Modivcare Inc. (Nasdaq: MODV) is committed to investing more time and resources into value-based care models, and eventually plans to move into more shared-risk arrangements across its entire platform.
Modivcare CEO L. Heath Sampson explained the company’s growth goals in a fourth-quarter earnings call Thursday.
“To scale, we will strive for operational excellence, integrate as one Modivcare and use technology to enable our solutions,” Sampson said. “To grow, we will sell our point solutions more effectively, leverage our relationships to cross sell and continue to deliberately develop and grow our value-based care solutions.”
Sampson pointed to the company’s remote patient monitoring solutions – specifically E3, a health plan member engagement program.
“We are seeing increased activity from payers who want to sign up in new arrangements with us,” Sampson said. “We recently began an innovative value-based care program for E3 with a leading national managed care organization. This program is essentially the next evolution of E3, as it utilizes greater data sharing in partnership with the health plans for gap closures and assessments, allowing us to have a more meaningful impact on improving outcomes and using our supportive care services.”
The Denver-based Modivcare is also a provider of personal care, non-emergency medical transportation and meal delivery services.
“We are confident about adding more value-based care arrangements to our portfolio and using valuable member data insights and analytics to drive meaningful, long-term value for all of our stakeholders,” Sampson said.
Sampson credited a strong fourth quarter to solid growth in the company’s mobility business and double-digit growth in its home division.
In the quarter, Modivcare reported revenue of $653.9 million, an increase of 14% from $575.8 million in the fourth quarter of 2021.
The company’s home division — which includes personal care and remote patient monitoring segments – saw $176 million in revenue, a 12% growth year over year.
Modivcare plans to parlay the strong quarter – and high employee satisfaction rates – into continued growth in the near-term future.
“Our main goal is to achieve growth in the personal care sector,” Sampson said. “To achieve this, we are continuing the heavy lift to standardize and centralize non-caregiver functions and certain operational processes. We plan to expand our personal care location through de novo openings and position ourselves to easily integrate any future acquisitions”
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