Non-emergency medical transport services have been changing exponentially in the age of ride-sharing. With the advent of companies like Lyft and Uber, the NEMT industry has helped to inspire startups in the space and expansions from motor companies looking to break into other ventures besides manufacturing.
Ford Motor Company is even getting in on the NEMT industry with its announcement of a national rollout of its GoRide Health program that has tested well in the Midwest and is set for expansion this year. But while starting a NEMT business can seem like a lucrative venture, there needs to be a game plan as to how to prepare everything from business goals to gaining non-emergency medical transportation insurance to branding.
The Cost of NEMT Business Operations
As part of any business plan, there has to be a budget in place. When a NEMT business is started up, everything from non-emergency medical transportation insurance to fuel, utilities, office supplies, and vehicle maintenance will have to be accounted for. The most important of those probably rests on non-emergency medical transportation insurance, which provides financial protection for services in the event of an accident or claim, and when a NEMT is just starting out, any claim can be detrimental to its financial health.
Rate Scheduling
The fees a NEMT company sets up for customers will be an important part of an operation. A NEMT business usually earns between $35 and $60 per hour, so finding the best price that fits the needs of the company should be taken care of. Those operating in the city, for example, should charge more than rural operators due to wear and tear on vehicles, stop-and-go driving in traffic, and having to navigate through city streets.
Branding
Marketing has to be an important component of any NEMT company as it pays to get the word out of what you’re offering. Marketing efforts should be pointed to reaching a demographic through use of a brand. This is something that helps identify a company among its competition, giving its customers the opportunity to recognize it easily. From a name to a color scheme to a digital presence, branding and marketing is a surefire way to get the word out of what is offered and how a company stands out.
Brokering a NEMT Business
A NEMT business can build relationships with brokers, helping a business to grow while also laying a foundation. There are many different ways in which this can be done, but detailed record keeping is needed in order to meet the demands of a broker. Once this is underway, a NEMT company will see a movement in its business.
About Coast General Insurance
Coast General Insurance Brokers is an insurance brokerage entirely dedicated to business owners. Our agency’s purpose is to partner with our business clients to maintain a pulse on their risks as the business evolves. We match Property and Casualty products and help mitigate claims. Our agency has a dedicated team for Commercial Insurance as well as a team dedicated to Health and Wellness benefits for any size company. Give us a call today at (805) 644-4740 to learn more about what we can do for you.