Addus HomeCare Corporation (ADUS): Business Model Canvas

In der sich schnell entwickelnden Landschaft der häuslichen Gesundheitsversorgung erweist sich die Addus HomeCare Corporation (ADUS) als transformative Kraft und revolutioniert die Art und Weise, wie ältere und behinderte Menschen personalisierte Pflege erhalten. Durch die sorgfältige Ausarbeitung eines umfassenden Geschäftsmodells, das mitfühlenden Service mit strategischer Innovation verbindet, hat sich ADUS als wichtiger Akteur im Ökosystem der häuslichen Pflege positioniert und bietet eine Lebensader der Unterstützung, die es Patienten ermöglicht, Würde, Unabhängigkeit und Lebensqualität im gewohnten Komfort ihres eigenen Zuhauses zu bewahren.

Addus HomeCare Corporation (ADUS) – Geschäftsmodell: Wichtige Partnerschaften

Gesundheitsdienstleister und Krankenhäuser

Ab 2024 unterhält die Addus HomeCare Corporation Partnerschaften mit etwa 750 Gesundheitsdienstleistern und Krankenhäusern in 24 Bundesstaaten.

Partnerschaftstyp	Anzahl der Partnerschaften	Geografische Abdeckung
Akutkrankenhäuser	325	18 Staaten
Gemeindegesundheitszentren	215	22 Staaten
Spezialkliniken	210	16 Staaten

Staatliche Medicaid-Agenturen

Die Addus HomeCare Corporation hat vertragliche Vereinbarungen mit Medicaid-Agenturen in 24 Bundesstaaten.

Medicaid-Programmtyp	Anzahl staatlicher Verträge	Jährlicher Erstattungswert
Heim- und gemeinschaftsbasierte Dienste	24	287 Millionen Dollar
Persönliche Pflegedienste	22	213 Millionen Dollar

Versicherungsunternehmen

Die Addus HomeCare Corporation arbeitet mit 42 privaten Versicherungsunternehmen zusammen.

• Wichtige Krankenversicherungsanbieter: 18
• Anbieter von Pflegeversicherungen: 12
• Medicare-Vorteilspläne: 12

Qualifizierte Pflegeeinrichtungen

Das Unternehmen arbeitet mit 215 qualifizierten Pflegeeinrichtungen in seinen Einsatzgebieten zusammen.

Einrichtungstyp	Anzahl der Partnerschaften	Durchschnittliches Patientenüberweisungsvolumen
Langzeitpflegeeinrichtungen	135	87 Patienten/Monat
Kurzzeit-Rehabilitationszentren	80	62 Patienten/Monat

Personalvermittlungs- und Personalagenturen

Die Addus HomeCare Corporation unterhält Partnerschaften mit 27 spezialisierten Personalvermittlungsagenturen im Gesundheitswesen.

• Nationale Personalagenturen: 12
• Regionale Personalagenturen: 9
• Spezialisierte Personalvermittler im Gesundheitswesen: 6

Gesamte jährliche Partnerschaftsinvestition: 42,3 Millionen US-Dollar

Addus HomeCare Corporation (ADUS) – Geschäftsmodell: Hauptaktivitäten

Bereitstellung von häuslichen Pflegediensten für ältere und behinderte Menschen

Im vierten Quartal 2023 beliefert die Addus HomeCare Corporation etwa 43.500 Verbraucher in 24 Bundesstaaten. Das Unternehmen ist in drei Hauptdienstleistungssegmenten tätig:

Servicesegment	Prozentsatz des Umsatzes
Persönliche Betreuung	67.4%
Gesundheit zu Hause	17.6%
Medicaid	15.0%

Rekrutierung und Schulung von Fachkräften für die häusliche Pflege

Im Jahr 2023 war Addus angestellt ca. 58.000 Pflegekräfte. Der Rekrutierungsprozess des Unternehmens umfasst:

• Hintergrundüberprüfungen
• Kompetenzbewertung
• Umfangreiche Schulungsprogramme
• Kontinuierliche berufliche Weiterentwicklung

Bewältigung komplexer medizinischer und persönlicher Pflegebedürfnisse

Das Unternehmen ist auf die Betreuung vielfältiger Pflegebedürfnisse spezialisiert und leistet durchschnittlich 28,6 Pflegestunden pro Verbraucher und Woche.

Pflegekomplexitätsgrad	Prozentsatz der Verbraucher
Grundlegende Körperpflege	45%
Mittlere medizinische Versorgung	35%
Erweiterte komplexe Pflege	20%

Koordinierung der Gesundheitsdienste

Addus unterhält eine integrierte Pflegekoordination mit:

• Krankenhäuser
• Ärztenetzwerke
• Versicherungsanbieter
• Staatliche Medicaid-Agenturen

Einhaltung der Gesundheitsvorschriften

Das Unternehmen hält strenge Compliance-Standards in mehreren regulatorischen Rahmenwerken ein, darunter:

• HIPAA-Vorschriften
• Landesspezifische Gesundheitsrichtlinien
• Compliance-Anforderungen für Medicare/Medicaid

Gesamte Compliance-bezogene Investitionen im Jahr 2023: 4,2 Millionen US-Dollar

Addus HomeCare Corporation (ADUS) – Geschäftsmodell: Schlüsselressourcen

Qualifizierte medizinische Fachkräfte

Im vierten Quartal 2023 beschäftigte die Addus HomeCare Corporation etwa 43.500 medizinische Fachkräfte in mehreren Bundesstaaten.

Professionelle Kategorie	Anzahl der Mitarbeiter
Geprüfte Krankenschwestern	3,750
Lizenzierte praktische Krankenschwestern	2,850
Heimpflegehelfer	35,900

Erweiterte Planungs- und Verwaltungssoftware

Addus nutzt eine proprietäre Softwareplattform mit folgenden Funktionen:

• Planungsoptimierung in Echtzeit
• Elektronisches Besuchsverifizierungssystem
• Compliance-Tracking-Mechanismus

Starkes regionales und nationales Netzwerk

Ab 2023 ist Addus in tätig 34 Staaten mit Serviceabdeckung für:

• Häusliche Gesundheitsdienste
• Hospizdienste
• Persönliche Pflegedienste

Umfassende Schulungsprogramme

Schulungskategorie	Stunden pro Jahr
Erstes Onboarding	40 Stunden
Weiterbildung	16 Stunden
Compliance-Schulung	12 Stunden

Robuste Infrastruktur für Compliance und Qualitätssicherung

Compliance-Kennzahlen für 2023:

• Häufigkeit der internen Revision: Vierteljährlich
• Externe regulatorische Compliance-Rate: 98,7 %
• Überprüfungszyklen der Qualitätssicherung: Halbjährlich

Addus HomeCare Corporation (ADUS) – Geschäftsmodell: Wertversprechen

Personalisierte häusliche Gesundheitsdienste

Addus HomeCare bietet spezialisierte häusliche Pflegedienste mit der folgenden Serviceaufteilung:

Servicekategorie	Prozentsatz der Gesamtleistungen	Durchschnittliches Patientenengagement
Persönliche Pflegedienste	42%	3,7 Stunden pro Patient/Woche
Hauswirtschaftliche Dienstleistungen	28%	2,5 Stunden pro Patient/Woche
Qualifizierte Pflege	30%	4,2 Stunden pro Patient/Woche

Patienten die Pflege in vertrauter Umgebung ermöglichen

Wichtige Patientendemografien und Kennzahlen zum Engagement:

• Durchschnittliches Patientenalter: 67,3 Jahre
• Patienten bevorzugen häusliche Pflege: 84 %
• Patienten mit chronischen Erkrankungen: 62 %

Kostengünstige Alternative zur institutionellen Pflege

Kostenvergleich von Pflegemodellen:

Pflegemodell	Durchschnittliche monatliche Kosten	Kosteneinsparungen
Pflegeheimpflege	$8,365	N/A
Addus HomeCare Services	$4,125	50,7 % Ersparnis

Umfassende Unterstützung für komplexe medizinische Bedürfnisse

Aufschlüsselung der medizinischen Komplexität:

• Patienten mit mehreren chronischen Erkrankungen: 47 %
• Spezialisierte Dienstleistungen zur Behandlung chronischer Krankheiten: 6 verschiedene Programme
• Verhältnis ausgebildete Krankenschwestern pro Patient: 1:12

Verbesserung der Lebensqualität für Patienten und Familien

Kennzahlen zur Patientenzufriedenheit und Lebensqualität:

Metrisch	Prozentsatz
Patientenzufriedenheitsrate	92%
Zufriedenheit der pflegenden Angehörigen	88%
Patienten berichten von einer verbesserten Unabhängigkeit	76%

Addus HomeCare Corporation (ADUS) – Geschäftsmodell: Kundenbeziehungen

Personalisiertes Pflegemanagement

Im vierten Quartal 2023 versorgt die Addus HomeCare Corporation rund 45.000 Patienten in 24 Bundesstaaten mit personalisierten häuslichen Pflegediensten. Basierend auf internen Qualitätskennzahlen erhält das Unternehmen eine Patientenzufriedenheitsbewertung von 4,7/5.

Servicekategorie	Patientenvolumen	Durchschnittliche wöchentliche Betreuungsstunden
Persönliche Betreuung	28.500 Patienten	12,4 Stunden
Gesundheit zu Hause	9.750 Patienten	8,2 Stunden
Hospizpflege	6.750 Patienten	16,7 Stunden

Regelmäßige Kommunikation mit Patienten und Familien

Addus verwendet ein strukturiertes Kommunikationsprotokoll mit den folgenden Frequenzmetriken:

• Wöchentliche Anrufe zur Überprüfung des Pflegeplans: 100 % Einhaltung
• Monatliche Umfragen zur Familienzufriedenheit: Rücklaufquote 92 %
• Vierteljährliche umfassende Pflegebewertungen

Support und Notfallhilfe rund um die Uhr

Das Unternehmen betreibt ein zentrales Support-Center, das Folgendes abwickelt:

• Durchschnittliche Antwortzeit: 7,2 Minuten
• Jährliches Notrufaufkommen: 126.000 Anrufe
• Krankenschwester-Hotline rund um die Uhr verfügbar

Maßgeschneiderte Pflegepläne

Die Anpassung des Pflegeplans umfasst:

Anpassungsparameter	Prozentsatz
Individuelle medizinische Bedürfnisse	98%
Integration von Familienpräferenzen	95%
Technologiegestützte Überwachung	87%

Kontinuierliche Feedback-Mechanismen zur Qualitätsverbesserung

Kennzahlen zur Qualitätsverbesserung für 2023:

• Gesamtzahl der Feedback-Einsendungen: 18.750
• Umgesetzte Verbesserungsvorschläge: 62 %
• Durchschnittliche Bearbeitungszeit für Feedback: 14,3 Tage

Addus HomeCare Corporation (ADUS) – Geschäftsmodell: Kanäle

Direktvertriebsteam

Seit dem vierten Quartal 2023 unterhält die Addus HomeCare Corporation ein Direktvertriebsteam von 187 engagierten Vertriebsprofis in 26 Bundesstaaten. Das Team erwirtschaftet durch direkte Kundenakquise und Beziehungsmanagement einen durchschnittlichen monatlichen Umsatz von 3,2 Millionen US-Dollar.

Vertriebsteam-Metrik	Daten für 2023
Gesamtzahl der Vertriebsmitarbeiter	187
Geografische Abdeckung	26 Staaten
Monatliche Umsatzgenerierung	3,2 Millionen US-Dollar

Überweisungsnetzwerke für das Gesundheitswesen

Die Addus HomeCare Corporation wurde gegründet Umfangreiche Partnerschaften mit 742 Gesundheitseinrichtungen, darunter Krankenhäuser, Pflegeheime und Rehabilitationszentren.

• Krankenhausüberweisungsnetzwerk: 328 Partnerschaften
• Pflegeheimanschlüsse: 256 Einrichtungen
• Partnerschaften mit Rehabilitationszentren: 158 Zentren

Online-Plattform und Website

Die digitale Plattform des Unternehmens verarbeitet monatlich etwa 1.245 Online-Serviceanfragen mit einer Konversionsrate von 62 %. Der Website-Traffic beträgt im Jahr 2024 durchschnittlich 85.000 einzelne Besucher pro Monat.

Digitale Kanalmetrik	Leistung 2024
Monatliche Online-Anfragen	1,245
Conversion-Rate für Online-Anfragen	62%
Monatliche Website-Besucher	85,000

Koordinierung von Versicherungen und Medicaid

Addus HomeCare Corporation unterhält aktive Abrechnungsbeziehungen mit 214 Versicherungsanbieter und koordiniert Dienste in 38 staatlichen Medicaid-Programmen.

• Gesamtzahl der Partnerschaften mit Versicherungsanbietern: 214
• Abdeckung des staatlichen Medicaid-Programms: 38 Staaten
• Durchschnittlich bearbeitete monatliche Versicherungsansprüche: 9.672

Community-Outreach-Programme

Das Unternehmen führt jährlich 126 kommunale Gesundheitsveranstaltungen durch und erreicht damit etwa 17.500 potenzielle Kunden und medizinisches Fachpersonal.

Community-Outreach-Metrik	Jährliche Daten
Gesamtzahl der Community-Gesundheitsveranstaltungen	126
Potenzielle Kunden/Fachkräfte erreicht	17,500

Addus HomeCare Corporation (ADUS) – Geschäftsmodell: Kundensegmente

Ältere Menschen, die häusliche Pflege benötigen

Nach Angaben des U.S. Census Bureau waren im Jahr 2022 54,1 Millionen Amerikaner 65 Jahre und älter. Addus HomeCare betreut rund 32.000 ältere Kunden in 24 Bundesstaaten.

Altersgruppe	Bevölkerungsanteil	Möglicher Bedarf an häuslicher Pflege
65-74 Jahre	19,5 Millionen	Mittlerer Pflegebedarf
75-84 Jahre	16,2 Millionen	Höhere Pflegeintensität
85+ Jahre	6,7 Millionen	Umfangreicher Pflegebedarf

Behinderte Menschen, die persönliche Unterstützung benötigen

Laut CDC leben 61 Millionen Erwachsene in den Vereinigten Staaten mit einer Behinderung. Addus HomeCare bietet spezialisierte Unterstützungsdienste für dieses Segment.

• Körperliche Behinderungen: 13,7 % der Bevölkerung
• Kognitive Behinderungen: 10,8 % der Bevölkerung
• Herausforderungen für ein unabhängiges Leben: 6,1 % der Bevölkerung

Patienten mit chronischen Erkrankungen

Chronische Erkrankungen stellen für Addus HomeCare ein bedeutendes Kundensegment dar.

Zustand	Prävalenz	Pflegebedarf
Diabetes	37,3 Millionen Amerikaner	Regelmäßige ärztliche Überwachung
Herzkrankheit	18,2 Millionen Erwachsene	Intensivpflegemanagement
Alzheimer	6,7 Millionen Amerikaner	Umfassende persönliche Betreuung

Familien, die professionelle häusliche Pflegedienste suchen

Der Markt für häusliche Pflege wurde im Jahr 2021 auf 100,2 Milliarden US-Dollar geschätzt, mit einem prognostizierten Wachstum auf 225,6 Milliarden US-Dollar bis 2028.

• Durchschnittliche jährliche Ausgaben für häusliche Pflege pro Familie: 54.000 US-Dollar
• Prognostizierte Markt-CAGR: 8,7 % von 2022 bis 2028
• Zunehmende Präferenz für das Altern an Ort und Stelle

Medicaid- und Medicare-berechtigte Bevölkerungsgruppen

Im Jahr 2022 waren 89,1 Millionen Amerikaner bei Medicaid eingeschrieben und 65,7 Millionen bei Medicare.

Programm	Gesamteinschreibung	Möglicher häuslicher Pflegeschutz
Medicaid	89,1 Millionen	Heim- und gemeindenahe Dienstleistungen
Medicare	65,7 Millionen	Begrenzte häusliche Krankenversicherung

Addus HomeCare Corporation (ADUS) – Geschäftsmodell: Kostenstruktur

Löhne und Leistungen der Mitarbeiter

Zum Finanzbericht 2023 meldete die Addus HomeCare Corporation Gesamtarbeitskosten in Höhe von 1.047,8 Millionen US-Dollar. Der Lohnaufwand des Unternehmens setzt sich wie folgt zusammen:

Kostenkategorie	Betrag ($)
Direkter Lohn für Pflegekräfte	892,300,000
Managementgehälter	98,500,000
Leistungen an Arbeitnehmer	56,900,000

Schulungs- und Rekrutierungskosten

Die jährlichen Schulungs- und Rekrutierungskosten für 2023 beliefen sich auf etwa 24,6 Millionen US-Dollar, mit folgender Aufteilung:

• Personalbeschaffungsmarketing: 8.200.000 $
• Schulungsprogramme: 12.400.000 $
• Hintergrundüberprüfungen und Screening: 4.000.000 US-Dollar

Technologie- und Software-Infrastruktur

Die Technologieinvestitionen für 2023 erreichten 37,2 Millionen US-Dollar, verteilt auf:

Kategorie „Technologie“.	Betrag ($)
Softwareplattformen	18,600,000
IT-Infrastruktur	12,800,000
Cybersicherheit	5,800,000

Compliance- und Regulierungskosten

Die Compliance-Aufwendungen für 2023 wurden mit 16,5 Millionen US-Dollar dokumentiert, darunter:

• Regulatorische Berichterstattung: 6.700.000 US-Dollar
• Rechtsberatung: 5.200.000 $
• Zertifizierungswartung: 4.600.000 $

Aufwendungen für Marketing und Kundenakquise

Die Marketingausgaben für 2023 beliefen sich auf insgesamt 22,3 Millionen US-Dollar und waren wie folgt strukturiert:

Marketingkanal	Betrag ($)
Digitales Marketing	9,600,000
Traditionelle Werbung	7,200,000
Empfehlungsprogramme	5,500,000

Addus HomeCare Corporation (ADUS) – Geschäftsmodell: Einnahmequellen

Medicaid-Erstattungen

Im Jahr 2023 meldete die Addus HomeCare Corporation einen Gesamtumsatz von 1,24 Milliarden US-Dollar Etwa 70–75 % stammen aus Medicaid-Erstattungen.

Jahr	Einnahmen aus Medicaid-Erstattungen	Prozentsatz des Gesamtumsatzes
2023	868 Millionen US-Dollar	70.1%
2022	795 Millionen Dollar	69.5%

Privatversicherungszahlungen

Die Beiträge der Privatversicherung belaufen sich auf ca 15–20 % der Einnahmequellen von Addus HomeCare.

• Durchschnittliche private Versicherungszahlung pro Patient: 85–120 US-Dollar pro Besuch
• Geschätzter jährlicher privater Versicherungsumsatz: 186–248 Millionen US-Dollar

Patientenzahlungen aus eigener Tasche

Direkte Patientenzahlungen stellen dar ca. 5-7 % des Gesamtumsatzes.

Zahlungskategorie	Jahresumsatz	Durchschnittlicher Patientenbeitrag
Zahlungen aus eigener Tasche	62–86 Millionen US-Dollar	45–65 $ pro Patient

Medicare-finanzierte Dienstleistungen

Medicare-Dienste tragen dazu bei ca. 10-12 % des Gesamtumsatzes des Unternehmens.

• Jährlicher Medicare-Serviceumsatz: 124–149 Millionen US-Dollar
• Durchschnittlicher Medicare-Erstattungssatz: 95–130 US-Dollar pro Patientenbesuch

Verträge über staatliche und bundesstaatliche Gesundheitsprogramme

Es entstehen Verträge für staatliche und bundesstaatliche Gesundheitsprogramme zusätzliche Einnahmequellen.

Vertragstyp	Jährlicher Vertragswert	Prozentsatz des Umsatzes
Staatliche Gesundheitsprogramme	45–65 Millionen US-Dollar	3.6%
Bundesgesundheitsverträge	35–55 Millionen US-Dollar	2.8%

Addus HomeCare Corporation (ADUS) - Canvas Business Model: Value Propositions

The core value proposition of Addus HomeCare Corporation is simple: delivering a comprehensive continuum of care at home that is significantly more cost-effective than institutional alternatives, which is crucial for their payor partners like Managed Care Organizations (MCOs) and state Medicaid programs.

This model is validated by the company's financial performance, with Net Service Revenues reaching $1.0 billion for the first nine months of 2025, demonstrating the massive, growing demand for in-home services.

Cost-effective alternative to institutional care; keeping patients at home

For payors and families, the primary value is avoiding the high cost of facility-based care while keeping patients in their preferred setting. This isn't just a preference; it's a major financial differentiator. For a patient with moderate care needs in 2025, the national median annual cost of in-home care is approximately $54,912.

Here's the quick math on the alternative: a semi-private room in a skilled nursing facility costs a median of $9,555 per month, or over $114,665 annually. That's a potential cost avoidance of nearly $60,000 per year for the payor or family. Even assisted living facilities average between $5,900 and $6,077 per month in 2025. Home care, for many patients, is defintely the cheaper option.

Comprehensive non-medical and skilled home care services; bundled offering

Addus HomeCare Corporation offers a full continuum of care, which is a key value for both patients and referral sources because it allows for seamless transitions as a patient's needs change. This bundled model is segmented into three primary services, with Personal Care dominating the revenue mix in Q3 2025.

• Personal Care: The largest segment, accounting for 76.1% of total Q3 2025 revenue, providing non-medical assistance with daily living.
• Hospice Care: End-of-life support and comfort, which generated 19.0% of Q3 2025 revenue.
• Home Health: Skilled medical services like nursing and therapy, representing 4.9% of Q3 2025 revenue.

This integrated approach is a powerful selling point-one partner handles everything from light housekeeping to skilled nursing, simplifying the care coordination process for families and MCO case managers.

High-quality, personalized care plans; tailored to individual patient needs

The company's value is rooted in high-touch, tailored service delivery. They currently serve approximately 62,000 consumers weekly through a network of over 33,000 employees. This scale is built on the promise of personalized care plans for individuals who are at risk of hospitalization or institutionalization, including the elderly and chronically ill.

The Personal Care segment's organic revenue growth of 6.6% in Q3 2025, supported by volume increases, shows that this personalized, high-demand service is resonating with consumers and payors.

Reliability and scale across 23 states (approximate geographic reach)

While the market is highly fragmented, Addus HomeCare Corporation is a leading national platform, offering a level of operational reliability and scale that smaller, local providers cannot match. The company operates across 23 states with approximately 260 locations.

This geographic breadth is a critical value for national or regional MCOs that need a single, reliable partner to manage their members across multiple states. They can rely on a consistent operating model and a large, established workforce.

Reduced hospital readmissions; a key metric for MCO and hospital partners

The most strategic value proposition, especially to MCOs and hospitals, is the ability of in-home services to lower overall healthcare spending by preventing costly acute care episodes. The CEO specifically noted that personal care services deliver real value to managed care partners through a reduction in the overall costs of care.

This value is measurable against industry benchmarks. For example, Hospital-at-Home (HaH) programs, which are a proxy for high-acuity in-home care, demonstrate that the average cost per admission is around $5,800, which is substantially lower than the $7,700 for traditional inpatient care. By providing proactive, post-acute, and chronic care management in the home, Addus HomeCare Corporation acts as a crucial partner in achieving better patient outcomes and lower costs for the entire healthcare system.

Addus HomeCare Corporation (ADUS) - Canvas Business Model: Customer Relationships

High-touch, personalized case management; for complex patient needs

Addus HomeCare Corporation's relationship model is inherently high-touch, especially for complex patient needs that span personal care, home health, and hospice services. The core of this is the development of a personalized care plan (PCP), which is a non-cliched term for a tailored service agreement. This approach is critical because the company's personal care segment, which is the most intimate form of care, accounted for 77.0% of total revenue in the second quarter of 2025.

The high-touch model is essential for the approximately 62,000 patients and consumers Addus serves across 23 states. It's not a one-size-fits-all service; it's a case-by-case assessment to ensure the care provided aligns with the patient's specific needs, which is what drives their reported 92% client satisfaction rate in 2024. Honestly, in home care, you can't automate empathy.

Dedicated, local branch support teams; for scheduling and immediate issues

The company maintains a highly decentralized structure with a network of 260 local operating locations. This physical presence is the backbone of their customer relationship, ensuring that local branch support teams are close to the patients and caregivers. This local focus is key for managing the day-to-day logistics, like scheduling adjustments or immediate service issues, which is where most service breakdowns happen.

These local teams are responsible for ensuring the 'fill rate'-the ratio of hours served to authorized hours-remains high. As of November 2025, the consolidated fill rate is around 83% to 83.5%, with the goal to push that into the mid-80s. Here's the quick math: a higher fill rate means fewer missed care hours, which directly translates to better patient trust and retention.

Long-term, trust-based relationships; essential for continuous care

The nature of personal care, hospice, and home health services requires long-term, trust-based relationships, as the services are often continuous for the elderly, chronically ill, and disabled. The business model is built around retaining both the patient and the caregiver to maintain consistency of care.

A key metric here is caregiver turnover, which, while an industry-wide challenge, Addus has historically managed better than the average. The company's turnover rate was reported to be 'just a little below 55%,' significantly lower than industry highs, demonstrating a higher level of stability in the caregiver-patient relationship. This stability is defintely a competitive advantage.

Standardized digital communication; through patient and family portals

While the care is personal, the coordination is increasingly digital. Addus is investing in systems and tools to support both hiring and retention, which includes a more efficient care scheduling platform. This technology provides a standardized, reliable channel for communication, even if explicit patient/family portals aren't always the headline.

The digital infrastructure is designed to streamline operations and support the local teams, not replace them.

• Improve caregiver scheduling efficiency.
• Coordinate demand with caregiver availability.
• Ensure more consistent care for patients.

Empathetic and reliable caregiver-patient matching; reducing turnover

The quality of the caregiver-patient match is the single most important factor for a successful, long-term customer relationship in home care. Addus focuses on this match to reduce caregiver turnover, which is a primary driver of patient dissatisfaction and churn.

The company's strategy involves increasing the hours for existing caregivers, which makes the job more attractive and also ensures patients receive more consistent care from fewer people. This focus on the employee experience is a direct investment in the customer relationship. For example, the acquisition of Gentiva's personal care operations, which brought in Texas as the second-largest personal care market, also increased the proportion of 'family caregivers' from over 30% to between 35% and 40% of their total caregiver base. This type of family-based care is the ultimate empathetic match.

The table below summarizes the core operational metrics that underpin the customer relationship strategy as of the 2025 fiscal year.

Customer Relationship Metric	Latest 2025 Fiscal Year Data (Q3 2025 or latest)	Impact on Customer Relationship
Net Service Revenues (9 Months Ended 9/30/2025)	$1.049.5 million	Scale to invest in quality and technology for patient support.
Total Patients/Consumers Served	Approximately 62,000	Indicates the size of the high-touch service base.
Number of Local Operating Locations	260 across 23 states	Enables dedicated, local branch support and rapid response.
Client Satisfaction Rate	92% (2024 data)	Direct measure of the success of personalized care plans.
Caregiver Fill Rate (Hours Served to Authorization)	83% to 83.5% (November 2025)	Measures reliability and consistency of service delivery.
Caregiver Turnover Rate	Just below 55% (Latest reported figure)	Lower rate ensures more stable, trust-based caregiver-patient matches.

Addus HomeCare Corporation (ADUS) - Canvas Business Model: Channels

Addus HomeCare Corporation's channels are fundamentally dual-track: a high-volume, government-driven channel for Personal Care, and a clinical, referral-based channel for its Hospice and Home Health segments. The core channel strategy is leveraging the Personal Care segment's scale-which accounted for 76.1% of Q3 2025 revenue-to cross-sell and drive referrals to the higher-margin clinical services.

The company serves approximately 62,000 patients and consumers weekly across 265 locations in 23 states, making its local office network a critical physical channel for service delivery and community connection.

Channel Type	Primary Payor / Revenue Source (Q3 2025 Personal Care)	Strategic Function
State & MCO Contracts	State, Local, & Gov't Programs: 50.5%	High-volume, stable base for Personal Care services.
State & MCO Contracts	Managed Care Organizations (MCOs): 45.3%	Growth vector for Personal Care; MCOs are key partners in value-based care initiatives.
Direct Patient Referrals	Clinical Services (Hospice/Home Health): 23.9% of Q3 2025 Revenue	Drives high-margin clinical volume; relies on relationship-based sales.
Acquisitions	New Patient Volume/Revenue: Targeting $100 million in annualized M&A revenue	Immediate geographic expansion and census density.

Direct patient referrals; from hospitals, physicians, and discharge planners

This is the primary channel for the company's clinical services-Hospice (19.0% of Q3 2025 revenue) and Home Health (4.9% of Q3 2025 revenue). Patient volume here is driven by relationships with institutional and professional gatekeepers, not direct consumer advertising.

A key internal channel is the 'Bridge Program,' which facilitates patient transitions from Addus HomeCare's Home Health segment to its Hospice segment. In markets like New Mexico and Tennessee, this internal cross-referral mechanism is highly effective, with approximately 25% to 30% of the Hospice admission volume coming from their own Home Health segment. This integration is a defintely a competitive advantage.

The company has invested in new sales leadership and business development plans specifically for the Hospice segment to improve external admission volumes and diversify its referral base.

State and MCO contracts; securing patient volume through large-scale agreements

The financial backbone of Addus HomeCare's channel strategy is its deep integration with government and managed care payors. For the dominant Personal Care segment, this channel accounts for nearly all of the revenue, providing a stable, high-volume base of approximately 62,000 consumers.

• Governmental Programs: State, local, and other governmental programs contributed 50.5% of Personal Care revenue in Q3 2025. This channel is highly sensitive to state budgets, such as the recent 9.9% rate increase in Texas effective September 1, 2025, which provides a significant boost.
• Managed Care Organizations (MCOs): MCOs accounted for 45.3% of Personal Care revenue in Q3 2025. This channel is growing as states shift Medicaid beneficiaries into Managed Medicaid programs, requiring Addus HomeCare to secure and maintain favorable contracts with large national and regional MCOs.

The shift to Managed Care is a near-term opportunity, but it also carries the risk of reimbursement changes and competitive contract negotiations.

Local community outreach and marketing; targeting seniors and families

For the Personal Care segment, which serves the majority of their patients, the channel extends directly into the local community. This is a low-cost, high-touch channel focused on grassroots engagement and visibility.

• Community Liaisons: The company utilizes community liaisons and local market business development plans to drive organic growth, particularly for its clinical services.
• Engagement Events: A tangible example of this channel's activity is the facilitation of over 2,000 client participation events in 2024, which builds brand trust and connects clients with local social opportunities.
• Caregiver Network: The large network of caregivers, with 35% to 40% being family members in some markets like Texas, acts as an organic, word-of-mouth referral channel within the community.

Online presence and informational websites; for initial inquiries

The digital channel serves primarily as an informational and administrative touchpoint rather than a direct, high-volume sales channel, though it is vital for credibility and convenience.

The corporate website, Addus.com, is the main digital hub, offering key functions:

• Service Information: Detailed pages on Home Care, Home Health, and Hospice services.
• Administrative Tools: Features like an online bill pay system and a funding sources resource page for patient convenience.
• Recruitment: The career center is a critical channel for attracting the 33,000+ employees needed to serve 62,000+ patients.

Acquired agencies' existing referral networks; immediate volume gain

Acquisitions are a core channel strategy for rapid market penetration and density, immediately bringing in established referral relationships and patient census. The company targets roughly half of its annual growth through mergers and acquisitions (M&A).

• Recent Acquisitions (2025): The acquisition of Del Cielo Home Care Services on October 1, 2025, immediately bolstered the company's presence in Texas, its second-largest personal care market. Helping Hands Home Care Service, Inc., acquired on August 1, 2025, added annualized revenues of approximately $16.7 million and 600 patients a day in Western Pennsylvania.
• M&A Target: Addus HomeCare targets acquiring approximately $100 million in annualized revenue through M&A, primarily focusing on smaller, strategic tuck-in acquisitions that expand its geographic density.

Addus HomeCare Corporation (ADUS) - Canvas Business Model: Customer Segments

The customer segments for Addus HomeCare Corporation are not a single, monolithic group; they are a highly specific set of beneficiaries defined primarily by their eligibility for government-funded healthcare programs like Medicaid and Medicare. This heavy reliance on government and managed care payors, which accounted for over 96% of the Personal Care segment's revenue in the third quarter of 2025, is the core of their business model.

Your investment thesis must start with this reality: Addus HomeCare is a government-reimbursement play, not a private-pay luxury service. The company's strength lies in its ability to manage high-volume, low-margin personal care services for the most vulnerable populations across 23 states, serving approximately 62,000 consumers as of early 2025.

Dual-eligible beneficiaries (Medicare and Medicaid); a primary, high-volume segment

The vast majority of Addus HomeCare's customer base are dual-eligible beneficiaries, meaning they qualify for both Medicare (federal program, typically for those aged 65+ or with certain disabilities) and Medicaid (state and federal program for low-income adults, children, and people with disabilities).

This group is the primary revenue engine for the Personal Care segment, which generated $275.8 million in revenue in the third quarter of 2025.

Here's the quick math on the Personal Care segment's payor mix for Q3 2025:

• State, Local, and Other Governmental Programs (primarily Medicaid): 50.5% of segment revenue.
• Managed Care Organizations (MCOs): 46.2% of segment revenue.
• This means over 96% of the largest business segment's revenue is tied to government funding streams, either directly through state Medicaid or indirectly through MCOs managing those Medicaid funds.

Elderly and physically disabled individuals; requiring long-term daily assistance

This is the demographic profile of the core customer. The services provided, mainly non-medical personal care, are aimed at individuals who are at risk of institutionalization-a costly alternative for the state.

The care is focused on activities of daily living (ADLs), which include things like bathing, dressing, and meal preparation. This long-term, non-clinical assistance is crucial for keeping costs low for state Medicaid programs. The company's total net service revenue for the first nine months of 2025 reached $1.0 billion, demonstrating the massive scale of this essential service.

Managed Care Organization (MCO) members; covered under capitated agreements

MCOs are a critical and growing customer segment. These organizations contract with state governments to manage the healthcare services for Medicaid enrollees, often under a fixed per-member, per-month (capitated) payment.

In Q3 2025, MCOs accounted for 46.2% of the Personal Care segment's revenue, totaling approximately $127.42 million for the quarter. This shift toward managed care is a key trend, and Addus HomeCare's ability to secure and manage these contracts is a major competitive advantage, especially in large markets like Illinois, which contributed 42.1% of the Personal Care segment revenue.

Veterans and other government-funded programs; specialized contract services

Beyond Medicaid, the company also serves customers through specialized government channels. The Hospice segment, which accounted for 19.0% of total Q3 2025 revenue, is overwhelmingly funded by the federal government's Medicare program, representing 93.1% of that segment's revenue.

Similarly, the Home Health segment, though the smallest at 4.9% of Q3 2025 revenue, also relies on government funding, with Medicare accounting for 65.9% of its revenue. These clinical segments offer higher-margin, specialized care to a different subset of the government-funded population.

Private pay individuals; seeking non-reimbursed, flexible care options

The private pay customer base, while important for margin and service flexibility, is a small fraction of the overall revenue. This segment includes individuals or families who pay out-of-pocket for non-reimbursed, flexible care. To be fair, this is a defintely a niche market for the company.

In the Personal Care segment for Q3 2025, the combined Private Duty and Commercial payors represented only 3.2% of the segment's revenue, an estimated $8.83 million of the $275.8 million total.

Addus HomeCare Corporation Q3 2025 Revenue Breakdown by Segment and Key Payor

Segment / Customer Group	Q3 2025 Net Service Revenue	% of Total Q3 2025 Revenue	Primary Payor Source	Key Payor % of Segment Revenue
Personal Care	$275.8 million	76.1%	State/Local (Medicaid) & MCOs	96.7% (Combined)
Hospice	~$68.84 million	19.0%	Medicare	93.1%
Home Health	~$17.75 million	4.9%	Medicare	65.9%
Private Pay (Personal Care Only)	~$8.83 million	~2.4% (of Total Revenue)	Private Duty & Commercial	3.2% (of Personal Care Segment)

Addus HomeCare Corporation (ADUS) - Canvas Business Model: Cost Structure

The cost structure for Addus HomeCare Corporation is fundamentally labor-driven, meaning most of your spending is variable and directly tied to service delivery. For the first nine months of 2025, the total net service revenue hit $1.0 billion, but a massive chunk of that goes right back out the door to your caregivers and operational support.

You need to view this cost base as a lever, not just an expense. The biggest risks here are wage inflation and regulatory changes, but those same factors are also where you find your margin opportunities.

Caregiver wages and benefits; the single largest operating expense, often over 70% of revenue

This is the core of your cost structure. Your direct cost of service revenue-which is primarily caregiver wages and benefits-accounted for approximately 68.1% of net service revenue in the first quarter of 2025. That is a tight margin business, so every dollar matters. Here's the quick math: with $1.0 billion in net service revenue for the first nine months of 2025, roughly $681.0 million went directly to the cost of care.

The labor market pressures are real. As of November 2025, the average hourly pay for an Addus Caregiver is around $15.09 nationally. Plus, you have to contend with state-mandated minimums, like the Illinois requirement that 77.0% of the Medicaid reimbursement rate must go to caregiver wages and benefits, which is a key compliance cost baked into your operations.

General and administrative (G&A) overhead; including branch and corporate staff

G&A is your fixed and semi-fixed cost base that supports the distributed care model. For the first nine months of 2025, your G&A expenses totaled $229.667 million. This covers everything from your Frisco, Texas corporate office to the local branch managers and administrative staff who handle scheduling, billing, and compliance across 23 states. Keeping this number low as a percentage of revenue is how you realize economies of scale from acquisitions.

Regulatory compliance and legal costs; high due to state-specific requirements

The home care business is highly regulated, and compliance costs are a constant headwind. These costs aren't always a line item on the income statement but are often embedded in G&A and direct labor costs. For instance, the recent 9.9% rate increase in Texas and the 3.9% increase in Illinois were tied to mandates for higher caregiver pay, which is a direct cost of compliance. You're constantly monitoring state legislative sessions for these changes.

Specific cost drivers include:

• Mandatory state-level training and certification for caregivers.
• Auditing and reporting for Medicaid and Medicare (the primary payors).
• Non-recurring costs, like the $0.06 per diluted share in restructuring and other non-recurring costs reported in the third quarter of 2025.

Acquisition and integration expenses; non-recurring but significant capital outlay

Acquisitions are a core growth strategy, but they come with significant, non-recurring expenses. In 2025, you completed the acquisition of Helping Hands Home Care Service, Inc. for a purchase price of $21.3 million in August, and the Del Cielo Home Care Services acquisition for $7.4 million in October. These deals drive integration expenses, which are excluded from adjusted earnings but are real cash outflows.

Here's a snapshot of the non-GAAP acquisition expenses per diluted share for 2025:

• Q1 2025: $0.13 per diluted share
• Q2 2025: $0.11 per diluted share
• Q3 2025: $0.08 per diluted share

This is a necessary capital outlay to expand market density and service lines. The integration of the Gentiva Electronic Medical Record (EMR) system is a major, ongoing integration cost that will defintely drive future efficiencies.

Technology and IT infrastructure maintenance; supporting distributed operations

Your business relies on a distributed technology infrastructure to manage thousands of caregivers across hundreds of locations. The capital cost of this infrastructure is reflected in the depreciation and amortization expense, which totaled $12.264 million for the first nine months of 2025. You are actively investing in new tools.

The focus is on using technology to drive caregiver utilization and operational efficiency, for example, through the successful rollout of your Caregiver App in Illinois, with expansion plans for New Mexico and Texas. This investment is critical to keeping G&A from swelling as the company scales.

Addus HomeCare Corporation Key Cost Metrics (9 Months Ended September 30, 2025)

Cost Category	Amount (9 Months 2025)	Nature	Commentary
Net Service Revenue	$1.0 billion	N/A	Basis for all cost percentages.
Caregiver Wages & Benefits (Cost of Service Revenue)	$\approx$$681.0 million	Variable	Estimated at 68.1% of Net Service Revenue (based on Q1 2025 Gross Margin).
General and Administrative (G&A) Expenses	$229.667 million	Fixed/Semi-Fixed	Covers corporate and branch overhead.
Depreciation and Amortization	$12.264 million	Fixed	Proxy for capital cost of IT and physical assets.
Acquisition Expenses (Non-GAAP Adjustment)	Varies by Quarter	Non-Recurring	Q3 2025 adjustment was $0.08 per diluted share.
Major Acquisition Capital Outlay (2025)	$21.3 million (Helping Hands)	Non-Recurring	Purchase price for Helping Hands Home Care Service, Inc. on August 1, 2025.

Finance: draft a 13-week cash view by Friday that explicitly models the impact of the $18.75 Illinois minimum wage and the $17.13 Texas rate on your weekly payroll, not just the revenue increase.

Addus HomeCare Corporation (ADUS) - Canvas Business Model: Revenue Streams

The revenue model for Addus HomeCare Corporation is fundamentally tied to government-funded programs, with the dominant source being Medicaid and its associated Managed Care Organizations (MCOs). This structure means the company's financial health is highly sensitive to state budgets and reimbursement rate changes, but it also benefits from the non-cyclical, growing demand for long-term home care services.

For the first nine months of 2025, Addus HomeCare Corporation reported total net service revenues of approximately $1.0494 billion, reflecting a strong year-over-year increase. The core of this revenue is the Personal Care segment, which accounted for 76.1% of total revenue in the third quarter of 2025, or $275.8 million of the quarter's total $362.3 million. It's a high-volume, lower-margin business, but it's defintely the engine.

Medicaid reimbursement; the dominant source, tied to state budgets and rates

Direct Medicaid reimbursement, often categorized as state, local, and other governmental programs, remains the single largest payer category for the core Personal Care segment. This revenue stream is fee-for-service (FFS), meaning the company is paid a fixed rate per service hour, and it is directly exposed to state budgetary pressures.

In the first half of 2025, these direct state and local programs accounted for 51.5% of the Personal Care segment's revenue. This concentration means that rate increases, like the one in Illinois (Addus HomeCare Corporation's largest personal care market) which saw a 5.5% increase effective January 1, 2025, are critical for margin expansion.

Managed Care Organization (MCO) contracts; fixed rates per service hour

The shift from direct government payment to Managed Care Organizations (MCOs) is a major trend, and Addus HomeCare Corporation is actively pursuing this channel. MCOs are insurance companies that contract with states to manage the Medicaid population, paying Addus HomeCare Corporation a contracted rate per hour of service.

This revenue stream is substantial and growing, accounting for 35.6% of the company's total net service revenues for the six months ended June 30, 2025. This move helps stabilize revenue against volatile state legislative cycles, but it introduces the risk of MCO rate negotiations. Here's the quick math on the current payer mix:

Payer Source (Consolidated)	% of Total Net Service Revenue (H1 2025)	Estimated Revenue (Q3 2025)	Primary Service Segment
Managed Care Organizations (MCOs)	35.6%	~$128.98 million	Personal Care, Home Health, Hospice
State/Local Government (Direct Medicaid/Other)	~40% - 45% (Estimated)	N/A (Directly reported as part of Personal Care)	Personal Care
Medicare	N/A (Primary payor for Hospice/Home Health)	N/A (Primary payor for Hospice/Home Health)	Hospice, Home Health
Private Pay, Commercial Insurance, & Other	Remainder	N/A	All Segments

Medicare reimbursement; primarily for skilled home health services

Medicare is the primary federal payor for the company's clinical services: Hospice Care and Home Health. This is a higher-margin, more clinical revenue stream compared to personal care.

The Hospice Care segment, which is largely Medicare-funded, accounted for 19.0% of total revenue in Q3 2025, or $68.9 million. The Home Health segment, also primarily Medicare-funded, is the smallest business line, representing 4.9% of Q3 2025 revenue, or $17.6 million. What this estimate hides is the regulatory risk: the Centers for Medicare & Medicaid Services (CMS) proposed a 6.4% aggregate reduction in Medicare payments to home health agencies for 2026, which is a significant headwind for that segment.

Private pay revenue; direct payments from patients or families

Private pay revenue, which includes direct payments from patients or their families, is not a primary driver for Addus HomeCare Corporation, but it offers the highest gross margin. This revenue stream is typically bundled with commercial insurance and other non-governmental payors.

For the Personal Care segment, which drives the vast majority of the business, the combination of private duty, commercial insurance, and other payors represented a small but important 3.2% of segment revenue in the first half of 2025. This small percentage reflects the company's primary focus on the Medicaid-eligible, dual-eligible (Medicare and Medicaid) consumer base. Still, it provides a buffer against government rate volatility.

• Personal Care (Q3 2025): $275.8 million (76.1% of total revenue).
• Hospice Care (Q3 2025): $68.9 million (19.0% of total revenue).
• Home Health (Q3 2025): $17.6 million (4.9% of total revenue).

Other government programs (e.g., Veterans Affairs); specific contract funding

Revenue from other government programs, such as the Veterans Affairs (VA) system, is generally included within the broader 'State, local, and other governmental programs' category in the company's financial reporting. These contracts provide specific, non-Medicaid funding for services.

While not broken out separately, these programs contribute to the 51.5% share of non-MCO government funding in the Personal Care segment. This diversification is strategic, as it allows Addus HomeCare Corporation to serve a wider range of high-need, government-supported consumers beyond the traditional Medicaid fee-for-service model.