Full Press Release Details
Set forth below is a transcript of a recorded investor presentation,
made by officers of Motion Acquisition Corp. and Ambulnz Inc. (dba DocGo), disseminated on March 8, 2021.
Michael Burdiek, CEO, Motion Acquisition
Hello, I'm Michael Burdiek, CEO and Director of Motion
Acquisition Corp., and I'm delighted to be here today alongside Stan Vashovsky, CEO and Co-Founder of DocGo, and Andre Oberholzer,
CFO of DocGo. Motion Acquisition Corp. was formed by a team of transportation software and technology industry leaders who have
led and grown some of the largest and most successful public and private companies in the mobility space. We raised this investment
vehicle in late 2020 with the intention of partnering with a high-quality, rapidly growing company at the intersection of mobility
and technology and providing it with capital for its next phase of growth.
The Motion team has seen how transportation software technologies
have disrupted many services industries. We think DocGo is a case study in that and is exceptionally well positioned to revolutionize
the delivery of healthcare in the U.S. and beyond. Additionally, there is excellent alignment between our experiences in mobility,
and that of DocGo, given the Company's foundation of tech enabled transportation services and ability to deliver last mile
Our investment thesis in DocGo is underpinned by four key points.
Number one - DocGo is building an innovative and highly scalable business leveraging a digital- first approach to medical
transportation and the last-mile physical delivery of healthcare. Number two - the Company participates in a very large addressable
market that it is only just now beginning to tap into. Number three - The Company's significant investments in technology
and transportation infrastructure have created a disruptive and defensible link between care providers and patients. And four -
the Company has a proven ability to scale having reached nearly $100 million of revenue after only five years of existence with
highly predictable revenue growth and profitability.
With that, I'll now pass it along to Stan to tell you
more about the Company.
Stan Vashovsky, CEO, DocGo
Hello, and thank you for joining us today. I am Stan Vashovsky,
one of the co-founders and Chief Executive Officer of DocGo. From the very beginning, we had had a vision of truly disrupting the
current healthcare system through technological innovation. To do this, I knew we needed an incredible, thoughtful and deep bench
of leadership. My first hire at DocGo was Andre Oberholzer, a leader I have worked with for over 20 years. Andre, do you want to
give a quick introduction?
Andre Oberholzer: Hello, My name is Andre Oberholzer,
Chief Financial Officer at DocGo. During the past 20 plus years, I've been in various CFO roles, from a few Silicon Valley
startups to large, multi-billion-dollar global enterprises. In these roles, I was able to help lead the financial strategy to drive
rapid growth, raise significant amounts of capital and help scale these businesses to larger organizations. Following some service
in the U.S. military, I began my career in public accounting at PriceWaterhouseCoopers in the audit practice, primarily in Silicon
Valley. I am a chartered Accountant and a CPA. I'm excited to be with you here today.
Stan Vashovsky: Thank you Andre. And a little bit about
myself. I've been in healthcare since the age of 19, although really all of my life as both of my parents were in health care.
While in college, I founded my first company that developed software to automate medical device testing. I grew that business to
a national scale over a 10-year period and ultimately agreed to sell it to Philips Healthcare in May of 2001. I stayed at Philips
for seven year as Vice President, Head of Software Innovation. I then had the opportunity to do a turnaround of a publicly traded
company, taking it private and ultimately selling to a private equity firm. DocGo is a result of an idea that my co-founder and
I had as we looked at areas in healthcare that could be disrupted by leveraging technology. And that's how we came up with DocGo.
I'll go into details in the subsequent slides.
From the very beginning we wanted to do something big and transformational.
And the starting point was transportation. Based on how we saw Uber disrupting civilian consumer transportation, my partner and
I saw an opportunity to bring the same level of disruption to private ambulance service throughout the country. Inefficiencies
in the industry cost the healthcare system billions of dollars a year. We started by creating an AI-powered technology solution
completely novel to the ambulance industry and building a mobility solutions business. Then, we turned to the second core piece
of our vision - a platform for the last-mile delivery of telehealth services. These two businesses are more than complementary
- they are fully integrated and connected via shared technology, infrastructure and a professional base of more than 1,700
paramedics and EMT employees.
As I noted before, we wanted to do something big and disruptive.
Healthcare remains a multi trillion-dollar industry. We believe the U.S. market for our services is approximately $95 billion which
includes last-mile, or home-based, telehealth and non-emergency medical transportation services. I'll note that this is solely
in the U.S. and DocGo already has a meaningful foothold in the U.K. So, the actual total addressable market is considerably larger
than what is illustrated here.
When we launched our company, we immediately looked at some
of the acute pain points in the healthcare system. First, we looked at transportation, and how the traditional operating model
is expensive, inefficient, and lacks both transparency and quality. Then we moved on to telehealth, which we launched over a year
ago, and is now the fastest growing part of our business.
In our first five years, we spent a significant amount of time
on engineering, testing our proprietary technology solution and building our relationships with healthcare systems. And then, we
put our foot on the accelerator. Along the way, we came up with a model that allowed us to create efficiency of scale.
We follow a four-step process to help ensure success in every
market that we enter.
First, we evaluate attractive local markets and geographies,
identifying local healthcare systems and potential joint venture relationships for our mobility solutions.
Second, we assess the demand curve for local health systems
to determine their need for non-emergency ambulance transportation. Based on the structure of our contracts, we know that the demand
for each of our partners would also be ours to capture.
Third, we scale. We employ our capex-light model and build our
fleet through leasing, hire professional staff, put boots on the ground and market to additional healthcare providers. We use our
salespeople, together with our partnerships and their salespeople, to expand services in these markets.
Fourth, a key growth driver for us, we offer last-mile telehealth
services, utilizing our workforce of over 1,700 EMTs, paramedics and other clinicians to deliver care solutions in a patient's
home or preferred location.
We recently rebranded our business to DocGo which is our new
company name that serves as an umbrella for both the Ambulnz brand for transportation and Telehealth Plus for our last mile services
business. We believe we have a differentiated brand in the market, and we have transcended the traditional, unsophisticated ambulance
transportation business to build a new model based on compassion, trust, quality, efficiency and innovation.
At the heart of everything we do is our software platform. We've
invested close to $40 million on R&D to create our proprietary AI-powered technology. Most importantly, we believe we have
one of the industry's only mobility and transport solutions fully integrated with the largest EMR systems in the nation,
including Epic. This is incredibly important as hospital physicians and hospital staff can order transportation directly from their
own EMR system. Everything is seamless and works phenomenally well. In fact, we've never had a customer who integrated their EMR
leave our service. It's a complete game changer in the industry. Gone are the days of faxing patient information for transports
or dictating information via the phone - we have fully automated this through our technology.
The idea for TeleHealth Plus grew from the lack of physical
interaction in current telehealth offerings. We saw the promise of telemedicine, and how fast it was being adopted, particularly
in light of the COVID-19 pandemic. Yet for the simplest, most basic tests, patients are still being driven right back to traditional
medical facilities. For example, when a patient needs blood pressure medication, they're often required to visit a lab for
blood analysis. And when a patient has mild chest pain, they're directed to an emergency room for an EKG. Since patients
are being directed back to medical facilities for treatment, the very promise of telehealth - to keep patients outside of the four
walls of a health system - has failed. With Telehealth Plus, we use our same EMTs and paramedics who transport patients, and empower
them to go to an individual's home to provide a comprehensive set of over 30 tests and procedures under the guidance of a
remote physician. So, patients never need to leave the comfort of their living room to enjoy the full promise and potential of
telemedicine. That's been our mission.
Telehealth Plus services is the fastest growing part of our
business. In our first full year of operation, Telehealth Plus generated over $28 million in revenue. Demand quickly outpaced existing
transportation slack capacity, and we now have over 400 full-time clinicians just focused on the Telehealth Plus offering.
One of the key value propositions for DocGo is our utilization