After Modivcare’s Chapter 11: A Broker Market Consolidating Fast
The largest broker restructured, MTM absorbed Access2Care, Verida swept Georgia. What consolidation means for the operators underneath.
In the space of about eighteen months, the NEMT brokerage layer — the companies standing between state Medicaid programs and the operators who actually drive — has concentrated dramatically.
Modivcare, the industry's largest broker, filed for Chapter 11 in August 2025 and emerged from restructuring in December 2025. Operations continued throughout, and state contracts largely held — but a restructuring at the top of the industry is not an abstraction for the transportation companies underneath it: payment terms, network management and contract renegotiations all flow downhill.
MTM Health used the same period to complete its consolidation run. Already the largest privately held broker, its acquisitions of Veyo (2022) and Access2Care (2024) give it coverage across all 50 states, D.C. and Puerto Rico. Four national brands two years ago are effectively two today.
Verida demonstrated the other path: winning whole states. Georgia handed it all five NEMT regions effective April 1, 2026 — a state that had been a multi-broker regional market became a single-broker state in one procurement cycle.
What it means if you run trips
- Fewer counterparties, higher stakes per relationship. When two brokers control most broker-model states, losing standing with one network is a much bigger business event than it was five years ago. Credentialing files, incident records and insurance certificates need to be spotless — they're your standing.
- Transitions are the danger window. When a state changes brokers (Georgia this year, Colorado in January), incumbent operators must re-credential with the incoming broker — often on short timelines. Operators who treat the announcement as background noise discover in month one that they're out of network. Every transition we cover will include the credentialing deadline for exactly this reason.
- Rate negotiation is thinning. Consolidated networks mean published rate schedules and less room to negotiate. That pushes operator economics toward the cost side — fuel, maintenance, insurance, utilization — which is where the survivors differentiate.
The structural question for the next few years is whether states push back — Colorado's move to a single statewide broker suggests the model is still gaining, not losing, ground — and whether operator margins can absorb a brokerage layer with this much pricing power. We'll be tracking both.
Sources: Modivcare public filings and announcements; MTM Health company statements; Georgia DCH provider communications.