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Financial report summary
?Management Discussion
- Service revenue, net. Consolidated service revenue, net, for 2023 increased $246.8 million, or 9.9%, compared to 2022. Service revenue, net, increased by $183.0 million for our NEMT segment, increased by $47.9 million for our PCS segment, and increased by $9.7 million for our RPM segment. See our Results of Operations - Segments, for further discussion of the revenue drivers at each respective segment.
- Grant income. The Company recognized income of approximately $5.0 million during 2023 compared to $7.4 million during 2022 related to government grant distributions received, primarily under the CARES Act PRF and the ARPA SLFRF. These government grants are targeted to providing economic relief and stimulus to combat health and economic impacts of the COVID-19 pandemic. These funds were received by our PCS segment and are available to eligible providers who have healthcare-related expenses and lost revenues attributable to COVID-19.
- Service expense. Service expense components are shown below (in thousands):