How Prosperous is the NEMT industry?
May 13, 2022
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NEMT industry gained popularity with the introduction of an extended healthcare insurance package. It became a necessity to transport people to their medical appointments. There is no chance the government can cover this need in full. Let’s look at the numbers to understand what potential this industry has. It might look like there is no room for competition. The truth is the opposite. The number of clients of NEMT business can easily be calculated by the number of people using health insurance programs. Governmental stats show a life expectancy of 78 years. Meanwhile, people of the age 60+ comprise the largest category of NEMT users. This is just a helicopter view. The potential is much bigger.
How competitive is the market?
NEMT market is diverse. The greatest misconception lies in the opinion that all companies provide the same type of service. For sure, they transport people. However, there is room for imagination with the way your service works. The companies vary by:
- Fleet (size, type of vehicles)
- Business model (small local company, or a large one that covers larger areas)
- Digitalization (software implemented or not)
Most companies prefer to walk down the known path and not implement software management right away. It takes the company a step back and slows the progress. The other popular thing to do is to find separate soft for billing, routing, and other processes. Here comes the problem of integration. If all the systems are not synchronized, a lot of money and time is spent on maintenance and fixing compatibility issues. It is worth considering multipurpose software that operates billing, dispatching, routing, scheduling, and more.
What is the right software for your company?
Anything that simplifies your decision-making comes in handy. The NEMT software can optimize your work to the extent that you only check on the progress. Although a lot of complex processes happen in a company where a lot of participants interact, the software can integrate everything smoothly. But most important is data collection. Your daily operations need to be tracked carefully. All the incoming orders, completed and in progress, complaints, have to be collected and processed. The way data is collected and shared matters. It should be easily accessible and stored safely since it simplifies work for your employees and speeds up the solution of any issue. Software undoubtedly increases the capabilities of the company. It turns a small company with a small or medium-sized fleet into an effective machine. In some cases, a medium-sized fleet brings more profit than a large and diverse one.
Summary
NEMT business is rewarding and as soon as it takes off, the owner does not need to spend every waking hour watching it. With the option to optimize operations by getting all-in-one software the profit won’t make you wait for it. The industry is growing and blossoming. Besides, enhancing your customer service is never a bad choice if you want to improve something, and get a competitive advantage.