Addus HomeCare Corporation (NASDAQ: ADUS) is a home-based care services company that provides personal care, hospice, and home health services to individuals. Revenue is generated by billing government payors, primarily Medicaid and managed care organizations, on a per-visit or per-hour basis for services delivered in consumers' homes. The company operates across multiple states, with its payor mix heavily weighted toward state Medicaid programs and managed care organizations that have assumed responsibility for Medicaid beneficiaries. Demand drivers include an aging population, state Medicaid program structures, and the shift of care delivery away from institutional settings. The business is labor-intensive, with caregiver wages representing the primary cost input, and is exposed to federal and state minimum wage pressure as well as government reimbursement rate changes. Addus files as a well-known seasoned issuer, indicating a market capitalization above SEC thresholds.

Revenue model

Fee-for-service billing to government payors, principally Medicaid and managed care organizations, on a per-visit or per-hour basis for personal care, hospice, and home health services delivered in consumers' homes.

Products and services

Personal care services, hospice care, and home health services delivered in consumer residences.

Customers and end markets

End consumers are primarily elderly and disabled individuals receiving Medicaid-funded home-based care. Direct payors are state Medicaid agencies and managed care organizations that administer Medicaid benefits. The company maintains referral sources as a key part of its customer acquisition model.

Value-chain role

Direct provider of home-based care services, sitting between state Medicaid programs or managed care organizations (payors) and individual consumers (care recipients). Employs and dispatches caregivers to consumer homes.

Geographic exposure

Multi-state operations across the United States, concentrated in states with active Medicaid personal care programs. Specific state breakdown not quantified in available filing excerpts.

Source: SEC 10-K, filed 2026-02-24

Industry: Services-Home Health Care Services Peers: 23ANDME HOLDING CO. AGILITI, INC. \DE Astrana Health Inc CorVel Corp CVS Health Corp OPKO Health Inc LifeStance Health Group Inc Pediatrix Medical Group Inc ModivCare Inc