Enhabit provides home health and hospice services across 34 states, operating 249 home health and 117 hospice locations. Enhabit describes itself as the largest publicly traded standalone home health and hospice company in the U.S. Home health accounts for roughly 77% of revenue, with Enhabit sending nurses, therapists, and social workers directly to patients' homes — primarily older adults recovering from surgery or managing chronic conditions. Hospice accounts for the remaining ~23% of revenue, providing end-of-life palliative and comfort care to terminally ill patients. Enhabit does not market directly to patients; instead, referral sources such as hospital discharge planners, physicians, and skilled nursing facilities direct patients to Enhabit, making those referral relationships the central competitive battleground. Enhabit is reimbursed primarily by Medicare and Medicare Advantage, which together represent ~90% of revenue. Home health uses a fixed per-episode payment model, so profitability is driven by census growth, visit efficiency, and payer mix. Hospice uses a daily per-diem rate, so growing patient census drives operating leverage. A key strategic initiative, called Payer Innovation, involves renegotiating Medicare Advantage contracts to improve rates and shift to episodic payment structures. Enhabit grows through organic referral development, de novo location openings (focused on hospice co-located within existing home health markets), and tuck-in acquisitions. Enhabit spun off from Encompass Health in 2022 and has since prioritized deleveraging, which has expanded its capacity to invest in acquisitions and new locations.