ModivCare is a healthcare services company focused on coordinating supportive care for Medicaid and Medicare populations. Its core business is non-emergency medical transportation (NEMT) brokerage — acting as the intermediary between government health programs and managed care organizations (MCOs) that pay for transportation benefits, and a network of roughly 4,100 third-party transportation providers that actually deliver the trips. ModivCare's customers are state Medicaid programs and MCOs, not patients directly. ModivCare also provides personal care services (PCS) — in-home caregivers helping Medicaid patients with daily living activities — employing roughly 18,300 caregivers across seven eastern states. A smaller monitoring segment offers personal emergency response systems and remote patient monitoring on a subscription basis. ModivCare also holds a minority equity stake in Matrix Medical Network, a national in-home health assessment business. In NEMT, ModivCare earns revenue through capitated contracts (fixed per-member-per-month fees, bearing full utilization risk), shared-risk contracts (PMPM with risk-sharing provisions), and fee-for-service (FFS, paid per trip). ModivCare is actively shifting shared-risk contracts to FFS to reduce working capital volatility. PCS revenue is billed hourly, with margins driven by the spread between state reimbursement rates and caregiver labor costs. ModivCare entered 2025 under financial stress and is pursuing asset sales — including the monitoring segment and potentially PCS — to reduce leverage.