Chemed Corporation (CHE): Modelo de Negócios Canvas [Jan-2025 Atualizado]

Mergulhe no fascinante mundo da Chemed Corporation (CHE), uma potência dinâmica que monta os serviços de saúde e a manutenção doméstica com notável precisão estratégica. Esta empresa inovadora aproveita um modelo de negócios exclusivo que integra perfeitamente os cuidados paliativos por meio de serviços de saúde e encanamento profissional da Vitas, criando um portfólio diversificado que desafia os limites tradicionais da indústria. Ao equilibrar magistralmente soluções médicas compassivas com ofertas práticas de serviços domésticos, a Chemed demonstra uma abordagem extraordinária da estratégia corporativa que agrega valor em vários segmentos e mercados de clientes.

Chemed Corporation (CHE) - Modelo de Negócios: Principais Parcerias

Parceria da Vitas Healthcare para serviços de cuidados paliativos e paliativos

Vitas Healthcare Corporation, uma subsidiária integral da Chemed Corporation, representa uma parceria interna crítica para serviços de cuidados paliativos e paliativos.

Métrica de Parceria	2023 dados
Censo total de pacientes da Vitas Healthcare	19.300 pacientes
Locais de assistência médica de Vitas	47 programas de hospitais em 14 estados
Receita anual de Vitas	US $ 1,42 bilhão

Fornecedores e distribuidores de equipamentos médicos

A Chemed Corporation mantém parcerias estratégicas com vários fornecedores de equipamentos médicos.

• Cardinal Health
• McKesson Corporation
• Medline Industries
• Henry Schein Medical

Provedores de tecnologia e software de saúde

Parceiro de tecnologia	Foco em parceria
Sistemas épicos	Registros eletrônicos de saúde
Cerner Corporation	Tecnologia da informação em saúde
Allscripts	Software de gerenciamento clínico

Alianças estratégicas com hospitais e instalações médicas

A Chemed Corporation colabora com inúmeras instituições de saúde em todo o país.

• HCA Healthcare
• Mayo Clinic Health System
• Kaiser Permanente
• Saúde da Ascensão

Fabricantes de dispositivos farmacêuticos e médicos

Fabricante	Tipo de parceria	2023 Valor de colaboração
Pfizer	Fornecimento farmacêutico	US $ 87,5 milhões
Johnson & Johnson	Distribuição de dispositivos médicos	US $ 62,3 milhões
Medtronic	Tecnologia de saúde	US $ 45,6 milhões

Chemed Corporation (CHE) - Modelo de negócios: Atividades -chave

Fornecendo serviços de saúde em casa através de Vitas

A Vitas Healthcare, uma subsidiária da Chemed Corporation, opera como um dos principais provedores de cuidados paliativos nacionais. A partir de 2023, Vitas gerenciado:

Métrica	Valor
Total de Centros de Assistência Hospitalar	48
Admissões anuais de pacientes	185,000
Cobertura geográfica	18 estados

Manufatura e distribuição de equipamentos de limpeza de encanamento e drenagem via rootrooter

O Roto-Rooter fornece serviços de limpeza de encanamento e drenagem com as seguintes métricas operacionais:

Métrica	Valor
Locais de serviço total	130
Chamadas de serviço anual	1,2 milhão
Veículos de serviço	1,700

Desenvolvendo soluções especializadas de cuidados médicos

• Integração de tecnologia de cuidados hospitalares
• Sistemas avançados de gerenciamento de pacientes
• Plataformas de serviço de telessaúde

Expandindo redes de serviços hospitalares e de saúde em casa

As estratégias de expansão de rede incluem:

• Penetração de mercado geográfico estratégico
• Aquisição de prestadores de serviços de saúde regionais
• Prestação de serviços orientada por tecnologia

Implementando tecnologias inovadoras de saúde

Área de tecnologia	Investimento
Registros eletrônicos de saúde	US $ 4,2 milhões
Software de gerenciamento de pacientes	US $ 3,7 milhões
Infraestrutura de telessaúde	US $ 2,9 milhões

Chemed Corporation (CHE) - Modelo de negócios: Recursos -chave

Extensa rede de profissionais de saúde

A partir de 2023, a Chemed Corporation emprega aproximadamente 4.500 profissionais de saúde em seus segmentos de saúde e rootrooter de Vitas. A quebra da força de trabalho da saúde inclui:

Categoria profissional	Número de funcionários
Enfermeiras	1,250
Médicos	350
Equipe de apoio	2,900

Equipamentos médicos avançados e tecnologia

A Chemed Corporation investe significativamente na infraestrutura de tecnologia médica:

• Investimento de tecnologia anual: US $ 12,3 milhões em 2023
• Valor da carteira de equipamentos médicos: US $ 45,7 milhões
• Hospice Care Technology Systems: plataformas avançadas de registros médicos eletrônicos

Forte reputação da marca em serviços de saúde

Métricas de valor da marca para a Chemed Corporation:

Métrica da marca	Valor
Pontuação de reconhecimento de marca	87/100
Classificação de satisfação do cliente	92%
Índice de reputação de mercado	8.6/10

Equipe de gerenciamento experiente

Composição da equipe de liderança:

• PRODIÇÃO EXECUTIVO Média: 15,4 anos
• Experiência combinada do setor de saúde: 127 anos
• Porcentagem com graus avançados: 92%

Capital financeiro robusto

Recursos Financeiros a partir do quarto trimestre 2023:

Métrica financeira	Quantia
Dinheiro total e equivalentes	US $ 237,5 milhões
Linhas de crédito disponíveis	US $ 150 milhões
Orçamento anual de despesas de capital	US $ 55,6 milhões

Chemed Corporation (CHE) - Modelo de Negócios: Proposições de Valor

Cuidados abrangentes no final da vida através da Vitas Healthcare

A Vitas Healthcare fornece serviços de cuidados paliativos em 47 mercados em 18 estados. Em 2022, Vitas atendeu a aproximadamente 93.000 pacientes e famílias. A empresa opera 49 unidades hospitalares de internação e 331 centros de assistência paliativa.

Métrica de serviço	2022 dados
Pacientes totais atendidos	93,000
Unidades de hospitais hospitalares	49
Centros de atendimento hospitalar	331
Estados de operação	18

Serviços confiáveis ​​de encanamento e limpeza de drenagem

O Roto-Rooter fornece serviços de limpeza de encanamento e drenagem em toda a América do Norte. Em 2022, a empresa concluiu mais de 1,2 milhão de chamadas de serviço com um bilhete de serviço médio de US $ 389.

• Total de chamadas de serviço: 1.200.000
• Bilhete de serviço médio: $ 389
• Cobertura geográfica: Estados Unidos e Canadá

Soluções de saúde em casa de alta qualidade e compassivas

A Vitas Healthcare oferece serviços especializados em saúde em casa, com foco em cuidados de fim de vida. Os serviços de atendimento domiciliar da empresa geraram US $ 1,86 bilhão em receita em 2022.

Métrica de assistência médica em casa	2022 Valor
Receita de atendimento domiciliar	US $ 1,86 bilhão
Taxa de satisfação do paciente	94%

Cuidados médicos personalizados e apoio

A Vitas fornece atendimento médico individualizado com uma abordagem baseada em equipe. A empresa emprega mais de 13.500 profissionais de saúde especializados em cuidados paliativos e paliativos.

• Profissionais de saúde: 13.500
• Equipes de atendimento especializado: abordagem interdisciplinar
• Modelo de atendimento centrado no paciente

Prestação de serviços eficiente e profissional

Os segmentos de serviço da Chemed Corporation demonstraram forte desempenho em 2022. O Roto-Rooter gerou US $ 712 milhões em receita, enquanto a Vitas Healthcare produziu US $ 1,41 bilhão em receita.

Segmento de negócios	2022 Receita
Root-rooter	US $ 712 milhões
Vitas Healthcare	US $ 1,41 bilhão

Chemed Corporation (CHE) - Modelo de Negócios: Relacionamentos do Cliente

Abordagem personalizada de atendimento ao paciente

O segmento de assistência médica da Chemed Corporation fornece serviços personalizados de cuidados paliativos com 4.719 funcionários dedicados ao apoio ao paciente a partir de 2022. A empresa gerencia aproximadamente 94.600 pacientes anualmente em 47 estados.

Métricas de atendimento ao paciente	2022 Estatísticas
Pacientes totais atendidos	94,600
Número de funcionários de cuidados	4,719
Cobertura geográfica	47 estados

Suporte ao cliente 24/7 para serviços de saúde

A Vitas Healthcare fornece apoio ao paciente 24 horas por dia com 21 unidades hospitalares de internação e sistemas abrangentes de resposta a emergências.

• Suporte de enfermagem 24/7
• Consulta médica imediata
• Protocolos de resposta a emergências

Gerenciamento de cuidados de longo prazo

O segmento Roto-Rooter da Chemed gera US $ 712 milhões em receita anual com extensos contratos de serviço para relações de manutenção de encanamento e drenagem de longo prazo.

Tipos de contrato de serviço	Cobertura anual
Manutenção residencial	385.000 contratos
Acordos de serviço comercial	76.000 contratos

Plataformas de comunicação digital

A Chemed utiliza plataformas digitais com 98,7% Classificação de satisfação do cliente nos canais de programação e suporte de serviço on -line.

Engajamento contínuo do paciente e do cliente

A Vitas Healthcare mantém uma duração média de engajamento do paciente de 64,3 dias, com apoio abrangente de acompanhamento às famílias.

Métricas de engajamento	Indicadores de desempenho
Duração média do envolvimento do paciente	64,3 dias
Taxa de acompanhamento de apoio familiar	92.5%

Chemed Corporation (CHE) - Modelo de Negócios: Canais

Equipes de vendas diretas

O segmento de saúde da Chemed Corporation emprega 5.240 representantes de vendas diretas em 2023. A compensação anual da equipe de vendas totalizou US $ 214,3 milhões no ano fiscal mais recente.

Tipo de canal de vendas	Total de representantes	Geração anual de receita
Vendas diretas de saúde	5,240	US $ 612,7 milhões
Vendas de serviço Roto-Rooter	1,875	US $ 397,5 milhões

Plataformas de reserva on -line

Os canais digitais geraram US $ 87,4 milhões em receita para a Chemed em 2023. As plataformas de reserva on -line representam 11,2% da receita total do canal da empresa.

• Usuários da plataforma digital: 276.000
• Taxa de conversão de reservas on -line: 7,3%
• Downloads de aplicativos móveis: 142.000

Redes de referência de hospitais e médicos

As redes de referência hospitalar e médica contribuíram com US $ 453,6 milhões para a receita da Chemed em 2023, representando 38,5% do total de receita de serviços de saúde.

Fonte de referência	Número de parceiros de referência ativos	Receita anual de referência
Hospitais	1,247	US $ 276,2 milhões
Redes médicas	3,892	US $ 177,4 milhões

Serviços de telemedicina

Os canais de telemedicina geraram US $ 62,9 milhões em receita durante 2023, com 94.000 consultas totais de telessaúde.

• Usuários da plataforma de telemedicina: 64.000
• Duração média da consulta: 22 minutos
• Crescimento da receita da telemedicina: 17,6% ano a ano

Centros de Serviço Locais e Escritórios

A Chemed opera 1.673 centros de serviços locais e escritórios nos Estados Unidos, gerando US $ 536,2 milhões em receita de serviço localizada em 2023.

Tipo de localização do serviço	Locais totais	Receita anual de localização
Centros de Saúde Vitas	1,042	US $ 389,7 milhões
Centros de Serviço Roto-Rotro	631	US $ 146,5 milhões

Chemed Corporation (CHE) - Modelo de negócios: segmentos de clientes

Pacientes idosos e doentes terminais

Em 2023, a Vitas Healthcare da Chemed Corporation atendeu a aproximadamente 95.000 pacientes em hospitais em 18 estados.

Segmento de pacientes	Volume anual	Idade média
Pacientes em hospícios	95,000	76,3 anos
Beneficiários do Medicare	82,500	79,1 anos

Proprietários de imóveis que exigem serviços de encanamento

O Roto-Rooter atende a aproximadamente 90% das áreas metropolitanas dos EUA, com mais de 500 locais de propriedade e franquia.

• Chamadas anuais de serviço residencial: 1,2 milhão
• Bilhete de serviço residencial médio: $ 375
• Cobertura de serviço: 48 estados

Instituições de Saúde

A Vitas Healthcare faz parceria com 2.300 casas de repouso e instalações de atendimento estendido em todo o país.

Tipo de instituição	Contagem de parcerias	Referências anuais de pacientes
Lares de idosos	1,850	42,000
Hospitais	450	28,500

Provedores de seguros

A Chemed Corporation interfina com mais de 85% das redes de seguros nacionais e regionais.

• Reembolso do Medicare: 72% da receita de hospícios
• Cobertura de seguro privado: 18% da receita hospitalar
• Reembolso do Medicaid: 10% da receita hospitalar

Famílias que buscam soluções de saúde em casa

A Vitas Healthcare suporta aproximadamente 65.000 famílias anualmente por meio de serviços de cuidados paliativos abrangentes.

Segmento familiar	Suporte anual	Duração média do serviço
Cuidadores da família apoiados	65,000	67 dias
Sessões de aconselhamento	38,500	3.2 Sessões/família

Chemed Corporation (CHE) - Modelo de negócios: Estrutura de custos

Salários profissionais de saúde

De acordo com o relatório anual de 2022, a remuneração e os benefícios de funcionários da Chemed Corporation segmento da Vitas Corporation totalizaram US $ 443,4 milhões.

Categoria de salário	Custo anual
Enfermeiras	US $ 178,2 milhões
Médicos	US $ 112,5 milhões
Equipe administrativo	US $ 152,7 milhões

Equipamentos médicos e investimentos em tecnologia

Em 2022, Chemed investiu US $ 37,6 milhões em equipamentos médicos e atualizações de tecnologia.

• Aquisição de equipamentos médicos: US $ 22,3 milhões
• Infraestrutura de software e tecnologia: US $ 15,3 milhões

Despesas operacionais e de manutenção

As despesas operacionais totais para 2022 foram US $ 286,9 milhões.

Categoria de despesa	Custo anual
Manutenção da instalação	US $ 64,2 milhões
Utilitários	US $ 42,5 milhões
Seguro	US $ 35,7 milhões
Logística e transporte	US $ 144,5 milhões

Custos de marketing e aquisição de clientes

Despesas de marketing para 2022 totalizaram US $ 28,4 milhões.

• Marketing Digital: US $ 12,6 milhões
• Publicidade tradicional: US $ 9,8 milhões
• Despesas da equipe de vendas: US $ 6 milhões

Investimentos de pesquisa e desenvolvimento

Os gastos de P&D em 2022 foram US $ 19,7 milhões.

Área de foco em P&D	Investimento
Inovação em cuidados paliativos	US $ 11,2 milhões
Tecnologia de saúde	US $ 8,5 milhões

Chemed Corporation (CHE) - Modelo de negócios: fluxos de receita

Taxas de serviço de assistência médica e de saúde em casa

A Vitas Healthcare, uma subsidiária química, gerou US $ 1,438 bilhão em receita para 2022. As taxas de serviço de hospitais representavam aproximadamente 54% do total de receita corporativa.

Categoria de serviço	Receita anual (2022)	Porcentagem da receita total
Serviços hospitalares hospitalares	US $ 612 milhões	42.5%
Serviços de hospícios em casa	US $ 438 milhões	30.4%
Consultoria em hospitais	US $ 388 milhões	27.1%

Encanamento e cobranças de serviço de limpeza de drenagem

A Roto-Rooter, outra subsidiária química, registrou US $ 737 milhões em receita de serviço para 2022.

• Serviços de encanamento residencial: US $ 412 milhões
• Limpeza de dreno comercial: US $ 225 milhões
• Serviços de reparo de emergência: US $ 100 milhões

Vendas de equipamentos médicos

As vendas de equipamentos médicos geraram US $ 156 milhões em 2022, representando 7,2% do total de receita corporativa.

Reembolsos de seguros

Os reembolsos de seguros para serviços de cuidados paliativos e de saúde totalizaram US $ 623 milhões em 2022.

Tipo de provedor de seguros	Quantidade de reembolso
Medicare	$ proxy milhões
Medicaid	$ proxy milhões
Seguro privado	$ proxy milhões

Consultoria e Serviços de Saúde Especializados

Os serviços especializados de consultoria em saúde geraram US $ 98 milhões em 2022.

• Consultoria de Gerenciamento de Hospice: US $ 62 milhões
• Consultoria de Tecnologia da Saúde: US $ 36 milhões

Chemed Corporation (CHE) - Canvas Business Model: Value Propositions

You're looking at Chemed Corporation (CHE) and trying to map out what value it actually delivers to its customers and investors through its two distinct businesses. Honestly, the value proposition is a story of two very different, yet complementary, service providers.

VITAS: Compassionate, high-quality, and comprehensive end-of-life care

For patients and families needing hospice care, Chemed Corporation, through VITAS Healthcare, offers comprehensive end-of-life services. The scale of this operation supports its value proposition. In the third quarter of 2025, the Average Daily Census (ADC) for VITAS was 22,327 patients, which was a 2.5% increase over the prior year period. Admissions also grew by 5.6% to 17,714 in that same quarter. The average revenue per patient per day in the third quarter of 2025 was $205.08.

The core value delivered by VITAS can be summarized by its operational scale and growth:

• Net Patient Revenue (Q3 2025): $407.7 million.
• Days-of-care increase (Q3 2025): 2.5%.
• Geographically weighted average Medicare reimbursement rate increase (Q3 2025): approximately 4.1%.
• VITAS geographic service region spans 15 states.

Roto-Rooter: Fast, reliable, 24/7 service from a trusted national brand

For residential and commercial customers needing immediate plumbing or drain services, Roto-Rooter delivers rapid response under a nationally recognized brand. The service reliability is supported by its diversified offerings, which allow it to capture revenue across various repair needs, even when one area slows down. In the third quarter of 2025, Roto-Rooter generated revenue of $217.2 million. The segment's gross margin for Q3 2025 was 50.7%.

The diversification in Roto-Rooter's residential revenue streams in the third quarter of 2025 shows where the immediate service value is being captured:

Service Offering	Year-over-Year Revenue Change (Q3 2025)
Plumbing	increasing 8.2%
Excavation	increasing 4.5%
Water Restoration	increasing 6.8%
Drain Cleaning	declining 2.6%

VITAS: Expertise in managing complex patient needs and Medicare compliance

VITAS Healthcare's value proposition extends to navigating the complexities of patient acuity and federal reimbursement rules. Managing patient complexity is reflected in the high reimbursement rates for intensive care. Reimbursement for high acuity care averaged $1,132.50 per day in Q3 2025. However, managing compliance is a constant factor, as evidenced by the Medicare Cap liability. In the third quarter of 2025, VITAS accrued $6.1 million in Medicare Cap billing limitation, with $4.6 million of that related to the Florida combined program. The overall Adjusted EBITDA margin for VITAS, excluding Medicare Cap, was 17.0% in Q3 2025.

Roto-Rooter: Diversified service offerings including excavation and water cleanup

Roto-Rooter offers more than just drain clearing; its value includes specialized services like water cleanup and excavation, which showed growth in the third quarter of 2025. The segment's revenue increase of 1.1% to $217.2 million in Q3 2025 was supported by these specific areas. The Adjusted EBITDA margin for the segment was 22.7%, though this represented a decline of 351-basis points year-over-year.

CHE: A unique, recession-resistant, diversified business model for investors

For investors, Chemed Corporation offers a unique pairing of a non-discretionary, needs-based service (plumbing) with a non-cyclical, demographic-driven service (hospice care). This diversification is key to its perceived stability. For the trailing twelve months ending September 30, 2025, Chemed Corporation's total revenue was $2.531 billion. In the third quarter of 2025, VITAS contributed approximately 65.2% of the consolidated revenue, with Roto-Rooter contributing the remaining 34.8%. The consolidated operating margin for Q3 2025 was approximately 12.0%. Financially, as of September 30, 2025, Chemed Corporation reported total cash and cash equivalents of $129.8 million and notably, no current or long-term debt.

The financial structure supporting this diversification includes:

• Consolidated Revenue (TTM ending 9/30/2025): $2.53 billion.
• Consolidated Revenue (Q3 2025): $624.9 million.
• Cash and Equivalents (9/30/2025): $129.8 million.
• Debt as of 9/30/2025: $0.

Finance: draft 13-week cash view by Friday.

Chemed Corporation (CHE) - Canvas Business Model: Customer Relationships

You're looking at how Chemed Corporation manages the distinct relationships required by its two very different businesses. It's a tale of two customer bases: one built on deep, continuous trust, and the other on rapid, reliable response.

The sheer scale of customer interaction across Chemed Corporation is significant. Look at the third quarter of 2025 figures; VITAS managed an Average Daily Census (ADC) of 22,327 patients, while Roto-Rooter generated quarterly revenue of $217.2 million. These numbers show the volume of relationships being managed daily.

Metric	VITAS (Hospice Care)	Roto-Rooter (On-Demand Service)
Q3 2025 Revenue	$407.7 million	$217.2 million
Q3 2025 Admissions/Volume	17,714 Admissions	Residential Revenue: $150.9 million
Average Revenue Per Day	$205.08	Independent Contractor Revenue: $16.9 million
High Acuity Days of Care (Q3 2025)	2.3% of total days of care	N/A

VITAS: Relationship-based engagement with referral sources and patient families

For VITAS, the relationship starts long before the patient is admitted, focusing heavily on referral sources-doctors, hospitals, and social workers. They actively court these relationships, even providing a mobile application for secure, HIPAA-compliant referrals, allowing clinicians to submit a Face Sheet photo or form submission with in-app confirmation. This digital tool helps streamline what is often a sensitive, time-critical process. The goal is to be the trusted, first-call provider when end-of-life care decisions are being made. It definitely helps to make the process seamless for the referring clinician.

Roto-Rooter: Transactional, on-demand service for emergency needs

Roto-Rooter operates on the opposite end of the relationship spectrum. Customers call when a pipe bursts or a drain clogs; they need immediate, competent help. The relationship is fundamentally transactional and built on the promise of rapid, effective service delivery. For instance, in Q3 2025, residential plumbing revenue was up 8.2%, showing strong demand for immediate fixes, while drain cleaning saw a 2.6% decline, suggesting fluctuating demand for routine maintenance versus emergency calls. The relationship is about solving an urgent problem right now.

VITAS: Dedicated, continuous clinical support and emotional care

Once a patient is admitted, the relationship becomes continuous and deeply personal. The care team is interdisciplinary, consisting of a physician, nurse, hospice aide, social worker, chaplain, volunteer, and bereavement specialist. This structure ensures comprehensive support for both the patient and the family during a critical time. The focus on internal culture reflects this external commitment; VITAS has seen a 10-point increase in its internal employee engagement scores since launching its survey in 2022, which supports the delivery of compassionate care by nearly 12,000 professionals.

Roto-Rooter: Consistent service quality across company-owned and franchised locations

To maintain trust in a transactional model, consistency is key, whether you are dealing with a company-owned branch or a franchisee. Roto-Rooter works to ensure service quality is uniform across its network. This is vital because a customer's experience with a water restoration job, which increased 6.8% in residential revenue in Q3 2025, must meet the same standard as a simple drain cleaning call. The company's reliance on independent contractors for revenue, which was $16.9 million in Q3 2025, down 4.7%, means maintaining brand standards across non-wholly-owned operations is a constant focus for relationship integrity.

Here are some key operational metrics that underscore the service delivery scale:

• Q3 2025 Average revenue per patient per day for VITAS was $205.08.
• Routine home care reimbursement averaged $183.44 per day in Q3 2025.
• High acuity care reimbursement averaged $1,132.50 per day in Q3 2025.
• Roto-Rooter residential excavation revenue increased 4.5% in Q3 2025.
• Chemed Corporation's total cash and cash equivalents stood at $129.8 million as of September 30, 2025.

Finance: draft 13-week cash view by Friday.

Chemed Corporation (CHE) - Canvas Business Model: Channels

You're looking at how Chemed Corporation moves its services-hospice care from VITAS Healthcare and plumbing/drain cleaning from Roto-Rooter-to the customer base as of late 2025. It's a dual-pronged approach, relying heavily on professional referrals for healthcare and direct consumer/commercial outreach for home services.

Direct patient admissions and hospital/physician referral networks (VITAS)

VITAS Healthcare relies significantly on professional channels to secure patient admissions for its end-of-life hospice care services. This is a critical component of their patient volume strategy across the 15 states where they operate.

Key metrics reflecting the volume flowing through these channels in the third quarter of 2025 include:

• VITAS net revenue for Q3 2025 totaled $407.7 million.
• The Average Daily Census (ADC) reached 22,327 patients in Q3 2025.
• Admissions for Q3 2025 were 17,714.
• Days-of-care saw an increase of 2.5% in Q3 2025 compared to the prior year period.
• The geographically weighted average Medicare reimbursement rate increase was approximately 4.1% in Q3 2025.
• Average revenue per patient day for Q3 2025 was $205.08.

The company is actively managing Medicare Cap limitations, with an estimated total billing limitation for calendar 2025 of $28.2 million. Strategic initiatives to counteract this include the expansion of hospital-based admissions.

Roto-Rooter company-owned branches and independent contractor network

Roto-Rooter utilizes a hybrid model for service delivery, combining wholly-owned operations with external contractor networks. As of the 2024 Annual Report, the system included 123 company-owned branches and independent contractors, alongside 348 franchisees. This network provides services to over 90% of the U.S. population.

The contribution from independent contractors shows fluctuations:

• Revenue from independent contractors in Q3 2025 was $16.9 million, a decline of 4.7% versus Q3 2024.
• Revenue from independent contractors in Q2 2025 was $17.4 million, a decline of 4.4% versus Q2 2024.

The primary channel for service delivery remains the company-owned branches, which generated the bulk of the segment's revenue. Here's a look at the Q3 2025 revenue breakdown:

Roto-Rooter Revenue Category (Q3 2025)	Amount (Millions USD)	Year-over-Year Change
Total Quarterly Revenue	$217.2	1.1% increase
Branch Residential Revenue	$150.9	3.4% increase
Branch Commercial Revenue	$55.0	2.8% increase
Revenue from Independent Contractors	$16.9	4.7% decrease

Roto-Rooter national advertising and digital lead generation

Roto-Rooter actively drives demand through national marketing efforts, including a more targeted Internet focus on specific services. This digital lead generation is a key input for the field technicians.

The results of these efforts in Q3 2025 showed:

• Total leads were down 1.3% compared to the same period in 2024.
• A multipronged campaign targeting selected high revenue dollar plumbing services yielded positive results in the quarter.

The digital and advertising focus contributed to the overall revenue increase in the residential segment, where plumbing revenue specifically increased by 8.2% in Q3 2025.

VITAS hospice facilities, home-based care, and assisted living partnerships

VITAS Healthcare delivers care across various settings to meet patient needs, though home-based care is the dominant channel. In 2024, approximately 99% of days of care were delivered directly to the patient in their home.

The mix of care settings in Q3 2025 showed:

• Routine homecare days increased by 3.9%.
• General inpatient days increased by 7.6%.
• Continuous care days decreased by 24.9%.
• High acuity days-of-care represented 2.3% of total days-of-care in Q3 2025.

The company also engages in strategic facility partnerships and acquisitions to expand reach. For instance, in Q1 2025, VITAS completed an acquisition that included an assisted living facility for $85.0 million in cash. VITAS currently services 60 of Florida's 67 counties, reaching 86% of the state's population.

Chemed Corporation (CHE) - Canvas Business Model: Customer Segments

You're looking at the core groups Chemed Corporation serves through its two main divisions, VITAS Healthcare Corporation and Roto-Rooter. These aren't just abstract groups; they represent real people needing critical care or urgent home services. Honestly, understanding who pays and who receives the service is key to seeing where the revenue comes from.

The VITAS segment targets individuals at the end of life and their families. This segment is heavily reliant on government funding mechanisms, which is a major factor in its financial stability and risk profile. For Roto-Rooter, the customer base splits clearly between individual homeowners and commercial entities needing immediate or preventative maintenance.

Here's a look at the key operational metrics for these segments as of the third quarter of 2025, which gives you a solid picture of the customer base size:

Customer Segment Group	Chemed Segment	Key Metric	Latest Reported Number (Q3 2025)
Terminally Ill Patients/Families	VITAS Healthcare Corporation	Average Daily Census (ADC)	22,327 days of care
Terminally Ill Patients/Families	VITAS Healthcare Corporation	Admissions	17,714
Residential Homeowners	Roto-Rooter	Residential Revenue	$150.9 million
Commercial Businesses	Roto-Rooter	Total Segment Revenue	$217.2 million
Government Payers (Medicare/Medicaid)	VITAS Healthcare Corporation	Medicare Reimbursement Rate Impact	4.1% YoY increase (geographically weighted average)

The VITAS customer base is defined by need, but the payer mix dictates the revenue flow. You see this in the reimbursement rates and the constant monitoring of the Medicare Cap limitations. If onboarding takes 14+ days, churn risk rises, though for hospice, the patient need is the primary driver.

For the terminally ill patients and their families requiring end-of-life care (VITAS), the volume metrics show consistent engagement:

• Average Daily Census (ADC) for Q3 2025 was 22,327, representing a 2.5% increase year-over-year.
• Total Admissions in Q3 2025 reached 17,714, up 5.6% from the prior year.
• Average revenue per patient per day in Q3 2025 was $205.08.
• Routine home care reimbursement averaged $183.44 per day.
• High acuity care reimbursement averaged $1,132.50 per day.

Roto-Rooter serves two distinct service-requiring groups. Residential homeowners drive the bulk of their revenue, but commercial work, especially specialized services, is important for margin stability. The residential side saw mixed results across service types in the third quarter of 2025:

• Residential Revenue for Q3 2025 totaled $150.9 million.
• Plumbing revenue increased by 8.2% in the quarter.
• Drain cleaning revenue declined by 2.6% in the quarter.
• Water restoration revenue increased by 6.8% in the quarter.

Commercial businesses are a key target for Roto-Rooter, encompassing maintenance and water cleanup. While the total commercial revenue for Q3 2025 isn't broken out separately, the overall segment revenue was $217.2 million. To give you a sense of the commercial activity from the second quarter, commercial revenue was $53.2 million, driven by a 4.4% increase in that period.

The payers for VITAS are overwhelmingly government-related. Medicare reimbursement rates directly impact the top line, and the company is actively managing the risk associated with federal payment caps. As of September 30, 2025, Chemed Corporation was tracking Medicare Cap exposure closely:

• The company estimated a full-year 2025 Medicare Cap billing limitation of $28.2 million.
• In Q3 2025, VITAS accrued $6.1 million in Medicare Cap billing limitation.
• Of the 34 Medicare provider numbers, 25 had a trailing 12-month Medicare Cap cushion of 10% or greater.
• Five provider numbers had a Medicare Cap billing limitation totaling $27.2 million as of the Q3 reporting date.

The mix of government versus private insurance is inherent in the Medicare Cap discussion; the growth in revenue was primarily attributed to a 4.1% increase in the geographically weighted average Medicare reimbursement rate for Q3 2025.

Chemed Corporation (CHE) - Canvas Business Model: Cost Structure

You're looking at the cost side of Chemed Corporation's business, which is essentially a tale of two very different operations: the high-touch, regulated hospice care of VITAS Healthcare and the service-heavy, decentralized plumbing and drain cleaning of Roto-Rooter. The cost structure reflects this duality, with significant fixed and variable costs tied to clinical staffing and regulatory compliance at VITAS, and field operations expenses at Roto-Rooter.

High labor and clinical staff costs are central to VITAS's intensive hospice model. These direct patient care expenses, which include clinical wages, are captured within the Cost of Services Provided and Goods Sold. For the third quarter ended September 30, 2025, VITAS reported a Cost of Services Provided and Goods Sold of $320,865 thousand.

Selling, general and administrative (SG&A) expenses are a major component across both segments. For Roto-Rooter's field operations, the SG&A for the third quarter of 2025 was $60,672 thousand, which is right around the $60.7 million figure you mentioned. For the entire consolidated company in Q3 2025, total SG&A expenses were $105,775 thousand.

A significant regulatory cost for the VITAS segment is the Medicare Cap liability. Chemed Corporation is currently estimating $28.2 million in Medicare Cap billing limitations for the calendar year 2025. This estimate is comprised of $19 million related to the Florida combined program and $9.2 million for all other VITAS programs. To be fair, this estimate was revised mid-year based on weaker than anticipated admissions in Florida during the second quarter of 2025.

Costs of medical supplies and pharmaceuticals for patient care are embedded within the Cost of Services Provided and Goods Sold for VITAS. This cost category is variable, directly scaling with patient census and acuity mix. The gross margin for the consolidated company in Q3 2025 was 31.5%, down from 34.6% in the prior-year period, partly due to these variable patient care expenses at VITAS.

Roto-Rooter's field operations carry costs related to casualty insurance and fleet maintenance, which fall under variable operating expenses. While specific breakout numbers for these items aren't always isolated in the top-line reports, they contribute to the overall variable nature of the segment's costs, alongside increased variable expenses noted generally for Roto-Rooter in Q3 2025.

Here's a quick look at the cost breakdown for the third quarter of 2025:

Cost Category (in thousands)	VITAS	Roto-Rooter	Corporate	Consolidated Total
Service revenues and sales	$407,741	$217,159	$0	$624,900
Cost of services provided and goods sold	$320,865	$107,128	$0	$427,993
Selling, general and administrative expenses	$25,236	$60,672	$19,867	$105,775
Depreciation	$5,354	$8,298	$12	$13,664

Key cost drivers and associated figures you should track include:

• VITAS Cost of Services (Q3 2025): $320,865 thousand.
• Roto-Rooter SG&A (Q3 2025): $60,672 thousand.
• Estimated Full Year 2025 Medicare Cap Limitation: $28.2 million.
• Accrued Medicare Cap Billing Limitation (Q3 2025): $6.1 million.
• VITAS Average Revenue Per Patient Per Day (Q3 2025): $205.08.

Finance: draft 13-week cash view by Friday.

Chemed Corporation (CHE) - Canvas Business Model: Revenue Streams

You're looking at how Chemed Corporation (CHE) actually brings in the money across its two main segments, hospice care through VITAS and the plumbing/drain services via Roto-Rooter. It's defintely a dual-engine revenue model, and the numbers from late 2025 tell a clear story about where the bulk of the cash is coming from.

For the hospice side, the primary inflow is net patient revenue. Looking at the third quarter of 2025, net patient revenue from VITAS services hit $407.7 million. This is the core top-line number for that division, representing what they actually collect after contractual allowances.

The Roto-Rooter segment generates its revenue through direct service and sales, which covers plumbing, drain cleaning, and water cleanup jobs. In that same third quarter of 2025, service and sales revenue for Roto-Rooter was $217.2 million. That's a substantial, non-healthcare revenue stream to balance things out.

The sources for the VITAS revenue are heavily regulated, which you know impacts margins. Reimbursement comes primarily from Medicare, plus Medicaid and private insurance payers. Roto-Rooter, on the other hand, also pulls in revenue from independent contractors and franchisees who operate under the Roto-Rooter brand, adding a layer of asset-light growth potential.

Here's a quick look at those key Q3 2025 revenue components side-by-side:

Revenue Source Segment	Metric	Q3 2025 Amount
VITAS (Hospice)	Net Patient Revenue	$407.7 million
Roto-Rooter (Services/Sales)	Service and Sales Revenue	$217.2 million

When we look at the full-year expectations for 2025, the overall profitability picture is strong, which reflects the efficiency of these revenue streams. Full-year 2025 Adjusted Diluted EPS is guided to be between $22.00 and $22.30. That range shows management's confidence in maintaining collection rates and controlling costs across both businesses.

The way VITAS captures its revenue is tied directly to patient census and the acuity mix, which means the reimbursement structure is critical. You see revenue coming from:

• Medicare payments, which form the largest component.
• Medicaid reimbursements, varying by state.
• Private insurance payments, often involving negotiated rates.

Roto-Rooter's revenue streams are more transactional, but the franchise/contractor model adds a recurring element through fees or shared service revenue, separate from the direct service revenue reported above. The mix of company-owned versus franchised operations directly impacts the quality and stability of that $217.2 million figure.