The Pennant Group, Inc. (PNTG): Business Model Canvas [Jan-2025 Mis à jour]

Dans le paysage dynamique des soins de santé seniors, le Pennant Group, Inc. (PNTG) apparaît comme une force transformatrice, tissant une technologie innovante avec des soins compatissants. En cartographiant stratégiquement son modèle commercial à travers les dimensions clés, cette organisation a conçu une approche complète pour répondre aux besoins complexes des populations vieillissantes. Des services de réadaptation personnalisés aux plates-formes de santé numériques avancées, la proposition de valeur unique de PNTG est prête à révolutionner la façon dont nous percevons et dispensons les soins aux personnes âgées, rendant les soins de santé plus accessibles, efficaces et centrés sur l'homme.

The Pennant Group, Inc. (PNTG) - Modèle commercial: partenariats clés

Établissements de santé et hôpitaux

Depuis le quatrième trimestre 2023, le Pennant Group, Inc. maintient des partenariats avec 113 établissements de santé dans 13 États. L'entreprise exploite 82 établissements de soins infirmiers qualifiés et 31 communautés de vie supérieures.

Type de partenariat	Nombre d'installations	Propagation géographique
Installations de soins infirmiers qualifiés	82	13 États
Communautés de vie supérieures	31	13 États

Fournisseurs d'assurance et programmes de remboursement

Le groupe de fanion a établi des partenariats avec plusieurs assureurs, notamment:

• Medicare (taux de remboursement de 2023: 536,44 $ par jour du patient)
• Medicaid (taux de remboursement moyen: 492,17 $ par jour du patient)
• Compagnies d'assurance privées

Équipements médicaux et fournisseurs de fournitures

Catégorie des vendeurs	Valeur d'achat annuelle
Équipement médical	14,3 millions de dollars (2023)
Fournitures médicales	8,7 millions de dollars (2023)

Provideurs de plate-forme de technologie de santé à domicile

Le groupe de Pennant collabore avec des plateformes technologiques spécialisées dans:

• Dossiers de santé électroniques (DSE)
• Solutions de télésanté
• Systèmes de gestion des patients

Agences de recrutement et de dotation

En 2023, le groupe de fanions a travaillé avec 27 agences de recrutement de soins de santé spécialisées pour répondre aux besoins en personnel.

Type de personnel	Total de main-d'œuvre	Pourcentage d'origine
Infirmières autorisées	1,642	18.3%
Infirmières pratiques agréées	872	22.7%
Assistants infirmiers certifiés	2,413	15.6%

The Pennant Group, Inc. (PNTG) - Modèle d'entreprise: Activités clés

Fournir des services de soins infirmiers et à domicile qualifiés

Depuis le quatrième trimestre 2023, le groupe de Pennant exploite 96 installations de soins infirmiers de vie et qualifiés dans 11 États. La société gère 64 emplacements de santé et de soins palliatifs à domicile desservant environ 7 500 patients chaque mois.

Catégorie de service	Total des installations	Volume mensuel du patient
Installations de soins infirmiers qualifiés	52	4,200
Services de santé à domicile	64	7,500
Soins palliatifs	12	1,300

Gérer les installations de vie supérieure et de vie assistée

La société gère 44 installations de vie assistée avec un taux d'occupation moyen de 82,5% en décembre 2023.

• Lits de vie totaux totaux: 3,750
• Revenus mensuels moyens par résident: 5 600 $
• Couverture géographique: 11 États occidentaux et du Midwest

Fournir des services de soins et de réadaptation personnalisés

En 2023, le groupe de fanions a fourni des services de réhabilitation à environ 5 200 patients avec une durée moyenne de traitement de 45 jours.

Type de service de réadaptation	Volume de patient	Durée moyenne du traitement
Physiothérapie	3,100	38 jours
Ergothérapie	1,400	52 jours
Orthophonie	700	35 jours

Mise en œuvre des solutions de gestion des soins de santé axées sur la technologie

La société a investi 4,2 millions de dollars dans les infrastructures de technologies de santé en 2023, en se concentrant sur les dossiers de santé électroniques et les systèmes de gestion des patients.

• Couverture système du dossier de santé électronique (DSE): 100% des installations
• Mise en œuvre du service de télésanté: 38 emplacements
• Investissement technologique annuel: 4,2 millions de dollars

Élargir la portée géographique grâce à des acquisitions stratégiques

En 2023, le groupe de fanions a achevé 7 acquisitions stratégiques, ajoutant 12 nouvelles établissements de santé à son portefeuille.

Année d'acquisition	Nombre d'installations	Investissement total
2023	12	47,6 millions de dollars
2022	9	35,3 millions de dollars
2021	6	22,1 millions de dollars

The Pennant Group, Inc. (PNTG) - Modèle d'entreprise: Ressources clés

Professionnels de la santé formés et personnel infirmier

Au quatrième trimestre 2023, le groupe de Pennant a employé 9 700 professionnels de la santé dans 57 communautés dans 11 États.

Catégorie professionnelle	Nombre d'employés
Infirmières autorisées	2,450
Infirmières pratiques agréées	1,850
Assistants infirmiers certifiés	4,200
Personnel de santé administratif	1,200

Technologie médicale avancée et plateformes de santé numérique

Investissement dans les plateformes technologiques: 3,2 millions de dollars en 2023.

• Système de dossier de santé électronique (DSE)
• Infrastructure de télésanté
• Logiciel de gestion des patients
• Technologies de surveillance à distance

Installations et infrastructures physiques

Au 31 décembre 2023, le groupe de Pennant a fonctionné:

Type d'installation	Nombre total	Capacité totale
Communautés de vie supérieures	57	4 200 résidents
Lieux de santé à domicile	23	N / A
Centres de soins palliatifs	8	120 lits patients

Équipe de gestion opérationnelle et de leadership solide

Composition du leadership à partir de 2024:

• Des cadres avec une expérience de gestion des soins de santé moyenne de plus de 15 ans et plus
• Rémunération totale des cadres: 4,7 millions de dollars en 2023
• Conseil d'administration: 7 membres

Réputation établie dans les services de soins et de soins de santé pour personnes âgées

Mesures de performance clés:

• Évaluation de satisfaction du client: 4.2 / 5
• Évaluation de qualité 5 étoiles Medicare: 4.1 / 5
• Revenu annuel: 270,4 millions de dollars en 2023

The Pennant Group, Inc. (PNTG) - Modèle d'entreprise: propositions de valeur

Services de soins aux personnes âgées complètes et compatissantes

Au quatrième trimestre 2023, le Pennant Group, Inc. fournit des services de soins aux personnes âgées sur 179 emplacements dans 11 États.

Catégorie de service	Nombre d'installations	Revenus annuels
Communautés de vie supérieures	84	327,4 millions de dollars
Services de santé à domicile	95	212,6 millions de dollars

Solutions de soins de santé personnalisés pour les populations vieillissantes

La société dessert environ 10 500 patients par an avec des plans de soins individualisés.

• Âge moyen du patient: 78 ans
• Plans de soins personnalisés pour la gestion des conditions chroniques
• Programmes de réadaptation sur mesure

Réhabilitation de haute qualité et soutien médical

Les services de réadaptation ont généré 89,3 millions de dollars de revenus pour 2023.

Type de réhabilitation	Volume de patient	Taux de réussite
Physiothérapie	4 200 patients	87%
Ergothérapie	2 800 patients	82%

Soins et surveillance des patients comparés à la technologie

Les investissements technologiques ont totalisé 6,2 millions de dollars en 2023 pour les solutions de santé numériques.

• Systèmes de surveillance des patients à distance
• Intégration des dossiers de santé électronique
• Plateformes de consultation de télésanté

Alternatives de santé rentables pour les personnes âgées

Économies de coûts moyens de 22% par rapport aux soins traditionnels en milieu hospitalier.

Type de soins	Coût traditionnel	Coût du PNTG	Pourcentage d'épargne
Soins de santé à domicile	6 500 $ / mois	4 950 $ / mois	24%
Services de réadaptation	15 200 $ / épisode	11 850 $ / épisode	22%

The Pennant Group, Inc. (PNTG) - Modèle d'entreprise: relations clients

Gestion des soins personnalisés et soutien aux patients

Au quatrième trimestre 2023, le groupe de Pennant a géré 87 communautés de vie supérieures et 58 agences de santé et de soins palliatifs à domicile dans 11 États. L'entreprise dessert environ 7 500 patients par jour avec des stratégies de soins personnalisées.

Type de service de soins	Volume de patient	Support quotidien moyen
Communautés de vie supérieures	5 200 résidents	Soins personnalisés 24/7
Services de santé à domicile	2 300 patients	Soutien aux soins à domicile individualisés

Communication directe avec les patients et les familles

L'entreprise utilise des stratégies de communication multicanaux avec des équipes de coordination des soins dédiés.

• Conférences hebdomadaires de soins familiaux
• Plateformes de communication numérique
• Lignes téléphoniques de gestion des soins dédiés
• Accès aux enregistrements de santé électronique pour les familles

Continuité des soins de longue durée et respect des relations

Taux moyen de rétention des patients de 78% entre les services de vie et de santé à domicile pour personnes âgées en 2023.

Métrique de la relation de soins	Performance
Durée moyenne de l'engagement des patients	24-36 mois
Répéter l'utilisation du service	62% des patients

Engagement numérique grâce à des plateformes de surveillance de la santé

Implémenté la surveillance de la santé numérique pour 65% des patients à domicile en 2023, en utilisant des technologies de suivi de la santé en temps réel.

• Surveillance des signes vitaux à distance
• Services de consultation en télésanté
• Gestion des médicaments numériques

Service client réactif et plaidoyer pour les patients

Les mesures de service client pour 2023 ont démontré un taux de satisfaction des patients à 92% entre les lignes de service.

Métrique de qualité du service	Performance
Score de satisfaction des patients	92%
Temps de réponse aux demandes de patients	Moins de 4 heures
Taux de résolution des plaintes	97%

The Pennant Group, Inc. (PNTG) - Modèle d'entreprise: canaux

Admission directe aux patients par le biais de références de santé

Au troisième trimestre 2023, le groupe de Pennant a signalé 88 emplacements de santé et de soins palliatifs à domicile dans 11 États. Les références directes des patients représentaient 67,3% des admissions totales des patients.

Source de référence	Pourcentage
Hôpitaux	42.5%
Pratiques de médecin	24.8%
Autres fournisseurs de soins de santé	22.7%

Plateformes de services de santé en ligne

La société exploite des plateformes d'admission numériques avec un taux d'efficacité de traitement de référence numérique de 94,2%.

• Intégration du dossier de santé électronique (DSE)
• Planification des patients en ligne
• Services de consultation en télésanté

Installations et cliniques de santé physique

Au 31 décembre 2023, le groupe de Pennant a géré 88 emplacements de santé et de soins palliatifs à domicile.

Type d'installation	Nombre d'emplacements
Centres de santé à domicile	62
Soins palliatifs	26

Insurance et inscription Medicare / Medicaid

En 2023, la société a traité 73 892 réclamations d'assurance avec un taux de réussite de remboursement de 98,6%.

Type d'assurance	Pourcentage de réclamations
Médicament	61.4%
Medicaid	22.3%
Assurance privée	16.3%

Programmes de sensibilisation et de marketing communautaires

Le groupe de fanion a investi 2,7 millions de dollars dans des initiatives de marketing et d'engagement communautaire en 2023.

• Événements de réseautage professionnel de la santé
• Séminaires de santé communautaire
• Campagnes de marketing numérique
• Parrainages du groupe de soutien aux patients

The Pennant Group, Inc. (PNTG) - Modèle d'entreprise: segments de clientèle

Les personnes âgées et les personnes âgées nécessitant des soins médicaux

Depuis le quatrième trimestre 2023, le groupe de Pennant dessert environ 12 500 patients âgés dans plusieurs États. L'âge moyen des patients est de 78,3 ans.

Groupe d'âge	Population de patients	Dépenses de soins annuels
65-74 ans	3 750 patients	$42,500,000
75-84 ans	5 600 patients	$73,200,000
85 ans et plus	3 150 patients	$48,750,000

Les patients ont besoin de services de réadaptation

En 2023, le groupe de fanions a fourni des services de réhabilitation à 4 200 patients avec une durée de réhabilitation moyenne de 45 jours.

• Réhabilitation orthopédique: 2 100 patients
• Réhabilitation neurologique: 1 050 patients
• Réhabilitation cardiaque: 750 patients
• Réhabilitation pulmonaire: 300 patients

Individus souffrant de problèmes de santé chroniques

La société gère les soins de 6 300 patients atteints de problèmes de santé chroniques en 2023.

Condition chronique	Dénombrement des patients	Coût de gestion annuel
Diabète	1 890 patients	$22,680,000
Maladie cardiaque	1 575 patients	$31,500,000
Troubles respiratoires	1 260 patients	$18,900,000
Autres conditions chroniques	1 575 patients	$23,625,000

Les familles à la recherche de solutions de soins de longue durée

En 2023, le groupe de fanions a soutenu 3 750 familles ayant des besoins de soins de longue durée.

• Installations de vie assistée: 2 250 résidents
• Installations de soins infirmiers qualifiés: 1 050 résidents
• Services de soins de santé à domicile: 450 familles

Populations éligibles de Medicare et Medicaid

Depuis 2023, le groupe de fanions dessert 9 450 patients de Medicare et Medicaid.

Type de payeur	Dénombrement des patients	Remboursement annuel
Médicament	6 300 patients	$189,000,000
Medicaid	3 150 patients	$94,500,000

The Pennant Group, Inc. (PNTG) - Modèle d'entreprise: Structure des coûts

Salaires et formation professionnels de la santé

Selon le rapport annuel en 2022 de la société, les coûts totaux de main-d'œuvre étaient de 440,9 millions de dollars. Répartition des dépenses de main-d'œuvre:

Catégorie	Coût annuel
Salaires et salaires	395,6 millions de dollars
Formation professionnelle	22,3 millions de dollars
Avantages sociaux	23,0 millions de dollars

Équipements médicaux et investissements technologiques

Investissements technologiques et d'équipement pour 2022:

• Total des dépenses en capital: 18,2 millions de dollars
• Mises à niveau de la technologie médicale: 12,5 millions de dollars
• Infrastructure logicielle et numérique: 5,7 millions de dollars

Entretien des installations et dépenses opérationnelles

Répartition des coûts opérationnels pour l'exercice 2022:

Catégorie de dépenses	Coût annuel
Loyer et location de l'installation	37,6 millions de dollars
Services publics	8,3 millions de dollars
Entretien et réparations	14,2 millions de dollars

Frais d'assurance et de conformité

Frais de conformité et d'assurance pour 2022:

• Assurance responsabilité professionnelle: 6,8 millions de dollars
• Coûts de conformité réglementaire: 4,5 millions de dollars
• Frais juridiques et de consultation: 3,2 millions de dollars

Dépenses de marketing et d'acquisition des patients

Dépenses de commercialisation pour l'exercice 2022:

Canal de marketing	Dépenses annuelles
Marketing numérique	2,7 millions de dollars
Publicité traditionnelle	1,5 million de dollars
Programmes de référence	1,1 million de dollars

The Pennant Group, Inc. (PNTG) - Modèle d'entreprise: Strots de revenus

Remboursements Medicare et Medicaid

Pour l'exercice 2023, le groupe de fanions a déclaré 362,1 millions de dollars de revenus nets des services de Medicare et Medicaid.

Catégorie de remboursement	Revenu total (2023)	Pourcentage du total des revenus
Remboursements de l'assurance-maladie	256,4 millions de dollars	70.8%
Remboursements de Medicaid	105,7 millions de dollars	29.2%

Paiements d'assurance privée

Les paiements d'assurance privés ont généré 87,3 millions de dollars de revenus pour le groupe de fanions en 2023.

• Remboursements d'assurance commerciale: 62,5 millions de dollars
• Plans Medicare Advantage: 24,8 millions de dollars

Frais de service des patients directs

Les frais de service directs des patients ont représenté 24,6 millions de dollars de revenus pour la société en 2023.

Revenus de centres de soins de longue durée

Les établissements de soins de longue durée ont généré 278,9 millions de dollars de revenus totaux pour l'exercice 2023.

Type d'installation	Nombre d'installations	Revenus totaux
Installations de soins infirmiers qualifiés	79	214,3 millions de dollars
Installations de vie assistée	56	64,6 millions de dollars

Frais de service de santé à domicile

Les services de santé à domicile ont généré 112,7 millions de dollars de revenus pour le groupe de Pennant en 2023.

• Visites de santé à domicile: 387 500
• Revenu moyen par visite: 291 $

The Pennant Group, Inc. (PNTG) - Canvas Business Model: Value Propositions

The Pennant Group, Inc. (PNTG) delivers value through a coordinated approach across distinct but related healthcare services.

Integrated continuum of care: home health, hospice, and senior living

The Pennant Group, Inc. (PNTG) operates a platform that spans home health, hospice, and senior living services.

As of the end of the first quarter of 2025, the company's operational footprint included 137 home health, hospice, and home care agencies, alongside 60 senior living communities operating across 12 states.

The third quarter of 2025 demonstrated record operational performance across these segments, achieving all-time highs in senior living occupancy at 80.9%, hospice average daily census (ADC) of 4,044, and home health admissions reaching 20,426.

This integrated model supports the continuum of care delivery.

Metric	Q3 2025 Value	Year-over-Year Change
Total Revenue	$229 million	+26.8% YoY
Home Health & Hospice (HH&H) Revenue	$173.6 million	+27.9% YoY
Senior Living Revenue	$55.5 million	+23.2% YoY

Localized, high-quality, patient-centric care delivery model

The core of the model is empowering local clinical leaders to make key decisions based on community needs.

This local autonomy is intended to drive clinical outperformance and support strong patient outcomes.

• CMS reported hospice quality composite score improved to 97% in Q3 2025, above the national average of 92%.
• Acute care hospitalization rate was 13.3% in Q1 2025, which is below the national average of 14.1%.
• 73.5% of home health agencies held a Star rating of 4 and above as of Q1 2025.

Clinical excellence driving strong patient outcomes and referrals

Clinical performance directly fuels financial results, with one acquired entity projected to show an 11% revenue increase and 34% EBITDA increase over the prior year through its projected 2025 results.

For the second quarter of 2025, total home health admissions were 17,832, a 26.1% increase over the prior year quarter.

In the third quarter of 2025, total home health admissions were 20,426, representing a 36.2% increase year-over-year.

Same-store home health admissions grew 7% in Q3 2025 over the prior year quarter.

Diversified service offerings mitigating regulatory risk in one segment

The mix of home health, hospice, and senior living provides diversification against segment-specific headwinds, such as regulatory changes in home health.

The company raised its full-year 2025 revenue guidance to a midpoint of $930 million, up from a previous outlook of $870.2 million.

The full-year 2025 Adjusted EBITDA guidance midpoint was also raised to $72.35 million.

In Q3 2025, Senior Living segment Adjusted EBITDA from operations was $5.6 million, with the margin reaching 10.3%, an increase of 50 basis points year-over-year.

The company closed its largest deal in history in Q3 2025, involving 54 sites across Tennessee, Georgia, and Alabama, at an attractive T12M EBITDA purchase multiple within 4-7x.

Finance: draft 13-week cash view by Friday.

The Pennant Group, Inc. (PNTG) - Canvas Business Model: Customer Relationships

You're looking at how The Pennant Group, Inc. (PNTG) builds and keeps its patient and resident base. It's all about local presence and deep relationships, which is key in healthcare where trust matters more than almost anything else. This approach is reflected in their operational scale, with over 120 home health and hospice agencies and more than 50 senior living communities across multiple states as of late 2025.

The core of the high-touch model is empowering local leaders. This decentralized structure helps ensure decisions meet the specific needs of patients, families, and local referral sources, which is a stated differentiator for The Pennant Group, Inc. Clinical quality metrics support this focus; for instance, in Q1 2025, 73.5% of their home health agencies maintained a 4 Star rating or above. Also, their acute care hospitalization rate was reported at 13.3% in Q1 2025, which is better than the national average of 14.1%.

Direct relationships with patients and families are most prominent in the private pay segment, especially within Senior Living Services. For the year ended December 31, 2024, approximately 69.4% of their senior living revenue came from private pay sources. This indicates a strong reliance on direct consumer relationships for that segment. For the Home Health and Hospice segment, Medicare was the primary payor in 2024 at about 64.7% of segment revenue.

Contractual relationships with managed care organizations and government programs form the backbone of the overall revenue mix. For the third quarter ended September 30, 2025, Medicare accounted for 47.5% of total revenue, and Medicaid was 13.7% of total revenue. This reliance on government and contractual payors is significant, even as they manage regulatory shifts. The CEO noted that less than 20% of revenue arises from Medicare home health fee-for-service reimbursement, suggesting a strategic push toward other, potentially more stable, reimbursement models. You can see the detailed payor mix snapshot from Q1 2025 below, which gives a clearer picture of the four relationship types:

Payor Source / Relationship Type	Revenue Percentage (Q1 2025)	Notes
Medicare (Contractual)	48.2%	Largest single payor source in Q1 2025.
Private and Other (Direct Patient/Family)	24.2%	Includes revenue from all payors in home care operations.
Managed Care (Contractual)	14.6%	Represents formal contracts with managed care organizations.
Medicaid (Contractual)	13.0%	State-specific programs revenue share in Q1 2025.

The focus on clinical excellence drives patient acquisition and retention. For instance, total home health admissions grew 38.5% year-over-year in Q1 2025, with Medicare home health admissions specifically up 30.8%. This volume growth suggests their localized, quality-focused relationships are translating into referrals. The company is definitely focused on scaling this model, raising full-year 2025 revenue guidance to a range of $911.4 million to $948.6 million after Q3 results.

The Senior Living segment maintains a high private pay concentration, which means building strong, personal relationships with residents and their responsible family members is paramount for maintaining occupancy. The company reported occupancy was 79.2% in Q1 2025, with average monthly revenue per occupied unit at $5,093. Keeping those units full depends on that local, high-touch service delivery.

Finance: review the Q4 2025 covenant compliance projections based on the raised full-year guidance by December 20th.

The Pennant Group, Inc. (PNTG) - Canvas Business Model: Channels

The Pennant Group, Inc. (PNTG) uses a multi-faceted channel strategy to deliver its home health, hospice, and senior living services, heavily relying on its physical footprint and relationships within the healthcare ecosystem.

Network of affiliated home health, hospice, and senior living locations

The core channel is the physical network of operating subsidiaries, which allows for localized service delivery and relationship building. As of the end of the first quarter of 2025, The Pennant Group, Inc. (PNTG) operated:

• 137 home health and hospice agencies.
• 60 senior living communities.
• These operations spanned across 12 states.

This physical presence is augmented by growth through acquisition, such as the Q3 2025 closing of the largest deal in company history, involving 54 sites across Tennessee, Georgia, and Alabama.

The operational scale is reflected in the latest reported revenue figures. Trailing twelve month revenue as of September 30, 2025, was $847M USD. For the third quarter of 2025, total GAAP revenue reached $229.0M.

The key performance indicators for patient volume, which directly relate to service delivery channels, showed strength in the third quarter of 2025:

Metric	Q3 2025 Number	Year-over-Year Change
Home Health Admissions (Total)	20,426	+36.2%
Hospice Average Daily Census (ADC)	4,044	+17.4%
Senior Living Occupancy	80.9%	N/A (All-time high)

The focus on quality within the home health channel is evident, with 73.5% of agencies holding a Star rating of 4 and above. Also, the acute care hospitalization rate stood at 13.3%, which is below the national average of 14.1%.

Referrals from physicians, hospitals, and post-acute care facilities

The primary driver for patient volume in the home health and hospice segments is the professional referral network. This channel is critical for filling capacity across the affiliated agencies.

• Total home health admissions in Q3 2025 were 20,426.
• Medicare home health admissions for Q3 2025 represented 30.8% of total admissions growth.
• Same-Store Home Health Admissions grew by 15.5% in Q3 2025.

The company emphasizes maintaining strong relationships with these referral sources, noting optimism about retaining teams despite transitions, which helps secure consistent patient flow.

Digital presence and local community outreach programs

While the search results emphasize physical and referral channels, The Pennant Group, Inc. (PNTG) maintains a digital presence and engages in local outreach to support brand awareness and community integration for its independent subsidiaries.

The company's strategy involves ensuring that acquired operations understand 'what life will be like at Pennant' to build on legacy and retain staff, which supports the local service delivery channel.

Service center support for acquired operations, like in Connecticut

A centralized service center model supports the decentralized operating subsidiaries, providing back-office and administrative functions that allow local leaders to focus on clinical care and referral development. This structure is a key channel for scaling operations efficiently.

Following an acquisition in 2024, The Pennant Group, Inc. (PNTG) launched a dedicated service center based in Connecticut to support the operations of the acquired HHCAH entity. This centralized support is crucial for integrating new acquisitions, as seen with the Signature Healthcare at Home assets integration being ahead of schedule.

The service center model helps drive margin improvement; for instance, the Senior Living segment achieved an Adjusted EBITDA from operations margin of 10.3% in Q3 2025, a 50 basis point increase year-over-year.

Finance: draft 13-week cash view by Friday.

The Pennant Group, Inc. (PNTG) - Canvas Business Model: Customer Segments

You're looking at the core groups The Pennant Group, Inc. (PNTG) serves, which are primarily driven by demographic shifts toward an aging population needing various levels of care. These segments are the lifeblood of the company's revenue generation across its Home Health and Hospice Services and Senior Living Services divisions.

The Pennant Group, Inc. operates across 13 states, serving patients of all ages, but the focus is clearly on the continuum of post-acute and long-term care needs. The company's structure, spun off from The Ensign Group in 2019, emphasizes a decentralized model where independent operating subsidiaries manage local care delivery.

Growing senior population requiring post-acute and long-term care

This segment represents the broad market need that The Pennant Group, Inc. addresses. While the company doesn't report the total US senior population, its financial performance directly reflects its penetration into this growing demographic.

• The Pennant Group, Inc. operates across 13 states, including Arizona, California, Colorado, Idaho, Montana, Nevada, Oklahoma, Oregon, Texas, Utah, Washington, Wisconsin, and Wyoming, to capture this demand.
• The company's overall Total Revenue for the third quarter of 2025 reached $229.0 million.

Patients needing skilled home health and hospice services

This is the largest revenue-contributing segment for The Pennant Group, Inc., serving patients requiring skilled care in their homes or end-of-life hospice care. You can see the volume growth clearly in the quarterly admissions and census figures.

• Home Health and Hospice Services segment revenue for the third quarter of 2025 was $173.6 million, representing about 75.8% of total revenue for that quarter.
• Total home health admissions hit 20,426 in the third quarter of 2025, an increase of 36.2% over the prior year quarter.
• Medicare home health admissions, a key indicator of government payer volume, were 8,221 in the third quarter of 2025, up 35.4% year-over-year.
• Hospice average daily census (ADC) reached an all-time high of 4,044 patients in the third quarter of 2025.

Residents seeking assisted living, independent living, and memory care

The Senior Living Services segment caters to residents needing various levels of support, including assisted living and memory care. The focus here is on occupancy levels and the revenue generated per resident.

• The company achieved an all-time high in senior living occupancy during the third quarter of 2025.
• For the second quarter of 2025, the average occupancy rate was 78.8%.
• In the first quarter of 2025, the average monthly revenue per occupied room was $5,193, which was an increase of 11.3% over the prior year quarter.
• Senior Living Services segment revenue for the second quarter of 2025 was $53.5 million.

Here's a quick look at how the two main service segments performed in the latest reported quarters. Honestly, the growth in the Home Health and Hospice segment is outpacing the Senior Living segment on a percentage basis, but both are showing positive momentum.

Metric	Home Health and Hospice Services	Senior Living Services
Revenue (Q3 2025)	$173.6 million	Implied: $55.4 million (Calculated from Total $229.0M - HHH $173.6M)
Revenue (Q2 2025)	$166.0 million	$53.5 million
Key Volume Indicator (Q3 2025)	Total Admissions: 20,426	Occupancy: All-time high
Key Volume Indicator (Q1 2025)	Hospice ADC: 3,794	Avg. Monthly Revenue Per Occupied Room: $5,193

Managed care organizations and government agencies (indirect customers)

These entities act as significant payers for the services The Pennant Group, Inc. provides, particularly within the home health and hospice space. The volume of Medicare admissions is a direct proxy for the level of engagement with government-sponsored programs.

• Medicare home health admissions accounted for 8,221 of the total 20,426 home health admissions in the third quarter of 2025.
• The company's focus on revenue quality in senior living suggests an awareness of the reimbursement backdrop, though only about 13% of assisted living properties receive federal assistance from Medicaid, as noted in prior periods.

Finance: draft Q4 2025 segment revenue projections by next Tuesday.

The Pennant Group, Inc. (PNTG) - Canvas Business Model: Cost Structure

You're looking at the core expenses that drive The Pennant Group, Inc.'s operations as they integrate major growth. The cost structure is heavily weighted toward personnel, which is typical for a provider of this nature, but significant capital deployment for M&A is also a major factor.

High variable costs related to clinical staff wages and benefits are embedded primarily within the Cost of Services. For the Home Health and Hospice Services segment in the second quarter of 2025, the reported Cost of Services was $137,565 thousand on segment revenue of $165,248 thousand. Cost of Services itself is defined as primarily consisting of employee wages and related benefits, supplies, and purchased services. The company actively seeks to manage these labor costs by improving staff retention and reducing reliance on temporary agency services. The company generated $229.0 million in total revenue for the third quarter of 2025.

The commitment to growth via acquisition is a major cost component. The strategic acquisition of home health, hospice, and personal care operations from UnitedHealth Group Incorporated, which closed on October 1, 2025, carried a purchase price of $146.5 million. This deal added 54 locations, primarily in Tennessee. This capital expenditure follows prior growth, as the company took on $52.5 million in new long-term debt in the first quarter of 2025 alone to fund acquisitions. The company also expanded its credit capacity by adding a $100 million term loan to its credit facility during the third quarter of 2025 to support integration and selective M&A.

The decentralized structure necessitates specific Operating expenses for a decentralized structure and shared service center. General and administrative expense, which covers wages and benefits for Service Center personnel providing operational support, was $13,023 thousand for the three months ended September 30, 2024, and totaled $36,337 thousand for the nine months then ended. Management flagged near-term G&A elevation as a margin headwind following the close of the large October 2025 transaction. Acquisition-related costs, which are non-capitalizable, were $2,166 thousand in the first quarter of 2025.

Financing growth has increased the burden of Interest expense on long-term debt. As of September 30, 2024, The Pennant Group, Inc.'s Long-term debt, net stood at $108,875 thousand. The annual interest expenses were noted as $2.04 million over the last 12 months, though the full impact of the Q3 2025 $100 million term loan add-on is incorporated into the raised full-year 2025 guidance for higher interest expense.

Regulatory compliance and reimbursement-related costs present an ongoing risk that impacts cost management. The company faces the possibility of a net 6.4% payment reduction from the proposed 2026 CMS home health rule, which directly pressures margins for contracts indexed to Medicare rates. The Home Health and Hospice segment generated approximately 64.7% of its revenue from Medicare for the year ended December 31, 2024, making it sensitive to these policy shifts.

Here are some key expense and operational metrics for context:

Metric	Value (USD Millions)	Period/Date
FY 2025 Revenue Guidance (Midpoint)	$930.0	FY 2025
Q3 2025 Total Revenue	$229.0	Q3 2025
Acquisition Purchase Price (UHG/Amedisys)	$146.5	October 2025
Long-term Debt, Net	$108.9	September 30, 2024
New Term Loan Add-on	$100.0	Q3 2025
Annual Interest Expense (Approximate)	$2.04	Last 12 Months (Pre-New Debt Impact)
Q1 2025 Acquisition Related Costs	$2.166	Q1 2025
Potential CMS Home Health Payment Reduction	6.4%	Proposed 2026 Rule

You should track the Cost of Services as a percentage of Home Health & Hospice revenue, which was approximately 83.2% in Q2 2025 (137.565 / 165.248). The company's overall Operating Margin was 4.5% in Q3 2025, down from 6% in the same quarter last year, showing cost pressures relative to revenue growth.

• Home Health and Hospice Segment Revenue (Q3 2025): $173.6 million.
• Senior Living Services Segment Revenue (Q3 2025): $55.5 million.
• Total FY 2024 Revenue: $695 million.
• Total FY 2025 Revenue Guidance Raised to: $911.4M-$948.6M.

Finance: draft 13-week cash view by Friday.

The Pennant Group, Inc. (PNTG) - Canvas Business Model: Revenue Streams

You're looking at how The Pennant Group, Inc. (PNTG) actually brings in the money, which is key to understanding its valuation. The revenue streams are built around delivering healthcare services across different settings, primarily in-home care and senior living communities.

For the full year 2025, The Pennant Group, Inc. is guiding total revenue to be between $852.8 million and $887.6 million. That's a solid projection, especially when you look at the trailing twelve-month revenue as of September 30, 2025, which stood at $847 million.

The core of the business is definitely the Home Health and Hospice Services segment, which consistently represents the majority of sales. To give you a concrete look at the scale, here's how the revenue broke down in the second quarter of 2025:

Revenue Segment	Q2 2025 Revenue (in millions)	Year-over-Year Growth
Home Health and Hospice Services	$166.0 million	32.5%
Senior Living Services	$53.5 million	23.1%

The Senior Living Services stream comes from charging for room, board, and the level of care provided in their assisted living, independent living, and memory care communities. You can see the pricing power improving here; for the second quarter of 2025, the average monthly revenue per occupied room hit $5,188, marking an 8.3% increase over the prior year quarter.

When we look at where the money actually comes from-the payor mix-it shows The Pennant Group, Inc. is diversified, which helps mitigate risk from any single government payer change. As of the second quarter of 2025, the mix looked like this:

• Medicare payments accounted for 47.3% of total revenue.
• Medicaid payments made up 14.0% of total revenue.
• Private payors accounted for 24.8% of total revenue.
• Managed Care and other sources fill the remainder.

Also, the Home Care and Other Services revenue stream is defintely growing fast, which is a positive sign for diversification away from traditional episodic care. For the first quarter of 2025, this category brought in $15,166 thousand (or $15.166 million), which was a significant jump from the $4,671 thousand reported in the same period last year.

Finance: draft 13-week cash view by Friday.