NEMT profit and loss statement template: revenue by payer, cost per trip, and margin per van
Overview
A profit and loss statement for a NEMT company lists one month of revenue by payer, subtracts payer takebacks and refunds, then the direct costs of running the vans and the overhead, and ends at profit before owner draws and income tax. Add trips and vans to the same page and it also gives revenue per trip, cost per trip, and the margin of every vehicle in the fleet.
On this page
How to use this statement
This statement is the actual result for one closed month. The operating budget is the plan, and its budget-against-actual part takes its actuals from this page.
- Close the month first. Post every payment, reconcile each payer’s statement, and enter takebacks before you fill in a line.
- Print the basis at the top. Write “cash” or “accrual” and use it every month. The bookkeeping guide compares the two and sets up the accounts below.
- Use the same line names each month. The last two columns only help when this month, last month, and the same month last year describe the same thing.
- Tag each cost to a van when you book it. Fuel, repairs, insurance, and driver time sorted by van are what make Part E possible, and they are hard to rebuild afterward.
- Show payer takebacks on their own line. Recoupments and withheld penalties sit below gross revenue, so they never disappear inside a payer’s total.
The statement
Header
| Item | Entry |
|---|---|
| Company | |
| Month | |
| Basis | Cash or accrual |
| Prepared on and by |
Part A: Revenue by payer
| Payer | Trips | Revenue | Revenue per trip |
|---|---|---|---|
| Medicaid fee-for-service | $ | $ | |
| Broker (one row for each broker) | $ | $ | |
| Health plans that pay you directly | $ | $ | |
| Facilities | $ | $ | |
| Private pay | $ | $ | |
| Other revenue | $ | ||
| Gross revenue | $ | ||
| Less payer takebacks and penalties | $ | ||
| Less refunds and credits to riders | $ | ||
| Net revenue | $ | $ |
Part B: Direct costs and gross margin
| Line | This month | Last month | Same month last year |
|---|---|---|---|
| Driver wages | $ | $ | $ |
| Employer payroll taxes and workers’ compensation | $ | $ | $ |
| Contract drivers | $ | $ | $ |
| Fuel | $ | $ | $ |
| Repairs, tires, and lift service | $ | $ | $ |
| Vehicle insurance | $ | $ | $ |
| Registration and permits | $ | $ | $ |
| Van lease payments | $ | $ | $ |
| Van depreciation | $ | $ | $ |
| Tolls and parking | $ | $ | $ |
| Total direct costs | $ | $ | $ |
| Gross margin (net revenue less direct costs) | $ | $ | $ |
| Gross margin as a percent of net revenue | % | % | % |
Part C: Overhead and operating profit
| Line | This month | Last month | Same month last year |
|---|---|---|---|
| Office wages and payroll taxes | $ | $ | $ |
| Rent and utilities | $ | $ | $ |
| Software and phones | $ | $ | $ |
| Business insurance other than vehicles | $ | $ | $ |
| Accounting and legal | $ | $ | $ |
| Credentialing and license fees | $ | $ | $ |
| Marketing | $ | $ | $ |
| Card and bank fees | $ | $ | $ |
| Total overhead | $ | $ | $ |
| Operating profit (gross margin less overhead) | $ | $ | $ |
Part D: Profit before owner draws and income tax
| Line | This month | Last month | Same month last year |
|---|---|---|---|
| Interest on van loans | $ | $ | $ |
| Other income or expense (name it) | $ | $ | $ |
| Profit before owner draws and income tax | $ | $ | $ |
Below the table, write one note: loan principal paid this month, which is not an expense, and owner draws taken, which are not either.
Part E: Per trip and per van
| Line | This month | Last month |
|---|---|---|
| Net revenue per trip | $ | $ |
| Direct cost per trip | $ | $ |
| Total cost per trip (direct costs, overhead, and interest) | $ | $ |
| Profit per trip | $ | $ |
| Takebacks as a percent of gross revenue | % | % |
| Van | Trips | Margin (revenue less direct costs) | Direct cost per trip |
|---|---|---|---|
| $ | $ | ||
| $ | $ | ||
| $ | $ |
An example for a three-van company, with made-up numbers
The company runs 880 trips in the month and keeps accrual books. Two of its vans are owned and financed, and one is leased.
| Line | Amount |
|---|---|
| Medicaid fee-for-service, 120 trips at $29.00 | $3,480.00 |
| Broker A, 420 trips at $33.00 | $13,860.00 |
| Broker B, 190 trips at $38.00 | $7,220.00 |
| Facilities, 110 trips at $48.00 | $5,280.00 |
| Private pay, 40 trips at $62.00 | $2,480.00 |
| Gross revenue | $32,320.00 |
| Less payer takebacks and penalties | $620.00 |
| Less refunds to riders | $60.00 |
| Net revenue | $31,640.00 |
| Driver wages (528 paid hours at $19.00) | $10,032.00 |
| Payroll taxes and workers’ compensation | $1,806.00 |
| Fuel | $3,420.00 |
| Repairs, tires, and lift service | $1,540.00 |
| Vehicle insurance | $2,550.00 |
| Registration and permits | $260.00 |
| Lease payment, one van | $1,150.00 |
| Depreciation, two owned vans | $1,380.00 |
| Tolls and parking | $95.00 |
| Total direct costs | $22,233.00 |
| Gross margin | $9,407.00 (29.7%) |
| Overhead, eight lines | $6,435.00 |
| Operating profit | $2,972.00 |
| Interest on the two van loans | $320.00 |
| Profit before owner draws and income tax | $2,652.00 (8.4%) |
Net revenue per trip is $35.95, direct cost per trip is $25.26, and total cost per trip is $32.94, which leaves $3.01 of profit on each trip. Takebacks were 1.9 percent of gross revenue. The two owned vans’ loan payments were $1,750 in the month, of which $320 was interest, so $1,430 of principal went to the loan balances and appears in the note under the statement and on the balance sheet, not here.
By van, with each van’s drivers, fuel, and repairs tagged to it:
| Van | Trips | Margin (revenue less direct costs) | Direct cost per trip |
|---|---|---|---|
| Van 1 | 340 | $4,190.00 | $23.88 |
| Van 2 | 300 | $3,400.00 | $24.53 |
| Van 3 | 240 | $1,817.00 | $28.14 |
The margins add up to the $9,407.00 above. Van 3 carries the same kind of fixed costs as the others (insurance, depreciation or lease, registration) over 240 trips instead of 340, so each trip bears more of them. A single total could not show that.
On a cash basis the same month would change without a single ride changing. A broker that pays about a month behind would put last month’s rides into this month’s revenue.
Where each line lands on your tax return
A statement that follows the return’s categories can be checked against it, so give each line a home before the year starts. For a sole proprietor or single-member LLC, the 2025 Schedule C puts these lines in these places. Line numbers can shift from one year to the next, so check the form for the year you file.
| Statement line | Schedule C line | What the instructions say |
|---|---|---|
| Gross revenue and refunds | 1 and 2 | Line 1 must include amounts shown on Forms 1099-NEC |
| Driver wages | 26 | Leaves out amounts paid to yourself |
| Employer payroll taxes | 23 | The match of Social Security and Medicare, federal unemployment tax |
| Contract drivers | 11 | People you do not treat as employees |
| Fuel, repairs, vehicle insurance, registration | 9 | Actual-expense method: gasoline, oil, repairs, insurance, license plates |
| Van depreciation | 13 | Cost of property recovered over several years |
| Van lease payments | 20a | Vehicles, machinery, and equipment |
| Interest on van loans | 16b | Other interest (16a is mortgage interest on business real property) |
| Business insurance, workers’ compensation | 15 | Business insurance, not employee health plans |
| Rent | 20b | Other business property |
| Phones and utilities | 25 | Business use only |
| Accounting and legal | 17 | Accountants and attorneys |
| Credentialing, license, and permit fees | 23 or 27b | Licenses and regulatory fees paid each year to state or local governments go on line 23, and other fees are other expenses |
| Card and bank fees, software subscriptions | 27b | Other expenses, listed on line 48 |
| Marketing | 8 | Advertising |
Three notes go with that table. A business that uses five or more vehicles at the same time in its business, as in fleet operations, must use actual expenses on line 9. Gross receipts on line 1 should include what the payers report: when the Form 1099-NEC totals in box 1 are more than line 1, the instructions require an attached statement explaining the difference. And a corporation or S corporation return has different lines: Form 1120-S (2025) shows compensation of officers on line 7, salaries and wages on line 8, repairs and maintenance on line 9, rents on line 11, taxes and licenses on line 12, interest on line 13, depreciation on line 14, advertising on line 16, and other deductions, by statement, on line 20. It has no separate fuel or insurance line.
Who asks to see this statement, and why it has to match your return
Lenders and some insurers ask for profit and loss statements, and a lender checks yours against your return.
- SBA-backed loans. SOP 50 10 8.1, effective October 1, 2026, sets the application checklist for 7(a) loans (Appendix 20). It asks for year-end profit and loss statements for the last 3 years and interim statements dated within 120 days before submission. It also has the lender confirm that the statements it receives match the business’s tax returns on file with the IRS, and a sole proprietor’s Schedule C is checked as well.
- Insurance. One specialty NEMT insurance program lists financials an underwriter may request, including the two most recent year-end audited statements and a balance sheet and income statement on an accrual basis.
A month-by-month statement built with the mapping above gives you the year-end version without rebuilding it. The operating budget covers forecasting, and the guide to most profitable NEMT services puts revenue and cost per trip side by side by mode.
Comparing this month with last month and last year
Compare the per-trip lines before the dollar lines, because dollars follow trip volume and per-trip lines show what changed underneath.
- Revenue per trip, payer by payer. A rate change or a shift toward a lower-paying payer shows here first. When one payer dominates, the payer mix guide shows what to do.
- Direct cost per trip. A jump with steady volume points to fuel, repairs, or driver hours per trip.
- Margin for each van. One van far below the others points to fewer trips, higher repairs, or both.
- Takebacks as a percent of gross revenue. A rising share means more denials or penalties, and the trip records behind them are worth a look.
- Trips per van. In the example, 880 trips over 3 vans is about 293 a van. Falling volume per van raises the fixed cost carried by each trip.
Then put the same month of last year beside this one, since a seasonal dip should not read as a trend.
Profit and loss in HealthRide
In HealthRide, the payer summary shows each payer’s completed trips, cancellations, revenue billed, and balance still owed for any period you choose, which gives you the trip counts and billed revenue for Part A. Driver activity and timecards show the hours each driver worked, and invoices export in the format QuickBooks imports directly. See reports.
Frequently asked questions
- Which lines make up a NEMT profit and loss statement?
- Revenue for the month by payer, with the trips behind each. Below it come payer takebacks and refunds, the direct costs of running the vans (driver wages, fuel, repairs, vehicle insurance, and depreciation or lease payments), overhead, and interest. The last line is profit before owner draws and income tax. Trips and vans turn the page into revenue per trip, cost per trip, and margin for each van.
- Do owner draws go on the statement?
- Not for a sole proprietor or an LLC taxed as one. IRS Publication 334 does not allow a deduction for your own salary or any personal withdrawals from the business, and a drawing account only records business income taken out for personal and family expenses. An S corporation is different. It pays its owner a salary, which is a deduction on Form 1120-S (line 7, compensation of officers), so that salary belongs on the statement as a cost.
- Does a van loan payment go on the statement?
- Only the interest does. The principal part of a payment pays for the van, and the tax return recovers that cost through depreciation (Schedule C, line 13), so the statement carries depreciation as the van's cost and the loan's interest as its own line (line 16b). A leased van is simpler: the lease payment is an expense (line 20a). Keep the principal you paid in a note under the statement so the cash left in the bank still reconciles.
- Should the statement be on a cash or an accrual basis?
- Either works if you use the same basis every month and print it at the top. Accrual counts a ride in the month it was driven, so a broker that pays a month late does not make a busy month look weak. Cash counts the money when it arrives. For your tax return, the Schedule C instructions say a change of method generally requires Form 3115, so ask your preparer before switching.
- How often should I prepare it?
- Once a month, after the month is closed and every payer payment and statement is posted. Keep each month on file, because lenders and some insurers ask for year-end versions, and a statement for this October reads best next to October of last year. Dollars move with trip volume, so compare the per-trip lines first.
- Why does the statement group direct costs when the tax return does not?
- The grouping is for managing the company. Publication 334 says labor costs are usually part of cost of goods sold only in a manufacturing or mining business, so a ride company deducts driver wages, fuel, and repairs as expenses on its return. Splitting them from overhead on this page shows whether each trip pays for the vans and drivers before the office costs are counted.
