Ride-sharing service Lyft is preparing to go public on the Nasdaq, and in an SEC filing in advance of its initial public offering (IPO), the company suggests it has big ambitions to expand its role in the health care industry.
About Lyft's IPO
According to the SEC filing, Lyft will go public under the symbol "LYFT." The company's IPO filing shows Lyft in 2018 had $8.1 billion in bookings, $2.2 billion in revenue, and over a billion total rides, with 30.7 million riders and 1.9 million drivers.
The filing also showed that Lyft's revenue has increased dramatically across the past three years, from $343.3 million in 2016 to $1.1 billion in 2017 and $2.2 billion in 2018. But at the same time, the filing showed the company has seen significant net losses, including $911.3 million in net losses in 2018.
Lyft's IPO filing laid out its ambitions to "deploy an autonomous vehicle network that is capable of delivering a portion of rides on the Lyft platform" within the next five years. Within the next decade, Lyft's goal "is to have deployed a low-cost, scaled autonomous vehicle network that is capable of delivering a majority of the rides on the Lyft platform," and within the next 15 years, Lyft hopes to "deploy autonomous vehicles that are purpose-built for a broad range of ridesharing and transportation scenarios."
Lyft's health care ambitions
The IPO filing also suggested Lyft has big ambitions to continue to expand in health care.
In the filing, the company noted it has "established partnerships with health care transportation brokers that enable people to get to their critical appointments on time. With Lyft, riders who are unable to afford a car, cannot drive, or do not have access to public transportation now have a reliable option" for transportation.
For example, in March 2018, Lyft announced a partnership with Allscripts, one of the largest EHR companies in the United States, to integrate its ride-sharing system into patients' EHRs. The partnership extended Lyft's service to the roughly 180,000 physicians, 45,000 physician practices, and 2,500 hospitals that use Allscripts EHR services.
At the time of the announcement, David Baga, Lyft's chief business officer, said, "The idea is here simply to give health care providers the ability to call a ride for a patient by pushing a button inside systems they already use."
Further, in April 2018, Lyft announced a separate partnership with Acuity, a medical transportation logistics manager, to enable providers to order Lyfts. Under the partnership, health care organizations that use Acuity Link's logistics software dashboard—which coordinates transportation for patients with varying needs of care, ranging from ambulance services to outpatient transit—have the option to arrange a one-time Lyft or recurring, non-critical transportation for patients.
Gyre Renwick, VP of Lyft, said at the time of the announcement that the partnership allowed Lyft "to reach more passengers to ensure they're able to get to and from important medical appointments as we work to cut the health care transportation gap in half by 2020."
And in December 2018, the company hired Meghan Callahan, former chief strategy officer at Change Healthcare, to serve as the company's first VP of health care to spearhead Lyft's health care services and technology. Callahan said the move allows Lyft to further "reduc[e] the health care transportation gap for patients."
Lyft noted in its SEC filing that, moving forward, it will need to devote particular focus to learning more about health privacy laws.
The company wrote, "[T]he collection and storage of data in connection with the use of our Concierge offering by health care transportation brokers may subject us to compliance requirements under HIPAA," adding, "HIPAA and its implementing regulations contain substantial restrictions and requirements regarding the use, collection, security, storage and disclosure of individuals' protected health information" (Kokalitcheva, Axios, 3/1; Baker, "Vitals," Axios, 3/5; della Cava, USA Today, 3/5/18).
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