🧠 Valuation Insight: NEMT (Non-Emergency Medical Transportation) Revenue Isn’t Always on the Meter

~ Certified Business Appraiser

🚐 NEMT businesses can appear cash-flow strong—but risk is hiding in the details.

Watch for:

  • Heavy reliance on Medicaid or brokered contracts
  • Delayed reimbursements or denials
  • Owner driving the majority of shifts
  • CapEx and repairs for aging fleets not accounted for

📌 Free cash flow means nothing if it’s based on unpaid invoices or a tired van.

✅ Normalize for contract risk, fleet age, and actual driver wages.