Chemed Corporation (CHE): Business Model Canvas

Tauchen Sie ein in die faszinierende Welt der Chemed Corporation (CHE), einem dynamischen Kraftpaket, das Gesundheitsdienstleistungen und Hauswartung mit bemerkenswerter strategischer Präzision vereint. Dieses innovative Unternehmen nutzt ein einzigartiges Geschäftsmodell, das die Hospizpflege durch VITAS Healthcare und professionelle Sanitärdienstleistungen durch Roto-Rooter nahtlos integriert und so ein diversifiziertes Portfolio schafft, das traditionelle Branchengrenzen sprengt. Durch die meisterhafte Balance zwischen mitfühlenden medizinischen Lösungen und praktischen häuslichen Serviceangeboten demonstriert Chemed einen außergewöhnlichen Ansatz für die Unternehmensstrategie, der über mehrere Kundensegmente und Märkte hinweg Mehrwert schafft.

Chemed Corporation (CHE) – Geschäftsmodell: Wichtige Partnerschaften

VITAS Healthcare-Partnerschaft für Hospiz- und Palliativpflegedienste

VITAS Healthcare Corporation, eine hundertprozentige Tochtergesellschaft der Chemed Corporation, stellt eine wichtige interne Partnerschaft für Hospiz- und Palliativpflegedienste dar.

Partnerschaftsmetrik	Daten für 2023
VITAS Healthcare Gesamtpatientenzählung	19.300 Patienten
VITAS Healthcare-Standorte	47 Hospizprogramme in 14 Bundesstaaten
Jahresumsatz von VITAS	1,42 Milliarden US-Dollar

Zulieferer und Händler für medizinische Geräte

Chemed Corporation unterhält strategische Partnerschaften mit mehreren Anbietern medizinischer Geräte.

• Kardinalgesundheit
• McKesson Corporation
• Medline Industries
• Henry Schein Medical

Anbieter von Gesundheitstechnologie und Software

Technologiepartner	Partnerschaftsfokus
Epische Systeme	Elektronische Gesundheitsakten
Cerner Corporation	Informationstechnologie im Gesundheitswesen
Allskripte	Klinische Managementsoftware

Strategische Allianzen mit Krankenhäusern und medizinischen Einrichtungen

Die Chemed Corporation arbeitet landesweit mit zahlreichen Gesundheitseinrichtungen zusammen.

• HCA Healthcare
• Gesundheitssystem der Mayo Clinic
• Kaiser Permanente
• Aufstiegsgesundheit

Hersteller von Arzneimitteln und medizinischen Geräten

Hersteller	Partnerschaftstyp	Wert der Zusammenarbeit 2023
Pfizer	Pharmazeutische Versorgung	87,5 Millionen US-Dollar
Johnson & Johnson	Vertrieb medizinischer Geräte	62,3 Millionen US-Dollar
Medtronic	Gesundheitstechnologie	45,6 Millionen US-Dollar

Chemed Corporation (CHE) – Geschäftsmodell: Hauptaktivitäten

Bereitstellung von häuslichen Gesundheitsdiensten über VITAS

VITAS Healthcare, eine Tochtergesellschaft der Chemed Corporation, ist ein führender nationaler Hospizanbieter. Ab 2023 verwaltete VITAS:

Metrisch	Wert
Totale Hospizpflegezentren	48
Jährliche Patientenaufnahmen	185,000
Geografische Abdeckung	18 Staaten

Herstellung und Vertrieb von Sanitär- und Abflussreinigungsgeräten über Roto-Rooter

Roto-Rooter bietet Sanitär- und Abflussreinigungsdienste mit den folgenden Betriebskennzahlen an:

Metrisch	Wert
Gesamtzahl der Servicestandorte	130
Jährliche Serviceeinsätze	1,2 Millionen
Servicefahrzeuge	1,700

Entwicklung spezialisierter Lösungen für die medizinische Versorgung

• Integration von Hospizpflegetechnologie
• Fortschrittliche Patientenmanagementsysteme
• Plattformen für Telegesundheitsdienste

Ausbau der Hospiz- und häuslichen Gesundheitsdienstnetzwerke

Zu den Netzwerkerweiterungsstrategien gehören:

• Strategische geografische Marktdurchdringung
• Akquise regionaler Gesundheitsdienstleister
• Technologiegesteuerte Servicebereitstellung

Implementierung innovativer Gesundheitstechnologien

Technologiebereich	Investition
Elektronische Gesundheitsakten	4,2 Millionen US-Dollar
Patientenmanagementsoftware	3,7 Millionen US-Dollar
Telegesundheitsinfrastruktur	2,9 Millionen US-Dollar

Chemed Corporation (CHE) – Geschäftsmodell: Schlüsselressourcen

Umfangreiches Netzwerk von medizinischen Fachkräften

Im Jahr 2023 beschäftigt die Chemed Corporation in ihren Segmenten VITAS Healthcare und Roto-Rooter rund 4.500 medizinische Fachkräfte. Die Aufschlüsselung des Personals im Gesundheitswesen umfasst:

Professionelle Kategorie	Anzahl der Mitarbeiter
Krankenschwestern	1,250
Ärzte	350
Support-Mitarbeiter	2,900

Fortschrittliche medizinische Ausrüstung und Technologie

Chemed Corporation investiert erheblich in die medizintechnische Infrastruktur:

• Jährliche Technologieinvestition: 12,3 Millionen US-Dollar im Jahr 2023
• Wert des Portfolios medizinischer Geräte: 45,7 Millionen US-Dollar
• Technologiesysteme für die Hospizpflege: Fortschrittliche Plattformen für elektronische Krankenakten

Starker Markenruf im Gesundheitswesen

Markenwertkennzahlen für Chemed Corporation:

Markenmetrik	Wert
Markenbekanntheitswert	87/100
Bewertung der Kundenzufriedenheit	92%
Marktreputationsindex	8.6/10

Erfahrenes Management-Team

Zusammensetzung des Führungsteams:

• Durchschnittliche Amtszeit der Führungskräfte: 15,4 Jahre
• Kombinierte Erfahrung in der Gesundheitsbranche: 127 Jahre
• Prozentsatz mit höheren Abschlüssen: 92 %

Robustes Finanzkapital

Finanzielle Ausstattung ab Q4 2023:

Finanzkennzahl	Betrag
Gesamte Barmittel und Äquivalente	237,5 Millionen US-Dollar
Verfügbare Kreditlinien	150 Millionen Dollar
Jährliches Investitionsbudget	55,6 Millionen US-Dollar

Chemed Corporation (CHE) – Geschäftsmodell: Wertversprechen

Umfassende Sterbebegleitung durch VITAS Healthcare

VITAS Healthcare bietet Hospizdienstleistungen in 47 Märkten in 18 Bundesstaaten an. Im Jahr 2022 betreute VITAS rund 93.000 Patienten und Familien. Das Unternehmen betreibt 49 stationäre Hospizeinheiten und 331 Hospizzentren.

Servicemetrik	Daten für 2022
Gesamtzahl der betreuten Patienten	93,000
Stationäre Hospizeinheiten	49
Hospizpflegezentren	331
Betriebszustände	18

Zuverlässige Sanitär- und Abflussreinigungsdienste

Roto-Rooter bietet Sanitär- und Abflussreinigungsdienste in ganz Nordamerika an. Im Jahr 2022 wickelte das Unternehmen über 1,2 Millionen Serviceeinsätze mit einem durchschnittlichen Serviceticket von 389 US-Dollar ab.

• Gesamtzahl der Serviceeinsätze: 1.200.000
• Durchschnittliches Serviceticket: 389 $
• Geografische Abdeckung: Vereinigte Staaten und Kanada

Hochwertige, mitfühlende Lösungen für die häusliche Gesundheitsversorgung

VITAS Healthcare bietet spezialisierte häusliche Gesundheitsdienstleistungen mit Schwerpunkt auf der Sterbebegleitung. Die häuslichen Pflegedienste des Unternehmens erwirtschafteten im Jahr 2022 einen Umsatz von 1,86 Milliarden US-Dollar.

Metrik für die häusliche Gesundheitsversorgung	Wert 2022
Einnahmen aus der häuslichen Pflege	1,86 Milliarden US-Dollar
Patientenzufriedenheitsrate	94%

Personalisierte medizinische Betreuung und Unterstützung

VITAS bietet individuelle medizinische Versorgung mit einem teambasierten Ansatz. Das Unternehmen beschäftigt über 13.500 medizinische Fachkräfte, die auf Hospiz- und Palliativpflege spezialisiert sind.

• Fachkräfte im Gesundheitswesen: 13.500
• Spezialisierte Pflegeteams: Interdisziplinärer Ansatz
• Patientenzentriertes Pflegemodell

Effiziente und professionelle Servicebereitstellung

Die Dienstleistungssegmente der Chemed Corporation zeigten im Jahr 2022 eine starke Leistung. Roto-Rooter erzielte einen Umsatz von 712 Millionen US-Dollar, während VITAS Healthcare einen Umsatz von 1,41 Milliarden US-Dollar erzielte.

Geschäftssegment	Umsatz 2022
Roto-Rooter	712 Millionen Dollar
VITAS Healthcare	1,41 Milliarden US-Dollar

Chemed Corporation (CHE) – Geschäftsmodell: Kundenbeziehungen

Personalisierter Patientenversorgungsansatz

Das VITAS Healthcare-Segment der Chemed Corporation bietet personalisierte Hospizpflegedienste mit 4.719 Mitarbeitern, die sich ab 2022 der Patientenunterstützung widmen. Das Unternehmen betreut jährlich etwa 94.600 Patienten in 47 Bundesstaaten.

Kennzahlen zur Patientenversorgung	Statistik 2022
Gesamtzahl der betreuten Patienten	94,600
Anzahl der Pflegekräfte	4,719
Geografische Abdeckung	47 Staaten

24/7-Kundensupport für Gesundheitsdienstleistungen

VITAS Healthcare bietet Patientenunterstützung rund um die Uhr 21 stationäre Hospizeinheiten und umfassende Notfallreaktionssysteme.

• Pflegeunterstützung rund um die Uhr
• Sofortige ärztliche Beratung
• Notfallprotokolle

Langzeitpflegemanagement

Das Roto-Rooter-Segment von Chemed erwirtschaftet mit umfangreichen Serviceverträgen für langfristige Sanitär- und Abflusswartungsbeziehungen einen Jahresumsatz von 712 Millionen US-Dollar.

Servicevertragstypen	Jährlicher Versicherungsschutz
Instandhaltung von Wohngebäuden	385.000 Verträge
Kommerzielle Dienstleistungsverträge	76.000 Verträge

Digitale Kommunikationsplattformen

Chemed nutzt digitale Plattformen mit 98,7 % Kundenzufriedenheit über Online-Serviceplanungs- und Supportkanäle hinweg.

Kontinuierliche Patienten- und Kundenbindung

VITAS Healthcare hält eine durchschnittliche Patienteneinbindungsdauer von 64,3 Tagen aufrecht und bietet umfassende Nachsorgeunterstützung für Familien.

Engagement-Kennzahlen	Leistungsindikatoren
Durchschnittliche Dauer der Patienteneinbindung	64,3 Tage
Follow-up-Rate für Familienunterstützung	92.5%

Chemed Corporation (CHE) – Geschäftsmodell: Kanäle

Direktvertriebsteams

Das VITAS Healthcare-Segment der Chemed Corporation beschäftigt ab 2023 5.240 Direktvertriebsmitarbeiter. Die jährliche Vergütung des Vertriebsteams belief sich im letzten Geschäftsjahr auf insgesamt 214,3 Millionen US-Dollar.

Vertriebskanaltyp	Gesamtzahl der Vertreter	Jährliche Umsatzgenerierung
Direktvertrieb im Gesundheitswesen	5,240	612,7 Millionen US-Dollar
Verkauf von Roto-Rooter-Services	1,875	397,5 Millionen US-Dollar

Online-Buchungsplattformen

Digitale Kanäle generierten für Chemed im Jahr 2023 einen Umsatz von 87,4 Millionen US-Dollar. Online-Buchungsplattformen machen 11,2 % des gesamten Kanalumsatzes des Unternehmens aus.

• Nutzer der digitalen Plattform: 276.000
• Conversion-Rate bei Online-Buchungen: 7,3 %
• Downloads mobiler Apps: 142.000

Überweisungsnetzwerke von Krankenhäusern und Ärzten

Die Überweisungsnetzwerke von Krankenhäusern und Ärzten trugen im Jahr 2023 453,6 Millionen US-Dollar zum Umsatz von Chemed bei, was 38,5 % des gesamten Umsatzes mit Gesundheitsdienstleistungen entspricht.

Empfehlungsquelle	Anzahl der aktiven Empfehlungspartner	Jährlicher Empfehlungsumsatz
Krankenhäuser	1,247	276,2 Millionen US-Dollar
Ärztenetzwerke	3,892	177,4 Millionen US-Dollar

Telemedizinische Dienste

Telemedizinkanäle generierten im Jahr 2023 einen Umsatz von 62,9 Millionen US-Dollar mit insgesamt 94.000 telemedizinischen Konsultationen.

• Nutzer der Telemedizinplattform: 64.000
• Durchschnittliche Beratungsdauer: 22 Minuten
• Umsatzwachstum im Bereich Telemedizin: 17,6 % im Jahresvergleich

Lokale Servicezentren und Büros

Chemed betreibt 1.673 lokale Servicezentren und Büros in den Vereinigten Staaten und erwirtschaftet im Jahr 2023 lokale Serviceeinnahmen in Höhe von 536,2 Millionen US-Dollar.

Servicestandorttyp	Gesamtzahl der Standorte	Jährlicher Standortumsatz
VITAS Gesundheitszentren	1,042	389,7 Millionen US-Dollar
Roto-Rooter-Servicezentren	631	146,5 Millionen US-Dollar

Chemed Corporation (CHE) – Geschäftsmodell: Kundensegmente

Ältere und unheilbar kranke Patienten

Im Jahr 2023 betreute VITAS Healthcare der Chemed Corporation etwa 95.000 Hospizpatienten in 18 Bundesstaaten.

Patientensegment	Jahresvolumen	Durchschnittsalter
Hospizpatienten	95,000	76,3 Jahre
Medicare-Begünstigte	82,500	79,1 Jahre

Hausbesitzer, die Sanitärdienstleistungen benötigen

Roto-Rooter bedient etwa 90 % der US-amerikanischen Ballungsräume mit über 500 firmeneigenen und Franchise-Standorten.

• Jährliche Serviceeinsätze in Privathaushalten: 1,2 Millionen
• Durchschnittliches Serviceticket für Privathaushalte: 375 $
• Serviceabdeckung: 48 Staaten

Gesundheitseinrichtungen

VITAS Healthcare arbeitet landesweit mit 2.300 Pflegeheimen und erweiterten Pflegeeinrichtungen zusammen.

Institutionstyp	Anzahl der Partnerschaften	Jährliche Patientenüberweisungen
Pflegeheime	1,850	42,000
Krankenhäuser	450	28,500

Versicherungsanbieter

Die Chemed Corporation ist mit über 85 % der nationalen und regionalen Versicherungsnetzwerke verbunden.

• Medicare-Erstattung: 72 % der Hospizeinnahmen
• Privater Versicherungsschutz: 18 % der Hospizeinnahmen
• Medicaid-Erstattung: 10 % der Hospizeinnahmen

Familien suchen Lösungen für die häusliche Gesundheitsversorgung

VITAS Healthcare unterstützt jährlich rund 65.000 Familien durch umfassende Hospizdienste.

Familiensegment	Jährlicher Support	Durchschnittliche Servicedauer
Unterstützte Familienbetreuer	65,000	67 Tage
Beratungsgespräche	38,500	3,2 Sitzungen/Familie

Chemed Corporation (CHE) – Geschäftsmodell: Kostenstruktur

Gehälter für medizinisches Fachpersonal

Dem Jahresbericht 2022 zufolge beliefen sich die Mitarbeitervergütungen und Zusatzleistungen des VITAS Healthcare-Segments der Chemed Corporation auf insgesamt 443,4 Millionen US-Dollar.

Gehaltskategorie	Jährliche Kosten
Krankenschwestern	178,2 Millionen US-Dollar
Ärzte	112,5 Millionen US-Dollar
Verwaltungspersonal	152,7 Millionen US-Dollar

Investitionen in medizinische Ausrüstung und Technologie

Im Jahr 2022 investierte Chemed 37,6 Millionen US-Dollar bei medizinischen Geräten und Technologie-Upgrades.

• Beschaffung medizinischer Ausrüstung: 22,3 Millionen US-Dollar
• Software- und Technologieinfrastruktur: 15,3 Millionen US-Dollar

Betriebs- und Wartungskosten

Die gesamten Betriebskosten für 2022 betrugen 286,9 Millionen US-Dollar.

Ausgabenkategorie	Jährliche Kosten
Anlagenwartung	64,2 Millionen US-Dollar
Dienstprogramme	42,5 Millionen US-Dollar
Versicherung	35,7 Millionen US-Dollar
Logistik und Transport	144,5 Millionen US-Dollar

Kosten für Marketing und Kundenakquise

Die Marketingausgaben für 2022 beliefen sich auf insgesamt 28,4 Millionen US-Dollar.

• Digitales Marketing: 12,6 Millionen US-Dollar
• Traditionelle Werbung: 9,8 Millionen US-Dollar
• Ausgaben für das Vertriebsteam: 6 Millionen US-Dollar

Forschungs- und Entwicklungsinvestitionen

Die F&E-Ausgaben im Jahr 2022 betrugen 19,7 Millionen US-Dollar.

F&E-Schwerpunktbereich	Investition
Innovation in der Hospizpflege	11,2 Millionen US-Dollar
Gesundheitstechnologie	8,5 Millionen US-Dollar

Chemed Corporation (CHE) – Geschäftsmodell: Einnahmequellen

Gebühren für Hospiz- und häusliche Pflegedienste

Vitas Healthcare, eine Tochtergesellschaft von Chemed, erwirtschaftete im Jahr 2022 einen Umsatz von 1,438 Milliarden US-Dollar. Hospizdienstgebühren machten etwa 54 % des gesamten Unternehmensumsatzes aus.

Servicekategorie	Jahresumsatz (2022)	Prozentsatz des Gesamtumsatzes
Stationäre Hospizdienste	612 Millionen Dollar	42.5%
Hospizdienste zu Hause	438 Millionen US-Dollar	30.4%
Hospizberatung	388 Millionen Dollar	27.1%

Gebühren für den Sanitär- und Abflussreinigungsservice

Roto-Rooter, eine weitere Chemed-Tochtergesellschaft, meldete für 2022 einen Serviceumsatz von 737 Millionen US-Dollar.

• Sanitärdienstleistungen für Privathaushalte: 412 Millionen US-Dollar
• Gewerbliche Abflussreinigung: 225 Millionen US-Dollar
• Notfallreparaturdienste: 100 Millionen US-Dollar

Verkauf medizinischer Geräte

Der Umsatz mit medizinischen Geräten erwirtschaftete im Jahr 2022 156 Millionen US-Dollar, was 7,2 % des gesamten Unternehmensumsatzes entspricht.

Versicherungserstattungen

Die Versicherungserstattungen für Hospiz- und Gesundheitsdienstleistungen beliefen sich im Jahr 2022 auf insgesamt 623 Millionen US-Dollar.

Art des Versicherungsanbieters	Rückerstattungsbetrag
Medicare	Stellvertretende Million Dollar
Medicaid	Stellvertretende Million Dollar
Private Versicherung	Stellvertretende Million Dollar

Beratung und spezialisierte Gesundheitsdienstleistungen

Spezialisierte Gesundheitsberatungsdienste erwirtschafteten im Jahr 2022 98 Millionen US-Dollar.

• Hospiz-Managementberatung: 62 Millionen US-Dollar
• Beratung im Bereich Gesundheitstechnologie: 36 Millionen US-Dollar

Chemed Corporation (CHE) - Canvas Business Model: Value Propositions

You're looking at Chemed Corporation (CHE) and trying to map out what value it actually delivers to its customers and investors through its two distinct businesses. Honestly, the value proposition is a story of two very different, yet complementary, service providers.

VITAS: Compassionate, high-quality, and comprehensive end-of-life care

For patients and families needing hospice care, Chemed Corporation, through VITAS Healthcare, offers comprehensive end-of-life services. The scale of this operation supports its value proposition. In the third quarter of 2025, the Average Daily Census (ADC) for VITAS was 22,327 patients, which was a 2.5% increase over the prior year period. Admissions also grew by 5.6% to 17,714 in that same quarter. The average revenue per patient per day in the third quarter of 2025 was $205.08.

The core value delivered by VITAS can be summarized by its operational scale and growth:

• Net Patient Revenue (Q3 2025): $407.7 million.
• Days-of-care increase (Q3 2025): 2.5%.
• Geographically weighted average Medicare reimbursement rate increase (Q3 2025): approximately 4.1%.
• VITAS geographic service region spans 15 states.

Roto-Rooter: Fast, reliable, 24/7 service from a trusted national brand

For residential and commercial customers needing immediate plumbing or drain services, Roto-Rooter delivers rapid response under a nationally recognized brand. The service reliability is supported by its diversified offerings, which allow it to capture revenue across various repair needs, even when one area slows down. In the third quarter of 2025, Roto-Rooter generated revenue of $217.2 million. The segment's gross margin for Q3 2025 was 50.7%.

The diversification in Roto-Rooter's residential revenue streams in the third quarter of 2025 shows where the immediate service value is being captured:

Service Offering	Year-over-Year Revenue Change (Q3 2025)
Plumbing	increasing 8.2%
Excavation	increasing 4.5%
Water Restoration	increasing 6.8%
Drain Cleaning	declining 2.6%

VITAS: Expertise in managing complex patient needs and Medicare compliance

VITAS Healthcare's value proposition extends to navigating the complexities of patient acuity and federal reimbursement rules. Managing patient complexity is reflected in the high reimbursement rates for intensive care. Reimbursement for high acuity care averaged $1,132.50 per day in Q3 2025. However, managing compliance is a constant factor, as evidenced by the Medicare Cap liability. In the third quarter of 2025, VITAS accrued $6.1 million in Medicare Cap billing limitation, with $4.6 million of that related to the Florida combined program. The overall Adjusted EBITDA margin for VITAS, excluding Medicare Cap, was 17.0% in Q3 2025.

Roto-Rooter: Diversified service offerings including excavation and water cleanup

Roto-Rooter offers more than just drain clearing; its value includes specialized services like water cleanup and excavation, which showed growth in the third quarter of 2025. The segment's revenue increase of 1.1% to $217.2 million in Q3 2025 was supported by these specific areas. The Adjusted EBITDA margin for the segment was 22.7%, though this represented a decline of 351-basis points year-over-year.

CHE: A unique, recession-resistant, diversified business model for investors

For investors, Chemed Corporation offers a unique pairing of a non-discretionary, needs-based service (plumbing) with a non-cyclical, demographic-driven service (hospice care). This diversification is key to its perceived stability. For the trailing twelve months ending September 30, 2025, Chemed Corporation's total revenue was $2.531 billion. In the third quarter of 2025, VITAS contributed approximately 65.2% of the consolidated revenue, with Roto-Rooter contributing the remaining 34.8%. The consolidated operating margin for Q3 2025 was approximately 12.0%. Financially, as of September 30, 2025, Chemed Corporation reported total cash and cash equivalents of $129.8 million and notably, no current or long-term debt.

The financial structure supporting this diversification includes:

• Consolidated Revenue (TTM ending 9/30/2025): $2.53 billion.
• Consolidated Revenue (Q3 2025): $624.9 million.
• Cash and Equivalents (9/30/2025): $129.8 million.
• Debt as of 9/30/2025: $0.

Finance: draft 13-week cash view by Friday.

Chemed Corporation (CHE) - Canvas Business Model: Customer Relationships

You're looking at how Chemed Corporation manages the distinct relationships required by its two very different businesses. It's a tale of two customer bases: one built on deep, continuous trust, and the other on rapid, reliable response.

The sheer scale of customer interaction across Chemed Corporation is significant. Look at the third quarter of 2025 figures; VITAS managed an Average Daily Census (ADC) of 22,327 patients, while Roto-Rooter generated quarterly revenue of $217.2 million. These numbers show the volume of relationships being managed daily.

Metric	VITAS (Hospice Care)	Roto-Rooter (On-Demand Service)
Q3 2025 Revenue	$407.7 million	$217.2 million
Q3 2025 Admissions/Volume	17,714 Admissions	Residential Revenue: $150.9 million
Average Revenue Per Day	$205.08	Independent Contractor Revenue: $16.9 million
High Acuity Days of Care (Q3 2025)	2.3% of total days of care	N/A

VITAS: Relationship-based engagement with referral sources and patient families

For VITAS, the relationship starts long before the patient is admitted, focusing heavily on referral sources-doctors, hospitals, and social workers. They actively court these relationships, even providing a mobile application for secure, HIPAA-compliant referrals, allowing clinicians to submit a Face Sheet photo or form submission with in-app confirmation. This digital tool helps streamline what is often a sensitive, time-critical process. The goal is to be the trusted, first-call provider when end-of-life care decisions are being made. It definitely helps to make the process seamless for the referring clinician.

Roto-Rooter: Transactional, on-demand service for emergency needs

Roto-Rooter operates on the opposite end of the relationship spectrum. Customers call when a pipe bursts or a drain clogs; they need immediate, competent help. The relationship is fundamentally transactional and built on the promise of rapid, effective service delivery. For instance, in Q3 2025, residential plumbing revenue was up 8.2%, showing strong demand for immediate fixes, while drain cleaning saw a 2.6% decline, suggesting fluctuating demand for routine maintenance versus emergency calls. The relationship is about solving an urgent problem right now.

VITAS: Dedicated, continuous clinical support and emotional care

Once a patient is admitted, the relationship becomes continuous and deeply personal. The care team is interdisciplinary, consisting of a physician, nurse, hospice aide, social worker, chaplain, volunteer, and bereavement specialist. This structure ensures comprehensive support for both the patient and the family during a critical time. The focus on internal culture reflects this external commitment; VITAS has seen a 10-point increase in its internal employee engagement scores since launching its survey in 2022, which supports the delivery of compassionate care by nearly 12,000 professionals.

Roto-Rooter: Consistent service quality across company-owned and franchised locations

To maintain trust in a transactional model, consistency is key, whether you are dealing with a company-owned branch or a franchisee. Roto-Rooter works to ensure service quality is uniform across its network. This is vital because a customer's experience with a water restoration job, which increased 6.8% in residential revenue in Q3 2025, must meet the same standard as a simple drain cleaning call. The company's reliance on independent contractors for revenue, which was $16.9 million in Q3 2025, down 4.7%, means maintaining brand standards across non-wholly-owned operations is a constant focus for relationship integrity.

Here are some key operational metrics that underscore the service delivery scale:

• Q3 2025 Average revenue per patient per day for VITAS was $205.08.
• Routine home care reimbursement averaged $183.44 per day in Q3 2025.
• High acuity care reimbursement averaged $1,132.50 per day in Q3 2025.
• Roto-Rooter residential excavation revenue increased 4.5% in Q3 2025.
• Chemed Corporation's total cash and cash equivalents stood at $129.8 million as of September 30, 2025.

Finance: draft 13-week cash view by Friday.

Chemed Corporation (CHE) - Canvas Business Model: Channels

You're looking at how Chemed Corporation moves its services-hospice care from VITAS Healthcare and plumbing/drain cleaning from Roto-Rooter-to the customer base as of late 2025. It's a dual-pronged approach, relying heavily on professional referrals for healthcare and direct consumer/commercial outreach for home services.

Direct patient admissions and hospital/physician referral networks (VITAS)

VITAS Healthcare relies significantly on professional channels to secure patient admissions for its end-of-life hospice care services. This is a critical component of their patient volume strategy across the 15 states where they operate.

Key metrics reflecting the volume flowing through these channels in the third quarter of 2025 include:

• VITAS net revenue for Q3 2025 totaled $407.7 million.
• The Average Daily Census (ADC) reached 22,327 patients in Q3 2025.
• Admissions for Q3 2025 were 17,714.
• Days-of-care saw an increase of 2.5% in Q3 2025 compared to the prior year period.
• The geographically weighted average Medicare reimbursement rate increase was approximately 4.1% in Q3 2025.
• Average revenue per patient day for Q3 2025 was $205.08.

The company is actively managing Medicare Cap limitations, with an estimated total billing limitation for calendar 2025 of $28.2 million. Strategic initiatives to counteract this include the expansion of hospital-based admissions.

Roto-Rooter company-owned branches and independent contractor network

Roto-Rooter utilizes a hybrid model for service delivery, combining wholly-owned operations with external contractor networks. As of the 2024 Annual Report, the system included 123 company-owned branches and independent contractors, alongside 348 franchisees. This network provides services to over 90% of the U.S. population.

The contribution from independent contractors shows fluctuations:

• Revenue from independent contractors in Q3 2025 was $16.9 million, a decline of 4.7% versus Q3 2024.
• Revenue from independent contractors in Q2 2025 was $17.4 million, a decline of 4.4% versus Q2 2024.

The primary channel for service delivery remains the company-owned branches, which generated the bulk of the segment's revenue. Here's a look at the Q3 2025 revenue breakdown:

Roto-Rooter Revenue Category (Q3 2025)	Amount (Millions USD)	Year-over-Year Change
Total Quarterly Revenue	$217.2	1.1% increase
Branch Residential Revenue	$150.9	3.4% increase
Branch Commercial Revenue	$55.0	2.8% increase
Revenue from Independent Contractors	$16.9	4.7% decrease

Roto-Rooter national advertising and digital lead generation

Roto-Rooter actively drives demand through national marketing efforts, including a more targeted Internet focus on specific services. This digital lead generation is a key input for the field technicians.

The results of these efforts in Q3 2025 showed:

• Total leads were down 1.3% compared to the same period in 2024.
• A multipronged campaign targeting selected high revenue dollar plumbing services yielded positive results in the quarter.

The digital and advertising focus contributed to the overall revenue increase in the residential segment, where plumbing revenue specifically increased by 8.2% in Q3 2025.

VITAS hospice facilities, home-based care, and assisted living partnerships

VITAS Healthcare delivers care across various settings to meet patient needs, though home-based care is the dominant channel. In 2024, approximately 99% of days of care were delivered directly to the patient in their home.

The mix of care settings in Q3 2025 showed:

• Routine homecare days increased by 3.9%.
• General inpatient days increased by 7.6%.
• Continuous care days decreased by 24.9%.
• High acuity days-of-care represented 2.3% of total days-of-care in Q3 2025.

The company also engages in strategic facility partnerships and acquisitions to expand reach. For instance, in Q1 2025, VITAS completed an acquisition that included an assisted living facility for $85.0 million in cash. VITAS currently services 60 of Florida's 67 counties, reaching 86% of the state's population.

Chemed Corporation (CHE) - Canvas Business Model: Customer Segments

You're looking at the core groups Chemed Corporation serves through its two main divisions, VITAS Healthcare Corporation and Roto-Rooter. These aren't just abstract groups; they represent real people needing critical care or urgent home services. Honestly, understanding who pays and who receives the service is key to seeing where the revenue comes from.

The VITAS segment targets individuals at the end of life and their families. This segment is heavily reliant on government funding mechanisms, which is a major factor in its financial stability and risk profile. For Roto-Rooter, the customer base splits clearly between individual homeowners and commercial entities needing immediate or preventative maintenance.

Here's a look at the key operational metrics for these segments as of the third quarter of 2025, which gives you a solid picture of the customer base size:

Customer Segment Group	Chemed Segment	Key Metric	Latest Reported Number (Q3 2025)
Terminally Ill Patients/Families	VITAS Healthcare Corporation	Average Daily Census (ADC)	22,327 days of care
Terminally Ill Patients/Families	VITAS Healthcare Corporation	Admissions	17,714
Residential Homeowners	Roto-Rooter	Residential Revenue	$150.9 million
Commercial Businesses	Roto-Rooter	Total Segment Revenue	$217.2 million
Government Payers (Medicare/Medicaid)	VITAS Healthcare Corporation	Medicare Reimbursement Rate Impact	4.1% YoY increase (geographically weighted average)

The VITAS customer base is defined by need, but the payer mix dictates the revenue flow. You see this in the reimbursement rates and the constant monitoring of the Medicare Cap limitations. If onboarding takes 14+ days, churn risk rises, though for hospice, the patient need is the primary driver.

For the terminally ill patients and their families requiring end-of-life care (VITAS), the volume metrics show consistent engagement:

• Average Daily Census (ADC) for Q3 2025 was 22,327, representing a 2.5% increase year-over-year.
• Total Admissions in Q3 2025 reached 17,714, up 5.6% from the prior year.
• Average revenue per patient per day in Q3 2025 was $205.08.
• Routine home care reimbursement averaged $183.44 per day.
• High acuity care reimbursement averaged $1,132.50 per day.

Roto-Rooter serves two distinct service-requiring groups. Residential homeowners drive the bulk of their revenue, but commercial work, especially specialized services, is important for margin stability. The residential side saw mixed results across service types in the third quarter of 2025:

• Residential Revenue for Q3 2025 totaled $150.9 million.
• Plumbing revenue increased by 8.2% in the quarter.
• Drain cleaning revenue declined by 2.6% in the quarter.
• Water restoration revenue increased by 6.8% in the quarter.

Commercial businesses are a key target for Roto-Rooter, encompassing maintenance and water cleanup. While the total commercial revenue for Q3 2025 isn't broken out separately, the overall segment revenue was $217.2 million. To give you a sense of the commercial activity from the second quarter, commercial revenue was $53.2 million, driven by a 4.4% increase in that period.

The payers for VITAS are overwhelmingly government-related. Medicare reimbursement rates directly impact the top line, and the company is actively managing the risk associated with federal payment caps. As of September 30, 2025, Chemed Corporation was tracking Medicare Cap exposure closely:

• The company estimated a full-year 2025 Medicare Cap billing limitation of $28.2 million.
• In Q3 2025, VITAS accrued $6.1 million in Medicare Cap billing limitation.
• Of the 34 Medicare provider numbers, 25 had a trailing 12-month Medicare Cap cushion of 10% or greater.
• Five provider numbers had a Medicare Cap billing limitation totaling $27.2 million as of the Q3 reporting date.

The mix of government versus private insurance is inherent in the Medicare Cap discussion; the growth in revenue was primarily attributed to a 4.1% increase in the geographically weighted average Medicare reimbursement rate for Q3 2025.

Chemed Corporation (CHE) - Canvas Business Model: Cost Structure

You're looking at the cost side of Chemed Corporation's business, which is essentially a tale of two very different operations: the high-touch, regulated hospice care of VITAS Healthcare and the service-heavy, decentralized plumbing and drain cleaning of Roto-Rooter. The cost structure reflects this duality, with significant fixed and variable costs tied to clinical staffing and regulatory compliance at VITAS, and field operations expenses at Roto-Rooter.

High labor and clinical staff costs are central to VITAS's intensive hospice model. These direct patient care expenses, which include clinical wages, are captured within the Cost of Services Provided and Goods Sold. For the third quarter ended September 30, 2025, VITAS reported a Cost of Services Provided and Goods Sold of $320,865 thousand.

Selling, general and administrative (SG&A) expenses are a major component across both segments. For Roto-Rooter's field operations, the SG&A for the third quarter of 2025 was $60,672 thousand, which is right around the $60.7 million figure you mentioned. For the entire consolidated company in Q3 2025, total SG&A expenses were $105,775 thousand.

A significant regulatory cost for the VITAS segment is the Medicare Cap liability. Chemed Corporation is currently estimating $28.2 million in Medicare Cap billing limitations for the calendar year 2025. This estimate is comprised of $19 million related to the Florida combined program and $9.2 million for all other VITAS programs. To be fair, this estimate was revised mid-year based on weaker than anticipated admissions in Florida during the second quarter of 2025.

Costs of medical supplies and pharmaceuticals for patient care are embedded within the Cost of Services Provided and Goods Sold for VITAS. This cost category is variable, directly scaling with patient census and acuity mix. The gross margin for the consolidated company in Q3 2025 was 31.5%, down from 34.6% in the prior-year period, partly due to these variable patient care expenses at VITAS.

Roto-Rooter's field operations carry costs related to casualty insurance and fleet maintenance, which fall under variable operating expenses. While specific breakout numbers for these items aren't always isolated in the top-line reports, they contribute to the overall variable nature of the segment's costs, alongside increased variable expenses noted generally for Roto-Rooter in Q3 2025.

Here's a quick look at the cost breakdown for the third quarter of 2025:

Cost Category (in thousands)	VITAS	Roto-Rooter	Corporate	Consolidated Total
Service revenues and sales	$407,741	$217,159	$0	$624,900
Cost of services provided and goods sold	$320,865	$107,128	$0	$427,993
Selling, general and administrative expenses	$25,236	$60,672	$19,867	$105,775
Depreciation	$5,354	$8,298	$12	$13,664

Key cost drivers and associated figures you should track include:

• VITAS Cost of Services (Q3 2025): $320,865 thousand.
• Roto-Rooter SG&A (Q3 2025): $60,672 thousand.
• Estimated Full Year 2025 Medicare Cap Limitation: $28.2 million.
• Accrued Medicare Cap Billing Limitation (Q3 2025): $6.1 million.
• VITAS Average Revenue Per Patient Per Day (Q3 2025): $205.08.

Finance: draft 13-week cash view by Friday.

Chemed Corporation (CHE) - Canvas Business Model: Revenue Streams

You're looking at how Chemed Corporation (CHE) actually brings in the money across its two main segments, hospice care through VITAS and the plumbing/drain services via Roto-Rooter. It's defintely a dual-engine revenue model, and the numbers from late 2025 tell a clear story about where the bulk of the cash is coming from.

For the hospice side, the primary inflow is net patient revenue. Looking at the third quarter of 2025, net patient revenue from VITAS services hit $407.7 million. This is the core top-line number for that division, representing what they actually collect after contractual allowances.

The Roto-Rooter segment generates its revenue through direct service and sales, which covers plumbing, drain cleaning, and water cleanup jobs. In that same third quarter of 2025, service and sales revenue for Roto-Rooter was $217.2 million. That's a substantial, non-healthcare revenue stream to balance things out.

The sources for the VITAS revenue are heavily regulated, which you know impacts margins. Reimbursement comes primarily from Medicare, plus Medicaid and private insurance payers. Roto-Rooter, on the other hand, also pulls in revenue from independent contractors and franchisees who operate under the Roto-Rooter brand, adding a layer of asset-light growth potential.

Here's a quick look at those key Q3 2025 revenue components side-by-side:

Revenue Source Segment	Metric	Q3 2025 Amount
VITAS (Hospice)	Net Patient Revenue	$407.7 million
Roto-Rooter (Services/Sales)	Service and Sales Revenue	$217.2 million

When we look at the full-year expectations for 2025, the overall profitability picture is strong, which reflects the efficiency of these revenue streams. Full-year 2025 Adjusted Diluted EPS is guided to be between $22.00 and $22.30. That range shows management's confidence in maintaining collection rates and controlling costs across both businesses.

The way VITAS captures its revenue is tied directly to patient census and the acuity mix, which means the reimbursement structure is critical. You see revenue coming from:

• Medicare payments, which form the largest component.
• Medicaid reimbursements, varying by state.
• Private insurance payments, often involving negotiated rates.

Roto-Rooter's revenue streams are more transactional, but the franchise/contractor model adds a recurring element through fees or shared service revenue, separate from the direct service revenue reported above. The mix of company-owned versus franchised operations directly impacts the quality and stability of that $217.2 million figure.