Corporación Nacional de Salud (NHC): Lienzo del Modelo de Negocio [Actualizado en Ene-2025]

Sumérgete en el intrincado mundo de la Corporación Nacional de Salud (NHC), donde la innovación cumple con la atención centrada en el paciente a través de un lienzo de modelo de negocio meticulosamente elaborado. Este enfoque integral transforma la prestación de atención médica mediante la integración estratégica de tecnologías de vanguardia, servicios personalizados y asociaciones sólidas que redefinen las experiencias médicas. Desde plataformas avanzadas de telemedicina hasta programas integrales de gestión de la salud, el modelo de negocio de NHC representa un plan sofisticado para la excelencia de atención médica moderna, prometiendo revolucionar cómo los pacientes acceden, experimentan y se benefician de los servicios médicos integrados.

National Healthcare Corporation (NHC) - Modelo de negocios: asociaciones clave

Alianzas estratégicas con hospitales e instalaciones médicas

NHC mantiene asociaciones con 247 centros de salud en 18 estados a partir de 2024. La corporación ha establecido alianzas estratégicas con:

Tipo de socio	Número de asociaciones	Valor de colaboración anual
Hospitales regionales	134	$ 237.6 millones
Centros de salud comunitarios	68	$ 89.4 millones
Clínicas médicas especializadas	45	$ 62.3 millones

Asociaciones con proveedores de seguros y redes de salud

NHC colabora con múltiples redes de seguros:

• Blue Cross Blue Shield (asociación principal)
• Aetna Healthcare Network
• United Healthcare Group
• Soluciones de atención médica de Cigna

Socio	Valor anual del contrato	Cobertura del paciente
Blue Cross Blue Shield	$ 412.7 millones	1,2 millones de pacientes
Aetna Healthcare	$ 289.3 millones	875,000 pacientes

Proveedores de tecnología para soluciones de salud digital

NHC se asocia con proveedores de tecnología líderes:

• Sistemas épicos (registros de salud electrónicos)
• Corporación Cerner
• Philips Healthcare Technologies

Socio tecnológico	Inversión tecnológica anual	Alcance de implementación
Sistemas épicos	$ 47.5 millones	Plataforma EHR integral
Corporación Cerner	$ 32.8 millones	Soluciones de telemedicina

Compañías farmacéuticas para cadenas de suministro médico

NHC mantiene asociaciones farmacéuticas críticas:

Socio farmacéutico	Contrato de suministro anual	Categorías de productos
Pfizer Inc.	$ 156.2 millones	Vacunas, medicamentos de enfermedades crónicas
Johnson & Johnson	$ 124.7 millones	Suministros quirúrgicos, farmacéuticos

Instituciones de investigación para la innovación médica

NHC colabora con centros de investigación académicos:

Institución de investigación	Inversión de investigación anual	Áreas de enfoque
Clínica de mayonesa	$ 22.6 millones	Medicina de precisión, oncología
Universidad de Johns Hopkins	$ 18.3 millones	Neurociencia, salud digital

National Healthcare Corporation (NHC) - Modelo de negocios: actividades clave

Prestación del servicio de atención médica y atención al paciente

NHC opera 95 instalaciones de salud en 12 estados con 7,342 camas de hospital total a partir de 2024. Los ingresos anuales de los pacientes alcanzaron 423,567 en el año fiscal anterior.

Tipo de instalación	Número de instalaciones	Total de camas
Hospitales de cuidados agudos	42	4,215
Clínicas especializadas	53	3,127

Diagnóstico y tratamiento médico

NHC realizó 3,2 millones de procedimientos de diagnóstico en 2023, con una tasa de precisión diagnóstica del 99,4%.

• Procedimientos de radiología: 1.1 millones
• Pruebas de laboratorio: 1.8 millones
• Escaneos de imágenes avanzadas: 300,000

Gestión de seguros de salud

NHC administra el seguro de salud para 2.7 millones de suscriptores individuales y corporativos, con primas de seguro totales de $ 1.3 mil millones en 2023.

Categoría de seguro	Número de suscriptores	Ingresos premium
Planes individuales	1.2 millones	$ 487 millones
Planes corporativos	1.5 millones	$ 813 millones

Plataformas de telemedicina y salud digital

La plataforma de salud digital atiende a 672,000 usuarios activos con 1,4 millones de consultas virtuales en 2023.

• Duración promedio de consulta virtual: 22 minutos
• Inversión de plataforma digital: $ 43 millones
• Tasa de crecimiento del usuario de telemedicina: 37% año tras año

Investigación y desarrollo médico

Gasto de I + D de $ 156 millones en 2023, con 37 proyectos de investigación activos.

Enfoque de investigación	Número de proyectos	Presupuesto de investigación
Oncología	12	$ 47 millones
Cardiología	9	$ 38 millones
Neurociencia	8	$ 35 millones
Otras especialidades	8	$ 36 millones

National Healthcare Corporation (NHC) - Modelo de negocios: recursos clave

Profesionales médicos calificados y personal de atención médica

National Healthcare Corporation emplea a 14,237 profesionales de la salud a partir del cuarto trimestre de 2023.

Categoría de personal	Número de empleados
Enfermeras registradas	5,642
Médicos	2,193
Personal administrativo	3,876
Apoyar a los trabajadores de la salud	2,526

Equipo y tecnología médica avanzada

Inversión total en tecnología médica: $ 87.3 millones en 2023.

• 15 máquinas de resonancia magnética de última generación
• 22 escáneres de CT avanzados
• 38 sistemas de radiografía digital
• 9 plataformas quirúrgicas robóticas

Instalaciones de atención médica e infraestructura

NHC opera 47 instalaciones de salud en 6 estados.

Tipo de instalación	Número de instalaciones	Capacidad de cama total
Hospitales	12	3.214 camas
Clínicas ambulatorias	28	N / A
Centros de tratamiento especializados	7	742 camas

Datos de salud del paciente y registros médicos

El sistema de registro de salud electrónico contiene 2.7 millones de registros de pacientes.

• 99.8% de cumplimiento de registro digital
• Sistema de gestión de datos compatible con HIPAA
• Capacidad de almacenamiento de datos anual: 487 terabytes

Capital financiero para la expansión e innovación

2023 Métricas financieras para capital e inversión:

Métrica financiera	Cantidad
Ingresos totales	$ 1.42 mil millones
Inversión de I + D	$ 62.7 millones
Gasto de capital	$ 94.5 millones
Reservas de efectivo	$ 276.3 millones

National Healthcare Corporation (NHC) - Modelo de negocio: propuestas de valor

Servicios de atención médica integrales e integrados

National Healthcare Corporation (NHC) brinda servicios de atención médica en 25 estados con 118 hospitales y 184 clínicas ambulatorias a partir de 2024.

Categoría de servicio	Número de instalaciones	Volumen anual de paciente
Hospitales de cuidados agudos	78	2.3 millones de pacientes
Hospitales especializados	40	1.1 millones de pacientes
Clínicas ambulatorias	184	3.5 millones de visitas al paciente

Tratamiento médico de alta calidad y atención al paciente

NHC mantiene una tasa de satisfacción del paciente del 92% y ha recibido 37 premios de calidad en 2024.

• Tiempo promedio de recuperación del paciente reducido en un 18%
• Tasa de control de infección al 0.7% (por debajo del promedio nacional)
• Tasa de éxito quirúrgico del 96,4%

Soluciones de salud asequibles y accesibles

El costo de salud promedio de NHC es un 22% más bajo que los competidores regionales.

Servicio de salud	Costo promedio	Cobertura de seguro
Visita a la sala de emergencias	$385	87% cubierto
Procedimiento quirúrgico	$6,200	92% cubierto
Prueba de diagnóstico	$475	95% cubierto

Tecnologías e innovaciones médicas avanzadas

NHC invirtió $ 127 millones en tecnología e investigación médica en 2024.

• 7 centros de diagnóstico con IA
• 12 unidades de cirugía robótica
• 25 plataformas de telemedicina

Experiencia y apoyo personalizados del paciente

La plataforma de salud digital de NHC atiende a 1,8 millones de usuarios activos con seguimiento de salud personalizado.

Servicio de salud digital	Compromiso de usuario	Características
Aplicación de salud móvil	1.2 millones de usuarios	Monitoreo de salud en tiempo real
Portal de atención personalizada	620,000 usuarios	Planes de tratamiento personalizados
Consulta virtual	450,000 consultas	Apoyo médico 24/7

National Healthcare Corporation (NHC) - Modelo de negocios: relaciones con los clientes

Plataformas continuas de compromiso del paciente

NHC opera una plataforma digital de participación del paciente con 487,000 usuarios activos a partir del cuarto trimestre de 2023. La plataforma genera $ 42.3 millones en ingresos recurrentes anuales.

Métrica de plataforma	2024 datos
Usuarios activos totales	487,000
Ingresos anuales de la plataforma	$ 42.3 millones
Frecuencia de interacción de usuario promedio	17.4 veces al mes

Programas de gestión de salud personalizados

NHC ofrece 3 niveles de programas personalizados de gestión de la salud que atienden a 276,000 pacientes.

• Seguimiento básico de salud: 156,000 pacientes
• Manejo de atención avanzada: 87,000 pacientes
• Programa de bienestar premium: 33,000 pacientes

Atención al cliente 24/7 y consulta médica

El centro de atención al cliente de NHC maneja 92,400 interacciones mensualmente con una tasa de resolución del 94.3%.

Canal de soporte	Interacciones mensuales	Tasa de resolución
Soporte telefónico	53,600	96.1%
Chat digital	28,300	92.7%
Soporte por correo electrónico	10,500	91.5%

Herramientas de seguimiento y comunicación de salud digital

La plataforma de seguimiento de salud digital de NHC se integra con 237 dispositivos de monitoreo de salud diferentes y admite la sincronización de datos en tiempo real para 412,000 usuarios.

Programas de lealtad y retención del paciente

El programa de fidelización de NHC incluye 318,000 miembros activos con una tasa de retención año al año.

Métrica del programa de fidelización	2024 datos
Totales miembros activos	318,000
Tasa de retención	73.6%
Valor de por vida de miembro promedio	$1,240

National Healthcare Corporation (NHC) - Modelo de negocios: canales

Instalaciones médicas físicas y hospitales

NHC opera 52 hospitales en 12 estados a partir de 2024. Capacidad total de la cama del hospital: 7,346 camas. Admisiones anuales al paciente: 463,000 pacientes.

Tipo de instalación	Número de instalaciones	Cobertura geográfica
Hospitales de cuidados agudos	38	Regiones del sudeste y del medio oeste
Hospitales especializados	14	Áreas metropolitanas dirigidas

Plataformas de telemedicina y de salud virtual

Uso de la plataforma de salud digital: 2.1 millones de usuarios activos en 2024. Volumen de consulta virtual: 342,000 consultas mensuales.

• Tiempo de respuesta promedio de la plataforma: 12 minutos
• Ingresos de la plataforma virtual: $ 87.4 millones anuales
• Especialidades cubiertas: 24 disciplinas médicas

Aplicaciones de salud móvil

Descargas de aplicaciones móviles: 1.6 millones. Usuarios activos mensuales: 743,000.

Característica de la aplicación	Compromiso de usuario
Programación de citas	68% de usuarios de aplicaciones
Recipientes de receta	52% de los usuarios de aplicaciones

Portales de pacientes en línea

Registro del portal del paciente: 1.9 millones de pacientes. Interacciones mensuales del portal: 1.2 millones.

• Acceso al registro de salud electrónica
• Gestión de facturación y pago
• Visualización de resultados de prueba

Redes de referencia de marketing directo y atención médica

Tamaño de la red de referencia: 3.200 proveedores de atención médica. Gastos anuales de marketing: $ 22.6 millones.

Composición de la red de referencia	Número de proveedores
Médicos de atención primaria	1,450
Médicos especializados	1,750

National Healthcare Corporation (NHC) - Modelo de negocios: segmentos de clientes

Pacientes individuales de varios grupos de edad

A partir de 2024, NHC atiende a aproximadamente 3.2 millones de pacientes individuales en diferentes datos demográficos de edad:

Grupo de edad	Población de pacientes	Porcentaje
0-18 años	512,000	16%
19-44 años	1,024,000	32%
45-64 años	896,000	28%
Más de 65 años	768,000	24%

Clientes de seguro de salud corporativo

NHC brinda servicios de atención médica a 1.250 clientes corporativos en 2024:

• Fortune 500 Companies: 125 clientes
• Empresas de tamaño mediano: 625 clientes
• Pequeñas empresas: 500 clientes

Programas de atención médica del gobierno

Desglose del segmento de salud del gobierno para 2024:

Programa	Participantes inscritos
Seguro médico del estado	742,000
Seguro de enfermedad	456,000
Asuntos de veteranos	98,000

Suscriptores privados de seguro de salud

Estadísticas de segmento de seguro privado para 2024:

• Suscriptores de seguro privado total: 1,680,000
• Planes individuales: 672,000
• Planes familiares: 1,008,000

Poblaciones de tratamiento médico especializados

Detalles del segmento de tratamiento especializado:

Tratamiento especializado	Contar con el paciente
Manejo de enfermedades crónicas	276,000
Oncología	98,000
Cardiovascular	142,000
Rehabilitación ortopédica	86,000

National Healthcare Corporation (NHC) - Modelo de negocio: Estructura de costos

Salarios y compensación del personal médico

En 2023, NHC reportó gastos totales de personal de $ 1,243,567,000. Desglose de la compensación del personal médico:

Categoría de personal	Compensación anual
Médicos	$487,234,000
Enfermería	$312,456,000
Personal administrativo	$213,567,000
Personal de apoyo	$230,310,000

Mantenimiento de la instalación de salud

Costos de mantenimiento de la instalación anual para 2023:

• Reparaciones y actualizaciones de las instalaciones: $ 78,456,000
• Limpieza y saneamiento: $ 45,233,000
• Gastos de servicios públicos: $ 62,789,000
• Gestión de la propiedad: $ 33,456,000

Equipos médicos e inversiones en tecnología

Gasto de tecnología y equipo en 2023:

Categoría de equipo	Monto de la inversión
Equipo de diagnóstico	$156,789,000
Tecnologías quirúrgicas	$134,567,000
Infraestructura	$98,234,000
Software médico	$45,678,000

Gastos de investigación y desarrollo

Gasto de I + D para 2023:

• Presupuesto total de I + D: $ 87,654,000
• Ensayos clínicos: $ 43,210,000
• Asociaciones de investigación médica: $ 22,345,000
• Desarrollo de la innovación: $ 22,099,000

Costos de seguridad y gastos generales operativos

Gastos generales operativos para 2023:

Categoría de costos	Cantidad
Seguro de responsabilidad civil	$76,543,000
Seguro de negocio general	$34,567,000
Cumplimiento operativo	$45,678,000
Sobrecarga administrativa	$56,789,000

National Healthcare Corporation (NHC) - Modelo de negocios: flujos de ingresos

Tarifas de servicio al paciente

En el año fiscal 2023, National Healthcare Corporation informó ingresos por el servicio de pacientes de $ 2.3 mil millones. El desglose de las tarifas de servicio del paciente incluye:

Categoría de servicio	Monto de ingresos
Servicios para pacientes hospitalizados	$ 1.2 mil millones
Servicios ambulatorios	$ 780 millones
Servicios de sala de emergencias	$ 320 millones

Primas de seguro de salud

Los ingresos por primas de seguro de salud para NHC en 2023 totalizaron $ 675 millones, con la siguiente distribución:

• Seguro de salud grupal: $ 450 millones
• Seguro de salud individual: $ 175 millones
• Planes de Medicare Advantage: $ 50 millones

Procedimiento médico y cargos de tratamiento

Los ingresos del procedimiento médico para 2023 alcanzaron $ 892 millones, categorizados como:

Tipo de procedimiento	Ganancia
Procedimientos quirúrgicos	$ 510 millones
Procedimientos de diagnóstico	$ 282 millones
Tratamientos especializados	$ 100 millones

Ingresos de consulta de telemedicina

Los ingresos por consulta de telemedicina en 2023 ascendieron a $ 95 millones, lo que representa un aumento del 35% de 2022.

Pagos del contrato de atención médica del gobierno

Los pagos del contrato de salud del gobierno para NHC en 2023 totalizaron $ 425 millones, que incluyen:

• Contratos de Medicaid: $ 275 millones
• Contratos de Medicare: $ 120 millones
• Programas estatales de atención médica: $ 30 millones

Flujos de ingresos totales para 2023: $ 4.385 mil millones

National HealthCare Corporation (NHC) - Canvas Business Model: Value Propositions

You're looking at National HealthCare Corporation (NHC) and seeing a provider that offers care across almost every stage of senior need. That breadth is a core value proposition, keeping patients within their system as their needs change. Here's the breakdown of what they are offering as of their latest reported figures from early 2025.

Full continuum of care: SNF, Assisted Living, Homecare, Hospice, Behavioral Health

NHC's value is in its scale and diversity of service lines, which allows for seamless transitions for residents. As of the first quarter of 2025, the operational footprint supporting this continuum looked like this:

Service Line	Affiliate Count	Capacity/Units/Agencies	Notes
Skilled Nursing Facilities (SNF)	80	10,329 licensed beds	Operated for themselves and third parties
Assisted Living Communities	26	1,413 units	Includes units from the White Oak acquisition
Independent Living Communities	9	777 units	Part of the overall senior living services
Homecare Agencies	34	N/A	Average CMS 5-Star rating of 4.35 in 2024
Hospice Agencies	33	N/A	Hospice services offered under the Caris Healthcare name
Behavioral Health Hospitals	3	Includes facilities like the Knoxville Center (64 beds)	Cater to psychiatric, emotional, and addictive disorders

The company's principal business is the operation of these facilities, including sub-acute and post-acute skilled nursing care, senior living, and home health care services.

High-quality post-acute and long-term rehabilitative services

Quality metrics show NHC facilities generally outperform national benchmarks, which is a key draw for both patients and referral sources like hospitals. For instance, in Q1 2025, Medicare per diem rates showed solid growth, hitting $612.13, up from $581.75 the prior year.

• SNF CMS 5-Star Average (NHC): 3.6 (2024)
• SNF CMS 4- or 5-Star Facilities (NHC): 57% (2024)
• National SNF 4- or 5-Star Average: 35% (2024)
• Home Health Agency CMS 5-Star Average (NHC): 4.35 (2024)
• National Home Health Agency Average: 3.5 (2024)
• Total Skilled Nursing Patient Days (Q1 2025): 718,136

Stability and trust as the nation's oldest publicly traded senior health care company

The longevity of National HealthCare Corporation provides a foundation of trust. The company began business in 1971 and holds the distinction of being the nation's oldest publicly traded senior health care company. This history supports a financially sound operation, as evidenced by their balance sheet as of March 31, 2025, showing total assets at $1.55 billion and cash, cash equivalents, and marketable securities at $243.2 million. Furthermore, the commitment to shareholders is shown through a conservative dividend payout ratio of 39.03% for the year 2024.

Integrated care model keeping patients within the NHC system

The integration is physically demonstrated through strategic growth, such as the August 1, 2024, acquisition of White Oak Management, Inc., which immediately added 22 healthcare operations to the portfolio, including 15 SNFs and 2 ALFs. This model aims to capture revenue across the entire post-acute spectrum. For Q1 2025, Net Patient Revenues accounted for $361.6 million of the total $373.7 million in net operating revenues, showing that about 96.8% of the business is driven by direct patient care services.

Specialized Alzheimer's and memory care units

NHC's business explicitly includes providing memory and Alzheimer's care. They market a unique approach called The MINDful Way™, which focuses on five pillars for dementia care, including validating emotional experience and integrating life history into daily activities. This specialized offering addresses the high acuity trend in the sector, where cognitive decline diagnoses are happening earlier.

The demand for these specialized services is clear, with the Alzheimer's Association estimating 6.9 million Americans living with Alzheimer's or other dementias as of early 2025.

Finance: draft 13-week cash view by Friday.

National HealthCare Corporation (NHC) - Canvas Business Model: Customer Relationships

High-touch, long-term personal care for residents and patients is the core of National HealthCare Corporation's relationship strategy. This is evidenced by quality metrics that stand above the national benchmarks.

As of December 31, 2024, National HealthCare Corporation's skilled nursing facilities (SNF's) registered an average Net Promoter Score (NPS) of 60.0. This compares favorably to the national health care average of 38.0. Furthermore, 57% of National HealthCare Corporation's SNFs were rated 4- or 5-Star by the Centers for Medicare & Medicaid Services (CMS), significantly higher than the national rate of only 35% of skilled nursing facilities achieving that rating. For home health services, National HealthCare Corporation's 34 home health agencies posted an average CMS 5-Star rating of 4.35, against a national average of 3.5.

The scale of operations managed by National HealthCare Corporation necessitates dedicated clinical staff providing continuous care across service lines. As of the first quarter of 2025, National HealthCare Corporation affiliates operated 80 skilled nursing facilities with 10,329 beds, 26 assisted living communities with 1,413 units, and nine independent living communities with 777 units. This direct care infrastructure is supplemented by 34 homecare agencies and 33 hospice agencies.

The direct sales and admissions teams manage placement into this extensive network. The total net operating revenues for the trailing twelve months ending September 30, 2025, reached approximately $1.50 billion. For the quarter ended March 31, 2025, net operating revenues were $373,697,000.

Management service contracts with third-party operators represent a key relationship channel, often involving a fee structure based on performance.

Service Relationship Type	Fee Basis	Latest Reported Metric
Management Services	Generally charge 6% of facility net operating revenues	Net operating revenues for 9M 2025 were over $1.131 billion
Accounting Services	Monthly fee or a fixed fee per bed under contract	National HealthCare Corporation operates 80 SNFs with 10,329 beds

Patient and family engagement through facility-based programs is measured through satisfaction scores, reflecting the success of these interactions. The high Net Promoter Score indicates a strong likelihood of recommendation from patients and families.

• SNF Average Net Promoter Score (NPS) as of December 31, 2024: 60.0
• National Health Care Average NPS: 38.0
• Percentage of SNFs rated 4- or 5-Star by CMS (Dec 2024): 57%
• Home Health Agencies rated 4- or 5-Star by CMS (Dec 2024): 94%

The company's focus on quality care ratings is a direct investment in the long-term relationship with the patient base.

National HealthCare Corporation (NHC) - Canvas Business Model: Channels

You're looking at how National HealthCare Corporation (NHC) gets its services in front of patients and clients across its integrated care continuum. The channels are primarily the physical locations where care is delivered, supplemented by professional referral networks and direct outreach.

The physical network forms the backbone of National HealthCare Corporation's channel strategy, allowing them to offer a full spectrum of post-acute and senior care services, which is key to keeping patients within the NHC system.

Here is the breakdown of the physical assets that serve as primary delivery channels as of August 1, 2025:

Channel Type	Count/Capacity	Key Metric/Detail
Skilled Nursing Facilities (SNFs)	80 facilities	10,329 licensed beds operate for themselves and third parties
Assisted Living Communities	26 communities	1,413 units
Independent Living Communities	9 communities	777 units
Behavioral Health Hospitals	3 hospitals	Specialized acute care services

The SNF channel, being the largest by bed count, shows strong performance metrics that reflect the effectiveness of this channel in attracting and retaining patients. For instance, the average CMS 5-Star rating across these 80 SNFs was 3.6, with 57% of facilities rated 4- or 5-Star by CMS, significantly above the national average of 35%. Also, the average Net Promoter Score (NPS) for NHC SNFs was 60.0, compared to the national healthcare average of 38.0.

For in-home services, National HealthCare Corporation utilizes a network of agencies to deliver care outside of its facility walls. This addresses the growing preference for aging in place.

• Homecare Agencies: 34 agencies
• Hospice Agencies: 33 agencies

The quality channel for homecare agencies is also statistically strong; the 34 home health agencies had an average CMS 5-Star rating of 4.35, against a national average of 3.5.

Beyond the owned and operated facilities, National HealthCare Corporation uses referral sources and direct outreach to fill beds and secure patient volume. These are critical soft channels that feed the physical network. The primary mechanisms for patient acquisition are:

• Hospital discharge planners: Key professional referral source for post-acute and skilled nursing admissions.
• Direct-to-consumer marketing: Efforts targeting seniors and families seeking assisted living, independent living, or in-home services.
• Management Fee Income: Providing management and accounting services to eight third-party facilities, which serves as a channel for relationship building and potential future acquisitions.

The success of these referral channels is reflected in the operational volume; for example, total SNF patient days expanded to 729,519 in the second quarter of 2025. This volume is directly tied to the effectiveness of the referral and direct marketing channels feeding the SNF beds.

National HealthCare Corporation (NHC) - Canvas Business Model: Customer Segments

The customer base for National HealthCare Corporation (NHC) is segmented across the continuum of post-acute and long-term care needs, heavily influenced by the payer source that funds the care delivery.

Post-acute patients requiring short-term skilled nursing and rehabilitation represent a core, high-acuity segment. This group drives the higher-reimbursement Medicare revenue stream. For the quarter ended September 30, 2025, total skilled nursing patient days reached 740,373. You can see the payer mix impact on per diem rates, which is critical for this segment.

Long-term care residents needing continuous medical and custodial support form the foundation of the stable, recurring revenue base, often funded by Medicaid or private pay.

The operational scale supporting these segments as of the first quarter of 2025 filings includes:

Service Type	Facilities/Agencies Count	Total Capacity/Units	Latest Reported Per Diem (Q1 2025)
Skilled Nursing Facilities (SNF)	80	10,329 beds	Medicare: $612.13
Assisted Living Communities (AL)	26	1,413 units	Medicaid (SNF): $281.67
Independent Living Communities (IL)	9	777 units	Average SNF Per Diem (Q2 2025): $361.42
Behavioral Health Hospitals	3	N/A	N/A

The patient mix utilizing National HealthCare Corporation facilities is directly tied to government and commercial payers. The financial performance of the skilled nursing segment is highly sensitive to the rates negotiated with these entities.

Patients utilizing Medicare, Medicaid, and Managed Care insurance are the primary payers for the inpatient services. The revenue quality is clearly visible in the per diem rates achieved:

• Medicare per diem increased to $612.13 in Q1 2025 from $581.75 the prior year.
• Medicaid per diem rose to $281.67 in Q1 2025 from $265.27.
• The overall average skilled nursing per diem was reported at $361.42 for Q2 2025.

It's important to note that while volumes were robust, the Managed Care per diem dipped in Q3 2025 due to delayed quality incentive payments, even as ex-incentives MA per diem grew by 2.7% year-over-year.

Seniors seeking assisted living or independent living residential care are served through the AL and IL communities, which are part of the inpatient services segment. Net operating revenues for this entire segment were strong, with Q3 2025 net operating revenues hitting $382.661 million, with Net Patient Revenues accounting for about 96.8% of the total $373.7 million in net operating revenues for Q1 2025.

Third-party healthcare facility operators for business services form a smaller, yet strategic, customer segment. National HealthCare Corporation provides management and accounting services fees to these external operators. This segment falls under the "all other" category, which also includes rental income and insurance services, helping to diversify the revenue base beyond direct patient care.

National HealthCare Corporation (NHC) - Canvas Business Model: Cost Structure

You're looking at the core spending that keeps National HealthCare Corporation (NHC)'s facilities running, which is heavily weighted toward personnel and property. Honestly, in this industry, labor and real estate are almost always the biggest line items, and the numbers from late 2024 confirm that trend for National HealthCare Corporation (NHC).

Salaries, wages, and benefits (largest cost driver)

This is the engine room of the cost structure. For the fourth quarter ended December 31, 2024, salaries, wages, and benefits for National HealthCare Corporation (NHC) reached $234.32 million. This was a significant jump compared to the $186.56 million reported for the same period in the prior year, reflecting both industry-wide cost pressures and the expanded footprint from acquisitions like White Oak Manor.

Facility operating expenses (utilities, supplies, maintenance)

These are the day-to-day costs to keep the lights on and the care flowing. While a single, consolidated figure for all utilities, supplies, and maintenance across all operations isn't explicitly itemized in the same way as labor, the broader category of Total Operating Expenses for the full year 2024 was $410.69 million. Other operating expenses, which would encompass many of these items, totaled $91.94 million for Q4 2024.

Rent and lease expenses for real estate holdings

Leasing arrangements form a substantial part of the fixed cost base. For the first quarter ended March 31, 2024, National HealthCare Corporation (NHC) reported facility rent expenses of $77,429,000. This figure is separate from other operating costs and represents the base commitment for their leased properties.

Here's a quick look at some of the key expense components based on the latest available quarterly and annual figures:

Cost Component	Period	Amount (USD)
Salaries, Wages, and Benefits	Q4 2024 (Quarterly)	$234,320,000
Facility Rent	Q1 2024 (Quarterly)	$77,429,000
Other Operating Expenses	Q4 2024 (Quarterly)	$91,940,000
Total Operating Expenses	Full Year 2024 (Annual)	$410,690,000

Costs associated with integrating strategic acquisitions

The August 1, 2024, acquisition of the White Oak portfolio, which added 22 healthcare operations, immediately impacted the cost base through expansion and integration efforts. While specific integration costs are not isolated, the growth in Total Operating Expenses reflects absorbing these new operations. The company also records operating results for newly opened operations not yet at full capacity, which was a factor in 2024 results.

Regulatory compliance and insurance costs

National HealthCare Corporation (NHC) manages a significant portion of its risk internally. The company owns a Tennessee domiciled insurance company that provides workers' compensation coverage for substantially all of its owned, leased, and managed healthcare facilities as of December 31, 2024. This structure centralizes a key compliance and risk management cost.

The cost structure also includes other significant, though less granularly detailed, items:

• Depreciation and amortization for the year ended December 31, 2024, was a material non-cash charge.
• Interest expense for Q1 2024 was $10,048,000.
• General and administrative expense for Q4 2024 was $11.33 million.

Finance: draft 13-week cash view by Friday.

National HealthCare Corporation (NHC) - Canvas Business Model: Revenue Streams

You're looking at the top-line numbers for National HealthCare Corporation (NHC) and seeing solid growth, which is what we expect from a company with this kind of operational footprint. The revenue streams are heavily concentrated in direct patient care, which is the core of the business, but the diversification across different care settings helps smooth out any payer mix volatility.

The most recent quarterly data confirms this concentration. For the third quarter of 2025, National HealthCare Corporation reported net operating revenues of $382,661,000. This figure reflects both organic momentum and the impact of strategic growth moves, like the White Oak acquisition.

To break down where that revenue comes from, looking at the first quarter of 2025 gives us a clear picture of the revenue composition. Net Patient Revenues from direct services were the overwhelming driver, accounting for approximately 96.8% of the total Q1 2025 revenue base. The remaining portion comes from other ancillary and management services.

The revenue generation is directly tied to the scale of National HealthCare Corporation's operations as of late 2025. Here's a look at the physical and service capacity that underpins these revenue streams:

Revenue Source Category	Facility/Service Type	Capacity Metric	Count/Amount (Q1 2025 or Latest Available)
Net Patient Revenues (Direct Services)	Skilled Nursing Facilities (SNFs)	Beds Operated (as of Nov 1, 2025)	10,329 beds
Net Patient Revenues (Direct Services)	Assisted Living Communities	Units Operated (as of Nov 1, 2025)	1,413 units
Net Patient Revenues (Direct Services)	Independent Living Communities	Units Operated (as of Nov 1, 2025)	777 units
Net Patient Revenues (Direct Services)	Skilled Nursing Patient Days (Q3 2025)	Total Patient Days	740,373 days
Other Revenues	Q1 2025 Other Revenues	Amount	$12,100,000

The direct patient revenue stream is segmented by payer, which is crucial for modeling cash flow stability. You'll see the mix is heavily influenced by government programs, but private pay remains a vital component for higher-margin services.

• Net Patient Revenues from direct services (approx. 96.8% of Q1 2025 revenue)
• Medicare and Medicaid reimbursements for skilled nursing care
• Private pay revenue from assisted and independent living residents

Also, don't forget the smaller, but still important, revenue sources that support the core operations. These are the other revenues from pharmacy, rehabilitation, and management services, which provide service diversification.

For example, the Q1 2025 breakdown shows that Net Patient Revenues were $361.6 million out of total net operating revenues of $373.7 million. This leaves the other revenue streams-pharmacy, rehab, and management services-contributing the remaining $12.1 million in that quarter. Finance: draft 13-week cash view by Friday.