Acadia Healthcare

Acadia has some ability to realize mid‑single‑digit growth in revenue per patient day, as seen in Q1 2026, but payer mix caps true pricing power: FY 2025 revenue was ~58 percent Medicaid and ~14 percent Medicare, and Q1 2026 mix skewed even more Medicaid.

Commercial contracts can reprice, and state supplements help, but these are often episodic and policy‑bound. Overall, pricing power is constrained versus best‑in‑class tollbooth models.