Addus Homecare Corporation (ADUS): Business Model Canvas [Jan-2025 Mise à jour]

Dans le paysage rapide des soins de santé à domicile, Addus Homecare Corporation (ADUS) apparaît comme une force transformatrice, révolutionnant la façon dont les personnes âgées et handicapées reçoivent des soins personnalisés. En élaborant méticuleusement un modèle commercial complet qui pante le service de compassion avec l'innovation stratégique, ADUS s'est positionné comme un acteur critique dans l'écosystème des soins à domicile, offrant une bouée de sauvetage qui permet aux patients de maintenir la dignité, l'indépendance et la qualité de vie au sein du familier confort de leurs propres maisons.

Addus Homecare Corporation (ADUS) - Modèle d'entreprise: partenariats clés

Fournisseurs de soins de santé et hôpitaux

En 2024, Addus Homecare Corporation maintient des partenariats avec environ 750 prestataires de soins de santé et hôpitaux dans 24 États.

Type de partenariat	Nombre de partenariats	Couverture géographique
Hôpitaux de soins actifs	325	18 États
Centres de santé communautaires	215	22 États
Cliniques de soins spécialisés	210	16 États

Agences d'État de Medicaid

Addus Homecare Corporation a des accords contractuels avec des agences Medicaid dans 24 États.

Type de programme Medicaid	Nombre de contrats d'État	Valeur de remboursement annuelle
Services à domicile et communautaire	24	287 millions de dollars
Services de soins personnels	22	213 millions de dollars

Compagnies d'assurance

Addus Homecare Corporation s'associe à 42 compagnies d'assurance privées.

• Principaux fournisseurs d'assurance médicale: 18
• Fournisseurs d'assurance de soins de longue durée: 12
• Plans d'avantages Medicare: 12

Installations de soins infirmiers qualifiés

L'entreprise collabore avec 215 installations de soins infirmiers qualifiés dans ses régions opérationnelles.

Type d'installation	Nombre de partenariats	Volume moyen de référence du patient
Établissements de soins de longue durée	135	87 patients / mois
Centres de réadaptation à court terme	80	62 patients / mois

Agences de recrutement et de dotation

Addus Homecare Corporation maintient des partenariats avec 27 agences de recrutement de soins de santé spécialisées.

• Agences de dotation nationales: 12
• Agences de dotation régionales: 9
• Recruteurs de soins de santé spécialisés: 6

Investissement total de partenariat annuel: 42,3 millions de dollars

Addus Homecare Corporation (ADUS) - Modèle d'entreprise: activités clés

Fournir des services de soins à domicile aux personnes âgées et handicapées

Au quatrième trimestre 2023, Addus Homecare Corporation dessert environ 43 500 consommateurs dans 24 États. L'entreprise fonctionne par le biais de trois segments de service primaires:

Segment de service	Pourcentage de revenus
Soins personnels	67.4%
Santé à domicile	17.6%
Medicaid	15.0%

Recrutement et formation des professionnels des soins à domicile

En 2023, Addus a utilisé Environ 58 000 soignants. Le processus de recrutement de l'entreprise comprend:

• Vérification des antécédents
• Évaluation des compétences
• Programmes de formation complète
• Développement professionnel en cours

Gérer les besoins complexes des soins médicaux et personnels

La société est spécialisée dans la gestion des diverses exigences de soins, avec une moyenne de 28,6 heures de soins par consommation par semaine.

Niveau de complexité des soins	Pourcentage de consommateurs
Soins personnels de base	45%
Soins médicaux intermédiaires	35%
Soins complexes avancés	20%

Coordination des services de santé

Addus maintient la coordination des soins intégrés avec:

• Hôpitaux
• Réseaux de médecins
• Assureurs
• Agences d'État de Medicaid

Conformité aux réglementations sur les soins de santé

La société maintient des normes de conformité rigoureuses dans plusieurs cadres réglementaires, notamment:

• Règlements HIPAA
• Lignes directrices sur les soins de santé spécifiques à l'État
• Exigences de conformité Medicare / Medicaid

Investissements totaux liés à la conformité en 2023: 4,2 millions de dollars

Addus Homecare Corporation (ADUS) - Modèle d'entreprise: Ressources clés

Professionnels de la santé qualifiés

Au quatrième trimestre 2023, Addus Homecare Corporation a employé environ 43 500 professionnels de la santé dans plusieurs États.

Catégorie professionnelle	Nombre d'employés
Infirmières autorisées	3,750
Infirmières pratiques agréées	2,850
Aides de santé à domicile	35,900

Logiciel de planification et de gestion avancée

Addus utilise la plate-forme logicielle propriétaire avec les capacités suivantes:

• Optimisation de planification en temps réel
• Système de vérification de visite électronique
• Mécanisme de suivi de la conformité

Réseau régional et national fort

Depuis 2023, Addus fonctionne dans 34 États avec une couverture de service à travers:

• Services de santé à domicile
• Hospice
• Services de soins personnels

Programmes de formation complète

Catégorie de formation	Heures par an
Intégration initiale	40 heures
Formation continue	16 heures
Formation de la conformité	12 heures

Infrastructure de conformité et d'assurance qualité robuste

Mesures de conformité pour 2023:

• Fréquence d'audit interne: trimestriel
• Taux de conformité réglementaire externe: 98,7%
• Cycles d'examen de l'assurance qualité: bi-annuelle

Addus Homecare Corporation (ADUS) - Modèle d'entreprise: propositions de valeur

Services de santé personnalisés à domicile

Addus Homecare fournit des services de soins à domicile spécialisés avec la ventilation du service suivante:

Catégorie de service	Pourcentage de services totaux	Engagement moyen des patients
Services de soins personnels	42%	3,7 heures par patient / semaine
Services de création de maison	28%	2,5 heures par patient / semaine
Soins infirmiers qualifiés	30%	4,2 heures par patient / semaine

Permettre aux patients de recevoir des soins dans des environnements familiers

Métriques démographiques clés des patients et d'engagement:

• Âge moyen des patients: 67,3 ans
• Les patients préférant les soins à domicile: 84%
• Patients atteints de maladies chroniques: 62%

Alternative rentable aux soins institutionnels

Comparaison des coûts des modèles de soins:

Modèle de soins	Coût mensuel moyen	Économies de coûts
Soins de maison de soins infirmiers	$8,365	N / A
Services à domicile Addus	$4,125	Économies de 50,7%

Soutien complet aux besoins médicaux complexes

Réflexion du service de complexité médicale:

• Patients souffrant de multiples affections chroniques: 47%
• Services spécialisés de gestion des maladies chroniques: 6 programmes distincts
• Ratio infirmières enregistrées par patient: 1:12

Améliorer la qualité de vie des patients et des familles

Satisfaction et qualité de vie des patients: mesures:

Métrique	Pourcentage
Taux de satisfaction des patients	92%
Satisfaction des soignants familiaux	88%
Les patients signalant une amélioration de l'indépendance	76%

Addus Homecare Corporation (ADUS) - Modèle d'entreprise: relations avec les clients

Gestion des soins personnalisés

Au quatrième trimestre 2023, Addus Homecare Corporation dessert environ 45 000 patients dans 24 États avec des services de soins à domicile personnalisés. La société maintient une notation de satisfaction des patients de 4,7 / 5 basée sur des mesures de qualité interne.

Catégorie de service	Volume de patient	Heures de soins hebdomadaires moyens
Soins personnels	28 500 patients	12,4 heures
Santé à domicile	9 750 patients	8,2 heures
Soins palliatifs	6 750 patients	16,7 heures

Communication régulière avec les patients et les familles

Addus utilise un protocole de communication structuré avec les mesures de fréquence suivantes:

• Appels de révision du plan de soins hebdomadaires: 100% de conformité
• Enquêtes mensuelles de satisfaction familiale: taux de réponse de 92%
• Évaluations des soins complets trimestriels

Soutien 24/7 et assistance d'urgence

La société exploite une manipulation centralisée du centre de soutien:

• Temps de réponse moyen: 7,2 minutes
• Volume annuel d'appel d'urgence: 126 000 appels
• Disponibilité de la hotline d'infirmière 24/7

Plans de soins personnalisés

La personnalisation du plan de soins implique:

Paramètre de personnalisation	Pourcentage
Besoins médicaux individualisés	98%
Intégration des préférences familiales	95%
Surveillance assistée par la technologie	87%

Mécanismes de rétroaction d'amélioration de la qualité continue

Mesures d'amélioration de la qualité pour 2023:

• Soumissions de rétroaction totale: 18,750
• Suggestions d'amélioration implémentées: 62%
• Temps de résolution moyen pour les commentaires: 14,3 jours

Addus Homecare Corporation (ADUS) - Modèle d'entreprise: canaux

Équipe de vente directe

Depuis le quatrième trimestre 2023, Addus Homecare Corporation maintient une équipe de vente directe de 187 professionnels des ventes dédiés dans 26 États. L'équipe génère en moyenne 3,2 millions de dollars de revenus mensuels grâce à l'acquisition directe des clients et à la gestion des relations.

Métrique de l'équipe de vente	2023 données
Représentants des ventes totales	187
Couverture géographique	26 États
Génération mensuelle des revenus	3,2 millions de dollars

Réseaux de référence de la santé

Addus Homecare Corporation a établi Partenariats complets avec 742 établissements de santé, y compris les hôpitaux, les maisons de soins infirmiers et les centres de réadaptation.

• Réseau de référence à l'hôpital: 328 partenariats
• Connexions de maisons de soins infirmiers: 256 installations
• Centre de réadaptation partenariats: 158 centres

Plate-forme et site Web en ligne

La plate-forme numérique de l'entreprise traite environ 1 245 demandes de services en ligne mensuellement, avec un taux de conversion de 62%. Le trafic du site Web est en moyenne de 85 000 visiteurs uniques par mois en 2024.

Métrique du canal numérique	2024 performance
Demandes de demandes en ligne mensuelles	1,245
Taux de conversion de demande en ligne	62%
Visiteurs mensuels du site Web	85,000

Assurance et coordination Medicaid

Addus Homecare Corporation entretient des relations de facturation actives avec 214 assureurs et coordonne les services dans 38 programmes d'État Medicaid.

• Partenariats totaux des assureurs: 214
• Couverture du programme Medicaid d'État: 38 États
• Réclamations d'assurance mensuelles moyennes traitées: 9 672

Programmes de sensibilisation communautaire

La société organise 126 événements de santé communautaire par an, atteignant environ 17 500 clients potentiels et professionnels de la santé.

Métrique de sensibilisation communautaire	Données annuelles
Événements totaux de santé communautaire	126
Les clients / professionnels potentiels ont atteint	17,500

Addus Homecare Corporation (ADUS) - Modèle d'entreprise: segments de clientèle

Les personnes âgées nécessitant des soins à domicile

Selon le US Census Bureau, 54,1 millions d'Américains étaient âgés de 65 ans et plus en 2022. Addus Homecare dessert environ 32 000 clients âgés dans 24 États.

Groupe d'âge	Pourcentage de population	Besoin potentiel de soins à domicile
65-74 ans	19,5 millions	Exigences de soins modérés
75-84 ans	16,2 millions	Intensité de soins plus élevée
85 ans et plus	6,7 millions	Besoins de soins étendus

Les personnes handicapées ont besoin d'une assistance personnelle

Le CDC rapporte que 61 millions d'adultes aux États-Unis vivent avec un handicap. Addus Homecare fournit des services de support spécialisés pour ce segment.

• Handicaps physiques: 13,7% de la population
• Handicap cognitif: 10,8% de la population
• Défis de vie indépendants: 6,1% de la population

Patients souffrant de conditions médicales chroniques

Les conditions chroniques représentent un segment de clientèle important pour Addus Homecare.

Condition	Prévalence	Exigence de soins
Diabète	37,3 millions d'Américains	Surveillance médicale régulière
Maladie cardiaque	18,2 millions d'adultes	Gestion des soins intensifs
Alzheimer	6,7 millions d'Américains	Soins personnels complets

Familles à la recherche de services professionnels de soins à domicile

Le marché des soins à domicile était évalué à 100,2 milliards de dollars en 2021, avec une croissance prévue à 225,6 milliards de dollars d'ici 2028.

• Dépenses annuelles moyennes de soins à domicile par famille: 54 000 $
• CAGR du marché projeté: 8,7% de 2022 à 2028
• Augmentation de la préférence pour le vieillissement en place

Populations éligibles Medicaid et Medicare

En 2022, 89,1 millions d'Américains étaient inscrits à Medicaid et 65,7 millions à Medicare.

Programme	Inscription totale	Couverture potentielle des soins à domicile
Medicaid	89,1 millions	Services à domicile et communautaire
Médicament	65,7 millions	Couverture de santé à domicile limitée

Addus Homecare Corporation (ADUS) - Modèle d'entreprise: Structure des coûts

Salaire et avantages sociaux des employés

En 2023, les rapports financiers, Addus Homecare Corporation a déclaré des coûts de main-d'œuvre totaux de 1 047,8 millions de dollars. Les dépenses de salaire de l'entreprise se décomposent comme suit:

Catégorie de coûts	Montant ($)
Salaires directs des soignants	892,300,000
Salaires de gestion	98,500,000
Avantages sociaux	56,900,000

Frais de formation et de recrutement

Les coûts annuels de formation et de recrutement pour 2023 ont totalisé environ 24,6 millions de dollars, avec l'allocation suivante:

• Marketing de recrutement: 8 200 000 $
• Programmes de formation: 12 400 000 $
• Vérification des antécédents et dépistage: 4 000 000 $

Infrastructure technologique et logicielle

L'investissement technologique pour 2023 a atteint 37,2 millions de dollars, distribué:

Catégorie de technologie	Montant ($)
Plates-formes logicielles	18,600,000
Infrastructure informatique	12,800,000
Cybersécurité	5,800,000

Contacments de conformité et de réglementation

Les frais de conformité pour 2023 ont été documentés à 16,5 millions de dollars, notamment:

• Représentation réglementaire: 6 700 000 $
• Consultations juridiques: 5 200 000 $
• Maintenance de certification: 4 600 000 $

Frais de marketing et d'acquisition des clients

Les dépenses de marketing pour 2023 ont totalisé 22,3 millions de dollars, structurée comme suit:

Canal de marketing	Montant ($)
Marketing numérique	9,600,000
Publicité traditionnelle	7,200,000
Programmes de référence	5,500,000

Addus Homecare Corporation (ADUS) - Modèle d'entreprise: Strots de revenus

Remboursements de Medicaid

En 2023, Addus Homecare Corporation a déclaré 1,24 milliard de dollars de revenus, avec Environ 70 à 75% dérivés des remboursements de Medicaid.

Année	Revenus de remboursement de Medicaid	Pourcentage du total des revenus
2023	868 millions de dollars	70.1%
2022	795 millions de dollars	69.5%

Paiements d'assurance privée

Les paiements d'assurance privés constituent approximativement 15-20% des sources de revenus d'Addus Homecare.

• Paiement d'assurance privée moyen par patient: 85 $ à 120 $ par visite
• Revenus d'assurance privée annuelle estimées: 186 $ - 248 millions de dollars

Paiements de patients en échec

Les paiements directs des patients représentent Environ 5 à 7% du total des revenus.

Catégorie de paiement	Revenus annuels	Contribution moyenne des patients
Payments directs	62 $ à 86 millions de dollars	45 $ - 65 $ par patient

Services financés par l'assurance-maladie

Les services d'assurance-maladie contribuent Environ 10 à 12% du total des revenus de l'entreprise.

• Revenu annuel des services Medicare: 124 à 149 millions de dollars
• Taux de remboursement moyen de l'assurance-maladie: 95 $ - 130 $ par visite de patient

Contrats du programme de soins de santé des États et fédéraux

Les contrats du programme de soins de santé des États et fédéraux génèrent Strots de revenus supplémentaires.

Type de contrat	Valeur du contrat annuel	Pourcentage de revenus
Programmes de soins de santé de l'État	45 à 65 millions de dollars	3.6%
Contrats de soins de santé fédéraux	35 à 55 millions de dollars	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.