, while expecting to exit the year at a break-even profitable run rate, he said.
Customer model and demand indicators
Bienstock said DocGo works with large health systems and major insurance payers, and that partners identify and refer patients to the company. He described the model as not relying on advertising or direct-to-consumer marketing; instead, hospitals and insurers direct patients to DocGo for services. He cited customer relationships with hospital systems such as Northwell, Jefferson, Mount Sinai, and others, and with payers including Molina, L.A. Care, and Anthem.
He highlighted what he characterized as strong customer satisfaction, stating the company’s patient Net Promoter Score is over 92. He also said the company’s service lines were at “record volume levels” as of the end of Q3, with volumes continuing to rise.
Mobile health: closing care gaps and value-based care positioning
In describing the mobile health segment, Bienstock framed DocGo’s role as expanding access for patients who face mobility, childcare, or other barriers to clinic-based care. He said insurer partners provide DocGo lists of members with “open gaps in care,” noting the company has been provided more than 1 million patients from payer partners to date. He offered an example of performing a bone density scan in a patient’s home and described how in-home visits can reveal “social aspects” of health risks that may not be apparent in a clinic setting.
Bienstock said DocGo performs more than 40 different types of care gap services in the home, including diabetic A1C checks, retinal scans, annual wellness visits, vaccines, and pediatric well-child visits. He said the company’s investment is focused on bringing “the capabilities of a doctor’s office into your living room,” and he linked that buildout to current EBITDA losses.
Operationally, Bienstock said the company uses a model that pairs clinicians such as licensed practical nurses, phlebotomists, and medical assistants in the home with remote “advanced providers” who can diagnose, prescribe, and treatment-plan using transmitted diagnostics. He said the goal is to maximize utilization of scarce advanced providers by allowing them to conduct visit after visit remotely.
Bienstock also discussed the October acquisition of SteadyMD, saying it added a large network of advanced providers. He said SteadyMD conducted more than 1 million telehealth visits and 2 million lab orders last year, contributed more than $25 million in revenue, and is expected to be EBITDA positive this year.
He cited one insurance partner that provides patients with high LACE scores—averaging 9.2 on a 1-to-10 scale—and said DocGo reduced hospital readmissions by 60% in that cohort.
Medical transportation: “Uber-like” logistics integrated with Epic
Bienstock described medical transportation as the company’s “bread and butter,” saying it is expected to generate more than $200 million of revenue this year. He said DocGo operates hundreds of ambulances and manages enterprise transportation for hospital systems, positioning the service as critical to patient flow and bed utilization.
He said DocGo built a technology platform integrated with Epic, enabling a discharge nurse to request transport directly from the patient chart and see estimated arrival times. Bienstock characterized the system as an “Uber-like experience” that provides transparency and coordination across discharge, housekeeping, and intake teams. He said Jefferson helped the company work with Epic to achieve integration, and he framed that integration as “defensible.”
Growth priorities and technology differentiation
Looking ahead, Bienstock said growth opportunities include expanding within existing payer and hospital relationships, including moving state-to-state with national insurers and cross-selling additional services to current hospital customers. He also argued the company’s technology advantage stems from building software for its own operations rather than selling standalone software to providers. He said DocGo’s platform is designed to maximize field efficiency by matching the right clinician, vehicle, licensure, and patient need, while providing patients with more precise arrival windows.
In a Q&A, Rhyee asked about primary care access. Bienstock said one in four Americans does not have a primary care provider, and that fewer than 50% have seen the same provider over five years, making longitudinal care difficult. He also said the “dirty truth” of value-based care is that savings can accrue over years, while insurance members may churn between plans, weakening incentives for long-horizon preventive investments.
On the longer-term opportunity, Bienstock said continued scaling of medical transportation remains key, while the company believes it could be well-positioned for value-based arrangements because it operates in the home, remotely monitors patients, and has insight into social determinants of health. He also referenced a CMS program he called the “Access program,” describing it as rewarding better outcomes.
About DocGo (NASDAQ:DCGO)
DocGo, Inc is a U.S.-based integrated healthcare company that delivers on-demand and mobile healthcare services. The company’s business model centers on deploying customized medical clinics paired with a digital care platform to bring primary and acute care directly to patients. Through a combination of telemedicine and over-the-road medical units, DocGo addresses routine medical exams, chronic disease management, occupational health screenings, specialist consultations and urgent care interventions.
In addition to its mobile clinic fleet, DocGo’s digital platform offers 24/7 virtual care, facilitating remote consultations via video, phone or secure messaging.
