AdaptHealth

Revenue is predominantly rate‑set by Medicare/Medicaid and commercial contracts, limiting discretionary pricing. 2025 payor mix: Insurance ~$1.96B (61%), Government ~$0.85B (26%), Patient pay ~$0.43B (13%) on ~$3.24B total.

A cited H2 2026 supplier price increase and margin pressure from urgent‑order workflows under capitation underscore limited ability to reprice quickly. Divesting Diabetes (which saw margin headwinds from shift toward government payors) reduces one pressure point but does not change structural exposure to fee schedules and bidding cycles.