DocGo Inc. (DCGO) Earnings Call Transcript & Summary

All right. Thank you all for joining. Before we get started, I want to read a public disclaimer. For important disclosures, please see the Morgan Stanley research disclosure website at www.morganstanley.com/researchdisclosures. If you have any questions, please reach out to your Morgan Stanley sales representative. Thank you all for joining. I'm Chris Brustuen, Managing Director in the Healthcare Group at Morgan Stanley in the New York office. I'm joined by Lee Bienstock. Thank you again for joining us today. Maybe before I get started, I'll just pass it over to you for any intro remarks.

Yes, absolutely. So I'm Lee Bienstock. I'm the CEO of DocGo. We're a mobile health care company. I'm sure we'll talk a lot about it, but it's great to be here. Obviously, Chris, you know the industry well. You know our business very well. So we always appreciate your input and looking forward to the conversation.

Thank you. So I want to start off with mobile health. When we think about that segment, it's experiencing significant growth in recent years. What sort of services do you provide and to what types of customers?

Sure. So as I was sharing, we're a mobile health care company. Really, what that means is we bring care to where it's needed, when it's needed. So this is outside the traditional health care establishment, brick-and-mortar clinics, where mobile health care companies are bringing care essentially on scene, patients' homes or really wherever it's needed. We run 2 segments. One is the medical transportation business, where we've really built an innovative model, essentially Uber for ambulances on the medical transportation side, which is about 25% of our business today and 75% of the business is in the mobile health care space. And so talk through about what that mobile health looks like. Just to give a sense of the scale and size of the business, we guided this year to $600 million to $650 million in revenue, $65 million to $75 million in adjusted EBITDA. We also raised our cash flow from operations guidance to $80 million to $90 million, which we increased it up from $70 million to $80 million. So we have a wonderfully growing business in Q2, which was our last earnings call. We shared that we did $165 million in revenue, which was up 30% year-over-year. We did $17.2 million in adjusted EBITDA. So just to give you a sense of the business, we operate 1,000 mobile units in the field every day across 30 states in the U.S. and the U.K., London, Newcastle, Manchester in the U.K. We have 7,000 mobile health clinicians, EMTs, paramedics, nurses, advanced practice providers. Again, just to give you a sense of the scale of the business. On the mobile health side, really, we're seeing wonderful, wonderful traction and growth with our customers. We have 3 types of customers. We have the health systems that we work with. We work with hundreds of hospitals across our footprint today. We work with municipalities to bring care to underserved populations. And we work more and more growing and growing with health plans, insurance partners that are capitated and at risk for their health plan members and we help care for those health plan members by bringing care to their home, closing care gaps. And so that's a very fast-growing part of our business. And basically, what health plans do is they say, DocGo, we'd like you to go see our health plan members is patients that have significant gaps in care. They may be managing chronic conditions, multiple comorbidities. Very oftentimes, they haven't seen a doctor in over a year. And so what we do is we meet patients where they are in their home, and we bring mobile health clinicians into the home, and we help close care gaps, things like bone density scans, colon cancer screenings, diabetic A1c screenings, diabetic retinal exams, vaccinations. We do 40 different clinical offerings in the home to help try to close those care gaps and really try to identify patients that are quite sick and hopefully be proactive about their care and catch things before it precipitates into a hospital admission. And really, our whole goal is to keep patients out of the hospital. Patients don't want to end up in the hospital, insurance customers, the municipalities don't want those patients in the hospital. They cost a lot of money when they end up in the hospital. And even hospital systems really want the right patients, the patients who need it to be in the hospital. And so that's where we fit in the value chain, and it's a great experience for patients. We help make them healthier and healthier patients are more cost-effective for the system.

Thank you. So hitting on growth first. Can you discuss how your business has maintained a strong track record of growth outside of COVID-related revenues?

Sure. So COVID was obviously a big catalyst in general for a lot of trends that happened in the health care space. I think, obviously, we grew rapidly during the COVID pandemic really helping respond to the pandemic, either through medical transportation, bringing care, vaccinations, testing. And really, I think what that did is it really accelerated the curve of telehealth and remote monitoring and sort of digital health. But also, we are also finding in the years now coming out of COVID, that telehealth and digital alone is not enough to truly care for the holistic patient need. You can't vaccinate someone through a Zoom call. You can't check their vitals in an integrated way. You can't start an IV. You can't take a swab. Certain readings and scans you can't do through a telehealth -- consultation or telehealth engagement. So what we do is we bridge that gap between telehealth and in-person care. And so we feel like coming out of COVID, we're really positioned well because we're a mobile health care company. We do provide telehealth services when that's the right modality of care for the patient need. But we're also very uniquely able to go into the home or be in person when it's needed. And that's a real competitive advantage for us, a real differentiator for us in a world coming out of COVID. And really, that came from our ambulance business. We built that old infrastructure for our medical transportation business and then apply that to the mobile health care services we have today. So we feel like COVID was certainly a catalyst to many trends we're seeing in the health care space today, but also coming out of that, it's also showing how important it is to still be hands-on with the patient, and that's where we come in.

Thank you, that's very helpful. I hadn't realized that omnichannel approach that's impressive. So spending a minute on the tech stack. Can you spend a little bit of time talking about the front-end, back-end tech stack that you've built, the EHR integration you have as well with Epic, Athena and how that can impact referrals and enhance your functionality?

Yes. The tech stack we've built, I mean, we spent -- we raised a considerable amount of money when the company went public. We really have utilized a lot of that to build our technology infrastructure and to really build the tech stack we have. I like to say the doctor or the health care provider coming to your house is an old idea, 100 years ago. That's the way it was. But it's inefficient, it's expensive. And the only way to really put it back the way it was is to use technology to use technology to help you scale to bring the cost down to increase access. And that's essentially what we've done. I alluded to it, but we've built a proprietary tech platform that allows us to optimize all of the mobile health units that we have in the field. And it really comes down to we have to send the right clinician with the right licensure with the right vehicle, with the right diagnostics, all for the right patient need and to optimize the number of patients that, that clinician can see in any given day. And that's the tech back end that we've built that allows us to optimize those 1,000 units in the field and those 7,000 mobile health clinicians every single day out there delivering care, so we could do it effective. If those mobile health units are seeing a couple of patients a day that's wildly inefficient, and you can't be profitable doing that the way we are. So the way it works is that back end allows us to stack all of the patients in a way that makes it optimal makes it efficient, and we can see the most number of patients with the highest quality in any given day. So that's the back end. The front end is also a big differentiator for us. We have an integration with Epic, as you mentioned, Chris, which allows a hospital system to order medical transportation or a mobile health service, like going to check up on a patient after they've been discharged from the hospital, it can be ordered directly from within the patient's chart in Epic. So we've built that integration with Epic, and so that is another big differentiator for us. Obviously, a lot of hospital systems use Epic. And so directly within the patient chart, all the patient information, the patient's insurance and payer information is in there, the patient need is in there. And so all of it is automatically uploaded directly within the patient's chart and then the discharge nurse or whichever clinician at our partner is ordering that health care service can actually see, again, just like people have grown accustomed to from Uber or Lyft or Instacart, they can see exactly when that ambulance or mobile health care provider is arising on scene. And they get ETAs, they get accurate ETAs in a health care setting, which is incredibly, incredibly difficult to do, and we've done just that. So the back end allows us to optimize all the units in the field. I call it a wonderful symphony of 1,000 mobile units, all with different capabilities and all of our clinicians with licensure and different capabilities, all that symphony is being managed in the back end. And then this beautiful front end is being presented to our partners and to our operations team that can see exactly where all those mobile units are when they're going to arrive. And the patients loved ones can see who's going to show up at their home, and when they've arrived at that home and when the clinical encounter is finished and then it's all charted. So it's this wonderful back-end and front-end experience that we've built. We spent 7 years building it, and it's a big differentiator. It's the reason why we're able to be efficient and profitable, and it's the reason why a lot of partners like working with us.

Thank you. And touching on that profitability point, so growing at the rate you are, and you're able to achieve profitability as well, what's unique about your model? Technology sounds like part of it, but what other factors are at play here?

So I think there's definitely a synergy and a scale to what we're doing. So we are -- foundationally, we're able to park the ambulances and the mobile health vehicles at the same basis, all of the physical infrastructure that it takes to maintain and operate the ambulance business as well as the mobile health business is all operating out of that one base. We use the same tech stack. We use the same vaccine management platform. We use the same licensure. We use the same basis. We use a lot of the same pieces for all of the different customers that we serve, which gives us scale and gives us economies and efficiencies that we're able to utilize and as well as the tech stack. We've also vertically integrated a lot of things together. So we have our own physicians practice. We have our own vehicles. We have our own clinicians. It's our own tech stack proprietary that we've built. We have a wholesale pharmacy, and so we've integrated all those things together to give a very comprehensive experience, but also to manage the operations in a very, very tight way.

Thank you. So you had hit on the medical transport segment. So transitioning to that, can you talk a little bit about that side of the business, and how much cross-selling there is into mobile health?

Yes. So we started as a medical transportation company, and that business has been growing. We have a very unique model that we deploy, which we can talk to, Chris, if it's of interest. But oftentimes, we start working with hospital systems by providing medical transportation to them. And we do it in a unique way. Our technology is a big differentiator, which we talked about, and we could talk about our unique model. But that usually is the start of a relationship that we have with the hospital system. And then once we're working with them, we're providing a great service to them, our teams are spending time with their teams. We've started to identify other areas where we can also help hospital systems. So I alluded to it a bit, but hospital systems are very focused on what happens post discharge for definitely for that 30 days post discharge for that patient. And hospital systems very much don't want that patient to bounce back and be readmitted to the emergency department because that negatively impacts their quality metrics for the hospital system as patients are constantly bouncing back to their emergency departments. It impacts our quality score. And if they bounce back within 30 days, they don't get reimbursed a second time for that visit. So it's a money loser for them. So they're very focused on keeping patients from bouncing back to the hospital. And so now we've started to work with hospitals where they can send us to the home and check up on a patient, what's called transition of care as they're transitioning from the care in the hospital to the next setting could be their home, it could be another facility. We're going and checking up on that patient, perhaps checking vitals, med titration, redressing the incision site if they had a post-op procedure and making sure that's not getting infected and checking up on the patient to try to minimize and reduce that bounce back that ED readmission 30 days post discharge.

Thank you. So when we -- we talk on labor and the inflationary environment that we're currently in, can you spend a minute just talking about how you've been able to navigate this labor inflationary environment? And then have you been able to adjust your staffing or automate any processes to address this area?

Yes. So labor, I think, first off, it's very important, it's not one size fits all. So I talked a bit about it. We employ EMTs, paramedics, nurses, varying degrees and nurses, advanced practice providers. So it really -- the inflationary pressure on wages has not really hit all areas of health care staffing, at least the way we see it. We think during the pandemic -- we saw during the pandemic that obviously the demand for nursing was so critical. And I think some of that demand has abated. It's more normalized now. And so we actually see less pressure on wages and staffing for nursing. We do see more pressure on staffing for EMTs and paramedics, particularly in markets where we have enormous scale. And so really, it's not a one size fits all, but what we've been able to do is the way we structure our contracts is we have a dedicated model where we're providing a dedicated team to the hospital system, or to the partners we work with. And then we charge a dedicated rate for that. So in some cases, we've been able to increase the rate on those dedicated ambulances on those dedicated units along with the increase of any cost we may be seeing in the market. So we're able to, in some cases, manage through that, but when we re-up with the contracts, we're able to change the daily rates of the things that we charge for. But really, I think a lot of what we see is on labor, but obviously, there's fuel prices that we have to manage through as well, which is another piece of our COGS. But I would say we've seen it mostly in the EMTs and paramedics less so in the nursing, less so in the advanced practice providers like there's practitioners and physician assistants. And oftentimes, we're able to manage our contracts and our costs because we have a dedicated leased our model, which we can talk about that allows us to price things as dedicated services versus trying to get reimbursed for them on a fee-for-service basis.

Okay. And then I want to spend a minute on the payer opportunity. So when you think about the opportunity with payers, including care gap closures, chronic care management, how are these conversations going with the payers, particularly around the dual-eligible population, Medicaid, any opportunity in Medicare Advantage. Can you spend a minute on that?

Yes. So tremendous opportunity. I know, Chris, you and I talk about this all time. So the conversations with the payers are going really well. We're seeing tremendous success and adoption there. And part of it is because we're really sitting at this confluence of really where the health care industry is going today. It's no secret the U.S. ranks pretty much dead last amongst developed nations for health outcomes, even though we have the highest cost. And a lot of that is based on the fee-for-service arrangements where doctors and health care professionals are incentivized to do as many tests and bill codes and fees for -- fee-for-service versus now, I think you're seeing the whole health care system moving towards the value-based arrangements where health care providers, facilities, hospital systems are all being incentivized for the health of the patients and taking risk in that value chain. And so what we're doing is the health plans are saying we have some -- we have members that are managing chronic conditions, that have comorbidities, that have gaps in care. For whatever reason, they may have mobility issues, they may have access issues. They're not able to get those gaps in care closed. And so let's try going to their home and closing those gaps in care. Things like, as I mentioned, a diabetic retinal exam to test for potential vision impairment, bone density scans to test for osteoporosis or a potential trip and fall and break, colon cancer screenings, we do med titration vaccinations. We do 40 different clinical engagements and care gaps in the home. And it is much more cost-effective for the health plans to send us to the home and do these care gaps and engage their members before it ends up in hospitalization. And so pretty much not a day goes by where we don't engage a patient that is at risk for vision impairment or that is at risk or has multiple comorbidities that we're helping manage or that hasn't been vaccinated. And sending us into the home is a proactive measure, and it's a way for the health plans to save money because we're able to catch things before precipitates into something catastrophic. And when it ends up in hospitalization, it can cost tens of thousands of dollars. So we're finding it's very cost effective. Oh, and by the way, the beauty of the whole thing is that if patients are healthier, we're doing a great job, and we sleep really well at night, and we're really fulfilled by helping make patients healthier. Healthier patients are cheaper to manage. It's good for the whole system. It's good for patients. It's good for the health plan. And so we're at that wonderful confluence of incentives that really makes sense for us to go and do this work on behalf of the health plans, and it's scaling very rapidly right now for us.

That's great. Very impressive. Shifting to M&A. Can you please discuss the potential opportunities within M&A, particularly on the mobile health segment? And are there specific areas of focus when you think about strategic expansion?

Yes. So I think we've been very quiet on the M&A front over the last 1.5 years. Usually, what we're looking for -- we're not actively looking right now, but opportunities that are relating to the value-based care, primary care, care gap closure, remote monitoring these are the pieces that we're putting together to be able to manage total cost of care. And that's really what's interesting to us right now. Typically, our approach to M&A has been if we want to get into a new market, or we need a certain licensure in a new market or our health plan partners or our hospital partners are saying they want a specific service, or they need a specific solution that maybe we don't currently have, then we'll usually look to add that quickly and rapidly and then see that and then expand it and put it into our system, so to speak. That's usually what we look for sort of a tuck-in type of scenario. We've been very quiet over the last 1.5 years. But I think, of course, any opportunities that come our way, we look at. But that's really where we're looking to grow the business. And we feel like if we can get in the patient's home, close a care gap, help manage their condition, then eventually perhaps become their primary care physician, perhaps they don't have one primary care physician, perhaps they don't -- they haven't engaged with the primary care physicians to now we're in their home, we're their primary care provider, perhaps we're monitoring their blood pressure through our patient monitoring business, which we have 50,000 patients that we currently monitor today. So now we have their blood pressure every couple of days, where they're primary care provider. So we're quarterbacking their care. We're closing gaps in care, then we're going to be in a really great position to help manage the total cost of care in that value-based world and drive down and then participate perhaps in some of the risk sharing at that point, that you see pervasive in the industry. But we have a very unique and innovative way of going about that. So anything that fits in that model, I think, is what we're looking to expand and put our growth capital towards.

So when you think about capital allocation, can you help us think through how you prioritize some of these opportunities for capital allocation? How should we think about M&A, share repurchases, increased tiring of key individuals a lot of priorities, I'd imagine?

Yes, yes and yes. So yes, as I mentioned, the business is profitable. We actually increased in Q2. On our Q2 call, we shared that we increased our cash position from a little bit less than $60 million to over $85 million. So we're increasing our cash position. I mentioned we increased our cash flow from operations guidance. And so we're profitable. I think first and foremost, we want to fund the growth that we're seeing. We want to fund the opportunities that are coming our way. We want to fund the expansion that we have with our current customers. That's first and foremost, and we're in a wonderful position to be able to do that. And I think from there, we announced we have a $36 million share repurchase plan, of which we shared in our last call, we've executed so far $10 million worth of share repurchases to date. And so I think, we'll be strategic with that share repurchase plan. And then the company has no debt other than a revolving line of credit, which we have a little bit taken out on. So we may look to pay that down. And then, of course, continue to expand the team, invest in all of those areas, which we've been doing throughout the whole year. So those really, but first and foremost, it's going to be to fund and fuel the growth and the expansion and the opportunities that are coming our way in all of the areas that we've been talking about.

Thank you. So how do you think about the RFP process and your capabilities there? Do you feel you've grown and diversified the business and that it allows you to kind of target the larger contracts for RFPs? And can you discuss how this has progressed over time?

Yes. We've evolved on the RFP process. When I joined the company 2.5 years ago, we basically increased. We tripled the number of RFPs that we're submitting. We also increased the size of the RFPs that we're submitting. I think as the business has evolved, particularly in the insurance health plan side, we're typically signing sort of initial engagements. We're contracting directly with the health plans. They may have their evaluation process, but it's not a formalized RFP. And we're signing contracts and basically, they're signing us with a small number of patients and then a larger number of patients and a larger number of patients. And so that's kind of how that sales cycle has been with the health plans. We do submit RFPs -- many RFPs on the hospital systems and the municipal side of the business. And we've been submitting many RFPs, some of them are quite large in business, but we have a -- quite large in size. We have a diversified approach to that. We have a couple of -- it has also evolved. We don't want to submit RFPs for any municipal work that may be viewed as politicized the nature or controversial in nature. So we've evolved on that. If people know have been following our story, we've been providing services for the migrant population, asylum seeker population, which has become politicized. So the lens we look at now for RFPs is, of course, on the municipal side, we don't want to be anything that could be misconstrued as politicized or controversial in any way. We think bringing health care to those who need it is pretty universal and pretty altruistic, and we want to be involved in those projects. But really, it has to be utilizing our tech as a big differentiator, and it has to have the opportunity for multiyear expansion. It's not a 1-year or half a year engagement relating to perhaps crisis or something of that nature. It's a longitudinal population health or multiyear engagement with a hospital system to help care for their patients. So those are the lenses we're using. They are -- a big differentiator is can it utilize our tech in an innovative way so that we can really make a difference? And then is it apolitical in a way? Is it a population health program that everybody universally sees as something worthwhile.

Thank you. So shifting to market expansion. When you think about market expansion, you've entered several new markets and segments in the last 12 months. Can you discuss how you assess a new market? And what you look for before entering into a new market?

Yes. The number one thing we look at for entering into a new market is do we have that anchor tenant that anchor customer before we go into a market. And if we have that, that's when you'll see us expand into a new market. So -- but it really -- and it could be driven by any area of our business, right? So we recently expanded to Connecticut. That was driven by one of our health insurance partners that said we want you to expand into Connecticut. We recently expanded into Dallas and that was a hospital system that asked us to provide medical transportation in Dallas. Now once we're in Connecticut, Dallas or any of the markets that we expand to, now we're expanding to Northern California as well. So as we expand into -- then we look to add additional customers in that market to scale and expand that market that we've just landed in. But it always starts with a customer that we've either won through an RFP or that a customer that we already had in another market that asked us to expand into a new market. It always starts with that anchor customer. We don't just go and hang up a shingle and then look to sign engagements and business, which usually starts there and partners are asking us to go into those markets, and that's how we think about expansion.

Thank you. So can we spend some time on your go-to-market strategy across each of these different customer segments when you think of government, payer, hospital events, what's the sales cycle like for each of these different segments?

Yes. I think the sales cycle on the insurance side is actually -- it's probably between 6 to 12 months. A lot of the deals and a lot of the engagements and a lot of the programs that we're launching now, we've been working on for almost a year, and they're coming into bloom now. We're very excited about it. I think on the medical transportation side, usually, it will be sort of a 3- to 6-month process, sometimes quicker depending on how acute the need is for the hospital system. And then on the municipal side, it really depends on the program that they're looking to launch. Is it something that is in public health imperative right here right now that needs to get launched. In some cases, that's happened in a matter of days. And in some cases, it could be 3 to 12 months in that range for the process to play out. Usually, when an RFP gets issued, the RFP, you'll have multiple weeks to respond, then they'll have multiple weeks to evaluate, then there'll be some weeks to refine the proposals and answer some questions they may have, and then you go into the contracting process. So that's why it's typically anywhere between 3 to 12 months on the sales side. And when I became CEO about a year ago, we really focused on the growth pipeline. And so I have to say, Chris, I'm missing it right now. It's my favorite meeting. Of the week happens on a Friday, yes, a Friday -- we have a growth meeting with the entire company where we review all the opportunities that we have in the pipeline that's happening right now and the teams are missing me at that meeting. But that's really where we drive and we look at the pipeline, and we assigned basically expected value to each deal depending on where it is in the pipeline if we've exchanged contracts or if it's just a pitch. I know we've spoken about this, Chris. So we look at all of those opportunities and then we have an expected value of the pipeline, and then that gets rolled up into our forecast for this year, next year and the years to come.

I know we only have a couple of minutes left. I want to open it up to the audience, if any questions from the audience. All right, another one for me. In the Mobile Health segment, given the growth you've experienced in that segment, can you discuss where you see this market going? And how you create value for the various channel partners that you interact with, the hospitals, municipalities, payers, events?

I think the big ROI is going to be, can we help keep patients out of the hospital, either bouncing back to the ED or a health plan that's helping manage their members to keep them out of the hospital. That's really the ROI really. And that's really the value that we're adding to those partnerships. I'll give you one example. We have a health plan that we work within Southern California. We've been working with them for about a year now, and we're scaling with them right now. And they gave us some of their most acute patients, something called the LACE score, which is a length of stay, level of acuity, chronic conditions, LACE, and LACE scores that are in the upper echelon of the range, right? So 8, 9 and 10 out of the scale of 10. And we've been helping provide follow-up services post discharge. We're helping manage chronic conditions. And they've shared with us that we've been able to reduce hospital readmissions with that cohort that they've assigned to us. We've helped reduce hospital readmissions by 50% for that very, very at-risk population. And so you can imagine if we're able to reduce hospitalizations by 50%, we're a huge value. What we provide going into the home is much less expensive and has a much higher value than when a patient gets hospitalized. So that's the data we need. That's the data now that we use to show other prospective partners. We now have more and more empirical data that's coming back, showing that our services really do indeed help keep patients out of the hospital, which is then going to help us sign and grow our business. So that's usually -- that's really what we focused on. And we've shared. We've helped keep tens of thousands of patients. I think the number we shared is 40,000, 50,000-plus patients out of the hospital, from being readmitted, keeping them out of the hospital, and we've saved over $160 million worth of hospitalization costs for our partners so far.

Impressive. So shifting to medical transport, can you discuss that market opportunity and particularly regarding partnerships that you have with firms like Fresenius, Jefferson, Northwell, HCA, how do you think this market is going to continue to grow?

Yes. So the medical transportation business for us is approximately a $200 million run rate business right now. It's grown significantly. We've grown it significantly over the last 18 months. But the medical transportation space is a $7 billion industry, right? So we're still a relatively small percentage of the overall industry. So I think we have a lot of room to grow there. I think you'll see us grow in the markets we're in. I think you'll see us expand to new markets. Like I mentioned, we just launched in Dallas last month. So I think you'll see continued growth there. We've historically grown faster, but we're essentially saying we're going to grow in the mid 15% year-on-year on the medical transportation, which we've been doing, historically, not even more so. So we feel like we have a tremendous room to scale there. But we also look at it as the hospitals we're working with. We touched on it. We're doing medical transportation for them, but we could help them with other mobile health services and other ways to care for their patients and help them manage those at-risk patients. So I think we're only touching the surface of what we can do to help even the hospitals we're already working with, with medical transportation. So usually, medical transportation is a way we start working with a hospital system. And then there's additional things we can do for them. We could do cardiac monitoring for their patients, for their cardiac groups. We can do, like I said, the transitions of care. So there's a lot more we could be doing with our current hospital systems. But it usually does start with medical transportation with the hospitals we work with.

Thank you. And I get one more in before we end. So telehealth, how do you view telehealth from a competitive perspective, particularly given the significant increase we've seen with market entrants in the recent years, can you spend a minute on that?

Yes. So telehealth, we touched on it, Chris, like telehealth was all the rage during the pandemic, obviously, and a lot of the companies did very well that were doing telehealth. And our big idea at the time was you had to be in person. And everyone was saying, oh, telehealth, everything is going to move online. I think now our big idea is playing out. And I think you're going to see a lot of the telehealth companies, and we'll be there to partner with them. You'll see a lot of telehealth companies say, you know what, in some instances, telehealth is indeed the right modality and a telehealth consultation or a telehealth visit works. But oftentimes, it's not enough. You can't test for strep via Zoom call. You can't give a vaccination, you can't take a swab. You can't take a diabetic eye exam reading through a screen. You can't start an IV. You can't do a lot of things via telehealth. So I think you're going to see 2 trends play out. One is you're going to see the telehealth pure-play companies start to add the types of services that we provide, which is telehealth plus in-person care. They're going to have to add that. They're going to have to add that to their suite of services to be able to really care holistically for the patient. And the next thing you're going to see, we didn't even talk about AI, but there's going to be a tremendous amount of AI technologies that come -- get developed. And those AI technologies are going to have to be put in the market. They're going to have to be put in the field by some company, maybe ours, where we're in the field, we're in the patient's home. And so I think we have a tremendous opportunity to also help commercialize some of these AI technologies that are going to get developed. And we're going to be a tremendous partner to AI health care companies that are developing technology, but have to find that technology, have to find a way to take that technology and get it in the field and into patient care. And I think we'll have a very unique place to play for that development as well in the coming. So I think the telehealth companies are going to add in-person care, and we'll be certainly there to help. And I think AI companies that are creating these new technologies are also going to have to get it into patient care and into homes and into the field, so to speak, and we'll also be there to help. And I think we're very excited about those developments as well.

Lee, thank you again. Really appreciate you coming, and thanks for the time.

Appreciate it. Thank you, everyone.