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Note 13 - Significant Payors

9 Months Ended

Sep. 30, 2025

Notes to Financial Statements

Concentration Risk Disclosure [Text Block]

13. Significant Payors

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

Personal Care Segment		For the Three Months Ended September 30,																For the Nine Months Ended September 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		$	139,383				50.5	%		$	116,702				54.2	%		$	410,781				51.1	%		$	337,458				53.0	%
Managed care organizations			127,293				46.2				93,321				43.3				366,210				45.6				281,732				44.3
Private pay			7,064				2.5				3,599				1.7				21,331				2.7				11,194				1.8
Commercial insurance			1,860				0.7				1,415				0.7				4,356				0.5				4,368				0.7
Other			170				0.1				396				0.1				560				0.1				1,501				0.2
Total personal care segment net service revenues		$	275,770				100.0	%		$	215,433				100.0	%		$	803,238				100.0	%		$	636,253				100.0	%

Hospice Segment		For the Three Months Ended September 30,																For the Nine Months Ended September 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		$	64,148				93.1	%		$	52,413				91.5	%		$	178,784				92.9	%		$	154,187				91.1	%
Commercial insurance			2,140				3.1				2,892				5.0				6,518				3.4				8,870				5.2
Managed care organizations			2,216				3.2				1,821				3.2				6,245				3.2				5,518				3.3
Other			387				0.6				183				0.3				993				0.5				627				0.4
Total hospice segment net service revenues		$	68,891				100.0	%		$	57,309				100.0	%		$	192,540				100.0	%		$	169,202				100.0	%

Home Health Segment		For the Three Months Ended September 30,																For the Nine Months Ended September 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		$	11,617				65.9	%		$	12,036				70.6	%		$	36,711				68.4	%		$	36,216				69.6	%
Managed care organizations			4,492				25.5				4,215				24.7				12,564				23.4				13,291				25.6
State, local and other governmental programs (excluding Medicare)			993				5.6				(17	)			—				2,878				5.3				—				—
Other			538				3.0				811				4.7				1,521				2.9				2,493				4.8
Total home health segment net service revenues		$	17,640				100.0	%		$	17,045				100.0	%		$	53,674				100.0	%		$	52,000				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 nine months ended September 30, 2025 and 2024, respectively, were as follows:

Personal Care Segment		For the Three Months Ended September 30,																For the Nine Months Ended September 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		$	115,989				42.1	%		$	111,916				51.9	%		$	342,629				42.7	%		$	330,265				51.9	%
New Mexico			30,029				10.9				28,962				13.4				87,320				10.9				86,573				13.6
New York(1)			(318	)			—				21,406				9.9				(104	)			—				68,239				10.7
Texas			53,449				19.4				—				—				155,773				19.4				—				—
All other states			76,621				27.6				53,149				24.8				217,620				27.0				151,176				23.8
Total personal care segment net service revenues		$	275,770				100.0	%		$	215,433				100.0	%		$	803,238				100.0	%		$	636,253				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 September 30,																For the Nine Months Ended September 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		$	26,913				39.1	%		$	21,531				37.6	%		$	73,304				38.1	%		$	62,400				36.9	%
Illinois			15,532				22.5				13,289				23.2				44,516				23.1				38,544				22.8
New Mexico			8,769				12.7				6,951				12.1				24,865				12.9				21,361				12.6
All other states			17,677				25.7				15,538				27.1				49,855				25.9				46,897				27.7
Total hospice segment net service revenues		$	68,891				100.0	%		$	57,309				100.0	%		$	192,540				100.0	%		$	169,202				100.0	%

Home Health Segment		For the Three Months Ended September 30,																For the Nine Months Ended September 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		$	8,644				49.0	%		$	8,090				47.4	%		$	25,937				48.3	%		$	24,166				46.5	%
Tennessee			6,852				38.8				6,542				38.4				21,672				40.4				19,437				37.4
Illinois			1,759				10.0				2,413				14.2				5,680				10.6				8,397				16.1
All other states			385				2.2				—				—				385				0.7				—				—
Total home health segment net service revenues		$	17,640				100.0	%		$	17,045				100.0	%		$	53,674				100.0	%		$	52,000				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 32.0% and 38.6% of our net service revenues for the three months ended September 30, 2025 and 2024, respectively, and accounted for 32.6% and 38.5% of our net service revenues for the nine months ended September 30, 2025 and 2024, respectively. The Illinois Department on Aging, the largest payor program for the Company’s Illinois personal care operations, accounted for 18.1% and 21.4% of the Company’s net service revenues for the three months ended September 30, 2025 and 2024, respectively, and accounted for 18.4% and 21.1% of the Company’s net service revenues for the nine months ended September 30, 2025 and 2024, respectively.

The related receivables due from the Illinois Department on Aging represented 16.6% and 21.7% of the Company’s net accounts receivable at  September 30, 2025 and December 31, 2024, respectively.

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The entire disclosure for any concentrations existing at the date of the financial statements that make an entity vulnerable to a reasonably possible, near-term, severe impact. This disclosure informs financial statement users about the general nature of the risk associated with the concentration, and may indicate the percentage of concentration risk as of the balance sheet date.

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