AdaptHealth is a national home medical equipment (HME) provider that delivers medical devices, supplies, and clinical support directly to patients' homes. AdaptHealth serves roughly 4.3 million patients annually across all 50 states through a network of about 640 locations. The company acquires patients primarily through physician and hospital referrals, and bills Medicare, Medicaid, and commercial insurers directly. AdaptHealth operates across four segments: Sleep Health (CPAP devices and supplies, ~44% of revenue), Respiratory Health (oxygen and ventilators, ~21%), Diabetes Health (CGMs and insulin pumps, ~19%), and Wellness at Home (wheelchairs, hospital beds, orthotics, ~16%). AdaptHealth generates revenue through three streams: recurring product resupply (~63% of revenue), monthly equipment rental fees (~33%), and per-member-per-month capitated contracts (~4%). The rental model means patient census is the primary financial driver — new patient starts grow the base, and resupply retention keeps it sticky. On capitation, AdaptHealth has contracts with Humana and a large national integrated delivery network covering over 10 million members, the largest capitated contract in the industry, expected to generate at least $200M annually at full ramp. Growth strategy focuses on organic share gains through faster referral-to-setup times, expanding capitated arrangements, and tuck-in M&A to fill geographic gaps. AdaptHealth is also divesting non-core product lines to concentrate on higher-margin sleep and respiratory businesses.