NEMT Business for Sale: Skip the Broker, Sell Direct

If you searched "NEMT business for sale," you are probably in one of two spots: you are ready to sell your non-emergency medical transportation company, or you are trying to find one to buy. This page is built for the first group, but read the note near the bottom if you are the second.

TMA95 is a direct buyer of transportation companies, including NEMT operators and wheelchair and stretcher transport. We are not a brokerage and we do not run listings. We buy with our own capital, review your business under NDA, and give you a straight answer without putting your company in front of strangers online.

Why Sellers Choose a Direct Buyer Over a Listing

A public listing turns an NEMT business for sale into a document anyone can see, employees, competitors, even the facilities that refer trips to you. In an industry built on trust with case managers, hospitals, and Medicaid brokers, that exposure can cost you more than any commission saves you.

Selling direct changes the order of events. You do not write a teaser, you do not sit on a marketplace for months waiting on tire kickers, and you do not pay a fee out of your proceeds. You talk to one buyer. Financials move only after a signed NDA. If the deal does not happen, your information does not go anywhere else.

Here is what a direct sale removes from the process:

• No broker commission taken from your proceeds.
• No public listing with your revenue and location visible.
• No months of unqualified buyers wasting your time.
• No risk of a competitor learning you are for sale before you are ready.

We are a principal buyer, not an intermediary. Every inquiry is reviewed by a principal, not routed through a call center or a junior associate collecting names for a database.

Brokers earn their fee by finding you the widest possible pool of buyers, which usually means a listing, a data room open to multiple parties, and a longer sale window. That model works for some sellers. It works against you if confidentiality matters more than a bidding war, or if you would rather close in weeks than sit through a six-month process while running trips every day.

Our published buy-box for NEMT and medical transportation companies: $5 million to $25 million in annual revenue, $1 million to $5 million or more in EBITDA, and fleets in the 50 to 150-plus vehicle range. If your company is smaller or larger than that range, reach out anyway. We evaluate on the specifics of the business, not just the size.

Non-Emergency Medical Transportation Business for Sale: What We Look For

When we review a non-emergency medical transportation business for sale, we look past the revenue line. NEMT value sits in the structure underneath it.

Contracts and payer relationships. Most NEMT trip volume comes through state Medicaid programs, managed care organizations, and transportation brokers. We want to understand which contracts you hold, how long you have held them, and how trips get assigned to you. A company with two stable, long-running broker relationships often looks stronger to us than a larger one running mostly one-off trips.

Trip volume and payer mix. Steady, contracted volume tells us the revenue is likely to continue. A payer mix concentrated in a single source carries more risk than one spread across several payers. If one contract ended tomorrow, how much of your business would go with it? That question shapes how we think about your company.

Fleet condition. Wheelchair vans and stretcher-capable vehicles cost more to buy and maintain than sedans. A newer, well-maintained accessible fleet adds value. An aging fleet with deferred maintenance takes value away, because it becomes our cost to fix after close.

Drivers and dispatch. A trained, reliable driver and dispatch team is hard to rebuild from scratch. We look at retention and turnover history to understand whether the business runs on its own or depends entirely on you being in the room every day.

Credentialing status. Your state Medicaid enrollment and any related certifications are part of what makes the business operate. How credentials get handled in a sale depends on your state and how the deal is structured, and it is something we walk through with you directly rather than assume.

Bring your trip logs, your payer breakdown by percentage of revenue, and your contract renewal dates to the first real conversation. It is the fastest way for us to understand what you built.

Two NEMT companies can post the same annual revenue and be worth very different amounts once you look at what sits behind that number. A company running a high volume of low-margin, uncontracted trips looks different to a buyer than one running fewer trips at a contracted, recurring rate. Facilities, hospital discharge planners, and case managers who refer trips to you represent relationships that took years to build. We ask about those relationships early, because they are often the real asset, not the vehicles.

Ready to talk specifics? Get a Confidential Valuation and a principal will respond directly.

Selling a Medical Transportation Business: What Drives Value

Owners searching for what a medical transportation business for sale is worth are usually trying to get a sense of the market before they talk to anyone. We will not publish a multiple here. Every company's value depends on its own contract mix, trip volume, fleet condition, and credentialing status, and a real number requires a real conversation with your actual financials.

What we can tell you is which factors move the number. Recurring, contracted revenue tends to be worth more than the same total pulled from scattered, uncontracted trips. Low driver turnover signals a business that runs without constant owner intervention. Clean maintenance records reduce the buyer's post-close cost. A concentrated payer mix, where one contract makes up most of your revenue, tends to work against you, because it represents concentration risk for whoever buys the company.

The underlying valuation method we use is consistent across the transportation sector: earnings adjusted for what is durable and repeatable, weighed against the risk that revenue disappears after you leave. You can read the general approach on our valuation methodology page. The same framework applies to NEMT, adjusted for payer contracts instead of passenger transport contracts.

If you want a specific range for your business, that starts with a phone call or a confidential inquiry, not a formula on a web page.

One more point worth making plainly: we do not publish transaction multiples for NEMT deals, and you should be skeptical of anyone who does. Multiples move with interest rates, payer reimbursement trends, and regional Medicaid policy, and a number that applied to a deal last year may not apply to yours today. What stays constant is the underlying logic, buyers pay for revenue they trust will continue, and they discount revenue they think could disappear. Everything in this section flows from that one idea.

Paratransit and Wheelchair Transport Divisions

Many NEMT operators also run a paratransit division, demand-response service, or dedicated wheelchair transport under contract with a transit agency or municipality. If that describes part of your business, it does not need to be a separate conversation. We evaluate paratransit and accessible transport contracts as part of the same review, since they often share fleet, drivers, and dispatch with core NEMT operations.

If paratransit is your primary business rather than a division, we cover that market in more depth on our paratransit acquisition page, including how transit agency contracts and ADA compliance requirements factor into value.

Mixed operations are common in this industry, and we are used to evaluating them as a single business rather than forcing you to split the sale into pieces. A company running Medicaid NEMT trips on weekdays and a county paratransit contract on the same fleet is not unusual, and it does not need to be a complicated conversation. Tell us how your operations overlap and we will build the review around your actual structure, not a template that assumes a single revenue stream.

How the Sale Works, From First Call to Close

Selling a medical transportation company does not need to be complicated. Our process runs in four steps.

1. Confidential inquiry. You reach out with as little or as much detail as you want. You do not need to name your company to start a conversation.

2. NDA and initial review. We sign a mutual NDA before you send any real numbers. Once it is signed, you share financials, contract summaries, and fleet details, and we start our review.

3. Straight answer, fast. Days, not months: once we have reviewed your financials, you get a straight answer fast. If we are interested, we tell you what we need next. If we are not a fit, we tell you that too, instead of leaving you waiting.

4. Structure and close. We work through deal structure with you, including how contracts, credentials, staff, and any real estate factor in. Timelines vary by deal complexity, and we give you a realistic estimate once we understand your specific situation.

Every step happens without your drivers, dispatchers, facilities, or payers hearing a word about it, unless and until you decide they should.

Get a Confidential Valuation to start the process.

Where We Buy

TMA95 acquires transportation companies across our target markets in the West, Southwest, Southeast, Northeast and Midwest, including NEMT, medical transport and paratransit operators. Wherever your business operates, we want to hear from you. See our full coverage on the homepage.

Questions NEMT Owners Ask

How is an NEMT business valued? Value depends mostly on contracted trip volume, payer mix, credentialing status, fleet condition, and driver retention, not just total revenue. There is no single multiple that applies to every company. See our valuation page for the general methodology, then reach out for a number specific to your business.

Will my Medicaid contracts and broker relationships transfer to a buyer? It depends on deal structure and state rules. Some agreements include change-of-control or assignment clauses that require notice or approval. We walk through what applies to your situation as part of the review, rather than promising an outcome before we know your specific contracts.

Do you buy small NEMT companies, or only large ones? Our published buy-box is $5 million to $25 million in revenue and 50 to 150-plus vehicles, but reach out even if your company falls outside that range. We evaluate the specifics of each business.

What happens to my drivers and dispatchers after a sale? Continuity for your team is part of how we think about deal structure, not an afterthought. Trained NEMT drivers and dispatch staff are part of what makes a business work, and we discuss this with you directly during the process.

Can I stay on after selling? Often, yes. Some owners want a clean exit. Others want to stay on through a transition period, or keep running operations inside a larger group with more capital behind them. These are structures we discuss based on your goals, not something we guarantee before we understand your business.

Is my information safe if we do not end up doing a deal? Yes. We work under NDA before any financials change hands, and we do not contact your payers, facilities, dispatchers, or drivers during the process. There is no public listing at any point.

Looking to buy an NEMT business instead? This page is built for sellers, but if you own an NEMT or medical transport company and are exploring a sale, we would still like to hear from you. Get a Confidential Valuation and a principal will respond directly.