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REVENUE AND ACCOUNTS RECEIVABLE | 6 Months Ended
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Jun. 30, 2024
Revenue from Contract with Customer [Abstract] |
REVENUE AND ACCOUNTS RECEIVABLE | REVENUE AND ACCOUNTS RECEIVABLE The Company's service revenue is derived primarily from providing healthcare services to its patients. Revenue is recognized when services are provided to patients at the amount that reflects the consideration that the Company expects to be entitled from patients and third-party payors, including Medicaid, Medicare and insurers (private and Medicare replacement plans), in exchange for providing patient care. Disaggregation of Revenue The Company disaggregates revenue from contracts with its patients by payors. The Company has determined that disaggregating revenue into these categories achieves the disclosure objectives to depict how the nature, amount, timing and uncertainty of revenue and cash flows are affected by economic factors. Revenue by Payor The Company’s revenue is derived primarily from providing healthcare services to patients and is recognized on the date services are provided at amounts billable to individual patients, adjusted for estimates for variable consideration. For patients under reimbursement arrangements with third-party payors, including Medicaid, Medicare and private insurers, revenue is recorded based on contractually agreed-upon amounts or rates, adjusted for estimates for variable consideration, on a per patient, daily basis or as services are performed. Revenue from the Medicare and Medicaid programs accounted for 71.2% and 71.4% of all service revenue for the three and six months ended June 30, 2024, respectively, and 73.1% and 73.2% of all service revenue for the three and six months ended June 30, 2023, respectively. Settlements with Medicare and Medicaid payors for retroactive adjustments due to audits and reviews are considered variable consideration and are included in the determination of the estimated transaction price. These settlements are estimated based on the terms of the payment agreement with the payor, correspondence from the payor and the Company’s historical settlement activity. Consistent with healthcare industry practices, any changes to these revenue estimates are recorded in the period the change or adjustment becomes known based on the final settlement. The Company recorded adjustments to revenue which were not material to the Company's revenue for the three and six months ended June 30, 2024 and 2023. Service revenue for the three and six months ended June 30, 2024 and 2023 is summarized in the following tables:
| Three Months Ended June 30,
| 2024 |  | 2023
| Revenue |  | % of Revenue |  | Revenue |  | % of Revenue
Medicaid(1)(2) | $ | 411,760 |  |  | 40.0 | % |  | $ | 359,781 |  |  | 39.3 | %
Medicare | 258,869 |  |  | 25.1 |  |  | 248,081 |  |  | 27.1 |
Medicaid — skilled | 62,969 |  |  | 6.1 |  |  | 62,015 |  |  | 6.7 |
Total Medicaid and Medicare | 733,598 |  |  | 71.2 |  |  | 669,877 |  |  | 73.1 |
Managed care | 191,022 |  |  | 18.5 |  |  | 161,101 |  |  | 17.6 |
Private and other(3) | 105,954 |  |  | 10.3 |  |  | 85,123 |  |  | 9.3 |
SERVICE REVENUE | $ | 1,030,574 |  |  | 100.0 | % |  | $ | 916,101 |  |  | 100.0 | %
(1) Medicaid payor includes revenue for senior living operations. (2) Medicaid payor includes revenue related to state relief funding during the three months ended June 30, 2023. (3) Private and other also includes revenue from senior living operations and all revenue generated in other an cillary services.
| Six Months Ended June 30,
| 2024 |  | 2023 |  |
| Revenue |  | % of Revenue |  | Revenue |  | % of Revenue |  |  |  |
Medicaid(1)(2) | $ | 801,923 |  |  | 39.4 | % |  | $ | 700,045 |  |  | 38.9 | % |  |  |  |
Medicare | 524,452 |  |  | 25.8 |  |  | 495,804 |  |  | 27.6 |  |  |  |  |
Medicaid — skilled | 126,278 |  |  | 6.2 |  |  | 119,942 |  |  | 6.7 |  |  |  |  |
Total Medicaid and Medicare | 1,452,653 |  |  | 71.4 |  |  | 1,315,791 |  |  | 73.2 |  |  |  |  |
Managed care | 379,126 |  |  | 18.6 |  |  | 317,764 |  |  | 17.7 |  |  |  |  |
Private and other(3) | 203,280 |  |  | 10.0 |  |  | 164,464 |  |  | 9.1 |  |  |  |  |
SERVICE REVENUE | $ | 2,035,059 |  |  | 100.0 | % |  | $ | 1,798,019 |  |  | 100.0 | % |  |  |  |
(1) Medicaid payor includes revenue for senior living operations. (2) Medicaid payor includes revenue related to state relief funding during the six months ended June 30, 2023. (3) Private and other also includes revenue from senior living operations and all revenue generated in other an cillary services. In addition to the service revenue above, the Company's rental revenue derived from triple-net lease arrangements with third parties are $5,711 and $11,398, respectively, for the three and six months ended June 30, 2024 and $5,244 and $10,167, respectively, for the three and six months ended June 30, 2023. State relief funding In 2023, the Company received state relief funding through Medicaid programs from various states, including healthcare relief funding under the American Rescue Plan Act (ARPA), increases in the Federal Medical Assistance Percentage (FMAP) under the Families First Coronavirus Response Act (FFCRA) and other state specific relief programs. The funding generally incorporates specific use requirements primarily for direct patient care including labor related expenses that are attributable to the COVID-19 pandemic or are associated with providing patient care. Due to the expiration of the COVID-19 Public Health Emergency in May 2023, the Company did not receive additional funding during the three and six months ended June 30, 2024. During the three and six months ended June 30, 2023, the Company received $17,580 and $44,844 in state relief funding and recognized $18,453 and $44,811, respectively, as revenue. Balance Sheet Impact Included in the Company’s condensed consolidated balance sheets are contract balances, comprised of billed accounts receivable and unbilled receivables, which are the result of the timing of revenue recognition, billings and cash collections, as well as contract liabilities, which primarily represent payments the Company receives in advance of services provided. The Company had no material contract liabilities and contract assets as of June 30, 2024 and December 31, 2023, or activity during the three and six months ended June 30, 2024 and 2023. Accounts receivable consist primarily of amounts due from Medicare and Medicaid programs, other government programs, managed care health plans and private payor sources, net of estimates for variable consideration. Accounts receivable as of June 30, 2024 and December 31, 2023, is summarized in the following table:
| June 30, 2024 |  | December 31, 2023
Medicaid | $ | 208,584 |  |  | $ | 178,285 |
Managed care | 139,200 |  |  | 125,907 |
Medicare | 86,496 |  |  | 85,512 |
Private and other payors | 122,301 |  |  | 104,683 |
| 556,581 |  |  | 494,387 |
Less: allowance for doubtful accounts | (9,460) |  |  | (9,348) |
ACCOUNTS RECEIVABLE, NET | $ | 547,121 |  |  | $ | 485,039 |

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- Definition The entire disclosure of revenue from contract with customer to transfer good or service and to transfer nonfinancial asset. Includes, but is not limited to, disaggregation of revenue, credit loss recognized from contract with customer, judgment and change in judgment related to contract with customer, and asset recognized from cost incurred to obtain or fulfill contract with customer. Excludes insurance and lease contracts. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 606 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 9 -Publisher FASB -URI https://asc.fasb.org/1943274/2147479806/606-10-50-9 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Topic 606 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 10 -Publisher FASB -URI https://asc.fasb.org/1943274/2147479806/606-10-50-10 Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Topic 606 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 15 -Publisher FASB -URI https://asc.fasb.org/1943274/2147479806/606-10-50-15 Reference 4: http://www.xbrl.org/2003/role/disclosureRef -Topic 606 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 12 -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org/1943274/2147479806/606-10-50-12 Reference 5: http://www.xbrl.org/2003/role/disclosureRef -Topic 606 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 12 -Subparagraph (b) -Publisher FASB -URI https://asc.fasb.org/1943274/2147479806/606-10-50-12 Reference 6: http://www.xbrl.org/2003/role/disclosureRef -Topic 606 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 12 -Subparagraph (c) -Publisher FASB -URI https://asc.fasb.org/1943274/2147479806/606-10-50-12 Reference 7: http://www.xbrl.org/2003/role/disclosureRef -Topic 606 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 12 -Subparagraph (d) -Publisher FASB -URI https://asc.fasb.org/1943274/2147479806/606-10-50-12 Reference 8: http://www.xbrl.org/2003/role/disclosureRef -Topic 606 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 12 -Subparagraph (e) -Publisher FASB -URI https://asc.fasb.org/1943274/2147479806/606-10-50-12 Reference 9: http://www.xbrl.org/2003/role/disclosureRef -Topic 606 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 13 -Subparagraph (b)(2) -Publisher FASB -URI https://asc.fasb.org/1943274/2147479806/606-10-50-13 Reference 10: http://www.xbrl.org/2003/role/disclosureRef -Name Accounting Standards Codification -Topic 606 -Publisher FASB -URI https://asc.fasb.org/606/tableOfContent + Details
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