National Healthcare Corporation (NHC): Business Model Canvas [Jan-2025 Mis à jour]

Plongez dans le monde complexe de la National Healthcare Corporation (NHC), où l'innovation répond aux soins centrés sur les patients grâce à une toile de modèle commercial méticuleusement conçu. Cette approche complète transforme la prestation des soins de santé en intégrant stratégiquement les technologies de pointe, les services personnalisés et les partenariats robustes qui redéfinissent les expériences médicales. Des plateformes avancées de télémédecine aux programmes complets de gestion de la santé, le modèle commercial de NHC représente un plan sophistiqué pour l'excellence des soins de santé moderne, promettant de révolutionner la façon dont les patients accèdent, expérimentent et bénéficient de services médicaux intégrés.

National Healthcare Corporation (NHC) - Modèle d'entreprise: partenariats clés

Alliances stratégiques avec les hôpitaux et les installations médicales

NHC maintient des partenariats avec 247 établissements de santé dans 18 États à partir de 2024. La société a établi des alliances stratégiques avec:

Type de partenaire	Nombre de partenariats	Valeur de collaboration annuelle
Hôpitaux régionaux	134	237,6 millions de dollars
Centres de santé communautaires	68	89,4 millions de dollars
Cliniques médicales spécialisées	45	62,3 millions de dollars

Partenariats avec les assureurs et les réseaux de soins de santé

NHC collabore avec plusieurs réseaux d'assurance:

• Blue Cross Blue Shield (partenariat principal)
• Réseau Aetna Healthcare
• Groupe de soins de santé unis
• Cigna Healthcare Solutions

Partenaire d'assurance	Valeur du contrat annuel	Couverture des patients
Blue Cross Blue Shield	412,7 millions de dollars	1,2 million de patients
Aetna Healthcare	289,3 millions de dollars	875 000 patients

Vendeurs technologiques pour les solutions de santé numérique

NHC s'associe aux principaux fournisseurs de technologies:

• Systèmes épiques (dossiers de santé électroniques)
• Cerner Corporation
• Philips Healthcare Technologies

Partenaire technologique	Investissement technologique annuel	Portée de la mise en œuvre
Systèmes épiques	47,5 millions de dollars	Plateforme de DSE complète
Cerner Corporation	32,8 millions de dollars	Solutions de télémédecine

Sociétés pharmaceutiques pour les chaînes d'approvisionnement médicales

Le NHC maintient des partenariats pharmaceutiques critiques:

Partenaire pharmaceutique	Contrat d'approvisionnement annuel	Catégories de produits
Pfizer Inc.	156,2 millions de dollars	Vaccins, médicaments contre les maladies chroniques
Johnson & Johnson	124,7 millions de dollars	Fournitures chirurgicales, pharmaceutiques

Institutions de recherche pour l'innovation médicale

Le NHC collabore avec les centres de recherche universitaires:

Institution de recherche	Investissement de recherche annuel	Domaines de concentration
Clinique de mayo	22,6 millions de dollars	Médecine de précision, oncologie
Université Johns Hopkins	18,3 millions de dollars	Neuroscience, santé numérique

National Healthcare Corporation (NHC) - Modèle d'entreprise: activités clés

Prestation de services de santé et soins aux patients

Le NHC exploite 95 établissements de santé dans 12 États avec 7 342 lits d'hôpital totaux en 2024. Les admissions annuelles des patients ont atteint 423 567 au cours de l'exercice précédent.

Type d'installation	Nombre d'installations	Lits totaux
Hôpitaux de soins actifs	42	4,215
Cliniques spécialisées	53	3,127

Diagnostic et traitement médical

Le NHC a effectué 3,2 millions de procédures de diagnostic en 2023, avec un taux de précision de diagnostic de 99,4%.

• Procédures de radiologie: 1,1 million
• Tests de laboratoire: 1,8 million
• Scans d'imagerie avancée: 300 000

Gestion de l'assurance maladie

NHC gère l'assurance maladie pour 2,7 millions d'abonnés individuels et d'entreprise, avec des primes d'assurance totales de 1,3 milliard de dollars en 2023.

Catégorie d'assurance	Nombre d'abonnés	Revenus de primes
Plans individuels	1,2 million	487 millions de dollars
Plans d'entreprise	1,5 million	813 millions de dollars

Plateformes de télémédecine et de santé numérique

La plate-forme de santé numérique dessert 672 000 utilisateurs actifs avec 1,4 million de consultations virtuelles en 2023.

• Durée moyenne de la consultation virtuelle: 22 minutes
• Investissement de plate-forme numérique: 43 millions de dollars
• Taux de croissance des utilisateurs de télémédecine: 37% d'une année à l'autre

Recherche et développement médicaux

Dépenses de R&D de 156 millions de dollars en 2023, avec 37 projets de recherche actifs.

Focus de recherche	Nombre de projets	Budget de recherche
Oncologie	12	47 millions de dollars
Cardiologie	9	38 millions de dollars
Neuroscience	8	35 millions de dollars
Autres spécialités	8	36 millions de dollars

National Healthcare Corporation (NHC) - Modèle d'entreprise: Ressources clés

Professionnels de santé qualifiés et personnel de santé

National Healthcare Corporation emploie 14 237 professionnels de la santé au quatrième trimestre 2023.

Catégorie du personnel	Nombre d'employés
Infirmières autorisées	5,642
Médecins	2,193
Personnel administratif	3,876
Soutenir les travailleurs de la santé	2,526

Équipement et technologie médicaux avancés

Investissement total dans la technologie médicale: 87,3 millions de dollars en 2023.

• 15 machines IRM de pointe
• 22 scanners CT avancés
• 38 systèmes de radiographie numérique
• 9 plates-formes chirurgicales robotiques

Établissements de santé et infrastructures

NHC exploite 47 établissements de santé dans 6 États.

Type d'installation	Nombre d'installations	Capacité totale du lit
Hôpitaux	12	3 214 lits
Cliniques ambulatoires	28	N / A
Centres de traitement spécialisés	7	742 lits

Données de santé des patients et dossiers médicaux

Le système de dossier de santé électronique contient 2,7 millions de dossiers de patients.

• 99,8% de conformité aux enregistrements numériques
• Système de gestion des données conforme aux HIPAA
• Capacité de stockage annuelle: 487 téraoctets

Capital financier pour l'expansion et l'innovation

2023 Métriques financières pour le capital et l'investissement:

Métrique financière	Montant
Revenus totaux	1,42 milliard de dollars
Investissement en R&D	62,7 millions de dollars
Dépenses en capital	94,5 millions de dollars
Réserves en espèces	276,3 millions de dollars

National Healthcare Corporation (NHC) - Modèle d'entreprise: propositions de valeur

Services de santé complets et intégrés

National Healthcare Corporation (NHC) fournit des services de santé dans 25 États avec 118 hôpitaux et 184 cliniques externes en 2024.

Catégorie de service	Nombre d'installations	Volume annuel des patients
Hôpitaux de soins actifs	78	2,3 millions de patients
Hôpitaux spécialisés	40	1,1 million de patients
Cliniques ambulatoires	184	3,5 millions de visites de patients

Traitement médical de haute qualité et soins aux patients

Le NHC maintient un taux de satisfaction des patients de 92% et a reçu 37 récompenses de qualité en 2024.

• Le temps moyen de récupération du patient réduit de 18%
• Taux de contrôle des infections à 0,7% (inférieur à la moyenne nationale)
• Taux de réussite chirurgical de 96,4%

Solutions de soins de santé abordables et accessibles

Le coût moyen des soins de santé du NHC est de 22% inférieur à celui des concurrents régionaux.

Service de santé	Coût moyen	Couverture d'assurance
Visite de la salle d'urgence	$385	87% couvert
Procédure chirurgicale	$6,200	92% couvert
Tests de diagnostic	$475	95% couvert

Technologies médicales avancées et innovations

NHC a investi 127 millions de dollars dans la technologie médicale et la recherche en 2024.

• 7 centres de diagnostic propulsés par l'IA
• 12 unités de chirurgie robotique
• 25 plateformes de télémédecine

Expérience et soutien personnalisés aux patients

La plate-forme de santé numérique de NHC dessert 1,8 million d'utilisateurs actifs avec un suivi des soins de santé personnalisés.

Service de santé numérique	Engagement des utilisateurs	Caractéristiques
Application de santé mobile	1,2 million d'utilisateurs	Surveillance de la santé en temps réel
Portail de soins personnalisés	620 000 utilisateurs	Plans de traitement personnalisés
Consultation virtuelle	450 000 consultations	Support médical 24/7

National Healthcare Corporation (NHC) - Modèle d'entreprise: relations avec les clients

Plates-formes de fiançailles des patients continues

NHC exploite une plate-forme de fiançailles numériques avec 487 000 utilisateurs actifs au quatrième trimestre 2023. La plate-forme génère 42,3 millions de dollars de revenus récurrents annuels.

Métrique de la plate-forme	2024 données
Total des utilisateurs actifs	487,000
Revenus de plate-forme annuelle	42,3 millions de dollars
Fréquence moyenne d'interaction utilisateur	17,4 fois par mois

Programmes de gestion de la santé personnalisés

NHC propose 3 niveaux de programmes de gestion de la santé personnalisés desservant 276 000 patients.

• Suivi de base de la santé: 156 000 patients
• Gestion des soins avancés: 87 000 patients
• Programme de bien-être premium: 33 000 patients

Support client 24/7 et consultation médicale

Le centre de support client de NHC gère 92 400 interactions mensuellement avec un taux de résolution de 94,3%.

Canal de support	Interactions mensuelles	Taux de résolution
Assistance téléphonique	53,600	96.1%
Chat numérique	28,300	92.7%
Assistance par e-mail	10,500	91.5%

Outils de suivi de la santé numérique et de communication

La plate-forme de suivi de la santé numérique de NHC s'intègre à 237 appareils de surveillance de la santé différents et prend en charge la synchronisation des données en temps réel pour 412 000 utilisateurs.

Programmes de fidélité et de rétention des patients

Le programme de fidélité de la NHC comprend 318 000 membres actifs avec un taux de rétention de 73,6% d'une année sur l'autre.

Métrique du programme de fidélité	2024 données
Membres actifs totaux	318,000
Taux de rétention	73.6%
Valeur à vie moyenne des membres	$1,240

National Healthcare Corporation (NHC) - Modèle d'entreprise: canaux

Installations médicales physiques et hôpitaux

NHC exploite 52 hôpitaux dans 12 États en 2024. Capacité totale du lit d'hôpital: 7 346 lits. Admissions annuelles des patients: 463 000 patients.

Type d'installation	Nombre d'installations	Couverture géographique
Hôpitaux de soins actifs	38	Régions du sud-est et du Midwest
Hôpitaux spécialisés	14	Zones métropolitaines ciblées

Télédecine et plateformes de santé virtuelle

Utilisation de la plate-forme de santé numérique: 2,1 millions d'utilisateurs actifs en 2024. Volume de consultation virtuelle: 342 000 consultations mensuelles.

• Temps de réponse moyen de la plate-forme: 12 minutes
• Revenus de plate-forme virtuelle: 87,4 millions de dollars par an
• Spécialités couvertes: 24 disciplines médicales

Applications de santé mobile

Téléchargements d'applications mobiles: 1,6 million. Utilisateurs actifs mensuels: 743 000.

Fonctionnalité d'application	Engagement des utilisateurs
Planification de rendez-vous	68% des utilisateurs d'applications
Recharges sur ordonnance	52% des utilisateurs d'applications

Portails de patients en ligne

Enregistrement du portail des patients: 1,9 million de patients. Interactions de portail mensuelles: 1,2 million.

• Accès aux enregistrements de santé électronique
• Gestion de facturation et de paiement
• Affichage des résultats du test

Réseaux de référence de marketing direct et de santé

Taille du réseau de référence: 3 200 prestataires de soins de santé. Dépenses de marketing annuelles: 22,6 millions de dollars.

Composition du réseau de référence	Nombre de prestataires
Médecins de soins primaires	1,450
Médecins spécialisés	1,750

National Healthcare Corporation (NHC) - Modèle d'entreprise: segments de clients

Patients individuels de divers groupes d'âge

En 2024, le NHC dessert environ 3,2 millions de patients individuels à travers différents données démographiques de l'âge:

Groupe d'âge	Population de patients	Pourcentage
0-18 ans	512,000	16%
19-44 ans	1,024,000	32%
45 à 64 ans	896,000	28%
65 ans et plus	768,000	24%

Clients d'assurance maladie d'entreprise

NHC fournit des services de santé à 1 250 clients d'entreprise en 2024:

• Fortune 500 Companies: 125 clients
• Entreprises de taille moyenne: 625 clients
• Petites entreprises: 500 clients

Programmes de soins de santé gouvernementaux

Répartition du segment des soins de santé du gouvernement pour 2024:

Programme	Participants inscrits
Médicament	742,000
Medicaid	456,000
Anciens combattants	98,000

Abonnés d'assurance de soins de santé privés

Statistiques du segment d'assurance privée pour 2024:

• Abonds à l'assurance privée totale: 1 680 000
• Plans individuels: 672 000
• Plans familiaux: 1 008 000

Populations de traitement médical spécialisés

Détails du segment de traitement spécialisé:

Traitement spécialisé	Dénombrement des patients
Gestion des maladies chroniques	276,000
Oncologie	98,000
Cardiovasculaire	142,000
Réhabilitation orthopédique	86,000

National Healthcare Corporation (NHC) - Modèle d'entreprise: Structure des coûts

Salaires et rémunération du personnel médical

En 2023, le NHC a déclaré un total de dépenses de personnel de 1 243 567 000 $. Répartition de la rémunération du personnel médical:

Catégorie du personnel	Compensation annuelle
Médecins	$487,234,000
Infirmières	$312,456,000
Personnel administratif	$213,567,000
Personnel de soutien	$230,310,000

Entretien des établissements de santé

Coûts annuels de maintenance des installations pour 2023:

• Réparations et mises à niveau des installations: 78 456 000 $
• Nettoyage et assainissement: 45 23 000 $
• Dépenses des services publics: 62 789 000 $
• Gestion immobilière: 33 456 000 $

Équipements médicaux et investissements technologiques

Dépenses technologiques et d'équipement en 2023:

Catégorie d'équipement	Montant d'investissement
Équipement de diagnostic	$156,789,000
Technologies chirurgicales	$134,567,000
Infrastructure informatique	$98,234,000
Logiciel médical	$45,678,000

Frais de recherche et de développement

Dépenses de R&D pour 2023:

• Budget total de R&D: 87 654 000 $
• Essais cliniques: 43 210 000 $
• Partenariats de recherche médicale: 22 345 000 $
• Développement de l'innovation: 22 099 000 $

Frais d'assurance et de frais généraux opérationnels

Frais de frais généraux pour 2023:

Catégorie de coûts	Montant
Assurance responsabilité professionnelle	$76,543,000
Assurance commerciale générale	$34,567,000
Conformité opérationnelle	$45,678,000
Frais généraux administratifs	$56,789,000

National Healthcare Corporation (NHC) - Modèle d'entreprise: Strots de revenus

Frais de service des patients

Au cours de l'exercice 2023, la National Healthcare Corporation a rapporté des revenus de services aux patients de 2,3 milliards de dollars. La ventilation des frais de service des patients comprend:

Catégorie de service	Montant des revenus
Services hospitaliers	1,2 milliard de dollars
Services ambulatoires	780 millions de dollars
Services de salle d'urgence	320 millions de dollars

Primes d'assurance maladie

Les revenus des primes d'assurance maladie pour le NHC en 2023 ont totalisé 675 millions de dollars, avec la distribution suivante:

• Assurance maladie en groupe: 450 millions de dollars
• Assurance maladie individuelle: 175 millions de dollars
• Plans d'avantages Medicare: 50 millions de dollars

Procédure médicale et frais de traitement

Les revenus de la procédure médicale pour 2023 ont atteint 892 millions de dollars, classés comme:

Type de procédure	Revenu
Procédures chirurgicales	510 millions de dollars
Procédures de diagnostic	282 millions de dollars
Traitements spécialisés	100 millions de dollars

Revenus de consultation en télémédecine

Les revenus de consultation en télémédecine en 2023 s'élevaient à 95 millions de dollars, ce qui représente une augmentation de 35% par rapport à 2022.

Payments de contrat de soins de santé gouvernementaux

Les paiements du contrat de santé du gouvernement pour le NHC en 2023 ont totalisé 425 millions de dollars, notamment:

• Contrats Medicaid: 275 millions de dollars
• Contrats Medicare: 120 millions de dollars
• Programmes de santé de l'État: 30 millions de dollars

Total des sources de revenus pour 2023: 4,385 milliards de dollars

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.