Ethema Health

What Ethema Health does

Ethema Health Corporation (OTCQB: GRST) is a publicly traded behavioral healthcare company focused exclusively on treating adults with substance use disorders. It operates through its wholly owned subsidiary ARIA (Addiction Recovery Institute of America), delivering five levels of care under one roof — medical detoxification, residential treatment, partial hospitalization (PHP), intensive outpatient (IOP), and outpatient (OP) services — anchored by a 62-bed facility in downtown West Palm Beach, Florida, designed to allow segregation of acuity levels and support community reintegration. Following the January 2025 acquisition of ARIA Kentucky, the company operates approximately 600 beds across Florida and Kentucky, with stated long-term ambitions to reach 3,000 beds through further acquisitions in the Southeast United States.

The business model is facility-based service delivery with a gross billing/net revenue mechanics. Ethema charges gross daily rates ranging from $2,200 (outpatient) to $4,500 (medical detox), but net revenue is materially lower because in-network insurance pays 5-15% of gross billing and out-of-network pays 25-35%, with final collections often not realized until more than a year after claim submission. The company uses accrual accounting with estimated collection factors applied to gross billing. Customer acquisition is sales-led, relying on direct facility admissions, provider referrals from lower-acuity treatment programs, and insurance credentialing with multiple carriers including Medicaid and Medicare. Marketing channels span social media, a company website, B2i Digital investor relations support, and an in-progress Legit Scripts application to enable Google AdWords.

Ethema maintains Joint Commission accreditation across all levels of care and holds Florida DCF licenses, including probationary extensions. Leadership is anchored by CEO Shawn Leon (in role since 2010), with James M. Poage appointed CFO effective March 30, 2026. Insider ownership is approximately 55.8%, the company is listed on the OTCQB, and SEC filings have disclosed a working capital deficiency and accumulated deficit raising going-concern doubts. A proposed acquisition of Addiction Recovery Care LLC, which would have driven projected combined 2026 revenue above $100M, was mutually terminated on December 31, 2025 after ARC's FBI scrutiny for healthcare fraud and a $27.7M DOJ settlement became apparent.

Name

Ethema Health

Legal name

Ethema Health Corporation

Website

https://ethemahealth.com

Company type

Public

Founded year

2010

Operating status

Operating

Headcount range

1–10 employees

Short description

Ethema Health Corporation is a publicly traded behavioral healthcare company that operates ARIA treatment facilities in Florida and Kentucky, providing five levels of substance use disorder care for adults.

Ownership category

akta.pro rank

Product category

Substance Use Disorder Treatment Services

NAICS

Residential Mental Health and Substance Abuse Facilities (623220), Outpatient Mental Health and Substance Abuse Centers (621420), Nursing and Residential Care Facilities (623)

SIC

Services-Nursing & Personal Care Facilities (8050), Services-Specialty Outpatient Facilities, Nec (8093), Services-Health Services (8000)

akta.pro primary industry

Behavioral Health–Capable Assisted Living (Mental Health/SUD Support) (HLADABAI)

Keywords

• Behavioral healthcare services
• Substance use disorder treatment
• Medical detoxification services
• Residential addiction treatment
• Intensive outpatient programs

Headquarters

HQ city

West Palm Beach

HQ country

United States

HQ region

North America

Offices3 records

Markets served

GTM type

B2C

Offering type

Services

Cost components

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

Revenue model

1. Healthcare Treatment Services: Revenue is generated through providing addiction treatment services including medical detoxification, residential treatment, partial hospitalization (PHP), intensive outpatient (IOP), and outpatient (OP) care. The company operates on a gross billing/net revenue model where gross billing represents the list rates for services and net revenue represents actual collections after insurance adjustments, deductibles, co-pays, and coinsurance. Collections can take over a year to finalize after claim submission.

Pricing tiers

Go-to-market motion1 record

Distribution channels3 records

Marketing channels6 records

Core offering

Ethema Health operates behavioral healthcare facilities that provide addiction and substance use disorder treatment for adults. Its core ARIA offering provides five levels of care—medical detoxification, residential treatment, partial hospitalization, intensive outpatient treatment, and outpatient treatment—in a 62-bed, multi-level facility in West Palm Beach, with additional operations in Kentucky.

Product overview

Ethema Health Corporation operates as a behavioral healthcare company focused on substance use disorder treatment for adults. The company's core offering is its ARIA (Addiction Recovery Institute of America) 62-bed treatment facility in West Palm Beach, Florida, which provides five levels of care: Medical Detoxification, Residential Treatment, Partial Hospitalization (PHP), Intensive Outpatient (IOP), and Outpatient Treatment (OP). Ethema has pursued an acquisition-driven growth strategy, acquiring ARIA Kentucky in January 2025 and entering into LOIs for Edgewater Recovery Center and Addiction Recovery Care (ARC), with plans to expand to 500 beds by end of 2025 and eventually target approximately 3,000 beds across its behavioral health network.

Differentiator

Problem solved

Functional benefit

Products and services

• Medical Detoxification Medical detoxification is the highest level of care in Ethema Health's ARIA model and is provided to adults with substance use disorders.
• Residential Treatment Care Residential treatment care is one of the five levels of care in Ethema Health's ARIA model for adults with substance use disorders.
• Partial Hospitalization Treatment (PHP) Partial hospitalization treatment is one of the five levels of care in Ethema Health's ARIA model for adults with substance use disorders.
• Intensive Outpatient Treatment (IOP) Intensive outpatient treatment is one of the five levels of care in Ethema Health's ARIA model for adults with substance use disorders.
• Outpatient Treatment Care (OP) Outpatient treatment care is one of the five levels of care in Ethema Health's ARIA model for adults with substance use disorders.
• ARIA Kentucky Inpatient and Outpatient Services ARIA Kentucky provides inpatient and outpatient substance use disorder treatment through facilities across multiple Kentucky cities.

Segments1 record

Ideal customer profiles1 record

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Partnerships

Six partnerships are on record, tiered core and major.

• B2i DigitalcoreGTM or Marketing Partner · 17 February 2026Ethema Health partnered with B2i Digital as a Featured Company to expand investor awareness through digital marketing and targeted outreach campaigns. This partnership aims to increase visibility among investors for the publicly traded behavioral healthcare company.
• Addiction Recovery Care LLC (ARC)majorStrategic or Co-development Partner · 28 October 2025Ethema signed LOI to acquire ARC, a provider under FBI scrutiny for healthcare fraud. Combined revenue projected to exceed $100 million in 2026. Deal funding: 25% cash, 25% vendor note, 50% equity-linked instruments. ARC to be absorbed into Ethema's subsidiary ARIA. Deal was mutually terminated on December 31, 2025.
• Edgewater Recovery Center LLCmajorStrategic or Co-development Partner · 12 July 2024Ethema signed a Letter of Intent to acquire Edgewater Recovery Center LLC in Kentucky. Management agreement scheduled to start July 15, 2024, with purchase completion targeted by January 31, 2025. Part of strategy to expand to 500 beds by end of 2025.
• RBSM LLPcoreImplementation/ SI/ Consulting PartnerRBSM LLP serves as Ethema Health's accounting and auditing firm located in New York City. They provide corporate accounting, finance, and SEC reporting services.
• Pacific Stock Transfer Co.coreOthersPacific Stock Transfer Co. serves as Ethema's transfer agent, handling stock transfer services from their office in Las Vegas, Nevada.
• Fabian VancottcoreImplementation/ SI/ Consulting PartnerFabian Vancott provides securities legal counsel to Ethema Health from their Salt Lake City office.

Scale indicators10 records

Recent moves7 records

Expansion highlights5 records

Broad incumbents

• Universal Health Services: Major hospital and behavioral health operator with a behavioral health segment providing inpatient and residential psychiatric and substance abuse treatment. Comparable at the broad incumbent level given scale and services overlap.
• Acadia Healthcare: Large publicly traded behavioral health operator with psychiatric and addiction treatment facilities across the U.S. Operates a broader portfolio but is a direct competitor in residential substance use disorder treatment.

Emerging players

• BrightView Health: Outpatient substance use disorder treatment provider offering MAT, IOP, and counseling services across multiple states. Comparable clinical scope and outpatient-heavy revenue model to Ethema's IOP/OP tiers.

Direct peers

• Behavioral Health Group (BHG): Operates one of the largest networks of outpatient opioid treatment programs in the U.S., providing MAT, counseling, and intensive outpatient services. Comparable patient population and payer mix.
• BayMark Health Services: Large private operator of opioid use disorder treatment programs including medication-assisted treatment, residential, and outpatient services. Operates a multi-state addiction treatment network analogous to Ethema's roll-up strategy.
• American Addiction Centers: Publicly traded operator of residential and outpatient substance use disorder treatment facilities across multiple states. Directly comparable to Ethema Health in clinical model, multi-level care, and acquisition-driven growth strategy.
• Hazelden Betty Ford Foundation: Leading nonprofit operator of residential and outpatient addiction treatment centers including detox and PHP/IOP/OP levels of care. Directly comparable clinical model and patient population to Ethema's ARIA facilities.
• Pinnacle Treatment Centers: Multi-state operator of addiction treatment facilities ranging from detox and residential to outpatient and MAT. Comparable in clinical model, multi-state footprint strategy, and acquisition-driven growth.
• CleanSlate Centers: Multi-state outpatient addiction treatment provider specializing in medication-assisted treatment for opioid and alcohol use disorders. Comparable in clinical focus and insurance-billed service model.
• Summit Behavioral Health: Provider of inpatient and outpatient addiction treatment services, including detox, residential, and partial hospitalization programs. Comparable multi-level care model and target patient population.

Market position

Strengths4 records

Weaknesses4 records

Competitive moat3 records

Key risks5 records

Key highlights6 records

Customer concentration

• Xtwitter.com/healthethema
• Facebookfacebook.com/EthemaHealth
• LinkedInlinkedin.com/company/ethema-health-corporation

Compliance2 records

Revenue estimate

Valuation estimate

Number of profiles

Profiles3 records

Subsidiaries4 records

Funding overview

Funding rounds

Investors

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

M&A1 record

Investments

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

Frequently asked questions about Ethema Health