Nutex Health Inc. (NASDAQ: NUTX) is a healthcare company that owns and operates micro-hospitals and manages independent physician associations (IPAs) through a population health management division. Revenue comes from two primary sources: hospital division fees billed to commercial insurers and patients on an out-of-network basis, and capitation and management fees from IPA and physician group management contracts. The hospital division operates as an out-of-network provider, meaning it does not hold negotiated reimbursement rates with insurers, which adds complexity to its revenue estimation process. The population health management division receives fixed per-member-per-month capitation payments from managed care organizations including HMOs, plus management fees based on gross capitation revenues of the IPAs it manages. Net income attributable to Nutex Health Inc. was $70.8 million for the year ended December 31, 2025, compared to $52.1 million for the year ended December 31, 2024. Corporate general and administrative expenses totaled $51.7 million in FY2025, with stock-based compensation of $117.0 million, a $100.4 million increase driven by one-time obligations to qualifying under-construction and ramping hospitals.

Revenue model

Two revenue streams: (1) hospital division fee-for-service billings to commercial insurers and patients, operating out-of-network with variable reimbursement collected partly through arbitration; (2) population health management division capitation payments (fixed per-member-per-month fees from HMOs and managed care providers) plus management fees calculated as a percentage of gross capitation revenues from managed IPAs and physician groups.

Products and services

Micro-hospital facilities providing acute care services; independent physician association (IPA) management services; capitation-based healthcare delivery through physician-owned entities consolidated as variable interest entities (VIEs); payment dispute resolution services (via HaloMD agreement dated May 1, 2024).

Customers and end markets

Commercial insurance payers and HMOs; managed care organizations; individual patients; IPA-enrolled health plan members. End markets are acute care, emergency services, and managed care. The hospital division operates predominantly out-of-network with commercial insurers.

Value-chain role

Owner-operator of micro-hospital facilities and manager of physician groups and IPAs. Consolidates physician-owned entities as VIEs. Acts as a capitation risk-bearing entity in managed care arrangements.

Geographic exposure

United States. Acquired a 51% membership interest in an Indiana-based entity in May 2025. Acquired land and an office building with tenant leases in December 2025. Plans to open three new hospital facilities by end of 2026.

Source: SEC 10-K, filed 2026-03-05

Industry: Services-Business Services, NEC Peers: Veradigm Inc. American Well Corp Claritev Corp Convey Health Solutions Holdings, Inc. Sharecare, Inc. NEXTGEN HEALTHCARE, INC. Phreesia Inc Simulations Plus Inc Schrodinger Inc