NEMT Industry Trends | NEMT Experts Podcast Episode 41
Bambi CEO Nirav Chheda talks with Ryan Kaspar, who worked for a decade at MTM (one of the largest NEMT broker companies) about larger trends in the NEMT industry and how they affect NEMT business owners.
Reach out to Ryan Kaspar for his NEMT consulting services at https://carrywell-consulting.com/.
See the full interview on YouTube.
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Podcast Show Notes:
Ryan Kaspar, an expert in Non-Emergency Medical Transportation (NEMT) with 15 years of experience, talks about the major transformations and challenges in the industry.
Key Takeaways:
- Getting Work is the Biggest Barrier: The most significant obstacle for new NEMT businesses is securing contracts. Understanding how to navigate the complexities of working with brokers, facilities, and funders is crucial.
- Industry Evolution: The NEMT sector has evolved from a "wild west" stage to a more regulated and competitive market. The entry of tech companies like Uber and Lyft has raised the bar for user experience, putting pressure on traditional brokers and providers.
- Rising Barriers to Entry: Increased regulation, insurance costs, and technology requirements are making it harder for small NEMT businesses to enter and thrive. New entrants need more resources, sophistication, and a strong focus on technology and customer service.
- Diversification is Key: NEMT businesses need to diversify their revenue streams by exploring private pay, non-profit work, and other opportunities beyond broker contracts.
- Technology is Essential: Embracing technology is critical for success in the evolving NEMT landscape. Providers should seek streamlined technology solutions that enhance efficiency, improve the rider experience, and enable seamless communication with brokers and payers.
- Proactive Relationship Management: Building strong relationships with brokers and payers is crucial for small providers. Actively communicating needs, seeking growth opportunities, and addressing pain points can help secure more work and avoid being sidelined.
Interesting Quotes:
- "That's really the biggest barrier to entry when it comes to this work is actually getting the work. That's the linchpin." Ryan Kaspar
- "The barriers to entry are only going to continue to increase." Ryan Kaspar
- "Providers need to enter the gate with a higher level of sophistication, with more resources behind them." Ryan Kaspar
- "If you're not asking those types of questions to the people who are allocating the work to you, well, then you become less of a thought." Ryan Kaspar
- "You have to have a plan. And providers that really thrive are the ones that have a plan and then they clearly communicate that plan to their brokers or to their payers." Ryan Kaspar
Conclusion: The NEMT industry is undergoing significant changes. To succeed in this environment, new and existing NEMT businesses must be proactive, tech-savvy, and focused on building strong relationships with their partners. Diversification and a hunger for growth are also essential for long-term success.
