As Uber and Lyft grow their massive footprints, they are beginning to look towards the healthcare industry. Here's what they're doing in healthcare already and what they might do next.
Uber and Lyft have been in the news lately for their enormous IPOs. The two companies have raised $10B+ combined in the process, and their valuations total more than $75B.
Still, the companies are far from profitabile, with Uber sporting a cash burn rate of over $10B per year. To address this, the ride-hailing giants are increasing their exposure to the $3.9T healthcare industry.
Uber and Lyft established healthcare arms in 2018, initially to focus on non-emergency medical transport (NEMT) services. NEMT is low-hanging fruit for the transportation giants — 30% of all patients skip their doctors appointments because of transportation issues, costing an estimated $150B in lost revenue each year.
But NEMT is just the beginning. Below we dig into what Uber and Lyft have done in the healthcare space to date and what the future could hold.