Ethema operates addiction treatment centers in Florida and Kentucky, providing substance abuse services such as detoxification and residential treatment for drug and alcohol addiction. The company generates revenue by billing health insurers for patient care. Revenue is driven by patient census levels, a favorable mix of commercial insurance payers, and in-network contracts with major insurers. Ethema manages two primary platforms: Evernia Health Center in Florida and ARIA Kentucky, which includes facilities in Morehead and Paducah. The company also recently expanded in Florida through an asset acquisition in Boca Raton. Ethema centralizes its billing and collections through its subsidiary, PB Billing. The company employs an asset-light business model by leasing its treatment facilities rather than owning the real estate. These leases include sale-leaseback arrangements and agreements with entities affiliated with the CEO. Ethema's growth strategy focuses on acquiring existing treatment operations and establishing referral networks with healthcare professionals and insurers. Primary operating expenses include labor for 207 employees and 16 contractors, facility lease payments, and clinical costs.