National HealthCare Corporation (NHC) operates post-acute and senior care facilities across 9 states, primarily in the Southeastern and Midwestern U.S. The core business is skilled nursing facilities (SNFs), which provide 24-hour nursing care and rehabilitative therapies for patients recovering from strokes, heart attacks, and orthopedic conditions. NHC operates 80 SNFs with over 10,000 licensed beds, and SNF occupancy has been rising toward 90%. Beyond SNFs, NHC runs assisted living (26 facilities), independent living (9 facilities), homecare (34 agencies), hospice services through its Caris Healthcare subsidiary (33 agencies), and behavioral health hospitals (3 facilities). NHC's strategy is to build an integrated continuum of care in each local market, so patients can move from independent living through assisted living, skilled nursing, and hospice within the NHC network. NHC generates nearly all revenue from patient care, with Medicare (31%), Medicaid (30%), private pay (27%), and managed care (12%) as its primary payers. Medicare is the most economically important payer, reimbursing SNFs at a fixed daily rate adjusted for patient acuity. NHC actively targets higher-acuity Medicare and private pay patients to improve its revenue mix. Since the SNF cost base is largely fixed, higher occupancy is a key earnings driver. NHC grows through acquisitions and organic expansion; its most recent notable move was the 2024 acquisition of White Oak Management, which added 15 SNFs and nearly 2,000 licensed beds in South Carolina and North Carolina.