RIDE-HAILING IN HEALTHCARE: Uber and Lyft are aiming to solve the $150 billion annual problem of US medical transport - here's why automakers should enter the fray
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Access to affordable and convenient transportation heavily impacts public health - transportation issues cost the US health system around $150 billion annually - so improving the process for patients has become more of a priority for the healthcare industry. Tech-facing mobility companies like Uber and Lyft have seen this as an opportunity to leverage their reach and advanced technical capabilities to help get patients to appointments and, in turn, tap into a multibillion-dollar nonemergency medical transport (NEMT) market.
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In this report, Business Insider Intelligence discusses the forces that are opening opportunities for transportation companies in healthcare, the value that can be gained from entering the space, and what hurdles they must overcome to become go-to service providers. We look at interviews with executives at Lyft, Uber, and Ford to unpack their companies' services, identify best practices, and determine what opportunities may lie ahead.The companies mentioned in this report are: Advocate Health Care, American Logistics Corporation, Blue Cross Blue Shield Institute, CareMore, Change Healthcare, Ford, General Motors, Lyft, MedStar Health, and Uber.
Here are some key takeaways from the report:
- Transportation issues cost the US health system around $150 billion annually.
- Dan Trigub, head of Uber Health and former regional VP of healthcare partnerships at Lyft, believes that this is a $15 billion opportunity, annually.
- Over the last three years, both Uber and Lyft introduced NEMT services that have quickly helped the mobility companies entrench themselves in the healthcare industry. Both services are business-to-business (B2B), meaning Uber and Lyft are partnering with payers, providers, and NEMT brokers that are then setting up rides for patients.
- Legacy automakers would be wise to move quickly on the opportunity in order to fortify their revenue streams in the wake of slowing auto sales. US auto sales in 2019 are expected to be just shy of 16.9 million, marking the first year since 2014 that they would fail to hit 17 million, per Automotive News.
- Explains why the healthcare industry is opening its doors to nontraditional transportation providers.
- Discusses how mobility companies can best take advantage of the multibillion-dollar opportunity.
- Details the different strategies Lyft, Uber, and Ford have taken to launch successful NEMT services.
- Identifies other opportunities for mobility companies in the healthcare space.
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