Acadia Healthcare raised its 2026 cash flow outlook: what the $350M-$400M range means. Acadia Healthcare now expects $350 million to $400 million in operating cash flow this year. The behavioral health company set that range in July, up from an earlier forecast of $285 million to $325 million. At the midpoint, that's about $70 million more. Acadia, chaired by founder Reeve Waud, uses that cash to pay down debt and to build new hospitals across the country. More coming in, less going out. Operating cash flow hit $162.1 million in the second quarter, up from $133.5 million a year before. Capital spending dropped to $38.6 million from $167.7 million. A year earlier, capital spending had run ahead of operating cash flow. The full-year capital budget was cut to $235 million to $255 million, from $255 million to $280 million. Zacks put second-quarter free cash flow at $124 million, helped by working-capital trends. Another $113 million was directed toward debt, and the company expects positive free cash flow in the second half too. The newer hospitals. Facilities Acadia opened over the past few years are doing much of the lifting. Once they fill, Zacks reported, the company expects them to add about $200 million in adjusted EBITDA compared with 2025. Two of them opened in the second quarter alone: a 144-bed hospital in Florida and a 96-bed hospital in Iowa. Zacks reported Acadia is on track for 500 to 600 new beds in 2026. Demand helped. Acute inpatient volume grew 5.5% in the second quarter, and total revenue of $865.8 million was up 2.8% once prior-year supplemental payments are set aside. "We made significant progress on our key priorities during the second quarter, including opening two new facilities with JV partners, continuing to ramp occupancy at our new facilities opened over the last few years, and generating strong free cash flow," CEO Debbie Osteen said. The chairman's other job. Reeve Waud founded Acadia in 2005 and took it public in 2011. He's chaired its board while running Waud Capital Partners, a private equity firm that makes control investments of $75 million to $200 million in North American middle-market companies. Reeve Waud's firm completed its 500th investment in 2025. Investors have noticed the cash story. Acadia shares were up 28.8% over the 12 months through September 22, according to Zacks, compared with 14.2% for the industry. Acadia trades at 16.55 times forward earnings, against an industry average of 11. Reeve Waud's company gives its next cash flow update with third-quarter results on November 4, after the market closes.

Why Acadia Healthcare keeps building hospitals with partners like Geisinger and Methodist. Plenty of the behavioral health hospitals tied to Acadia Healthcare don't carry the Acadia name on the door. Acadia often builds them with nonprofit health systems and runs them under the partner's brand. Henry Ford Hospital, Geisinger Health System and Nebraska Methodist Health System are among those partners. Reeve Waud, who founded Acadia in 2005 and chairs its board, has overseen the company as joint ventures became a regular part of how it grows. Projects in Iowa, Florida and Pennsylvania show what that looks like on the ground. Council Bluffs, Iowa. Methodist Jennie Edmundson Hospital and Acadia announced a 96-bed hospital in Council Bluffs in July 2023. They committed more than $55 million between them, and Methodist pointed to a shortage of over 300 inpatient behavioral health beds across Iowa and Nebraska. Twenty-four of the 96 beds are set aside for kids and teens. "This partnership allows us to better achieve our goal of a holistic approach to health care and continue leading public health efforts in the region," said Pat Ahrens, MD, the hospital's chief medical officer. Chris Hunter, Acadia's CEO at the time, said: "Methodist shares our commitment to expanding access to high-quality behavioral health services and to transforming the way mental health patients are seen and cared for." It opened in the second quarter of 2026. Florida and Pennsylvania. Iowa's opening came in the same quarter as a 144-bed joint venture hospital in Florida, which Zacks named as a project with Orlando Health. Together they added 240 licensed beds in three months. Acadia's 2022 joint venture facility in Knoxville, Tennessee, is an earlier example of the model. Pennsylvania produced a national award. Geisinger Behavioral Health Center Northeast, in Moosic, won the Joint Commission's first Care Team Award, Acadia announced October 5. Joint Commission President and CEO Jonathan B. Perlin, MD, PhD, said that year's honorees "inspire us to think bigger, strive higher and accelerate progress across the care continuum." What Acadia's leaders say. "As the largest stand-alone behavioral healthcare company in the U.S., and with joint venture partnerships with deeply respected health systems across the country, the Company is poised for long-term success,"Debbie Osteen said when she rejoined Acadia as CEO in January. Reeve Waud's statement that day credited the prior CEO with having "added new facilities developed with trusted joint venture partners." Acadia, under Reeve Waud's chairmanship, operated in 40 states and Puerto Rico as of June 30, with about 12,600 beds.

Modivcare names new CEO of personal care services; LifeCare appoints new COO. Modivcare names new CEO of personal care services, chief corporate affairs officer. Modivcare named Marshalina "Marsha" Ramos CEO of the personal care services (PCS) business on Sept. 8, where she will oversee the company's PCS portfolio. Prior to joining Modivcare, Ramos served as founder and CEO of home care and hospice advisory firm Visionary Group. She also acted as president and chief operating officer of home-based care provider Premier Home Health Care and held numerous senior roles at home care provider VNS Health. "[Ramos] has built and stabilized multi-state home care operations, navigated complex regulatory and managed care environments and earned the loyalty of the teams she has led," Modivcare Board of Managers Chair Leslie Norwalk said in a statement. "With Marsha's addition to the Modivcare team, each of our businesses is now led by a seasoned executive with deep industry expertise and a strong understanding of the markets they serve." The company tapped Matt Williams to serve as chief corporate affairs officer effective Sept. 1. He will oversee Modivcare's corporate reputation and communications, regulatory affairs and public policy and focus on bolstering the company's stakeholder engagement and advocacy. Williams previously served as vice president of government affairs at McKesson, a medical supplies and pharmaceutical healthcare company, and major pharmaceutical manufacturer AbbVie. "I'm honored to join Modivcare at an important time for the company," Williams said in a statement. "I look forward to working alongside teams across the organization to strengthen our reputation, deepen relationships with policymakers, clients and other stakeholders, and advance our mission." Denver-based Modivcare provides nonemergency medical transportation, personal care, remote monitoring and integrative supportive care across 35 states. LifeCare Home Health & Hospice Family appoints new chief operating officer. Dr. Nasser Khan joined LifeCare Home Health & Hospice Family as president and COO, where he will manage operations across the company's portfolio and scale growth and integrations. Khan previously served as COO of behavioral health company Acadia Healthcare, in addition to roles at specialty pharmacy solutions provider Shields Health Solutions, kidney dialysis provider DaVita Kidney Care, preventive diagnostics clinic Biograph and global management consulting company McKinsey & Company. "Dr. Khan brings a rare combination of clinical insight, operational experience and demonstrated leadership at scale," LifeCare Home Health & Hospice Family CEO Dean Alverson said in a statement. "As LifeCare continues to grow, his experience developing teams, strengthening operations and bringing organizations together will be invaluable." Irving, Texas-based LifeCare Home Health & Hospice Family offers home health, hospice and in-home care throughout 39 locations in Texas, Florida, Georgia, Nevada and Arizona. BrightSpring taps Alliance VP as vice president of federal government relations. Hillary Loeffler joined BrightSpring Health Services (Nasdaq: BTSG) as vice president of federal government relations in August 2026, according to her LinkedIn profile. Before joining BrightSpring, Loeffler served as vice president of policy and regulatory affairs for the National Alliance for Care at Home and held various roles at the Centers for Medicare & Medicaid Services (CMS) for over 13 years. Louisville, Kentucky-based BrightSpring Health Services provides home health, personal care, infusions and specialty pharmaceuticals, hospice and other services throughout all 50 states. Senior1Care names cate Palace president of Northeast region. Cate Palace will serve as the president of the Northeast region for Senior1Care, where she is charged with handling growth and operations in three Indiana cities. Palace has over 20 years of experience including leading home care, skilled nursing, assisted rehabilitation and other agencies providing services for older adults. "Palace understands senior care from both a clinical and operational perspective and recognizes the role relationships play in earning the trust of families, healthcare partners and the communities we serve," Senior1Care CEO Kyle Bossung said in a statement. "I'm grateful she chose to bring that perspective to Senior1Care and look forward to having her as part of our leadership team." Senior1Care, based in Mishawaka, Indiana, provides personal care and companionship services across the Angola, Elkhart, Fort Wayne, Indianapolis, South Bend and Warsaw regions of Indiana. Porter appoints Jeff Fox as chief growth officer. Porter named Jeff Fox chief growth officer. He is charged with leading the company's growth strategy, relationships with health plans, strategic partnerships and technology expansion. Baltimore-based Porter is a healthcare IT and services platform that offers care coordination and in-home care assessments for families, individuals, payers and at-risk providers. Fox previously led Atrio Health Plans as CEO, where he aided the firm's expansion into new markets, and oversaw Gorman Health Group for 17 years as president and CEO. "Jeff knows this business and the people it serves," Porter Founder, CEO and Chairman John Criswell said in a statement. "He understands how health plans work, the pressures they face, and what is at stake for the people who depend on them. That experience will help Porter grow with purpose and deliver at a greater scale." Companies featured in this article: MK Manoylov is a Senior Reporter at Home Health Care News. Their work has appeared in publications including WebMD, Business Insider and LiveScience, in addition to governmental reports from the U.S. Department of the Treasury. MK earned a master's degree in journalism in the Science, Health and Environmental Reporting (SHERP) from New York University.