Franklin, Tennessee, located about 20 miles south of Nashville, serves as headquarters for Acadia Healthcare, the largest standalone behavioral healthcare company in the United States. The city’s emergence as a healthcare hub reflects broader patterns of industry growth in the Nashville metropolitan area.

Board Chairman Reeve Waud founded Acadia in 2005 and announced Debbie Osteen’s return as CEO in January 2026, continuing leadership of the Franklin-based company from his Chicago base.

Tennessee’s Healthcare Hub

The Nashville area hosts numerous healthcare companies, from hospital systems to healthcare services firms to health technology companies. Acadia’s Franklin headquarters positions it within this ecosystem while maintaining identity as a standalone behavioral health specialist.

The company operates 278 facilities across 40 states and Puerto Rico, making its Tennessee headquarters a coordination point rather than its sole geographic focus. Corporate functions including executive leadership, finance, investor relations, and corporate communications operate from Franklin.

Acadia’s Growth from Local Startup

Reeve Waud formed Acadia Healthcare in 2005 as a platform for behavioral health services. The company went public in 2011, just six years after founding, and has since grown to employ approximately 25,500 people and serve more than 82,000 patients daily.

Franklin provided a base for this growth, with Acadia expanding through facility acquisitions and health system joint ventures across the country. The company’s 21 joint venture partnerships with health systems create presence in markets far beyond Tennessee.

Economic Impact and Employment

Acadia’s 25,500 employees work primarily at facilities across the company’s nationwide network rather than at the Franklin headquarters. However, the corporate presence contributes to Franklin’s business community and the broader Nashville-area economy.

Healthcare services companies like Acadia benefit from Nashville’s healthcare industry concentration, which provides access to healthcare-experienced professionals for corporate functions and creates networking opportunities with other healthcare organizations.

New Leadership, Same Headquarters

Osteen’s statement upon returning to Acadia emphasized collaboration: “I look forward to working closely with our talented team and the Board of Directors to continue to provide care for the most vulnerable patients in our communities and drive value creation.”

Reeve Waud announced the transition from his position as Board Chairman. While Waud operates Waud Capital Partners from Chicago, his continued oversight of Acadia maintains governance connections between the Chicago private equity community and the Franklin-based healthcare company he founded.