Acadia Healthcare Company Inc (NASDAQ: ACHC) is a behavioral healthcare company that owns and operates acute inpatient psychiatric facilities and other behavioral health treatment centers across the United States. Revenue is generated by billing patients, commercial insurers, Medicaid, and Medicare for inpatient psychiatric care, residential treatment, and outpatient behavioral health services. Acadia describes itself as the largest publicly traded pure-play behavioral healthcare services provider in the U.S., operating in a highly fragmented industry. The company is headquartered in Franklin, Tennessee and its common stock trades on the NASDAQ Global Select Market under the ticker ACHC. As of the 10-K filed February 27, 2026, Acadia carried a $1.0 billion senior secured revolving credit facility entered into on February 28, 2025, reflecting a debt-reliant capital structure. Growth strategy includes acquisitions, de novo facility development, joint ventures, and bed additions at existing locations.

Revenue model

Fee-for-service billing to commercial insurers, Medicaid, Medicare, and self-pay patients for inpatient psychiatric, residential, and outpatient behavioral health services.

Products and services

Acute inpatient psychiatric facilities, residential behavioral health treatment, outpatient behavioral health services.

Customers and end markets

Patients seeking behavioral health and psychiatric treatment; payors include commercial health insurers, Medicaid, and Medicare. End market is U.S. behavioral healthcare.

Value-chain role

Direct operator of behavioral healthcare facilities; provides clinical services to patients and bills third-party payors.

Geographic exposure

United States, with national scale and a strategy to increase out-of-state patient referral volume. Principal offices in Franklin, Tennessee.

Source: SEC 10-K, filed 2026-02-27

Industry: Services-Specialty Outpatient Facilities, NEC Peers: Cano Health, Inc. HCA Healthcare Inc Encompass Health Corp Ensign Group Inc National Healthcare Corp Tenet Healthcare Corp Select Medical Holdings Corp Surgery Partners Inc Universal Health Services Inc