AdaptHealth

What AdaptHealth does

AdaptHealth Corp. (NASDAQ: AHCO) is a U.S. provider of home medical equipment (HME), medical supplies, and related services, operating 669 locations across 48 states and serving approximately 4.5 million patients annually through capitated contracts, fee-for-service reimbursement, and direct-to-patient delivery. The company delivers a comprehensive portfolio across four segments: respiratory care (oxygen therapy, ventilation, nebulizers, respiratory pharmacy), sleep therapy (CPAP/BiPAP devices, masks, sleep coaching), diabetes care (continuous glucose monitors from Dexcom and Freestyle Libre, insulin pumps from Tandem and Medtronic), and wellness at home (mobility, urology, ostomy, wound care, orthotics, hospice, and mom & baby products). Underlying operations are the proprietary Nexus respiratory outcomes platform, the myAPP patient mobile application, the ePrescribe digital ordering platform (via Parachute Health), a centralized payer technology platform connecting 1,377 payors, and the ResAssist SD card compliance platform that integrates with ResMed AirView, Philips Care Orchestrator, and other device ecosystems.

Revenue is generated primarily through capitated per-member-per-month contracts with major healthcare systems and Medicare Advantage plans, supplemented by fee-for-service reimbursement from Medicare, Medicaid, and commercial insurers on fixed schedules. Anchor capitated contracts cover Kaiser Permanente (10M+ members across nine states/regions), Humana Medicare Advantage (1.2M patients across 34 states), and a major unnamed national healthcare system (10M+ members under a 5-year agreement). Distribution combines direct-to-patient home delivery (38,835 deliveries per day, 1.2M home visits annually, 99% insurance claims processing success rate), a Shopify-powered e-commerce marketplace, a national retail storefront network, and a referral network spanning 70,000 primary care physicians, 300+ hospital systems, and 1,000 health system partnerships.

Recent strategic activity has emphasized scale expansion and balance sheet repair. Q1 2026 net revenue of $819.8M grew 5.4% year-over-year on 9.1% organic growth across all four segments. FY2025 net revenue was approximately $3.24B and FY2026 guidance was raised to $3.45-$3.52B. AdaptHealth completed a $1.1B senior secured credit facility refinancing in April 2026 (extending maturity to April 2031), received credit rating upgrades from Moody's (Ba2) and S&P, executed the largest de novo expansion in HME industry history (35 new locations across 8 states) to support its capitated contract wins, acquired Gammie Homecare (February 2026), divested non-core infusion and wellness assets in 2025, and installed Daniel McFadden as Chief Operating Officer in 2026. Leverage and an ongoing SEC investigation into medical equipment imports, False Claims Act investigations, and a $35M proposed securities class-action settlement constitute material risk factors alongside the underlying growth profile.

Name

AdaptHealth

Legal name

AdaptHealth, LLC

Website

https://adapthealth.com

Company type

Public

Founded year

2016

Operating status

Operating

Headcount range

5,001–10,000 employees

Short description

AdaptHealth Corp. (NASDAQ: AHCO) is a U.S. provider of home medical equipment, medical supplies, and related services, operating 669 locations across 48 states and serving approximately 4.5 million patients annually through capitated contracts and direct-to-patient delivery.

Ownership category

akta.pro rank

Product category

Home Medical Equipment (HME) Services

NAICS

Home Health Care Services (62161), Home Health Care Services (6216), Home Health Care Services (621610), Home Health Equipment Rental (532283)

SIC

Services-Home Health Care Services (8082), Wholesale-Medical, Dental & Hospital Equipment & Supplies (5047), Services-Health Services (8000)

akta.pro primary industry

Home Respiratory & Sleep Therapy Providers (DME-Integrated) (HLAFAEAF)

akta.pro secondary industries

Durable Medical Equipment (DME) Sales & Rentals (HSABAKAA), Care Management & Care Coordination (Home & Community-Based) (HLAFAEAL), Durable Medical Equipment (DME) & Home Health Distribution (CRAOAHAF), Cardiac & Pulmonary Clinical Home Health (e.g., CHF/COPD) (HSABACAI)

Keywords

• Home medical equipment
• Sleep therapy devices
• Diabetes supply services
• Respiratory care equipment
• Durable medical equipment

Headquarters

HQ city

Phoenixville

HQ country

United States

HQ region

North America

Offices2 records

Markets served

GTM type

B2C

Offering type

Services

Cost components

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

Revenue model

1. Home Medical Equipment (HME) Resupply and Rental: AdaptHealth generates recurring revenue through the rental and resupply of home medical equipment including CPAP/BiPAP devices, oxygen concentrators, wheelchairs, walkers, and hospital beds. Most equipment is reimbursed by Medicare, Medicaid, and commercial insurers on fixed fee schedules. The company also delivers consumable supplies (PAP masks, filters, tubing, etc.) on a recurring schedule to patients.
2. Capitated Contracts: AdaptHealth enters into capitated payment contracts with large healthcare systems and health plans (e.g., Kaiser Permanente, Humana, major national healthcare system with 10+ million members), receiving a fixed per-member per-month payment to provide HME services. This creates predictable recurring revenue and aligns incentives for cost-effective home-based care.
3. Diabetes Supplies and Devices: Revenue from continuous glucose monitors (CGMs), insulin pumps, infusion sets, and related diabetes supplies, primarily covered by Medicare, Medicaid, and commercial insurance.
4. Respiratory Pharmacy: Full-service pharmacy support including nebulizers and inhaled medication delivery, generating revenue through prescription fulfillment and medication management as part of comprehensive respiratory care programs.

Pricing tiers

Go-to-market motion2 records

Distribution channels6 records

Marketing channels9 records

Core offering

AdaptHealth rents, sells, and services home medical equipment (HME), recurring consumable supplies, and related clinical services for patients with chronic conditions across four segments: Respiratory Care (oxygen therapy, ventilatory support, nebulizers, respiratory pharmacy, Nexus outcomes program), Sleep Therapy (CPAP/BiPAP devices, masks, sleep coaching, compliance monitoring), Diabetes Care (CGMs, insulin pumps, pods, sensors), and Wellness at Home (mobility, urology, ostomy, wound care, orthotics, hospice, mom & baby products). The company delivers directly to patients' homes from 669 locations in 48 states, processes billing through Medicare, Medicaid, and 1,377 commercial payors, and supports provider ordering through ePrescribe and the myAPP patient self-service mobile application.

Product overview

AdaptHealth is a network of full-service home medical equipment (HME) companies offering a comprehensive portfolio of products and services across four main segments: Respiratory Care (oxygen therapy, ventilatory support, nebulizers, respiratory pharmacy, and the Nexus software platform), Sleep Therapy (CPAP/BiPAP devices, masks, accessories, and sleep coaching programs), Diabetes Care (CGMs from Dexcom and Freestyle Libre, insulin pumps from Tandem/Medtronic/Beta Bionics, and insulin pods from Insulet), and Wellness at Home (mobility equipment, urology, ostomy, wound care, orthotics, hospice care, and mom & baby products). The company operates the myAPP mobile application for patient self-service, the AdaptHealth Marketplace e-commerce platform, and an ePrescribe digital ordering system for healthcare providers. Key products include portable oxygen concentrators, CPAP devices, continuous glucose monitors, insulin pumps, and the proprietary Nexus respiratory management platform. The company serves approximately 4.5 million patients annually across 669 locations in 48 states.

Differentiator

Problem solved

Functional benefit

Brands

• myAPP: Mobile application for patients to reorder supplies, manage profiles, access live chat support, and track orders
• AdaptHealth Marketplace
• BabySat
• AdaptHealth Diabetes
• Nexus
• ResAssist

Products and services

• Respiratory Care
• Sleep Therapy
• Diabetes Care Diabetes supplies and devices including Dexcom and FreeStyle Libre continuous glucose monitors (CGMs), Tandem, Medtronic, and Beta Bionics insulin pumps, Insulet Omnipod insulin pods, sensors, transmitters, and infusion sets. Targeted at patients with Type 1 and Type 2 diabetes requiring glucose monitoring and insulin delivery, primarily reimbursed through Medicare, Medicaid, and commercial insurance.
• Wellness at Home Home wellness and durable medical equipment including mobility equipment (wheelchairs, walkers, hospital beds, bedside commodes); urology supplies (catheters, drainage bags); ostomy supplies (pouches, barriers); wound care dressings; orthotics and braces; hospice care equipment; and Mom & Baby products (breast pumps, milk bags, maternity garments) under the Stork Pump brand. Targeted at patients with mobility limitations, chronic wounds, post-surgical recovery, maternity, and end-of-life care needs.
• myAPP Patient-facing mobile application that enables reorder of diabetes supplies, home medical equipment, and oxygen tanks; offers live chat support, real-time notifications, self-service insurance updates, bill pay, comprehensive order history, and tutorials. Available on iOS and Android to AdaptHealth patients across all four business segments.
• AdaptHealth Marketplace Consumer e-commerce storefront for purchasing medical equipment and supplies directly, including CPAP machines, masks and accessories, mobility equipment, breast pumps, oxygen products, nebulizers, and diabetes supplies. Powered by Shopify and operated as AdaptHealth's own online store.
• ePrescribe Digital Ordering Platform Digital prescription ordering platform that enables physicians to electronically submit home medical equipment and supply orders with real-time order qualification, digital signatures, order tracking, and direct communication with AdaptHealth's processing team. Partners with Parachute Health for electronic prescribing workflows. Targeted at healthcare providers and referral sources.
• BabySat FDA-cleared smart baby monitor developed in partnership with Owlet, combining hospital-grade accuracy with a wire-free sock design to monitor infant pulse rate and oxygen saturation. Sold direct-to-consumer via the AdaptHealth Marketplace for parents and caregivers of newborns.

Quantifiable outcome

• 86% reduction in COPD readmissions under the Nexus respiratory program
• +5 more outcomes

Named customers5 records

Segments4 records

Ideal customer profiles4 records

Technology focussed Yes

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Integration6 records

Feature5 records

Partnerships

Eight partnerships are on record, tiered core and minor.

• Kaiser PermanentecoreStrategic or Co-development Partner · 1 December 2025AdaptHealth became the exclusive provider of home medical equipment for Kaiser Permanente members in California, Colorado, Georgia, Hawaii, Maryland, Oregon, Virginia, Washington D.C., and Washington. The partnership covers sleep therapy, oxygen therapy, ventilatory support, and durable medical equipment. Transition began December 1, 2025, with full completion by April 1, 2026, affecting millions of Kaiser members.
• Major National Healthcare System (unnamed)coreStrategic or Co-development Partner · 5 August 2025AdaptHealth entered a 5-year definitive agreement to become the exclusive provider of home medical equipment and supplies across the healthcare system's network of hospitals and medical offices. The agreement is structured as a capitated payment model covering over 10 million members across Medicare Advantage, Medicaid Managed Care, and privately insured patients. This represents the largest capitated contract in the HME industry's history.
• Humana Inc.coreStrategic or Co-development Partner · 1 November 2023Humana Inc. partnered with AdaptHealth Corp. and Rotech Healthcare Inc. to improve durable medical equipment access for Medicare Advantage members. AdaptHealth serves as a designated regional provider of HME for Humana Medicare Advantage HMO members, with approximately 1.2 million patients in 34 states covered under the partnership. Includes capitated arrangements.
• Kaiser Permanente (Leerink Conference)coreStrategic or Co-development PartnerAt the Leerink Healthcare Conference 2026, AdaptHealth highlighted key contracts with Humana and Kaiser Permanente as core strategic partnerships driving growth. The company noted strong operational improvements and efficiencies from these relationships.
• OneHomeminorStrategic or Co-development PartnerAdaptHealth announced a partnership with OneHome, a company focused on empowering patients to live their best lives. OneHome integration was effective June 1, 2026, consolidating DME and medical supply customer contacts under 800-253-0383.
• Vidant HealthminorStrategic or Co-development PartnerVidant Health is listed as a provider partner on AdaptHealth's website with a dedicated page, indicating a referral relationship for home medical equipment services.
• KPMGminorOthersKPMG serves as AdaptHealth's independent external auditor, as disclosed in the company's investor relations section.
• Continental Stock Transfer & Trust CompanyminorOthersContinental Stock Transfer & Trust Company serves as AdaptHealth's transfer agent, maintaining shareholder records for the company's NASDAQ-listed common stock.

Scale indicators20 records

Recent moves10 records

Expansion highlights7 records

Direct peers

• Apria Healthcare (Owens & Minor): Apria is the most direct U.S. competitor in home medical equipment, respiratory therapy (oxygen, CPAP), and home infusion. Acquired by Owens & Minor in 2022, it operates a national DME platform directly comparable to AdaptHealth's respiratory, sleep, and wellness product mix.
• Lincare Holdings: Lincare is one of the largest U.S. providers of home respiratory therapy and durable medical equipment, including oxygen, CPAP, and nebulizer services. Its core respiratory focus and national DME delivery footprint overlap directly with AdaptHealth's primary service lines.
• Rotech Healthcare: Rotech is a direct HME peer focused on respiratory (oxygen, CPAP/BiPAP, ventilators), sleep, and home medical equipment across the U.S. It has been AdaptHealth's co-designated regional HME partner under the Humana Medicare Advantage agreement, reflecting close commercial overlap.
• Byram Healthcare: Byram Healthcare is a national direct-to-home medical supply company focused on urology, ostomy, wound care, and diabetes supplies distributed through insurance billing. Its product mix and direct-to-patient home delivery model directly mirror AdaptHealth's Wellness at Home and Diabetes segments.

Broad incumbents

• Owens & Minor: Owens & Minor is a large, established medical products distributor that acquired Apria Healthcare in 2022 to enter the Patient Direct (home-based) HME segment. Its Patient Direct segment competes head-on with AdaptHealth while the parent also operates broader med-surg distribution, making it a broad incumbent in overlapping space.
• Option Care Health: Option Care Health is the largest independent provider of home and alternate-site infusion services in the U.S. While its core focus is infusion rather than respiratory/DME, it overlaps in the broader 'home-based care delivery' category and increasingly competes for capitated payer partnerships.
• McKesson Medical-Surgical: McKesson is one of the largest medical supply distributors in the U.S. It competes with AdaptHealth through wholesale medical equipment distribution and serves similar downstream customers including hospitals, clinics, and home health providers.
• Cardinal Health (at-Home Solutions): Cardinal Health's at-Home Solutions division distributes durable medical equipment and supplies to home-based patients, serving similar payer and provider channels as AdaptHealth. Its broader distribution scale creates overlap with AdaptHealth's wholesale distribution activities.
• CVS Health (Aetna / Signify Health): CVS Health is a vertically integrated payer-provider with Aetna Medicare Advantage, Signify Health (in-home assessment), and Oak Street Health (primary care). Through Aetna it is both a potential capitated partner and an indirect competitor to AdaptHealth in serving MA members with home-based services.

Emerging players

• Quipt Home Medical: Quipt Home Medical is a U.S. home medical equipment provider focused on respiratory therapy (CPAP, oxygen, ventilators), sleep, and DME. As a smaller, fast-growing consolidator, it competes with AdaptHealth in regional respiratory markets and pursues a similar tuck-in M&A strategy.

Market position

Weaknesses5 records

Competitive moat6 records

Key risks6 records

Key highlights7 records

Customer concentration

• Facebookfacebook.com/adapthealthllc
• LinkedInlinkedin.com/company/adapthealth
• Instagraminstagram.com/adapthealthco

Compliance4 records

Revenue estimate

Valuation estimate

Number of profiles

Profiles10 records

Subsidiaries4 records

Funding overview

Funding rounds9 records

Investors6 records

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

M&A6 records

Investments

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

Frequently asked questions about AdaptHealth