US Physical Therapy
US Physical Therapy operates approximately 784 outpatient physical and occupational therapy clinics across 44 U.S. states via a partnership acquisition model, serving individual patients, employer clients (Briotix Health industrial injury prevention), and hospital partners. Revenue derives from insurance reimbursements (~86%) and employer contracts (~14%).
- Company typePublic
- Founded1990
- HeadquartersHouston, United States
- Headcount1,001–5,000
- GTM typeB2B and B2C
- OfferingServices
What US Physical Therapy does
U.S. Physical Therapy, Inc. (NYSE: USPH), founded in 1990 and headquartered in Houston, Texas, is one of the largest operators of outpatient physical and occupational therapy clinics in the United States. As of May 2026 the company operates approximately 784 clinics across 44 states, structured around a partnership model in which USPH acquires 51-80% stakes in established private practices while the original owners retain equity, providing capital and administrative support while preserving local clinical autonomy. Beyond the core outpatient PT platform, the company runs a higher-margin industrial injury prevention business (Briotix Health) that delivers onsite ergonomics, injury prevention, functional capacity evaluations, and workforce resilience services to employer clients, and it manages physical therapy facilities for unaffiliated hospitals and physician groups.
The company's product surface combines owned outpatient clinics, the Briotix Health employer-services segment, an ergonomics software product, and a digital self-referral platform that contributed to a 15% increase in patient volume. Technology deployment centers on AI-driven clinical documentation and semi-virtualized front desk operations, which the company positions as cost-efficiency initiatives to lower cost per visit, alongside predictive analytics that support Briotix Health employer engagements. An AI Governance Policy was formalized in April 2026.
Revenue is generated almost entirely from U.S. healthcare reimbursements — approximately 95% of patient revenue flows through private insurers, Medicare, and commercial payors at negotiated reimbursement rates, with patient service revenue contributing roughly 86% of total revenue and industrial injury prevention services approximately 14%. The go-to-market combines acquisition-driven inorganic growth (10-15% annual revenue contribution), same-clinic organic growth (3-5% annually), a direct-to-consumer digital channel, and B2B enterprise sales to employers. FY2025 net revenue reached $781.0 million with $95.0 million of adjusted EBITDA, supported by gross margins of 52-55% and operating margins of 15-18%, and the company is currently funding expansion through a $450 million credit facility and a multi-year $120 million acquisition budget.
US Physical Therapy firmographics
Firmographics- Name
- US Physical Therapy
- Legal name
- U.S. Physical Therapy, Inc.
- Website
- https://usph.com
- Company type
- Public
- Founded year
- 1990
- Operating status
- Operating
- Headcount range
- 1,001–5,000 employees
- Short description
- US Physical Therapy operates approximately 784 outpatient physical and occupational therapy clinics across 44 U.S. states via a partnership acquisition model, serving individual patients, employer clients (Briotix Health industrial injury prevention), and hospital partners. Revenue derives from insurance reimbursements (~86%) and employer contracts (~14%).
- Ownership category
- akta.pro rank
US Physical Therapy industry classification
Industry- Product category
- Outpatient Physical Therapy Services
- NAICS
- Offices of Physical, Occupational and Speech Therapists, and Audiologists (62134), Ambulatory Health Care Services (621), Offices of Other Health Practitioners (6213)
- SIC
- Services-Specialty Outpatient Facilities, Nec (8093), Services-Health Services (8000)
- akta.pro primary industry
- Outpatient Rehabilitation & Physical/Occupational/Speech Therapy Centers (HLAFABAB)
- akta.pro secondary industries
- Outpatient Physical Therapy (PT) Clinics (HLADAJAD), Orthopedic & Sports Rehabilitation Centers (HLAFAFAI), Orthopedic Physical Therapy & Post-Op Rehab (HSADAIAA), Sports Physical Therapy & Return-to-Play Rehab (HSADAIAB)
Keywords
Where US Physical Therapy is headquartered
LocationHeadquarters
- HQ city
- Houston
- HQ country
- United States
- HQ region
- North America
Offices1 record
Markets served
US Physical Therapy business model
Business model- GTM type
- B2B and B2C
- Offering type
- Services
- Cost components
- Personnel, Operations, Marketing or Sales, Technology or R&D, Infrastructure
Revenue model
- Patient Service Revenue: Core revenue stream from outpatient physical and occupational therapy services across owned and managed clinics. Revenue derived from private insurers, Medicare, and commercial payers. Represents approximately 86% of total company revenue.
- Industrial Injury Prevention Services: Briotix Health segment provides onsite services for employer clients including injury prevention, rehabilitation, performance optimization, post-offer employment testing, functional capacity evaluations, and ergonomic assessments. Represents approximately 14% of total revenue with higher margins.
- Management Services Revenue: Revenue from managing physical therapy facilities for unaffiliated third parties including hospitals and physician groups
Pricing tiers
| Model | Billing | Price |
|---|---|---|
| Other | Pay-as-you-go | Healthcare services reimbursed through insurance |
Go-to-market motion3 records
Distribution channels4 records
Marketing channels6 records
US Physical Therapy product offering
Product offeringCore offering
U.S. Physical Therapy operates a partnership-based network of approximately 784 outpatient physical and occupational therapy clinics across 44 states, delivering orthopedic, sports, neurological, and post-operative rehabilitation services. Through its Briotix Health subsidiary, the company provides industrial injury prevention, ergonomic assessments, and performance optimization services to employer clients. The company also manages physical therapy facilities for hospitals, physician groups, and other third-party partners.
Product overview
U.S. Physical Therapy operates a partnership-based outpatient physical and occupational therapy model, functioning as a platform of approximately 784 outpatient clinics across 44 states combined with industrial injury prevention services. The company's core offerings include outpatient physical therapy clinics providing orthopedic, sports, and neurological rehabilitation, along with its Briotix Health subsidiary offering industrial injury prevention services including onsite injury prevention, performance optimization, ergonomic assessments, and functional capacity evaluations. The portfolio also includes hospital and physician partnership services and a digital self-referral platform. Revenue is derived primarily from patient service fees (approximately 86%) with industrial injury prevention services contributing roughly 14%.
Differentiator
Problem solved
Functional benefit
Brands
- Metro Physical Therapy: Subsidiary providing physical and aquatic therapy outpatient services, integrated into NYU Langone Health alliance
- Briotix Health
Quantifiable outcome
- 93 Net Promoter Score across nearly 800 locations in 44 states
- +5 more outcomes
Companies that use US Physical Therapy
Customer profileNamed customers4 records
Segments4 records
Ideal customer profiles4 records
US Physical Therapy technology and API
TechnologyTechnology focussed No
API detail
- Has API
- No
- API docs
- API detail
Core technology
AI maturity
App detail
AI capability2 records
Feature4 records
US Physical Therapy partnerships and signals
Strategic signalPartnerships
Five partnerships are on record, tiered minor and core.
- PACS Group Inc.minorPACS Group appointed former USPH CFO Carey Hendrickson as Chief Financial Officer. Hendrickson previously oversaw financial operations for nearly 800 USPH clinics across 44 states before transitioning to PACS Group.
- NYU Langone Healthcore10-year strategic partnership integrating Metro Physical Therapy's network of 60 outpatient clinics into NYU Langone's clinical services network in Long Island and New York metropolitan area. Alliance expected to enhance physical therapy care delivery and patient throughput with operations commencing within months of announcement.
- Industrial Injury Prevention Business (Undisclosed)minorAcquisition of an industrial injury prevention business to expand USPH's industrial injury prevention services and market presence.
- Eight-Clinic Physical Therapy Practice (Undisclosed)minorAcquisition of 50% interest in eight-clinic physical therapy management services company generating approximately $8.0 million in annual revenues and serving 66,000 annual visits. Current owners retain 50% stake.
- APTQI (Alliance for Physical Therapy Innovation)minorUSPH supports advocacy efforts through APTQI alliance, including legislative support for the SAFE Act in Congress addressing workforce and reimbursement challenges facing the physical therapy industry.
Scale indicators12 records
Recent moves8 records
Expansion highlights6 records
US Physical Therapy competitors and assessment
Company assessmentBroad incumbents
- Select Medical Holdings: Select Medical operates outpatient rehabilitation clinics alongside its Concentra occupational health and inpatient rehab hospital businesses, making it a broader incumbent that overlaps with both USPH's patient services and Briotix-style industrial injury prevention segments.
- HCA Healthcare: HCA Healthcare operates hospitals and affiliated outpatient services across major U.S. markets and is both a potential hospital alliance partner and an indirect competitor for outpatient rehabilitation referrals.
- Tenet Healthcare: Tenet Healthcare owns USPI ambulatory surgery centers and outpatient assets, competing for hospital outpatient partnerships and adjacent post-acute service lines relevant to USPH's strategic positioning.
- Encompass Health: Encompass Health operates the largest U.S. network of inpatient rehabilitation hospitals with adjacent outpatient services; it is a broader incumbent in rehabilitation care that competes for hospital system partnerships and post-acute referrals.
Direct peers
- Concentra Group Holdings: Concentra is the largest provider of occupational health services in the U.S., directly comparable to USPH's Briotix Health segment for employer-side injury prevention, rehabilitation, and functional capacity evaluations.
- ATI Physical Therapy: ATI Physical Therapy is a direct competitor operating a large national network of outpatient physical therapy clinics across the U.S., with a partnership-based acquisition model and similar patient mix focused on orthopedic, sports, and post-operative rehabilitation.
- Athletico Physical Therapy: Athletico operates hundreds of outpatient physical and occupational therapy clinics across the U.S. with a similar orthopedic and sports therapy focus, competing head-to-head with USPH in shared geographies for the same patient and referral pools.
- Upstream Rehabilitation: Upstream Rehabilitation is a private outpatient PT platform operating Drayer Physical Therapy, Benchmark, and other regional brands, using a partnership acquisition model and clinical focus comparable to USPH's clinic rollup strategy.
Emerging players
- Ensign Group: Ensign Group is a post-acute and skilled nursing operator with growing rehabilitation therapy offerings, representing an emerging player in the broader post-acute care space where USPH's hospital alliance strategy operates.
- PACS Group: PACS Group operates skilled nursing and post-acute facilities and just hired USPH's former CFO; it represents an emerging post-acute consolidator that increasingly competes for talent, M&A targets, and health system relationships.
Market position
Strengths5 records
Weaknesses5 records
Competitive moat5 records
Key risks6 records
Key highlights7 records
Customer concentration
US Physical Therapy social profiles
Digital presenceUS Physical Therapy compliance and trust
Trust signalCompliance1 record
US Physical Therapy financial estimates
Financial estimateRevenue estimate
Valuation estimate
US Physical Therapy leadership team
Management profileNumber of profiles
Profiles7 records
US Physical Therapy subsidiaries and ownership
Company hierarchySubsidiaries4 records
US Physical Therapy funding detail
Funding detailFunding overview
Funding rounds2 records
Investors1 record
Funding detail is available on the Subscription and Enterprise plan.Contact sales →
US Physical Therapy M&A and investment
M&A and investmentM&A1 record
Investments
M&A and investment is available on the Subscription and Enterprise plan.Contact sales →
Frequently asked questions about US Physical Therapy
What does US Physical Therapy do?
U.S. Physical Therapy operates a partnership-based network of approximately 784 outpatient physical and occupational therapy clinics across 44 states, delivering orthopedic, sports, neurological, and post-operative rehabilitation services. Through its Briotix Health subsidiary, the company provides industrial injury prevention, ergonomic assessments, and performance optimization services to employer clients. The company also manages physical therapy facilities for hospitals, physician groups, and other third-party partners.
Is US Physical Therapy a public or private company?
US Physical Therapy is a public company. It is classified as public and is currently operating.
When was US Physical Therapy founded?
US Physical Therapy was founded in 1990. It employs 1,001 to 5,000 people.
Where is US Physical Therapy based?
US Physical Therapy is headquartered in Houston, United States, in the North America region.
How does US Physical Therapy make money?
Three revenue lines are on record. Patient Service Revenue is the primary driver. The others are industrial Injury Prevention Services and management Services Revenue.
Who are US Physical Therapy's main competitors?
Broad incumbents on record are Select Medical Holdings, HCA Healthcare, Tenet Healthcare and Encompass Health. Direct peers are Concentra Group Holdings, ATI Physical Therapy, Athletico Physical Therapy and Upstream Rehabilitation. Emerging players are Ensign Group and PACS Group.
Does US Physical Therapy have an API?
No public API is recorded for US Physical Therapy.
What industry is US Physical Therapy in?
US Physical Therapy's product category is Outpatient Physical Therapy Services. Its primary akta.pro industry code is HLAFABAB, Outpatient Rehabilitation & Physical/Occupational/Speech Therapy Centers, with a secondary code of HLADAJAD, Outpatient Physical Therapy (PT) Clinics. Its NAICS code is 62134 and its SIC code is 8093.