Addus HomeCare provides home-based care services to elderly and disabled adults, primarily those who are dual-eligible for Medicare and Medicaid. The core service is personal care — non-medical assistance with daily living activities like bathing, grooming, and meal preparation — which allows clients to remain at home rather than enter nursing facilities. Personal care accounts for roughly 77% of revenue, with hospice (~18%) and home health (~5%) rounding out the business. As of year-end 2025, Addus operated across 23 states through approximately 262 offices, serving roughly 107,000 consumers annually. Revenue is almost entirely government-funded: personal care is reimbursed on an hourly, fee-for-service basis by state Medicaid programs and MCOs; hospice is reimbursed by Medicare at a daily rate; and home health is reimbursed by Medicare on a per-episode basis. The key revenue drivers in personal care are billable hours delivered and the bill rate set by state Medicaid programs. Caregiver wages are the dominant cost, and high caregiver turnover is a structural drag on efficiency. Addus grows through a combination of organic expansion — improving caregiver hiring and fill rates, aided by a proprietary mobile app — and acquisitions, including its largest deal to date, the ~$280M Gentiva personal care acquisition in December 2024. Longer-term, Addus aims to deepen its MCO relationships by offering all three care levels across shared markets and pursuing value-based care contracts.