Press Release: Healthcare Logistics Leader Creates Millions in Medicaid Savings
November 28, 2016
Healthcare Logistics Leader Creates Millions in Medicaid Savings
Veyo celebrates one-year anniversary, doubling on-time performance rates in non-emergency medical transportation (NEMT).
SAN DIEGO–(BUSINESS WIRE)–Veyo, the company that has accounted for over $7 million in savings for healthcare payers in its first year of service to state Medicaid plans and health systems, completed its 3 millionth non-emergency medical transportation (NEMT) trip. Veyo is adapting advancements seen in consumer on-demand and rideshare transportation specifically for healthcare. Since launching in November 2015, Veyo has set new standards for reliability, transparency, on-time performance, quality and cost efficiency.
The company celebrates its one-year anniversary in November, building upon 40 percent quarter-to-quarter growth and proven results that are raising expectations for NEMT standards. Accounting for over $5 billion in spending each year (Transit Cooperative Research Program), NEMT benefits are available to the 72 million Medicaid members in the U.S. (Department of Health and Human Services, Centers for Medicare & Medicaid Services). Traditional NEMT services experienced little change over the past two decades, using outdated dispatch systems that can lead to delays, missed appointments and poor quality of care. Veyo’s proven model is now delivering the most reliable, efficient and advanced technology to consumers and healthcare organizations in the NEMT industry.
To commemorate its one-year anniversary, Veyo will donate twenty-five cents for every trip completed on Tuesday, November 15th to the The National Kidney Foundation, resulting in $5,000. Approximately one-third of NEMT trips are made to dialysis centers for individuals affected by this serious but manageable kidney condition.
“Each and every trip has an effect on the lives and communities we’re serving,” said Josh Komenda, president of Veyo. “To further that impact, we look forward to continuing to support and donate to the organizations that benefit and matter to NEMT recipients.”
The NEMT industry has been plagued for decades with antiquated models that lack transparency and efficiency. Those receiving NEMT benefits are often frail, handicapped, in rural areas and without smartphones, making it difficult for consumer transportation companies to enter the space. Veyo is using breakthroughs from the consumer space to establish a new industry standard that better manages member benefits, improves health outcomes, and delivers the reliability today’s consumers need and demand. In its first year, Veyo:
Served 2.5 million Medicaid and Medicare Advantage members across Arizona, California, Colorado, Idaho, Michigan and Texas;
Achieved a 0.03 percent grievance rate that is 100 times lower than the 2-4 percent industry average;
Dramatically decreased pickup delays and missed appointments common in traditional NEMT systems; and,
Established a 97.9 percent on-time rate, consistently outperforming the industry averages of 85-95 percent, while providing transportation for over three million total trips.
Komenda adds, “Veyo’s first year was extraordinary. And, there’s still work to be done. We plan to double in size next year – helping 5 million people go to and from healthcare appointments safely and reliably every day as we expand our services to several new regions of the country.”
Veyo’s model is a complete, end-to-end NEMT solution. The company utilizes its virtual, scalable fleet of Independent Driver-Providers (IDPs) with commercial providers to improve the matching of supply with demand, making it more efficient and effective, and ensuring the right vehicles are dispatched each and every time. This provides a better participant experience and more efficient use of vehicles.
In addition to the immense growth experienced, Veyo was named a winner of the San Diego 2016 Top Workplaces award by San Diego Union Tribune in November 2016. Veyo created hundreds of jobs across the six states in which the company operates, including over 100 in its San Diego headquarters. “People are the most important thing to us at Veyo. From our employees’ health and happiness, to that of the patients we serve, people are always at the forefront,” says Stanton Sipes, EVP of sales and business development at Veyo.
The company also celebrated its first year by participating in Pedal The Cause, an organization and annual event that raises money for cancer research in San Diego. Veyo employees raised $5,000 in donations.
Veyo is pioneering the next generation of healthcare logistics as the leader in non-emergency medical transportation (NEMT). As a complete, end-to-end NEMT solution, Veyo’s model uses advanced supply management, predictive analytics and automated dispatching, and customer-focused tools to ensure people get to and from medical appointments safely, securely and on time every time.
Veyo is headquartered in San Diego and offers NEMT services throughout the state, as well as in Arizona, Colorado, Idaho, Michigan and Texas. Veyo is fully funded and majority owned by Total Transit, a longtime Arizona-based transportation company. Learn more at www.veyo.com.