Amedisys and Care in the HomeThin moat

UnitedHealth Group (UNH) — moat facet

UnitedHealth paid about $3.3 billion for Amedisys and had to sell 164 locations to get the deal past the Justice Department.

UnitedHealth's care business extends into patients' homes. It completed the acquisition of Amedisys, a home health and hospice provider, on 14 August 2025, for about $3.3 billion or $101 a share1. To close the deal it agreed with the Department of Justice to divest 164 locations in 19 states, with about $528 million of revenue2.

Cash paid for acquisitions ($M)10,136202313,40820244,5092025UnitedHealth Group Form 10-K FY2025
Buying slowed sharply in 2025.

Home care complements the clinics. UnitedHealthcare's nurse practitioners also performed 3.1 million clinical preventive home visits in 2025 through the HouseCalls program3. Care delivered at home is cheaper than care in hospitals and keeps patients inside UnitedHealth's system.

The acquisition came as the rest of Optum Health was losing money. Cash paid for acquisitions fell from $13,408 million in 2024 to $4,509 million in 20254, and Amedisys was among the few large purchases of the year.

The divestitures show the limits of buying scale: the antitrust review took a meaningful slice of the business before it closed.

The price was $101 a share5, and the settlement required divesting a meaningful slice of the combined operations6. The deal came as UnitedHealth's total acquisition spending fell to $4,509 million in 20257, making Amedisys one of the few large purchases of a year spent repairing the core business.

This is a thin moat: home health is local and fragmented. The number to follow is Optum Health's margin with Amedisys fully included; if it keeps rising, the home business is adding to profit; if it stalls, the $3.3 billion bought revenue rather than an advantage.

Moat trajectory: Holding steady

Acquisition closed August 2025; divestitures completed.

The number that tests this moat
Reported
HouseCalls clinical home visits, full year
3.1 million (2025)

The home-care reach of the group; a sharp fall would signal retreat from care in the home.

Source: UnitedHealth Group Form 10-K, FY2025 ↗
⚠ Threats to the moat
⚠ THREAT 01
Home Visits Are What the Auditors Check
UnitedHealth says its HouseCalls diagnoses are more accurate than government audits suggest, but those audits are still running.
References
  1. ReportedIt completed the acquisition of Amedisys, a home health and hospice provider, on 14 August 2025, for about $3.3 billion or $101 a share.
    Hospice News, UnitedHealth Group's acquisition of Amedisys closes. — August 2025 · publ. 14 August 2025 · source ↗
  2. ReportedTo close the deal it agreed with the Department of Justice to divest 164 locations in 19 states, with about $528 million of revenue.
    Fierce Healthcare, UnitedHealth and Amedisys sell facilities under a settlement with the DOJ. — August 2025 · publ. August 2025 · source ↗
  3. ReportedUnitedHealthcare's nurse practitioners also performed 3.1 million clinical preventive home visits in 2025 through the HouseCalls program.
    UnitedHealth Group Form 10-K for fiscal 2025 - Item 1 business: segments, products, people served and leadership. — FY2025 · publ. 2 March 2026 · source ↗
  4. ReportedCash paid for acquisitions fell from $13,408 million in 2024 to $4,509 million in 2025, and Amedisys was among the few large purchases of the year.
    UnitedHealth Group Form 10-K for fiscal 2025 - financial statements and notes: segment note, CMS concentration, balance sheet, cash flow and capital. — FY2025 · publ. 2 March 2026 · source ↗
  5. ReportedThe price was $101 a share, and the settlement required divesting a meaningful slice of the combined operations.
    Hospice News, UnitedHealth Group's acquisition of Amedisys closes. — August 2025 · publ. 14 August 2025 · source ↗
  6. ReportedThe price was $101 a share, and the settlement required divesting a meaningful slice of the combined operations.
    Fierce Healthcare, UnitedHealth and Amedisys sell facilities under a settlement with the DOJ. — August 2025 · publ. August 2025 · source ↗
  7. ReportedThe deal came as UnitedHealth's total acquisition spending fell to $4,509 million in 2025, making Amedisys one of the few large purchases of a year spent repairing the core business.
    UnitedHealth Group Form 10-K for fiscal 2025 - Item 1 business: segments, products, people served and leadership. — FY2025 · publ. 2 March 2026 · source ↗
Sources
Generated September 26, 2026