Upstream Rehabilitation

What Upstream Rehabilitation does

Upstream Rehabilitation Inc. is the largest outpatient physical therapy provider in the United States, operating more than 1,200 clinics across 28 states with 8,000+ associates delivering over 8 million patient visits annually. Founded in 2004 and headquartered in Birmingham, Alabama, the company is privately held and functions as a private equity-backed roll-up platform, with Revelstoke Capital Partners as its disclosed sponsor. Its business is multi-brand clinical service delivery rather than technology product: the core URPT brand plus retained acquired brands (notably Results Physiotherapy, acquired in August 2021) operate under a shared corporate infrastructure, with a "Sell Your Practice" program institutionalizing a perpetual acquisition pipeline from independent PT practice owners seeking exit or partnership.

The company's core product surface consists of three service lines: outpatient rehabilitation (general injury recovery, post-surgical recovery, chronic pain management), specialized physical therapy services for complex cases, and workers' compensation / industrial rehabilitation programs that monetize higher-reimbursement return-to-work engagements. There is no disclosed proprietary technology platform beyond clinic operations; the underlying technology is a centralized operational backbone (RCM, credentialing, compliance, scheduling) enabling multi-site clinical delivery at scale. Customer acquisition is referral-driven from physicians, surgeons, and workers' comp carriers, supplemented by brand marketing (urpt.com, Uplifted Lives patient stories) and clinician recruitment channels (Join Our Family, student programs).

The revenue model is service-fee based on patient visits, reimbursed through commercial insurance, Medicare/Medicaid, and workers' compensation payers at negotiated or fee-schedule rates; pricing is not publicly disclosed. Revenue mechanics are volume-driven (visits per clinic per day) at blended reimbursement per visit, with workers' comp and specialized services providing higher-margin contribution. The company monetizes its acquisition flywheel by purchasing independent practices at multiples below its own platform value, retaining local brands to preserve patient relationships, and integrating back-office functions. Leadership includes Founder & Senior Advisor David Van Name alongside CEOs Anthony Mollica and Ronald Kuerbitz and CFO Bryan Barganier; an out-of-court liability management exercise completed in early 2026 indicates capital structure stress despite continued operations.

Name

Upstream Rehabilitation

Legal name

Upstream Rehabilitation Inc.

Website

http://www.upstreamrehabilitation.com/

Company type

Private

Founded year

2004

Operating status

Operating

Headcount range

5,001–10,000 employees

Short description

Upstream Rehabilitation is the largest U.S. outpatient physical therapy provider, operating 1,200+ clinics across 28 states with 8,000+ associates delivering 8 million annual patient visits through a PE-backed roll-up platform.

Ownership category

akta.pro rank

Product category

Outpatient Physical Therapy Services

NAICS

Offices of Physical, Occupational and Speech Therapists, and Audiologists (62134), Ambulatory Health Care Services (621)

SIC

Services-Specialty Outpatient Facilities, Nec (8093)

akta.pro primary industry

Outpatient Physical Therapy (PT) Clinics (HLADAJAD)

akta.pro secondary industries

Outpatient Rehabilitation & Physical/Occupational/Speech Therapy Centers (HLAFABAB), Outpatient Rehabilitation Clinics (PT/OT/SLP) (HLAFAFAG)

Keywords

• Outpatient physical therapy
• Workers compensation rehab
• Specialized therapy services
• Practice acquisition platform
• Rehabilitation clinic network

Headquarters

HQ city

Birmingham

HQ country

United States

HQ region

North America

Offices1 record

Markets served

GTM type

B2C

Offering type

Services

Cost components

Personnel, Operations, Marketing or Sales, Infrastructure

Revenue model

1. Outpatient Physical Therapy Services: Revenue generated from providing physical therapy services to patients across outpatient clinics. Services include outpatient services, specialized services, and workers' compensation programs. Volume measured by patient visits exceeding 8 million annually.

Go-to-market motion1 record

Distribution channels1 record

Marketing channels3 records

Core offering

Upstream Rehabilitation operates a network of more than 1,200 outpatient physical therapy clinics across 28 states, delivering outpatient rehabilitation, specialized therapy programs, and workers' compensation injury recovery services through 8,000+ associates serving over 8 million patient visits annually. The company also runs a Sell Your Practice program that acquires independent physical therapy practices and integrates them under retained local brands such as Results Physiotherapy, Drayer Physical Therapy Institute, and Crescent Physical Therapy.

Product overview

Upstream Rehabilitation operates as a platform of outpatient physical therapy clinics, functioning as the parent company for a portfolio of brands including its primary URPT brand and acquired brands such as Results Physiotherapy. The company provides outpatient physical therapy services through over 1,200 clinic locations across 28 states, offering core outpatient services, specialized services, and workers' compensation programs. The platform also includes a Sell Your Practice program enabling practice acquisition partnerships.

Differentiator

Problem solved

Functional benefit

Products and services

• Outpatient Services Core outpatient physical therapy services delivered across the company’s clinic network, including treatment for injuries, post-surgical recovery, and chronic conditions for patients seeking rehabilitation care.
• Specialized Services
• Workers' Compensation
• Sell Your Practice Program

Quantifiable outcome

• 8M+ patient visits annually
• +1 more outcomes

Segments2 records

Ideal customer profiles3 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Partnerships

One partnership is on record.

• Results PhysiotherapycoreStrategic or Co-development Partner · 2 August 2021Upstream Rehabilitation completed acquisition of Results Physiotherapy on August 2, 2021. This strategic acquisition made Upstream the largest outpatient physical therapy provider in the U.S., expanding to over 1,000 clinics across 28 states with over 5 million patient visits annually.

Scale indicators5 records

Recent moves6 records

Expansion highlights5 records

Market position

Competitive moat5 records

Key risks5 records

Key highlights6 records

Customer concentration

• LinkedInlinkedin.com/company/upstream-rehabilitation

Revenue estimate

Valuation estimate

Number of profiles

Profiles7 records

Subsidiaries1 record

Funding overview

Funding rounds1 record

Investors1 record

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A4 records

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Upstream Rehabilitation