The National Post-Acute & Home-Based Care Index | 2026 SEPTEMBER UPDATE

Introduction

In September, the National Post-Acute and Home-Based Care (PAHC) Index fell 2.34% month-over-month (MoM) versus its August 31 close. Meanwhile, the S&P 500 slipped 0.33% MoM but remains up 11.96% year-to-date (YTD).

During the week of September 16, more than 150 advocates from across the country met with 285 congressional offices as part of the National Alliance for Care at Home’s annual Advocacy Week. The group’s legislative asks included the Protecting Seniors and Stopping Fraudsters Act, the Medicare Home Health Payment Integrity and Protection Act, and the Credit for Caring Act.

On the rulemaking front, CMS’s CY2027 home health payment proposal, which would raise aggregate Medicare payments to home health agencies by about 2.4%, or $420 million, remains in proposed form. The proposal also includes a temporary -3.0% adjustment to the national, standardized payment rate to recoup prior-year overpayments, and no final rule has been identified on CMS’s site.

In its September 1 comments, the Alliance welcomed that, for the first time since CY2022, CMS has proposed the full annual inflation-based rate increase without adding a new permanent cut to the base rate. However, it urged CMS not to finalize the -3.0% temporary adjustment and noted that four consecutive years of permanent adjustments have already reduced the 30-day base rate by 9.37%, or more than $1.5 billion annually.

“A single positive update does not restore a base rate reduced by 9.37 percent that will continue to be cut by roughly 3 percent annually for the next decade,” the Alliance wrote in its comment letter.

The proposed rule also includes a set of Medicare provider enrollment changes. Among other things, these would make enrollment revocations retroactive, allow CMS to deny or revoke enrollment based on a provider’s location or a shared address with another provider, and broaden who counts as an affiliate or managing employee. Home health agencies and hospices that undergo certain changes in majority ownership would also be required to re-enroll in Medicare as a new provider and undergo a new survey or accreditation, and CMS could deny or revoke enrollment if that requirement is not met. The Alliance asked CMS to remove these proposals and reissue them as a separate rulemaking, arguing that many of them do not distinguish bad actors from legitimate providers operating in good faith.

“Strategic buyers are not waiting for the calendar to cooperate. Demand for quality home health, home care, and hospice agencies has stayed strong throughout the first three quarters of 2026 and is continuing into the fourth quarter, creating a unique opportunity for owners who are contemplating the future of their organization,” said Ben Bogan, Partner and Managing Director at Stoneridge Partners. “We expect groups to keep building their pipelines as we head toward year-end.”

The National Post-Acute and Home-Based Care (PAHC) Index

Addus fell 3.60% MoM in September, though it remains up 2.93% YTD. On September 14, the company announced a definitive agreement to acquire the personal care business of AccentCare for $275 million, adding approximately $280 million in annualized revenue, or roughly 19% of Addus’ current revenue base. AccentCare’s personal care business serves an average daily census of about 13,700 customers across 10 states. According to Addus, the deal significantly expands its personal care capabilities in four primary states (Texas, Illinois, California, and Arizona) and adds operations in six additional states: Colorado, Georgia, Minnesota, Pennsylvania, Tennessee, and Washington. The deal excludes AccentCare’s hospice and home health operations.

“It will deepen our operational presence across key markets, while enhancing our capability to collaborate with our managed care organizations and value-based care partners. This acquisition continues our growth strategy to leverage our strong personal care experience to build scale in existing markets as well as enter select new markets,” said Dirk Allison, Addus’ Chairman and Chief Executive Officer.

Pennant rose 6.09% MoM and is up 38.54% YTD, the strongest MoM performer in the Index this month. On September 16, the company announced it acquired the real estate of Mainplace Senior Living in Orange, California, which closed September 3. Pennant’s affiliated operators have operated the community under a triple-net lease since the company’s 2019 spin-off.

“Our affiliated operators know this community, its team and the market well, making this a compelling opportunity to pair an established operating relationship with ownership of an attractive real estate asset,” said Brent Guerisoli, Pennant’s Chief Executive Officer.

Brookdale fell 8.14% MoM but is still up 0.46% YTD. On September 18, the company announced that Chief Executive Officer Nick Stengle received the 2026 Champion for Aging Award from the Connected Health & Safety Association.

Conclusion

September was a quieter month for regulatory headlines, but the overall picture appears constructive. The CY2027 home health proposal still appears to point to a net payment increase, and the Alliance’s Advocacy Week suggests continued bipartisan attention to care at home. Addus’ proposed personal care acquisition appears consistent with operators continuing to pursue scale through acquisitions. Buyer appetite for quality assets appears likely to carry into the fourth quarter.

Quote of the Month

“This is a defining moment for care at home. When more than 150 advocates walk the halls of Congress together, speaking with one voice on behalf of patients, families, and providers, we send an unmistakable message. Care at home already has bipartisan support and recognition as a cost-effective, patient-preferred solution. As demand continues to grow, we are committed to being a strong partner with Congress to help federal policy grow with it.”

– Jennifer Sheets, CEO, National Alliance for Care at Home. Alliance Advocacy Week recap, September 2026.

Read the Full Article Here: “Over 150 Advocates Convene on Capitol Hill to Champion Care at Home”

Stoneridge In the News:

The 24-Month Behavioral Health Outlook: Transitioning from Multiple Arbitrage to Operational Excellence Read the Full Article Here – Blog written by Associate Partner Peter Lynch

Confessions of a Former Operator: Why Surviving the Home Health Headwinds Now Demands Platform Scale Read the Full Article Here – Blog written by Associate Partner Will Putman.

See It To Believe It!

The Stoneridge Partners National Post-Acute and Home-Based Care Index is updated monthly and measures the performance of these five publicly traded post-acute care and home-based care companies, all listed on either the NYSE or the NASDAQ:

• Addus (ADUS)
• Aveanna (AVAH)
• BrightSpring (BTSG)
• Brookdale Senior Living Inc. (BKD)
• The Pennant Group, Inc. (PNTG)

Here are the results of the Post-Acute and Home-Based Care stock prices for the past two years:

Enterprise Value (EV)

Enterprise Value (EV), aka Selling Price, as Percent of Revenue

The above calculations are based on the selling price being defined as Enterprise Value (EV), with data provided by Yahoo Finance. Enterprise value is defined as market cap plus debt, minority interest, and preferred shares, minus total cash and cash equivalents. EBITDA is calculated using a methodology that may differ from that used by a company for its reporting. (The National Post-Acute and Home-Based Care Index September 2026 | Stoneridge Partners)

Recent Transactions From Around The Country

• Pennant acquired the real estate of Mainplace Senior Living.

SOLD by Stoneridge!!!

View Stoneridge closed transactions on our Website.

The National Post-Acute and Home-Based Care Index September 2026 | Stoneridge Partners

From Ben Bogan, Publisher of “Home Health Index.” Ben can be reached at [email protected] or (239) 561-0826, and toll-free at 800-218-3944. Previous editions of this monthly newsletter can be searched for at the bottom of the Market Intelligence Page.