Addus HomeCare Corporation (ADUS): Lienzo del Modelo de Negocio [Actualizado en Ene-2025]

En el panorama en rápida evolución de la atención médica domiciliaria, Addus Homecare Corporation (ADU) surge como una fuerza transformadora, revolucionando cómo las personas mayores y discapacitadas reciben atención personalizada. Al elaborar meticulosamente un modelo de negocio integral que une el servicio compasivo con innovación estratégica, ADU se ha posicionado como un jugador crítico en el ecosistema de atención domiciliaria, ofreciendo una línea de apoyo que permite a los pacientes mantener la dignidad, la independencia y la calidad de la vida dentro de la vida familiar. comodidad de sus propios hogares.

Addus Homecare Corporation (ADUS) - Modelo de negocio: asociaciones clave

Proveedores de atención médica y hospitales

A partir de 2024, Addus Homecare Corporation mantiene asociaciones con aproximadamente 750 proveedores de atención médica y hospitales en 24 estados.

Tipo de asociación	Número de asociaciones	Cobertura geográfica
Hospitales de cuidados agudos	325	18 estados
Centros de salud comunitarios	215	22 estados
Clínicas de atención especializada	210	16 estados

Agencias estatales de Medicaid

Addus Homecare Corporation tiene acuerdos contractuales con agencias de Medicaid en 24 estados.

Tipo de programa de Medicaid	Número de contratos estatales	Valor de reembolso anual
Servicios basados ​​en el hogar y la comunidad	24	$ 287 millones
Servicios de cuidado personal	22	$ 213 millones

Compañías de seguros

Addus Homecare Corporation se asocia con 42 compañías de seguros privadas.

• Principales proveedores de seguros médicos: 18
• Proveedores de seguro de atención a largo plazo: 12
• Planes de ventaja de Medicare: 12

Instalaciones de enfermería especializada

La compañía colabora con 215 instalaciones de enfermería especializada en sus regiones operativas.

Tipo de instalación	Número de asociaciones	Volumen de referencia de paciente promedio
Instalaciones de atención a largo plazo	135	87 pacientes/mes
Centros de rehabilitación a corto plazo	80	62 pacientes/mes

Agencias de reclutamiento y personal

Addus Homecare Corporation mantiene asociaciones con 27 agencias especializadas de reclutamiento de salud.

• Agencias nacionales de personal: 12
• Agencias de personal regional: 9
• Reclutadores de atención médica especializados: 6

Inversión total de asociación anual: $ 42.3 millones

Addus Homecare Corporation (ADU) - Modelo de negocio: actividades clave

Brindar servicios de atención domiciliaria para personas mayores y discapacitadas

A partir del cuarto trimestre de 2023, Addus Homecare Corporation atiende a aproximadamente 43,500 consumidores en 24 estados. La compañía opera a través de tres segmentos de servicio primario:

Segmento de servicio	Porcentaje de ingresos
Cuidado personal	67.4%
Salud en el hogar	17.6%
Seguro de enfermedad	15.0%

Reclutamiento y capacitación de profesionales de atención domiciliaria

En 2023, Addus empleado aproximadamente 58,000 cuidadores. El proceso de reclutamiento de la compañía incluye:

• Verificación de antecedentes
• Evaluación de habilidades
• Programas de capacitación integral
• Desarrollo profesional continuo

Gestión de necesidades de atención médica y personal compleja

La compañía se especializa en manejar diversos requisitos de atención, con un promedio de 28.6 horas de atención por consumidor por semana.

Nivel de complejidad del cuidado	Porcentaje de consumidores
Cuidado personal básico	45%
Atención médica intermedia	35%
Cuidado complejo avanzado	20%

Coordinar los servicios de atención médica

Addus mantiene la coordinación de atención integrada con:

• Hospitales
• Redes médicas
• Proveedores de seguros
• Agencias estatales de Medicaid

Cumplimiento de las regulaciones de atención médica

La compañía mantiene rigurosos estándares de cumplimiento en múltiples marcos regulatorios, que incluyen:

• Regulaciones HIPAA
• Pautas de atención médica específicas del estado
• Requisitos de cumplimiento de Medicare/Medicaid

Inversiones totales relacionadas con el cumplimiento en 2023: $ 4.2 millones

Addus Homecare Corporation (ADU) - Modelo de negocio: recursos clave

Profesionales de la salud calificados

A partir del cuarto trimestre de 2023, Addus Homecare Corporation empleó aproximadamente 43,500 profesionales de la salud en múltiples estados.

Categoría profesional	Número de empleados
Enfermeras registradas	3,750
Enfermeras prácticas con licencia	2,850
Ayudos de salud en el hogar	35,900

Software avanzado de programación y gestión

Addus utiliza una plataforma de software patentada con las siguientes capacidades:

• Optimización de programación en tiempo real
• Sistema de verificación de visita electrónica
• Mecanismo de seguimiento de cumplimiento

Red Strong Regional and National

A partir de 2023, ADDUS opera en 34 estados con cobertura de servicio a través de:

• Servicios de salud en el hogar
• Servicios de hospicio
• Servicios de cuidado personal

Programas de capacitación integral

Categoría de entrenamiento	Horas anualmente
Incorporación inicial	40 horas
Educación continua	16 horas
Capacitación de cumplimiento	12 horas

Infraestructura robusta de cumplimiento y garantía de calidad

Métricas de cumplimiento para 2023:

• Frecuencia de auditoría interna: trimestralmente
• Tasa de cumplimiento regulatorio externo: 98.7%
• Ciclos de revisión de garantía de calidad: bi-anual

Addus Homecare Corporation (ADU) - Modelo de negocio: propuestas de valor

Servicios de salud personalizados en el hogar

Addus Homecare ofrece servicios especializados de atención domiciliaria con el siguiente desglose del servicio:

Categoría de servicio	Porcentaje de servicios totales	Compromiso promedio del paciente
Servicios de cuidado personal	42%	3.7 horas por paciente/semana
Servicios de casa de casa	28%	2.5 horas por paciente/semana
Cuidado de enfermería especializada	30%	4.2 horas por paciente/semana

Permitiendo a los pacientes recibir atención en entornos familiares

Demografía del paciente clave y métricas de compromiso:

• Edad promedio del paciente: 67.3 años
• Los pacientes que prefieren la atención domiciliaria: 84%
• Pacientes con afecciones crónicas: 62%

Alternativa rentable a la atención institucional

Comparación de costos de modelos de atención:

Modelo de cuidado	Costo mensual promedio	Ahorro de costos
Atención a hogares de ancianos	$8,365	N / A
ADDUS HOMECARE SERVICIOS	$4,125	50.7% ahorros

Apoyo integral para necesidades médicas complejas

Desglose del servicio de complejidad médica:

• Pacientes con múltiples afecciones crónicas: 47%
• Servicios especializados de gestión de enfermedades crónicas: 6 programas distintos
• Enfermeras registradas por proporción del paciente: 1:12

Mejora de la calidad de vida para pacientes y familias

Satisfacción del paciente y métricas de calidad de vida:

Métrico	Porcentaje
Tasa de satisfacción del paciente	92%
Satisfacción del cuidador familiar	88%
Los pacientes que informan mejoraron la independencia	76%

Addus Homecare Corporation (ADU) - Modelo de negocios: relaciones con los clientes

Gestión de atención personalizada

A partir del cuarto trimestre de 2023, Addus Homecare Corporation atiende a aproximadamente 45,000 pacientes en 24 estados con servicios personalizados de atención domiciliaria. La Compañía mantiene una calificación de satisfacción del paciente de 4.7/5 basada en métricas de calidad interna.

Categoría de servicio	Volumen de paciente	Horario promedio de atención semanal
Cuidado personal	28,500 pacientes	12.4 horas
Salud en el hogar	9,750 pacientes	8.2 horas
Cuidados de hospicio	6.750 pacientes	16.7 horas

Comunicación regular con pacientes y familias

Addus emplea un protocolo de comunicación estructurado con las siguientes métricas de frecuencia:

• Llamadas de revisión del plan de atención semanal: 100% Cumplimiento
• Encuestas mensuales de satisfacción familiar: tasa de respuesta del 92%
• Evaluaciones trimestrales de cuidados integrales

Asistencia de apoyo y emergencia 24/7

La compañía opera un manejo centralizado del centro de soporte:

• Tiempo de respuesta promedio: 7.2 minutos
• Volumen anual de llamadas de emergencia: 126,000 llamadas
• Disponibilidad de la línea directa de enfermería 24/7

Planes de atención personalizados

La personalización del plan de atención implica:

Parámetro de personalización	Porcentaje
Necesidades médicas individualizadas	98%
Integración de preferencias familiares	95%
Monitoreo asistido por tecnología	87%

Mecanismos de retroalimentación de mejora de la calidad continua

Métricas de mejora de la calidad para 2023:

• Presentarios de comentarios totales: 18,750
• Sugerencias de mejora implementadas: 62%
• Tiempo de resolución promedio para comentarios: 14.3 días

Addus Homecare Corporation (ADU) - Modelo de negocio: canales

Equipo de ventas directas

A partir del cuarto trimestre de 2023, Addus Homecare Corporation mantiene un equipo de ventas directo de 187 profesionales de ventas dedicados en 26 estados. El equipo genera un promedio de $ 3.2 millones en ingresos mensuales a través de la adquisición directa del cliente y la gestión de relaciones.

Métrica del equipo de ventas	2023 datos
Representantes de ventas totales	187
Cobertura geográfica	26 estados
Generación de ingresos mensuales	$ 3.2 millones

Redes de referencia de atención médica

Addus Homecare Corporation ha establecido asociaciones integrales con 742 instalaciones de atención médica, incluidos hospitales, hogares de ancianos y centros de rehabilitación.

• Red de referencia del hospital: 328 asociaciones
• Conexiones de hogares de ancianos: 256 instalaciones
• Asociaciones del Centro de rehabilitación: 158 centros

Plataforma y sitio web en línea

La plataforma digital de la compañía procesa aproximadamente 1,245 consultas de servicio en línea mensualmente, con una tasa de conversión del 62%. El tráfico del sitio web promedia 85,000 visitantes únicos por mes en 2024.

Métrico de canal digital	2024 rendimiento
Consultas mensuales en línea	1,245
Tasa de conversión de consulta en línea	62%
Visitantes mensuales del sitio web	85,000

Seguro y coordinación de Medicaid

Addus Homecare Corporation mantiene relaciones activas de facturación con 214 proveedores de seguros y coordina los servicios en 38 programas estatales de Medicaid.

• Asociaciones de proveedores de seguros totales: 214
• Cobertura del programa estatal de Medicaid: 38 estados
• Reclamaciones promedio de seguro mensual procesado: 9,672

Programas de divulgación comunitaria

La corporación realiza 126 eventos de salud comunitaria anualmente, llegando a aproximadamente 17.500 clientes potenciales y profesionales de la salud.

Métrica de divulgación comunitaria	Datos anuales
Eventos totales de salud comunitaria	126
Los clientes potenciales/profesionales llegaron	17,500

Addus Homecare Corporation (ADU) - Modelo de negocio: segmentos de clientes

Individuos mayores que requieren atención domiciliaria

Según la Oficina del Censo de EE. UU., 54.1 millones de estadounidenses tenían 65 años o más en 2022. Addus Hompare atiende a aproximadamente 32,000 clientes mayores en 24 estados.

Grupo de edad	Porcentaje de población	Necesidad potencial de atención domiciliaria
65-74 años	19.5 millones	Requisitos de atención moderados
75-84 años	16.2 millones	Mayor intensidad de atención
85+ años	6.7 millones	Necesidades de cuidados extensos

Personas discapacitadas que necesitan asistencia personal

Los CDC informan que 61 millones de adultos en los Estados Unidos viven con discapacidad. Addus Homecare ofrece servicios de soporte especializados para este segmento.

• Discapacidades físicas: 13.7% de la población
• Discapacidades cognitivas: 10.8% de la población
• Desafíos de vida independiente: 6.1% de la población

Pacientes con afecciones médicas crónicas

Las condiciones crónicas representan un segmento de cliente significativo para Addus Homecare.

Condición	Predominio	Requisito de atención
Diabetes	37.3 millones de estadounidenses	Monitoreo médico regular
Cardiopatía	18.2 millones de adultos	Gestión de cuidados intensivos
Alzheimer's	6.7 millones de estadounidenses	Cuidado personal integral

Familias que buscan servicios profesionales de atención domiciliaria

El mercado de atención domiciliaria se valoró en $ 100.2 mil millones en 2021, con un crecimiento proyectado a $ 225.6 mil millones para 2028.

• Gasto promedio de atención domiciliaria anual por familia: $ 54,000
• CAGR de mercado proyectado: 8.7% de 2022-2028
• Creciente preferencia por el envejecimiento en su lugar

Poblaciones elegibles para Medicaid y Medicare

A partir de 2022, 89.1 millones de estadounidenses estaban inscritos en Medicaid y 65.7 millones en Medicare.

Programa	Inscripción total	Cobertura potencial de atención domiciliaria
Seguro de enfermedad	89.1 millones	Servicios basados ​​en el hogar y la comunidad
Seguro médico del estado	65.7 millones	Cobertura limitada de salud en el hogar

Addus Homecare Corporation (ADU) - Modelo de negocio: Estructura de costos

Salarios y beneficios de los empleados

A partir de la información financiera de 2023, Addus Homecare Corporation reportó costos laborales totales de $ 1,047.8 millones. Los gastos salariales de la compañía se rompen de la siguiente manera:

Categoría de costos	Monto ($)
Salarios del cuidador directo	892,300,000
Salarios de gestión	98,500,000
Beneficios para empleados	56,900,000

Gastos de capacitación y reclutamiento

Los costos anuales de capacitación y reclutamiento para 2023 totalizaron aproximadamente $ 24.6 millones, con la siguiente asignación:

• Marketing de reclutamiento: $ 8,200,000
• Programas de capacitación: $ 12,400,000
• Verificación de antecedentes y detección: $ 4,000,000

Infraestructura de tecnología e software

La inversión tecnológica para 2023 alcanzó los $ 37.2 millones, distribuidos en todo:

Categoría de tecnología	Monto ($)
Plataformas de software	18,600,000
Infraestructura	12,800,000
Ciberseguridad	5,800,000

Cumplimiento y costos regulatorios

Los gastos de cumplimiento para 2023 se documentaron en $ 16.5 millones, que incluyen:

• Informes regulatorios: $ 6,700,000
• Consultas legales: $ 5,200,000
• Mantenimiento de certificación: $ 4,600,000

Gastos de marketing y adquisición de clientes

El gasto de marketing para 2023 totalizaron $ 22.3 millones, estructurado de la siguiente manera:

Canal de marketing	Monto ($)
Marketing digital	9,600,000
Publicidad tradicional	7,200,000
Programas de referencia	5,500,000

Addus Homecare Corporation (ADU) - Modelo de negocios: flujos de ingresos

Reembolsos de Medicaid

A partir de 2023, Addus Homecare Corporation reportó $ 1.24 mil millones en ingresos totales, con Aproximadamente el 70-75% derivado de los reembolsos de Medicaid.

Año	Ingresos de reembolso de Medicaid	Porcentaje de ingresos totales
2023	$ 868 millones	70.1%
2022	$ 795 millones	69.5%

Pagos de seguro privado

Los pagos de seguro privado constituyen aproximadamente 15-20% de las fuentes de ingresos de Addus Homecare.

• Pago promedio de seguro privado por paciente: $ 85- $ 120 por visita
• Ingresos de seguro privado anual estimado: $ 186- $ 248 millones

Pagos de paciente de bolsillo

Los pagos directos del paciente representan Aproximadamente el 5-7% de los ingresos totales.

Categoría de pago	Ingresos anuales	Contribución promedio del paciente
Pagos de bolsillo	$ 62- $ 86 millones	$ 45- $ 65 por paciente

Servicios financiados por Medicare

Los servicios de Medicare contribuyen Aproximadamente el 10-12% de los ingresos totales de la compañía.

• Ingresos anuales del servicio de Medicare: $ 124- $ 149 millones
• Tasa promedio de reembolso de Medicare: $ 95- $ 130 por visita al paciente

Contratos del programa de salud estatal y federal

Los contratos del programa de salud estatal y federal generan flujos de ingresos suplementarios.

Tipo de contrato	Valor anual del contrato	Porcentaje de ingresos
Programas estatales de atención médica	$ 45- $ 65 millones	3.6%
Contratos federales de atención médica	$ 35- $ 55 millones	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.