Nutex Health

What Nutex Health does

Nutex Health is a physician-led, integrated healthcare delivery system headquartered in Houston, Texas and incorporated in Delaware since 2011. The company operates a national network of 27 micro-hospitals and freestanding emergency rooms across 12 US states, each facility offering 24/7 emergency care, short-stay inpatient beds (typically 10–46), and on-site advanced imaging including CT, X-ray, ultrasound, and MRI, with a stated average ER wait time of five minutes or less. Individual facilities include flagship locations such as Bayou City ER & Hospital in Humble, TX (40,000 sq ft, 8 ER beds, 46 inpatient beds), Red River ER & Hospital in Sherman, TX, and Archview ER & Hospital in St. Louis, MO. Sub-brands retain local identity but operate under common clinical and billing infrastructure.

The company runs a second vertical — Population Health Management — anchored by the August 2023 acquisition of Population Health Associates (PHA) and Managed Care Insurance Consultants (MCIC), which together added approximately 112 primary care physicians and 4,400 managed care patients in Florida. This segment generated $8.9 million of revenue in Q1 2026 but recorded a $2.4 million pre-tax loss, indicating it remains in build-out mode.

Revenue is generated through facility fees, emergency care billing, and — most distinctively — collections from the No Surprises Act Independent Dispute Resolution (IDR) arbitration process for out-of-network claims. Approximately 63% of 2025 revenue was tied to IDR arbitration reimbursement, making Nutex one of the most IDR-leveraged operators in the FSER category. Total revenue reached $875.3 million in FY2025 (up 82.4% YoY) with $70.8 million in net income and $259.6 million in adjusted EBITDA; Q1 2026 revenue was $216.5 million (+2.2% YoY) with $46.8 million in net income (+120.6% YoY). Growth has been accompanied by meaningful regulatory and legal headwinds, including securities class action litigation filed in late 2025 covering the August 2024–August 2025 period, a $55 million Q4 2025 cumulative true-up on 18,950 ineligible arbitration claims, Idaho Senate legislation (SB 1319) targeting freestanding ER reimbursement, and a Blue Cross of Idaho Department of Insurance complaint regarding Post Falls ER billing practices. The board has approved a capital-light expansion path combining direct real estate development with REIT sale-leaseback monetization for new facilities.

Name

Nutex Health

Legal name

Nutex Health, Inc.

Website

https://nutexhealth.com

Company type

Public

Founded year

2011

Operating status

Operating

Headcount range

501–1,000 employees

Short description

Nutex Health operates a physician-led network of 27 micro-hospitals and freestanding emergency rooms across 12 US states, providing 24/7 emergency and inpatient care with on-site advanced imaging. It also runs a population health management division acquired in 2023 that serves managed care patients.

Ownership category

akta.pro rank

Product category

Micro-Hospital and Emergency Care Services

NAICS

General Medical and Surgical Hospitals (622110)

SIC

Services-General Medical & Surgical Hospitals, Nec (8062), Services-Health Services (8000)

akta.pro primary industry

Integrated Delivery Networks (IDNs) & Multi-Hospital Systems (HLAFAAAC)

akta.pro secondary industry

Independent Diagnostic Testing Facilities (IDTFs) & Multi-Specialty Diagnostic Centers (HLAFAKAN)

Keywords

• Micro-hospital services
• Freestanding emergency rooms
• Emergency care facilities
• Hospital outpatient services
• Population health management

Headquarters

HQ city

Houston

HQ country

United States

HQ region

North America

Offices8 records

Markets served

GTM type

B2C

Offering type

Services

Cost components

Personnel, Operations, Infrastructure, Marketing or Sales, Technology or R&D, Supply Chain

Revenue model

1. Hospital Division Revenue: Revenue from emergency care, inpatient services, and facility fees at micro-hospitals. Primary revenue driver with $844.2 million in 2025, up 188% year-over-year. Heavily influenced by IDR arbitration collections under No Surprises Act.
2. Population Health Management: Primary care physician services and managed care patient management. Acquisition of PHA added 112 primary care physicians and 4,400 managed care patients. Segment contributed $8.9 million in Q1 2026 revenue but showed pre-tax losses of $2.4 million.
3. Arbitration/IDR Collections: Revenue from independent dispute resolution process under No Surprises Act for out-of-network billing disputes. Q1 2025 showed $105 million in arbitration-related revenue. Subject to regulatory risk and volatility.
4. Real Estate/Sale-Leaseback: Board approved selective self-development of new hospital facilities through company's real estate division, with plans to monetize completed facilities through sale-leaseback transactions with REITs.

Go-to-market motion2 records

Distribution channels1 record

Marketing channels5 records

Core offering

Nutex Health operates a network of 27 micro-hospitals and freestanding emergency rooms across 12 US states, providing 24/7 emergency care, short-stay inpatient services, and advanced on-site imaging (CT, X-ray, MRI, ultrasound). The company runs two divisions: a Hospital Division delivering facility-based emergency and inpatient care, and a Population Health Management Division offering primary care physician networks and managed care coordination. It also generates revenue through independent dispute resolution (IDR) arbitration collections under the No Surprises Act for out-of-network billing disputes.

Product overview

Nutex Health is a physician-led integrated healthcare delivery system operating a network of micro-hospitals and hospital outpatient departments across the United States. The company operates through two primary divisions: the Hospital Division (managing micro-hospitals with emergency care, inpatient beds, and advanced imaging services) and the Population Health Management Division (providing provider networks and managed care services). The company has grown to operate 27 facilities across 12 states as of Q1 2026.

Differentiator

Problem solved

Functional benefit

Brands

• Archview ER and Hospital: Micro-hospital facility opened in north St. Louis, Missouri in December 2025, featuring 15 ER beds, 3 inpatient suites, and advanced imaging services.
• Red River ER and Hospital
• Bayou City ER and Hospital

Products and services

• Hospital Division / Micro-Hospitals
• Population Health Management Division
• Archview ER & Hospital
• Red River ER & Hospital
• Bayou City ER & Hospital

Quantifiable outcome

• Average ER wait time of 5 minutes or less
• +4 more outcomes

Named customers2 records

Segments3 records

Ideal customer profiles3 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Feature3 records

Partnerships

One partnership is on record.

• Grant Thornton LLPcoreOthers · 22 May 2025Grant Thornton LLP was appointed as Nutex Health's independent registered public accounting firm, replacing the previous auditor. The appointment was approved by the audit committee and ratified by shareholders at the 2026 annual meeting.

Scale indicators17 records

Recent moves11 records

Expansion highlights6 records

Direct peers

• Ardent Health Partners: Mid-sized US for-profit hospital operator that IPO'd in 2024, operating acute care hospitals across multiple states. Most directly comparable to Nutex on scale, hospital-only focus, and recent public-market re-rating dynamics.

Broad incumbents

• HCA Healthcare: Largest US for-profit hospital operator with 180+ hospitals and ambulatory centers; overlaps with Nutex on acute care and emergency services but at vastly larger scale and broader geographic coverage.
• Tenet Healthcare: Multi-state for-profit hospital system with a sizable USPI ambulatory surgery division; comparable to Nutex's combined hospital-plus-outpatient model but with established ASC scale.
• Universal Health Services: Owns and operates acute care hospitals and behavioral health facilities across the US; comparable to Nutex's acute/inpatient mix with a different specialty focus.
• Surgery Partners: Owns and operates ambulatory surgery centers and short-stay surgical hospitals; overlaps with Nutex's micro-hospital/small-format facility strategy, particularly for outpatient and procedural care.
• Acadia Healthcare: Operates specialty inpatient facilities (behavioral health hospitals and residential treatment centers); comparable specialty-hospital operator model to Nutex's micro-hospital inpatient strategy.
• Select Medical Holdings: Operates specialty hospitals, rehabilitation, and outpatient rehabilitation clinics; comparable specialty-hospital and outpatient footprint to Nutex's hospital and population health divisions.
• Encompass Health: Owns and operates inpatient rehabilitation hospitals; adjacent to Nutex's short-stay inpatient model and shares similar geographic distribution and physician-led culture.

Emerging players

• GoHealth Urgent Care: Operates urgent care centers across the US; overlaps with Nutex's emergency/acute care patient base but lacks inpatient beds and operates at a fundamentally lower acuity and price point.

Regional players

• CityMD (VillageMD): Large urgent care chain concentrated in the Northeast US; comparable consumer-facing walk-in emergency/urgent care model to Nutex's micro-hospital ERs but operates regionally and does not offer inpatient services.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat4 records

Key risks6 records

Key highlights7 records

Customer concentration

• Xx.com/nutexhealth
• YouTubeyoutube.com/nutexhealth
• Facebookfacebook.com/nutexhealth
• LinkedInlinkedin.com/company/nutex-health

Revenue estimate

Valuation estimate

Number of profiles

Profiles6 records

Subsidiaries2 records

Funding overview

Funding rounds2 records

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A2 records

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Nutex Health