Chemed is a holding company with two operating businesses: VITAS Healthcare and Roto-Rooter. VITAS is one of the largest hospice care providers in the U.S., delivering end-of-life care to terminally ill patients primarily in their homes, but also in nursing homes, assisted living facilities, and inpatient settings. Care is delivered by interdisciplinary teams and focuses on pain and symptom management rather than curative treatment. VITAS generates admissions primarily through hospital referrals and community outreach, with Florida as a particularly important market. Over 95% of VITAS revenue comes from Medicare and Medicaid, with Medicare reimbursing on a fixed daily per diem basis across four care levels. VITAS' profitability hinges on managing care costs below the per diem rate, and a central operating challenge is the Medicare Cap, which limits total reimbursement per patient per year and requires VITAS to actively manage its patient mix to avoid refund liability. Roto-Rooter is the most recognized brand in U.S. plumbing and drain cleaning services, serving residential and commercial customers through company-owned branches and independent contractor franchises. Core services include drain cleaning, plumbing repair, pipe excavation, and water damage restoration. Roto-Rooter charges customers on a per-job basis, with revenue driven by lead volume, conversion rates, and revenue per job. The business has been shifting toward paid search leads, which compresses margins. Chemed allocates capital primarily through share buybacks and bolt-on acquisitions, carrying no debt.