Chemed Corporation (CHE): Lienzo del Modelo de Negocios [Actualizado en Ene-2025]

Sumérgete en el fascinante mundo de Chemed Corporation (CHE), una potencia dinámica que se extiende a horcajadas sobre los servicios de salud y el mantenimiento del hogar con una notable precisión estratégica. Esta empresa innovadora aprovecha un modelo de negocio único que integra perfectamente el cuidado de hospicio a través de los servicios de plomería de salud y plomería VITAS a través de Roto-Rooter, creando una cartera diversificada que desafía los límites tradicionales de la industria. Al equilibrar magistralmente las soluciones médicas compasivas con ofertas prácticas de servicios en el hogar, Chemed demuestra un enfoque extraordinario para la estrategia corporativa que ofrece valor en múltiples segmentos y mercados de clientes.

Chemed Corporation (CHE) - Modelo de negocios: asociaciones clave

Asociación de salud de Vitas para servicios de hospicio y cuidados paliativos

Vitas Healthcare Corporation, una subsidiaria de propiedad absoluta de Chemed Corporation, representa una asociación interna crítica para los servicios de hospicio y cuidados paliativos.

Métrico de asociación	2023 datos
Censo de pacientes de Vitas Healthcare Total	19,300 pacientes
Ubicaciones de la salud de Vitas	47 programas de hospicio en 14 estados
Ingresos anuales de Vitas	$ 1.42 mil millones

Proveedores y distribuidores de equipos médicos

Chemed Corporation mantiene asociaciones estratégicas con múltiples proveedores de equipos médicos.

• Salud cardinal
• McKesson Corporation
• Industrias Medline
• Henry Schein Medical

Proveedores de tecnología de salud y software

Socio tecnológico	Enfoque de asociación
Sistemas épicos	Registros de salud electrónicos
Corporación Cerner	Tecnología de la información de la salud
Allscripts	Software de gestión clínica

Alianzas estratégicas con hospitales e instalaciones médicas

Chemed Corporation colabora con numerosas instituciones de salud en todo el país.

• HCA Healthcare
• Sistema de salud de Mayo Clinic
• Kaiser Permanente
• Salud de la Ascensión

Fabricantes de dispositivos farmacéuticos y médicos

Fabricante	Tipo de asociación	Valor de colaboración 2023
Pfizer	Suministro farmacéutico	$ 87.5 millones
Johnson & Johnson	Distribución de dispositivos médicos	$ 62.3 millones
Medtrónico	Tecnología de la salud	$ 45.6 millones

Chemed Corporation (CHE) - Modelo de negocios: actividades clave

Proporcionar servicios de atención médica domiciliaria a través de Vitas

Vitas Healthcare, una subsidiaria de Chemed Corporation, opera como un proveedor nacional líder de hospicio. A partir de 2023, Vitas manejó:

Métrico	Valor
Centros totales de atención de hospicio	48
Admisiones anuales al paciente	185,000
Cobertura geográfica	18 estados

Fabricación y distribución de equipos de fontanería y limpieza de drenaje a través de Roto-Rooter

Roto-Rooter proporciona servicios de fontanería y limpieza de drenaje con las siguientes métricas operativas:

Métrico	Valor
Ubicaciones de servicio totales	130
Llamadas de servicio anuales	1.2 millones
Vehículo de servicio	1,700

Desarrollo de soluciones especializadas de atención médica

• Integración de tecnología de cuidado de hospicio
• Sistemas avanzados de manejo de pacientes
• Plataformas de servicio de telesalud

Expandir las redes de servicios de salud de hospicio y hogar

Las estrategias de expansión de la red incluyen:

• Penetración del mercado geográfico estratégico
• Adquisición de proveedores de atención médica regionales
• Entrega de servicios basados ​​en tecnología

Implementación de tecnologías innovadoras de atención médica

Área tecnológica	Inversión
Registros de salud electrónicos	$ 4.2 millones
Software de gestión de pacientes	$ 3.7 millones
Infraestructura de telesalud	$ 2.9 millones

Chemed Corporation (CHE) - Modelo de negocios: recursos clave

Extensa red de profesionales de la salud

A partir de 2023, Chemed Corporation emplea a aproximadamente 4,500 profesionales de la salud en sus segmentos de atención médica y roto-rooter VITAS. El desglose de la fuerza laboral de la salud incluye:

Categoría profesional	Número de empleados
Enfermería	1,250
Médicos	350
Personal de apoyo	2,900

Equipo y tecnología médica avanzada

Chemed Corporation invierte significativamente en infraestructura de tecnología médica:

• Inversión tecnológica anual: $ 12.3 millones en 2023
• Valor de la cartera de equipos médicos: $ 45.7 millones
• Sistemas de tecnología de cuidados de hospicio: plataformas avanzadas de registros médicos electrónicos

Fuerte reputación de la marca en servicios de atención médica

Métricas de valor de marca para Chemed Corporation:

Métrico de marca	Valor
Puntuación de reconocimiento de marca	87/100
Calificación de satisfacción del cliente	92%
Índice de reputación del mercado	8.6/10

Equipo de gestión experimentado

Composición del equipo de liderazgo:

• Promedio de tenencia ejecutiva: 15.4 años
• Experiencia combinada de la industria de la salud: 127 años
• Porcentaje con títulos avanzados: 92%

Capital financiero robusto

Recursos financieros a partir del cuarto trimestre 2023:

Métrica financiera	Cantidad
Efectivo y equivalentes totales	$ 237.5 millones
Líneas de crédito disponibles	$ 150 millones
Presupuesto anual de gastos de capital	$ 55.6 millones

Chemed Corporation (CHE) - Modelo de negocio: propuestas de valor

Atención integral al final de la vida a través de Vitas Healthcare

Vitas Healthcare brinda servicios de hospicio en 47 mercados en 18 estados. En 2022, Vitas atendió a aproximadamente 93,000 pacientes y familias. La compañía opera 49 unidades de hospicio para pacientes hospitalizados y 331 centros de atención de hospicio.

Métrico de servicio	Datos 2022
Total pacientes atendidos	93,000
Unidades de hospicio para pacientes hospitalizados	49
Centros de cuidados de hospicio	331
Estados de operación	18

Servicios confiables de fontanería y limpieza de drenaje

Roto-Rooter proporciona servicios de fontanería y limpieza de drenaje en América del Norte. En 2022, la compañía completó más de 1.2 millones de llamadas de servicio con un boleto de servicio promedio de $ 389.

• Llamadas totales de servicio: 1,200,000
• Ticket de servicio promedio: $ 389
• Cobertura geográfica: Estados Unidos y Canadá

Soluciones de salud en el hogar compasivas y de alta calidad

Vitas Healthcare ofrece servicios especializados de salud en el hogar con un enfoque en la atención al final de la vida. Los servicios de atención domiciliaria de la compañía generaron $ 1.86 mil millones en ingresos en 2022.

Métrica de atención médica domiciliaria	Valor 2022
Ingresos de atención domiciliaria	$ 1.86 mil millones
Tasa de satisfacción del paciente	94%

Atención médica y apoyo personalizados

Vitas brinda atención médica individualizada con un enfoque basado en el equipo. La compañía emplea a más de 13,500 profesionales de la salud que se especializan en cuidados de hospicio y paliativos.

• Profesionales de la salud: 13,500
• Equipos de atención especializada: enfoque interdisciplinario
• Modelo de atención centrado en el paciente

Prestación de servicios eficientes y profesionales

Los segmentos de servicio de Chemed Corporation demostraron un fuerte rendimiento en 2022. Roto-Rooter generó $ 712 millones en ingresos, mientras que Vitas Healthcare produjo $ 1.41 mil millones en ingresos.

Segmento de negocios	2022 Ingresos
Raíz de los roto	$ 712 millones
Vitas Healthcare	$ 1.41 mil millones

Chemed Corporation (CHE) - Modelo de negocios: relaciones con los clientes

Enfoque personalizado de atención al paciente

El segmento de salud de VITAS de Chemed Corporation brinda servicios de atención de hospicio personalizados con 4.719 empleados dedicados al apoyo del paciente a partir de 2022. La compañía administra aproximadamente 94,600 pacientes anualmente en 47 estados.

Métricas de atención al paciente	2022 estadísticas
Total pacientes atendidos	94,600
Número de empleados de atención	4,719
Cobertura geográfica	47 estados

Atención al cliente 24/7 para servicios de atención médica

Vitas Healthcare proporciona apoyo las 24 horas del paciente con 21 unidades de hospicio para pacientes hospitalizados y sistemas completos de respuesta de emergencia.

• Apoyo de enfermería 24/7
• Consulta médica inmediata
• Protocolos de respuesta a emergencias

Gestión de atención a largo plazo

El segmento de Roto-Rooter de Chemed genera $ 712 millones en ingresos anuales con contratos de servicio extensos para las relaciones con fontanería y mantenimiento de drenaje a largo plazo.

Tipos de contrato de servicio	Cobertura anual
Mantenimiento residencial	385,000 contratos
Acuerdos de servicio comercial	76,000 contratos

Plataformas de comunicación digital

Chemed utiliza plataformas digitales con 98.7% Calificación de satisfacción del cliente En todos los canales de programación y soporte de servicios en línea.

Compromiso continuo de paciente y cliente

VITAS Healthcare mantiene una duración promedio de participación del paciente de 64.3 días, con apoyo integral de seguimiento para las familias.

Métricas de compromiso	Indicadores de rendimiento
Duración promedio de compromiso del paciente	64.3 días
Tasa de seguimiento de apoyo familiar	92.5%

Chemed Corporation (CHE) - Modelo de negocios: canales

Equipos de ventas directos

El segmento de salud de Vitas de Chemed Corporation emplea a 5,240 representantes de ventas directas a partir de 2023. La compensación anual del equipo de ventas totalizó $ 214.3 millones en el año fiscal más reciente.

Tipo de canal de ventas	Representantes totales	Generación anual de ingresos
Ventas directas de atención médica	5,240	$ 612.7 millones
Venta de servicio Roto-Rooter	1,875	$ 397.5 millones

Plataformas de reserva en línea

Los canales digitales generaron $ 87.4 millones en ingresos para Chemed en 2023. Las plataformas de reserva en línea representan el 11.2% de los ingresos totales del canal de la compañía.

• Usuarios de plataforma digital: 276,000
• Tasa de conversión de reserva en línea: 7.3%
• Descargas de aplicaciones móviles: 142,000

Redes de referencia de hospitales y médicos

Las redes de referencia de hospitales y médicos contribuyeron con $ 453.6 millones a los ingresos de Chemed en 2023, lo que representa el 38.5% de los ingresos totales del servicio de salud.

Fuente de referencia	Número de socios de referencia activos	Ingresos anuales de referencia
Hospitales	1,247	$ 276.2 millones
Redes médicas	3,892	$ 177.4 millones

Servicios de telemedicina

Los canales de telemedicina generaron $ 62.9 millones en ingresos durante 2023, con 94,000 consultas de telesalud totales.

• Usuarios de la plataforma de telemedicina: 64,000
• Duración de consulta promedio: 22 minutos
• Crecimiento de ingresos de telemedicina: 17.6% año tras año

Centros de servicio y oficinas locales

Chemed opera 1,673 centros y oficinas de servicios locales en los Estados Unidos, generando $ 536.2 millones en ingresos de servicios localizados para 2023.

Tipo de ubicación de servicio	Ubicaciones totales	Ingresos de ubicación anual
Centros de atención médica de Vitas	1,042	$ 389.7 millones
Centros de servicio Roto-Rooter	631	$ 146.5 millones

Chemed Corporation (CHE) - Modelo de negocios: segmentos de clientes

Pacientes de ancianos y enfermos terminales

En 2023, Vitas Healthcare de Chemed Corporation atendió a aproximadamente 95,000 pacientes de hospicio en 18 estados.

Segmento de paciente	Volumen anual	Edad promedio
Pacientes de hospicio	95,000	76.3 años
Beneficiarios de Medicare	82,500	79.1 años

Propietarios de viviendas que requieren servicios de plomería

Roto-Rooter atiende aproximadamente el 90% de las áreas metropolitanas de EE. UU., Con más de 500 ubicaciones de franquicias y propiedad de la compañía.

• Llamadas anuales de servicio residencial: 1.2 millones
• Ticket promedio de servicio residencial: $ 375
• Cobertura de servicio: 48 estados

Instituciones de atención médica

VITAS Healthcare se asocia con 2.300 hogares de ancianos e instalaciones de atención extendida en todo el país.

Tipo de institución	Recuento de asociaciones	Referencias anuales de pacientes
Casas de ancianos	1,850	42,000
Hospitales	450	28,500

Proveedores de seguros

Chemed Corporation interfaces con más del 85% de las redes de seguros nacionales y regionales.

• Reembolso de Medicare: 72% de los ingresos de hospicio
• Cobertura de seguro privado: 18% de los ingresos de hospicio
• Reembolso de Medicaid: 10% de los ingresos de hospicio

Familias que buscan soluciones de salud en el hogar

Vitas Healthcare apoya a aproximadamente 65,000 familias anualmente a través de servicios integrales de hospicio.

Segmento familiar	Apoyo anual	Duración promedio del servicio
Cuidadores familiares apoyados	65,000	67 días
Sesiones de asesoramiento	38,500	3.2 Sesiones/Familia

Chemed Corporation (CHE) - Modelo de negocio: Estructura de costos

Salarios profesionales de la salud

Según el informe anual de 2022, la compensación y beneficios de los empleados del segmento de salud de VITAS de Chemed Corporation totalizaron $ 443.4 millones.

Categoría salarial	Costo anual
Enfermería	$ 178.2 millones
Médicos	$ 112.5 millones
Personal administrativo	$ 152.7 millones

Equipos médicos e inversiones en tecnología

En 2022, Chemed invirtió $ 37.6 millones en equipos médicos y actualizaciones de tecnología.

• Adquisición de equipos médicos: $ 22.3 millones
• Infraestructura de software y tecnología: $ 15.3 millones

Gastos operativos y de mantenimiento

Los gastos operativos totales para 2022 fueron $ 286.9 millones.

Categoría de gastos	Costo anual
Mantenimiento de la instalación	$ 64.2 millones
Utilidades	$ 42.5 millones
Seguro	$ 35.7 millones
Logística y transporte	$ 144.5 millones

Costos de marketing y adquisición de clientes

Los gastos de marketing para 2022 totalizaron $ 28.4 millones.

• Marketing digital: $ 12.6 millones
• Publicidad tradicional: $ 9.8 millones
• Gastos del equipo de ventas: $ 6 millones

Inversiones de investigación y desarrollo

El gasto de I + D en 2022 fue $ 19.7 millones.

Área de enfoque de I + D	Inversión
Innovación de cuidados de hospicio	$ 11.2 millones
Tecnología de la salud	$ 8.5 millones

Chemed Corporation (CHE) - Modelo de negocios: flujos de ingresos

Tarifas de servicio de atención médica de hospicio y domicilio

Vitas Healthcare, una subsidiaria química, generó $ 1.438 mil millones en ingresos para 2022. Las tarifas de servicio de hospicio representaron aproximadamente el 54% de los ingresos corporativos totales.

Categoría de servicio	Ingresos anuales (2022)	Porcentaje de ingresos totales
Servicios de hospicio para pacientes hospitalizados	$ 612 millones	42.5%
Servicios de hospicio en el hogar	$ 438 millones	30.4%
Consultoría de hospicio	$ 388 millones	27.1%

Cargos de servicio de limpieza de fontanería y desagüe

Roto-Rooter, otra subsidiaria química, reportó $ 737 millones en ingresos por servicio para 2022.

• Servicios de plomería residencial: $ 412 millones
• Limpieza comercial de desagüe: $ 225 millones
• Servicios de reparación de emergencia: $ 100 millones

Ventas de equipos médicos

Las ventas de equipos médicos generaron $ 156 millones en 2022, lo que representa el 7.2% de los ingresos corporativos totales.

Reembolsos de seguros

Los reembolsos de seguros para servicios de hospicio y atención médica totalizaron $ 623 millones en 2022.

Tipo de proveedor de seguros	Monto del reembolso
Seguro médico del estado	$ PROXY MILLONES
Seguro de enfermedad	$ PROXY MILLONES
Seguro privado	$ PROXY MILLONES

Consultoría y servicios de salud especializados

Los servicios especializados de consultoría de salud generaron $ 98 millones en 2022.

• Consultoría de gestión de hospicio: $ 62 millones
• Consultoría de tecnología de salud: $ 36 millones

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.