🚐 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.