Healthcare Services Group (HCSG) provides outsourced housekeeping, laundry, and dietary management services to long-term and post-acute care facilities — primarily skilled nursing facilities — across the continental U.S., serving approximately 2,800 facilities. HCSG operates two segments: Environmental Services (EVS), which manages housekeeping and laundry departments, and Dietary Services, which handles food purchasing, meal preparation, and clinical dietitian services. HCSG's model is to embed its own management layer within a customer's facility, typically hiring the facility's existing frontline staff while providing the management expertise, systems, and quality controls. Revenue scales with the number of facilities under contract and scope of services at each. Labor is the dominant cost — running roughly 78% of EVS revenues and roughly 59% of Dietary revenues. Contracts include cost pass-through provisions for food, supply, and wage inflation, limiting input cost exposure. HCSG typically initiates relationships through EVS and cross-sells Dietary as an add-on; management estimates only about 50% penetration of Dietary within its existing EVS customer base, making cross-selling a key near-term growth lever. Organic growth depends on HCSG's ability to train and deploy new facility-level managers, which management describes as the binding constraint on growth. HCSG also operates a small campus division serving educational institutions, which management views as the primary target for future M&A. Collections risk is meaningful, as HCSG's customers are heavily reliant on Medicare and Medicaid reimbursements.