Company overview

AdaptHealth Corp. helps patients continue treatment at home after a hospital stay or a referral from a doctor or other care provider. Sleep apnea treatment is its largest business: it supplies machines that keep airways open during sleep, along with replacement masks, tubing and related services. It also supplies home oxygen and ventilation equipment, glucose monitors, insulin pumps and other home medical equipment.

Most revenue comes from selling products and replenishing supplies, with a single payment for each sale. Monthly payments for equipment such as oxygen systems, sleep therapy machines and hospital beds provide another substantial revenue stream. AdaptHealth delivers the products and bills insurers and patients directly. Private insurers supply most revenue, while Medicare and Medicaid are also important payors.

The business depends on referrals from hospitals, physicians and other care providers, although no single referral source accounts for a material share of revenue. Payment depends on insurers’ coverage rules, reimbursement rates and required documentation. Payors also limit how often patients can replace sleep therapy supplies, an important source of sales. AdaptHealth must maintain operating licenses and accreditation to serve patients and participate in relevant insurance programs.