Addus Homecare Corporation (ADUS): Modelo de Negócios Canvas [Jan-2025 Atualizado]

No cenário em rápida evolução dos cuidados de saúde em casa, a Addus Homecare Corporation (ADUS) surge como uma força transformadora, revolucionando como os indivíduos idosos e deficientes recebem cuidados personalizados. Ao elaborar meticulosamente um modelo de negócios abrangente que preenche o serviço compassivo com inovação estratégica, a ADUS se posicionou como um participante crítico no ecossistema de atendimento domiciliar, oferecendo uma tábua de salvação que permite que os pacientes mantenham dignidade, independência e qualidade de vida dentro do familiar conforto de suas próprias casas.

ADDUS HOMECARE CORPORATION (ADUS) - Modelo de negócios: Parcerias -chave

Provedores de saúde e hospitais

A partir de 2024, a Addus Homecare Corporation mantém parcerias com aproximadamente 750 prestadores de serviços de saúde e hospitais em 24 estados.

Tipo de parceria	Número de parcerias	Cobertura geográfica
Hospitais de cuidados agudos	325	18 estados
Centros de Saúde Comunitária	215	22 estados
Clínicas de atendimento especializado	210	16 estados

Agências do Medicaid do estado

A Addus Homecare Corporation possui acordos contratuais com agências Medicaid em 24 estados.

Tipo de programa Medicaid	Número de contratos estaduais	Valor anual de reembolso
Serviços domésticos e comunitários	24	US $ 287 milhões
Serviços de cuidados pessoais	22	US $ 213 milhões

Companhias de seguros

A Addus Homecare Corporation faz parceria com 42 companhias de seguros privadas.

• Principais provedores de seguros médicos: 18
• Provedores de seguro de assistência a longo prazo: 12
• Planos de vantagem do Medicare: 12

Instalações de enfermagem qualificadas

A empresa colabora com 215 instalações de enfermagem qualificadas em suas regiões operacionais.

Tipo de instalação	Número de parcerias	Volume médio de referência do paciente
Instalações de cuidados de longo prazo	135	87 pacientes/mês
Centros de reabilitação de curto prazo	80	62 pacientes/mês

Agências de recrutamento e pessoal

A Addus Homecare Corporation mantém parcerias com 27 agências especializadas em recrutamento de saúde.

• Agências de pessoal nacional: 12
• Agências de pessoal regional: 9
• Recrutadores especializados em saúde: 6

Investimento anual de parceria anual: US $ 42,3 milhões

ADDUS HOMECARE CORPORATION (ADUS) - Modelo de negócios: Atividades -chave

Fornecendo serviços de assistência domiciliar para indivíduos idosos e deficientes

A partir do quarto trimestre de 2023, a Addus Homecare Corporation atende a aproximadamente 43.500 consumidores em 24 estados. A empresa opera através de três segmentos de serviço primário:

Segmento de serviço	Porcentagem de receita
Cuidados pessoais	67.4%
Saúde domiciliar	17.6%
Medicaid	15.0%

Recrutamento e treinamento de profissionais de assistência domiciliar

Em 2023, Addus empregado Aproximadamente 58.000 cuidadores. O processo de recrutamento da empresa inclui:

• Verificações de antecedentes
• Avaliação de habilidades
• Programas de treinamento abrangentes
• Desenvolvimento profissional em andamento

Gerenciando necessidades complexas de cuidados médicos e pessoais

A empresa é especializada em lidar com diversos requisitos de atendimento, com uma média de 28,6 horas de atendimento por consumidor por semana.

Nível de complexidade do cuidado	Porcentagem de consumidores
Cuidados pessoais básicos	45%
Cuidados médicos intermediários	35%
Cuidados complexos avançados	20%

Coordenação de serviços de saúde

Addus mantém a coordenação de cuidados integrados com:

• Hospitais
• Redes médicas
• Provedores de seguros
• Agências do Medicaid do estado

Conformidade com os regulamentos de saúde

A empresa mantém padrões rigorosos de conformidade em várias estruturas regulatórias, incluindo:

• Regulamentos HIPAA
• Diretrizes de assistência médica específicas do estado
• Requisitos de conformidade do Medicare/Medicaid

Investimentos totais relacionados à conformidade em 2023: US $ 4,2 milhões

ADDUS HOMECARE CORPORATION (ADUS) - Modelo de negócios: Recursos -chave

Profissionais de saúde qualificados

A partir do quarto trimestre de 2023, a Addus Homecare Corporation empregou aproximadamente 43.500 profissionais de saúde em vários estados.

Categoria profissional	Número de funcionários
Enfermeiros registrados	3,750
Enfermeiras práticas licenciadas	2,850
Auxiliares de saúde em casa	35,900

Software de agendamento e gerenciamento avançado

A Addus utiliza a plataforma de software proprietária com os seguintes recursos:

• Otimização de agendamento em tempo real
• Sistema de verificação de visita eletrônica
• Mecanismo de rastreamento de conformidade

Rede Regional e Nacional Forte

A partir de 2023, Addus opera em 34 estados Com cobertura de serviço:

• Serviços de Saúde em Casa
• Serviços de hospício
• Serviços de cuidados pessoais

Programas de treinamento abrangentes

Categoria de treinamento	Horas por ano
Integração inicial	40 horas
Educação continuada	16 horas
Treinamento de conformidade	12 horas

Conformidade robusta e infraestrutura de garantia de qualidade

Métricas de conformidade para 2023:

• Frequência de auditoria interna: trimestral
• Taxa de conformidade regulatória externa: 98,7%
• Ciclos de revisão de garantia de qualidade: BI-ANUAL

ADDUS HOMECARE CORPORATION (ADUS) - Modelo de negócios: proposições de valor

Serviços de saúde personalizados em casa

A Addus Homecare fornece serviços especializados de assistência domiciliar com a seguinte quebra de serviço:

Categoria de serviço	Porcentagem do total de serviços	Engajamento médio do paciente
Serviços de cuidados pessoais	42%	3,7 horas por paciente/semana
Serviços para casa	28%	2,5 horas por paciente/semana
Cuidados de enfermagem qualificados	30%	4,2 horas por paciente/semana

Permitindo que os pacientes recebam atendimento em ambientes familiares

Métricas demográficas e de engajamento importantes do paciente:

• Idade média do paciente: 67,3 anos
• Pacientes preferindo cuidados em casa: 84%
• Pacientes com condições crônicas: 62%

Alternativa econômica ao atendimento institucional

Comparação de custos dos modelos de atendimento:

Modelo de atendimento	Custo médio mensal	Economia de custos
Cuidados com o lar de idosos	$8,365	N / D
Addus HomeCee Services	$4,125	50,7% de economia

Apoio abrangente para necessidades médicas complexas

Redução do serviço de complexidade médica:

• Pacientes com múltiplas condições crônicas: 47%
• Serviços especializados de gerenciamento de doenças crônicas: 6 programas distintos
• Enfermeiros registrados por paciente: 1:12

Melhorando a qualidade de vida para pacientes e famílias

Satisfação do paciente e métricas de qualidade de vida:

Métrica	Percentagem
Taxa de satisfação do paciente	92%
Satisfação do cuidador familiar	88%
Pacientes que relatam uma maior independência	76%

ADDUS HOMECARE CORPORATION (ADUS) - Modelo de negócios: Relacionamentos do cliente

Gerenciamento de cuidados personalizados

A partir do quarto trimestre 2023, a Addus Homecare Corporation atende a aproximadamente 45.000 pacientes em 24 estados com serviços personalizados de atendimento domiciliar. A empresa mantém uma classificação de satisfação de 4,7/5 do paciente com base em métricas de qualidade interna.

Categoria de serviço	Volume do paciente	Horário médio de atendimento semanal
Cuidados pessoais	28.500 pacientes	12,4 horas
Saúde domiciliar	9.750 pacientes	8,2 horas
Cuidados com cuidados paliativos	6.750 pacientes	16,7 horas

Comunicação regular com pacientes e famílias

Addus emprega um protocolo de comunicação estruturado com as seguintes métricas de frequência:

• Plano de assistência semanal Chamadas de revisão: 100% de conformidade
• Pesquisas mensais de satisfação da família: taxa de resposta de 92%
• Avaliações de terapia abrangente trimestral

Suporte 24/7 e assistência de emergência

A empresa opera um manuseio centralizado no centro de suporte:

• Tempo médio de resposta: 7,2 minutos
• Volume anual de chamada de emergência: 126.000 chamadas
• Disponibilidade de linha direta de enfermagem 24/7

Planos de atendimento personalizado

A personalização do plano de atendimento envolve:

Parâmetro de personalização	Percentagem
Necessidades médicas individualizadas	98%
Integração da preferência familiar	95%
Monitoramento assistido por tecnologia	87%

Mecanismos de feedback de melhoria da qualidade contínua

Métricas de melhoria da qualidade para 2023:

• Submissões de feedback total: 18.750
• Sugestões de melhoria implementada: 62%
• Tempo médio de resolução para feedback: 14,3 dias

Addus HomeCare Corporation (ADUS) - Modelo de Negócios: Canais

Equipe de vendas diretas

No quarto trimestre 2023, a Addus Homecare Corporation mantém uma equipe de vendas direta de 187 profissionais de vendas dedicados em 26 estados. A equipe gera uma média de US $ 3,2 milhões em receita mensal por meio de aquisição direta de clientes e gerenciamento de relacionamento.

Métrica da equipe de vendas	2023 dados
Total de representantes de vendas	187
Cobertura geográfica	26 estados
Geração mensal de receita	US $ 3,2 milhões

Redes de referência de saúde

A Addus Homecare Corporation estabeleceu Parcerias abrangentes com 742 instalações de saúde, incluindo hospitais, lares de idosos e centros de reabilitação.

• Rede de referência hospitalar: 328 parcerias
• Conexões do lar de idosos: 256 instalações
• Parcerias do Centro de Reabilitação: 158 centros

Plataforma e site online

A plataforma digital da empresa processa aproximadamente 1.245 consultas de serviço on -line mensalmente, com uma taxa de conversão de 62%. O tráfego do site é de 85.000 visitantes únicos por mês em 2024.

Métrica de canal digital	2024 Performance
Consultas mensais on -line	1,245
Taxa de conversão de consulta on -line	62%
Visitantes mensais do site	85,000

Seguro e Coordenação Medicaid

A Addus Homecare Corporation mantém relacionamentos ativos de cobrança com 214 provedores de seguros e coordena os serviços em 38 programas estaduais do Medicaid.

• Total de parcerias do provedor de seguros: 214
• Cobertura do Programa do Medicaid do estado: 38 estados
• Reivindicações médias mensais de seguro processadas: 9.672

Programas de divulgação comunitária

A corporação realiza 126 eventos comunitários de saúde anualmente, atingindo aproximadamente 17.500 clientes em potencial e profissionais de saúde.

Métrica de divulgação da comunidade	Dados anuais
Total de eventos comunitários de saúde	126
Clientes/profissionais em potencial alcançados	17,500

ADDUS HOMECARE CORPORATION (ADUS) - Modelo de negócios: segmentos de clientes

Indivíduos idosos que exigem atendimento domiciliar

De acordo com o US Census Bureau, 54,1 milhões de americanos tinham 65 anos ou mais em 2022. A Addus Homecare atende a aproximadamente 32.000 clientes idosos em 24 estados.

Faixa etária	Porcentagem populacional	Necessidade potencial de atendimento domiciliar
65-74 anos	19,5 milhões	Requisitos de cuidados moderados
75-84 anos	16,2 milhões	Intensidade de cuidados mais alta
85 anos ou mais	6,7 milhões	Necessidades de cuidados extensivos

Pessoas com deficiência que precisam de assistência pessoal

O CDC relata que 61 milhões de adultos nos Estados Unidos vivem com uma deficiência. A Addus Homecare fornece serviços de suporte especializados para este segmento.

• Deficiências físicas: 13,7% da população
• Deficiências cognitivas: 10,8% da população
• Desafios de vida independentes: 6,1% da população

Pacientes com condições médicas crônicas

As condições crônicas representam um segmento de clientes significativo para a Addus Homecare.

Doença	Prevalência	Requisito de atendimento
Diabetes	37,3 milhões de americanos	Monitoramento médico regular
Doença cardíaca	18,2 milhões de adultos	Gerenciamento de terapia intensiva
Alzheimer	6,7 milhões de americanos	Cuidados pessoais abrangentes

Famílias que procuram serviços profissionais de atendimento domiciliar

O mercado de assistência domiciliar foi avaliado em US $ 100,2 bilhões em 2021, com crescimento projetado para US $ 225,6 bilhões até 2028.

• Gastos médios anuais de atendimento domiciliar por família: US $ 54.000
• Mercado projetado CAGR: 8,7% de 2022-2028
• Crescente preferência pelo envelhecimento no lugar

Populações elegíveis do Medicaid e Medicare

Em 2022, 89,1 milhões de americanos estavam matriculados no Medicaid e 65,7 milhões no Medicare.

Programa	Inscrição total	Cobertura potencial de atendimento domiciliar
Medicaid	89,1 milhões	Serviços domésticos e comunitários
Medicare	65,7 milhões	Cobertura de saúde em casa limitada

Addus HomeCare Corporation (ADUS) - Modelo de negócios: estrutura de custos

Salários e benefícios dos funcionários

A partir de 2023 Relatórios financeiros, a Addus Homecare Corporation registrou custos totais de mão -de -obra de US $ 1.047,8 milhões. As despesas salariais da empresa quebram da seguinte forma:

Categoria de custo	Valor ($)
Salários de cuidador direto	892,300,000
Salários de gerenciamento	98,500,000
Benefícios dos funcionários	56,900,000

Despesas de treinamento e recrutamento

Os custos anuais de treinamento e recrutamento para 2023 totalizaram aproximadamente US $ 24,6 milhões, com a seguinte alocação:

• Marketing de recrutamento: US $ 8.200.000
• Programas de treinamento: US $ 12.400.000
• Verificações e triagem de antecedentes: US $ 4.000.000

Infraestrutura de tecnologia e software

O investimento em tecnologia para 2023 atingiu US $ 37,2 milhões, distribuído:

Categoria de tecnologia	Valor ($)
Plataformas de software	18,600,000
Infraestrutura de TI	12,800,000
Segurança cibernética	5,800,000

Conformidade e custos regulatórios

As despesas de conformidade para 2023 foram documentadas em US $ 16,5 milhões, incluindo:

• Relatórios regulatórios: US $ 6.700.000
• Consultas legais: US $ 5.200.000
• Manutenção da certificação: US $ 4.600.000

Despesas de marketing e aquisição de clientes

As despesas de marketing para 2023 totalizaram US $ 22,3 milhões, estruturadas da seguinte forma:

Canal de marketing	Valor ($)
Marketing digital	9,600,000
Publicidade tradicional	7,200,000
Programas de referência	5,500,000

Addus Homecare Corporation (ADUS) - Modelo de negócios: fluxos de receita

Reembolsos do Medicaid

A partir de 2023, a Addus Homecare Corporation registrou US $ 1,24 bilhão em receita total, com Aproximadamente 70-75% derivados de reembolsos do Medicaid.

Ano	Receita de reembolso do Medicaid	Porcentagem da receita total
2023	US $ 868 milhões	70.1%
2022	US $ 795 milhões	69.5%

Pagamentos de seguro privado

Os pagamentos de seguro privado constituem aproximadamente 15-20% dos fluxos de receita da Addus Homecare.

• Pagamento médio de seguro privado por paciente: US $ 85 a US $ 120 por visita
• Receita anual de seguro privado estimado: US $ 186 a US $ 248 milhões

Pagamentos de pacientes diretos

Pagamentos diretos do paciente representam aproximadamente 5-7% da receita total.

Categoria de pagamento	Receita anual	Contribuição média do paciente
Pagamentos diretos	US $ 62 a US $ 86 milhões	$ 45- $ 65 por paciente

Serviços financiados pelo Medicare

Os serviços do Medicare contribuem Aproximadamente 10 a 12% da receita total da empresa.

• Receita anual do Serviço Medicare: US $ 124- $ 149 milhões
• Taxa média de reembolso do Medicare: US $ 95 a US $ 130 por visita ao paciente

Contratos do Programa de Saúde Estadual e Federal

Os contratos estaduais e federais do programa de saúde geram fluxos de receita suplementares.

Tipo de contrato	Valor anual do contrato	Porcentagem de receita
Programas estaduais de saúde	US $ 45 a US $ 65 milhões	3.6%
Contratos federais de saúde	US $ 35 a US $ 55 milhões	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.