Knowing that I deeply entrenched in the transportation industry, owning a non-emergency medical transportation business, a courier service, and even a medical equipment rental business, one of, if not the most common question I receive is “Which of the three businesses would be best to start?” Although a great question, there really is no right or wrong answer. What I typically tell people is that if really comes down to your personal preferences, your local market opportunities, and your personal financial situation.
I’ve done well in, obviously love, and appreciate all three of these businesses. They all make me money, serve my clients, and I find great satisfaction in each. If I didn’t, I can assure you, I wouldn’t be wasting my time! But with all seriousness, each of these three businesses compliment each other exceptionally well while serving their own unique niche.
Non-Emergency Medical Transportation (NEMT)
If, however, someone put my hand to the fire and I was forced to choose one of the three I would have to say starting my NEMT business. With that being said, if you too can start with an NEMT business, I think that would be your best opportunity to make the most revenue and build the best platform to launch other ventures.
The Wheelchair Taxi was my first and single best business/investment. It definitely changed my life, my career, provided me financial freedom and flexibility, and continues to serve as a platform for the success for my other ventures.
Depending on how and where you start your NEMT business, it might require more startup capital as compared to a courier or medical equipment rental business. Your NEMT vehicles and insurance will most likely cost you more as compared to your courier service. However, depending on the types of clients, the rates of reimbursement can be substantially higher as compared to your courier service. Plus, with NEMT you can pursue a wide variety of contracts and service agreements with hospitals, nursing facilities, other groups, and organizations caring for elderly and disabled persons.
For example, providing wheelchair transportation to school districts can be a great and profitable opportunity. This is just one of many opportunities that most NEMT business owners fail to consider. Most business owners become fixated on providing transportation to nursing homes and hospitals.
School districts and even colleges are always in need of assisted transportation. After all, how else are their wheelchair-bound students going to get to school? In fact, school districts often solicit transportation companies and even encourage providers to complete RFP’s (Requests for Proposals). The first RFP I completed for a school district I received in the mail. They found and solicited me!
From the school districts perspective, competition is a great opportunity. Receiving multiple RFPs gives the district more options and possibly save them money.
When I was completing my RFP for the school district I enlisted Joel‘s help. He was a great asset in helping me structure and articulate my RFP. Throughout the entire process he was a much needed asset in advising me and editing the final product.
If you’re considering starting a medical transportation business I encourage you to think outside the box. Understand there are a wide variety of revenue-generating opportunities. Medical transportation is far more than just transporting clients to doctors appointments and in and out of hospitals. Wherever elderly or disabled people congregate or need services you have a financial opportunity. And when you consider the elderly population is only continuing to grow it further underscores the possibilities.
The opportunities to create multiple streams of income in the transportation industry are awesome. If you haven’t yet studied Joel’s ebook or mine, I definitely encourage you to do so. I can personally attest that these opportunities changed my life and they can definitely do the same for you!