Nutex Health operates a network of micro-hospitals — compact, full-service facilities of roughly 15,000–25,000 square feet — designed to deliver emergency and inpatient care in suburban and rural communities. Each facility includes 7–8 emergency treatment rooms, 2–10 inpatient beds, and onsite imaging, lab, and pharmacy. The pitch to patients is near-zero wait times and concierge-style care. As of year-end 2025, Nutex operated 26 facilities across 12 states, with 9 more under development. Nutex bills commercial insurers and federal payors for facility services; separately, local physician LLCs bill for professional services. The defining feature of Nutex's current business model is its out-of-network arbitration strategy under the No Surprises Act: rather than negotiating rates with insurers, Nutex submits 60–70% of billable visits to independent arbitration, reporting an ~85% win rate at offers averaging more than 4x the insurer's median in-network rate. Arbitration contributed roughly 64–71% of hospital revenue in the first half of 2025, though arbitration costs — including fees to third-party advisor HaloMD — were $138M in FY25 alone. The Hospital Division represents ~96% of revenue. The remaining ~4% comes from a Population Health Management division, which manages independent physician associations enrolling ~38,000–41,000 patients in value-based arrangements across Los Angeles, Houston, South Florida, and Phoenix. Nutex's long-term vision is to expand both micro-hospitals and IPAs, with IPAs feeding patient volume into hospitals.