Addus HomeCare Corporation

Overview

• Founded in 1979, Addus provides in-home care across three segments: personal care (non-medical assistance with activities of daily living), hospice (palliative and supportive services), and home health (medical services, skilled nursing and therapies).
• Services are delivered under agreements with federal, state and local government agencies, managed care organizations, commercial insurers, and private individuals.
• The consumer base is largely dual eligible (Medicare and Medicaid).
• Operations span 23 states through approximately 262 offices.
• Served about 107,000 discrete consumers in the year ended December 31, 2025.
• Personal care, home health, and hospice are all offered in Ohio, Tennessee, Illinois and New Mexico; the company is pursuing additional markets.

Business model and services

• In-home care model is designed to reduce costs by delaying or avoiding facility-based care.
• Care is coordinated with other providers and payors, with trained managers monitoring cases for early intervention.
• Revenue is generated primarily from government programs, managed care organizations, commercial insurers, and private pay.
• Revenue by service line (2025):
  • Personal care: $1,089.2 million
  • Hospice: $262.5 million
  • Home health: $70.8 million
  • Total net service revenue: $1,422.5 million
• Payor mix (2025):
  • Medicaid/state and local government programs: ~39.3% of net service revenues
  • Medicare: ~20.5% of net service revenues
  • Illinois Department on Aging (CCP program): 18.1% of net service revenues (2025); 21.0% in 2024
• Growth avenues:
  • Organic expansion in existing markets
  • Acquisitions and entry into new markets
  • Expanding hospice and home health services to strengthen relationships with managed care partners
• 2025 acquisitions: Gold Horses, LLC (Texas); Helping Hands Home Care Service, Inc. (Pennsylvania); Great Lakes Home Care Unlimited, LLC (Great Lakes region); and the Jacksonville affiliate (Florida). These 2025 acquisitions contributed $11.8 million in net service revenues for the year.
• 2024 acquisitions included Gentiva (Upstate/Curo Health Services’ personal care assets) and Upstate Home Care Solutions; together they contributed $22.6 million in net service revenues for 2024.

Scale and financial highlights (2025)

• Net income: $95.9 million
• Total assets: $1,437.3 million
• Debt and liquidity:
  • Outstanding debt on credit facility: $124.3 million
  • Cash: $81.6 million
  • Available borrowing under credit facility: $517.7 million
• Workforce:
  • Total employees: 50,659
    • Full-time: 5,982
    • Part-time: 44,677
  • Caregivers and agency staff (combined): 49,948
  • Corporate support centers: 711
  • Approximately 17,468 employees are represented by labor unions (34.5% of total employees)

Technology and operations

• Uses electronic visit verification (EVV) for in-home visits, with a mix of IVR and GPS-enabled smartphones.
• Core systems include Qlik BI for analytics, Oracle for planning and financials, and ADP Vantage for HR/payroll.
• Applies data-driven care management, scheduling, and billing processes.

Operational footprint and compliance

• A large portion of personal care revenues are tied to Illinois Department on Aging programs, with broad reliance on Medicaid and Medicare reimbursement.
• Operates in a regulated environment with ongoing changes in Medicaid/Medicare models, price transparency, and value-based care initiatives.
• Maintains active compliance programs focused on fraud and abuse laws, HIPAA privacy/security, EVV requirements, audits, and payer risk management.

Summary

Addus provides three-tier in-home care (personal care, hospice, home health) across 23 states and 262 offices, serving about 107,000 consumers in 2025. Net service revenue totaled $1.4225 billion in 2025 with net income of $95.9 million. Growth is driven by organic expansion and acquisitions, supported by scalable technology and governance to serve a largely Medicaid/Medicare dual-eligible population. A substantial portion of revenue comes from Illinois (Illinois Department on Aging), Medicaid programs nationwide, and Medicare, with continued emphasis on partnering with managed care organizations and adapting to value-based payment models.