In August, Modivcare announced that it had filed for Chapter 11 bankruptcy and was subsequently delisted from the Nasdaq. The company’s CEO expects to exit bankruptcy by the end of 2025, saying Modivcare will emerge “even stronger.” Modivcare has been through a challenging few years, CEO Heath Sampson told Home Health Care News. To guide […]
Maine lawmakers have recently pushed the state’s Department of Health and Human Services (DHHS) to reconsider its 10-year, $750 million contract with Modivcare. Modivcare, a provider of personal home care, non-emergency medical transportation and in-home monitoring solutions, announced in August that it filed for bankruptcy. Soon after, Maine lawmakers spoke out against the company’s non-emergency […]
In the face of fluctuating regulations, including Medicaid budget cuts and the proposed companionship exemption, home care providers are taking action to improve efficiency and educate lawmakers. Medicaid reimbursement rates play a pivotal role in shaping how home care providers sustain their businesses and manage investments – including decisions around overtime pay – according to […]
From contract losses to financial decline in certain segments, the leaders at Modivcare Inc. (Nasdaq: MODV) haven’t shied away from detailing the various headwinds negatively impacting the company in recent years. Then, in August, Modivcare revealed that it filed for Chapter 11 bankruptcy. Over the years, the health care sector has seen a spike in […]
Modivcare Inc. (Nasdaq: MODV) revealed that it has filed for Chapter 11 bankruptcy. As a company, Denver-based Modivcare offers technology-enabled health care services and provides non-emergency medical transportation (NEMT). The company’s Modivcare Home division includes its personal care, remote patient monitoring and nutritional meal delivery services. “Chapter 11 is what you file when you have […]
Among the storylines to emerge during Q1 2025 earnings calls, I was particularly interested in the divergent results that Addus HomeCare (Nasdaq: ADUS) and Modivcare (Nasdaq: MODV) posted in their personal care segments. While Addus reported a 20.3% year-over-year increase in net service revenue, which leadership directly attributed to its personal care services, Modivcare reported […]
Modivcare Inc. (Nasdaq: MODV) announced Monday that it would part ways with two members of its executive leadership team and not fill their positions. Chief Financial Officer Barb Gutierrez and Chief Information Officer Jessica Kral will depart from the company following a transition period. The company said it was confident that its current teams could […]
After experiencing some contract loss blows in the recent past, Modivcare Inc. (Nasdaq: MODV) has begun to log some tallies in the win column. The company gained $33 million of annual contract value during its second quarter, and onboarded a significant state contract in early June. This contract has already started demonstrating strong performance and […]
Modivcare Inc. (Nasdaq: MODV) is currently facing financial hurdles, but believes its “wins will outpace the losses” by the end of 2024. Without some contract wins being reflected until later quarters, contract losses are overshadowing gains, according to the company’s leaders. Its personal care segment has been steady thus far at least, growing 5% year […]
Thanks to impactful, large-scale transactions over the last decade, the collective face of home-based care has changed forever. Traditional providers in both home health care and personal home care have merged. Payers became involved in the home-based care space like never before. Of late, retailers have too. But it’s often easy to forget how the […]
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