Acadia Healthcare is the largest publicly traded pure-play behavioral healthcare provider in the U.S., operating 277 facilities with over 12,500 beds across 40 states and Puerto Rico. Acadia treats patients with mental health disorders, substance use disorders, and co-occurring conditions, focusing on high-acuity cases that general hospitals are not equipped to handle. Acadia's four service lines are: acute inpatient psychiatric facilities (~55% of revenue), specialty treatment facilities for substance use disorders (~17%), outpatient medication-assisted treatment clinics called Comprehensive Treatment Centers or CTCs (~17%), and residential treatment centers for children and adults with behavioral disorders (~11%). Acadia generates revenue by billing third-party payors for services rendered, with volume and revenue per patient day as the two core drivers. Payor mix skews heavily toward government programs — Medicaid alone accounts for roughly 58% of revenue, making state reimbursement rates and policies a key earnings driver. Acadia's cost structure is predominantly labor, and maintenance capex is low since behavioral health requires no expensive surgical or imaging equipment. Acadia grows through bed additions at existing facilities, de novo construction, joint ventures with major health systems (including Henry Ford, Geisinger, and Intermountain), and CTC acquisitions. After a period of heavy bed additions, Acadia is now focused on filling recently opened facilities and converting that capacity into earnings.