Note 12 - Significant Payors

6 Months Ended

Jun. 30, 2025

Notes to Financial Statements

Concentration Risk Disclosure [Text Block]

12. Significant Payors

The Company’s revenue by payor type was as follows:

Personal Care Segment	For the Three Months Ended June 30,										For the Six Months Ended June 30,
	2025					2024					2025					2024
			% of Segment					% of Segment					% of Segment					% of Segment
	Amount		Net Service			Amount		Net Service			Amount		Net Service			Amount		Net Service
	(in Thousands)		Revenues			(in Thousands)		Revenues			(in Thousands)		Revenues			(in Thousands)		Revenues
State, local and other governmental programs	$	138,506		51.4	%	$	113,002		53.1	%	$	271,410		51.4	%	$	220,756		52.5	%
Managed care organizations		121,900		45.3			94,135		44.2			238,907		45.3			188,411		44.8
Private pay		7,292		2.7			3,689		1.7			14,268		2.7			7,595		1.8
Commercial insurance		1,334		0.5			1,467		0.7			2,494		0.5			2,953		0.7
Other		151		0.1			524		0.3			390		0.1			1,105		0.2
Total personal care segment net service revenues	$	269,183		100.0	%	$	212,817		100.0	%	$	527,469		100.0	%	$	420,820		100.0	%

Hospice Segment	For the Three Months Ended June 30,										For the Six Months Ended June 30,
	2025					2024					2025					2024
			% of Segment					% of Segment					% of Segment					% of Segment
	Amount		Net Service			Amount		Net Service			Amount		Net Service			Amount		Net Service
	(in Thousands)		Revenues			(in Thousands)		Revenues			(in Thousands)		Revenues			(in Thousands)		Revenues
Medicare	$	57,846		93.0	%	$	51,122		91.2	%	$	114,638		92.7	%	$	101,774		91.0	%
Commercial insurance		1,997		3.2			2,844		5.1			4,375		3.5			5,978		5.3
Managed care organizations		2,001		3.2			1,880		3.4			4,029		3.3			3,697		3.3
Other		368		0.6			184		0.3			607		0.5			444		0.4
Total hospice segment net service revenues	$	62,212		100.0	%	$	56,030		100.0	%	$	123,649		100.0	%	$	111,893		100.0	%

Home Health Segment	For the Three Months Ended June 30,										For the Six Months Ended June 30,
	2025					2024					2025					2024
			% of Segment					% of Segment					% of Segment					% of Segment
	Amount		Net Service			Amount		Net Service			Amount		Net Service			Amount		Net Service
	(in Thousands)		Revenues			(in Thousands)		Revenues			(in Thousands)		Revenues			(in Thousands)		Revenues
Medicare	$	12,517		69.4	%	$	12,517		69.3	%	$	25,094		69.7	%	$	24,180		69.2	%
Managed care organizations		4,264		23.6			4,676		25.9			8,072		22.4			9,076		26.0
State, local and other governmental programs (excluding Medicare)		796		4.4			44		0.2			1,884		5.2			70		0.2
Other		471		2.6			838		4.6			983		2.7			1,629		4.6
Total home health segment net service revenues	$	18,048		100.0	%	$	18,075		100.0	%	$	36,033		100.0	%	$	34,955		100.0	%

The Company derives a significant amount of its revenue from its operations in Illinois, New Mexico, Ohio, Tennessee, and Texas. The percentages of segment revenue for each of these significant states and New York for the three and six months ended June 30, 2025 and 2024, respectively, were as follows:

Personal Care Segment	For the Three Months Ended June 30,											For the Six Months Ended June 30,
	2025						2024					2025					2024
				% of Segment					% of Segment					% of Segment					% of Segment
	Amount			Net Service			Amount		Net Service			Amount		Net Service			Amount		Net Service
	(in Thousands)			Revenues			(in Thousands)		Revenues			(in Thousands)		Revenues			(in Thousands)		Revenues
Illinois	$	115,226			42.8	%	$	110,774		52.1	%	$	226,640		43.0	%	$	218,349		51.9	%
New Mexico		28,987			10.8			28,644		13.5			57,292		10.9			57,611		13.7
New York(1)		(59	)		—			23,299		10.9			214		—			46,833		11.1
Texas		52,464			19.5			—		—			102,324		19.4			—		—
All other states		72,565			26.9			50,100		23.5			140,999		26.7			98,027		23.3
Total personal care segment net service revenues	$	269,183			100.0	%	$	212,817		100.0	%	$	527,469		100.0	%	$	420,820		100.0	%

(1) As a result of changes and uncertainty in New York regarding the CDPAP, the Company determined that its New York personal care operations no longer fit its growth strategy and is divesting these operations. See Note 3 to the Notes to Unaudited Condensed Consolidated Financial Statements, Divestiture, for additional details regarding our divestiture.

Hospice Segment	For the Three Months Ended June 30,										For the Six Months Ended June 30,
	2025					2024					2025					2024
			% of Segment					% of Segment					% of Segment					% of Segment
	Amount		Net Service			Amount		Net Service			Amount		Net Service			Amount		Net Service
	(in Thousands)		Revenues			(in Thousands)		Revenues			(in Thousands)		Revenues			(in Thousands)		Revenues
Ohio	$	23,204		37.3	%	$	20,633		36.8	%	$	46,391		37.5	%	$	40,869		36.5	%
Illinois		14,419		23.2			13,003		23.2			28,983		23.4			25,255		22.6
New Mexico		8,184		13.2			6,895		12.3			16,097		13.0			14,410		12.9
All other states		16,405		26.3			15,499		27.7			32,178		26.1			31,359		28.0
Total hospice segment net service revenues	$	62,212		100.0	%	$	56,030		100.0	%	$	123,649		100.0	%	$	111,893		100.0	%

Home Health Segment	For the Three Months Ended June 30,										For the Six Months Ended June 30,
	2025					2024					2025					2024
			% of Segment					% of Segment					% of Segment					% of Segment
	Amount		Net Service			Amount		Net Service			Amount		Net Service			Amount		Net Service
	(in Thousands)		Revenues			(in Thousands)		Revenues			(in Thousands)		Revenues			(in Thousands)		Revenues
New Mexico	$	8,737		48.4	%	$	8,300		45.9	%	$	17,292		48.0	%	$	16,077		46.0	%
Illinois		1,989		11.0			3,042		16.8			3,921		10.9			5,984		17.1
Tennessee		7,322		40.6			6,733		37.3			14,820		41.1			12,894		36.9
Total home health segment net service revenues	$	18,048		100.0	%	$	18,075		100.0	%	$	36,033		100.0	%	$	34,955		100.0	%

A substantial portion of the Company’s revenue and accounts receivable are derived from services performed for federal, state, and local governmental agencies. The personal care segment derives a significant amount of its net service revenues in Illinois, which represented 33.0% and 38.6% of our net service revenues for the three months ended June 30, 2025 and 2024, respectively, and accounted for 33.0% and 38.5% of our net service revenues for the six months ended June 30, 2025 and 2024, respectively. The Illinois Department on Aging, the largest payor program for the Company’s Illinois personal care operations, accounted for 18.6% and 21.1% of the Company’s net service revenues for the three months ended June 30, 2025 and 2024, respectively, and accounted for 18.6% and 20.9% of the Company’s net service revenues for the six months ended June 30, 2025 and 2024, respectively.

The related receivables due from the Illinois Department on Aging represented 19.0% and 21.7% of the Company’s net accounts receivable at  June 30, 2025 and December 31, 2024, respectively.