Results Physiotherapy

What Results Physiotherapy does

Results Physiotherapy is a private, for-profit outpatient physical therapy provider headquartered in Nashville, Tennessee, operating 140+ clinics across nine U.S. states (Alabama, Georgia, Indiana, Kentucky, Mississippi, North Carolina, South Carolina, Tennessee, and Texas). Founded in 1996 by Australian physical therapist Gary Cunningham alongside Olympic swimmer Tracy Caulkins, the company built its clinical identity around a hands-on, manual-based treatment methodology intended to deliver faster pain relief and more durable outcomes than the exercise-and-ultrasound standard of care prevalent in the U.S. market at the time. Core services include general musculoskeletal physical therapy, trigger-point dry needling, manual therapy, telehealth/virtual care, and specialty programs covering pelvic health and postpartum recovery (Beyond Birth), running injuries, motor vehicle accident rehabilitation, adolescent and pediatric injuries, and workers' compensation cases. Treatment is delivered by clinicians with above-industry credentialing: 75% of Results therapists hold the Certified Orthopedic Manual Therapist (COMT) designation versus a national rate near 10%, supported by more than four times the required continuing education.

The business operates on a multi-channel revenue model. The majority of revenue is generated by fee-for-service physical therapy sessions billed to commercial insurance, Medicare/Medicaid, and workers' compensation carriers, with a smaller cash-pay stream for uninsured or out-of-network patients. Distribution is primarily direct-to-patient through the owned clinic network, augmented by physician referrals, healthcare system integrations (most notably a 55-location combined outpatient rehabilitation partnership with Ascension Saint Thomas across Middle Tennessee, and a primary care referral partnership with Avance Care in North Carolina's Triangle), and embedded service points at Kroger Little Clinic locations in Tennessee, Kentucky, and Southern Indiana. Patient acquisition is further supported by condition-specific SEO content, patient testimonials, and community screening events at fitness partners such as Iron Tribe Fitness. In 2021, Results was acquired by Upstream Rehabilitation, one of the largest U.S. operators of outpatient physical therapy clinics, and now operates as a subsidiary within the Upstream Rehab family of care.

Name

Results Physiotherapy

Legal name

Results PT

Website

https://resultspt.com/

Company type

Private

Founded year

1996

Operating status

Operating

Headcount range

501–1,000 employees

Short description

Results Physiotherapy is a private outpatient physical therapy provider operating 140+ clinics across nine U.S. states, delivering manual-based therapy, dry needling, telehealth, and specialty programs to musculoskeletal, pelvic health, and workers' compensation patients. It is a subsidiary of Upstream Rehabilitation.

Ownership category

akta.pro rank

Product category

Outpatient Physical Therapy Services

NAICS

Offices of Physical, Occupational and Speech Therapists, and Audiologists (62134)

SIC

Services-Specialty Outpatient Facilities, Nec (8093), Services-Misc Health & Allied Services, Nec (8090)

akta.pro primary industry

Outpatient Rehabilitation & Physical/Occupational/Speech Therapy Centers (HLAFABAB)

akta.pro secondary industries

Orthopedic Physical Therapy & Post-Op Rehab (HSADAIAA), Orthopedic & Sports Rehabilitation Centers (HLAFAFAI)

Keywords

• Outpatient physical therapy
• Manual therapy services
• Dry needling therapy
• Pelvic health rehabilitation
• Workers compensation therapy

Headquarters

HQ city

Franklin

HQ country

United States

HQ region

North America

Offices3 records

Markets served

GTM type

B2C

Offering type

Services

Cost components

Personnel, Operations, Marketing or Sales, Technology or R&D, Infrastructure

Revenue model

1. Outpatient Physical Therapy Services: Core revenue from outpatient physical therapy treatment sessions billed to insurance or paid directly by patients. Services include manual therapy, exercise therapy, dry needling, and specialized programs.
2. Workers Compensation: Physical therapy services billed through workers compensation insurance for work-related injuries
3. Cash-Pay Services: Direct patient payments for those without insurance coverage or choosing out-of-pocket payment

Go-to-market motion1 record

Distribution channels4 records

Marketing channels5 records

Core offering

Results Physiotherapy delivers outpatient physical therapy and rehabilitation services at 140+ clinics across nine U.S. states, built around a hands-on manual therapy approach rather than exercise-and-hot-pack treatment. Core clinical offerings include manual therapy, trigger-point dry needling, telehealth/virtual care, pelvic health and postpartum (Beyond Birth) programs, running-injury treatment, and workers' compensation rehabilitation. Treatment is personalized for musculoskeletal conditions affecting the head, neck, shoulder, back, hip, knee, and foot/ankle, as well as post-surgical recovery.

Product overview

Results Physiotherapy operates as an outpatient physical therapy service provider rather than a software product company. The company offers a unified service delivery model featuring manual-based physical therapy at clinics across 9 U.S. states (Alabama, Georgia, Indiana, Kentucky, Mississippi, North Carolina, South Carolina, Tennessee, and Texas). Core services include dry needling therapy, manual therapy, telehealth/virtual care, and specialized programs such as Beyond Birth (postpartum care) and Pelvic Health Specialty Clinics. Treatment spans conditions affecting the head, neck, shoulder, wrist/elbow, lower back, abdomen/pelvis, hip/knee, and foot/ankle, along with running injuries and workers' compensation services.

Differentiator

Problem solved

Functional benefit

Products and services

• Outpatient Physical Therapy Services Outpatient physical therapy and rehabilitation services delivered at clinic locations across nine U.S. states, featuring hands-on manual therapy techniques and personalized treatment plans for individual patients.
• Dry Needling Therapy Trigger-point dry needling therapy using thin monofilament needles to resolve muscle spasms and knots for immediate pain relief, offered to patients with challenging myofascial conditions.
• Manual Therapy
• Telehealth / Virtual Care
• Beyond Birth Program
• Pelvic Health Specialty Clinics
• Treatment for Running Injuries
• Workers' Compensation Services

Quantifiable outcome

• BPPV vertigo can be eliminated in 90% of patients with one five-minute procedure
• +3 more outcomes

Named customers4 records

Segments5 records

Ideal customer profiles5 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Feature4 records

Partnerships

Four partnerships are on record, tiered core and minor.

• Ascension Saint ThomascoreStrategic or Co-development Partner · 1 January 2021Integration of outpatient rehabilitation operations and clinicians across Middle Tennessee, creating a combined outpatient rehabilitation partnership of physical, speech and occupational therapies with 55 locations in the region. Partnership aims to improve health outcomes, enhance patient experience, and expand access across Middle Tennessee and Southern Kentucky.
• Avance CarecoreStrategic or Co-development PartnerPartnership with next generation primary care organization in North Carolina's Triangle area. Results represents the best first line of intervention for musculoskeletal conditions with fast, simple referrals and coordinated care.
• Kroger Little ClinicminorChannel Partner/ Reseller/ DistributorCollaboration offering patients additional treatment solutions for a wide variety of conditions and injuries with a collective commitment to help patients live pain-free without prescription opioid medications. Clinics in Tennessee, Kentucky and Southern Indiana participate.
• Iron Tribe FitnessminorGTM or Marketing PartnerPartnership with Nashville fitness organization ranked in top five best workouts nationally. Results therapists conduct free strength and mobility screens at five Nashville-area Iron Tribe locations. Athletes receive injury prevention and care coordination.

Scale indicators5 records

Recent moves6 records

Expansion highlights6 records

Direct peers

• ATI Physical Therapy: One of the largest US outpatient physical therapy operators with a comparable multi-state clinic footprint, similar insurance/workers' comp billing model, and overlapping orthopedic and manual therapy service offerings, making it the most direct competitor to Results.
• Ivy Rehab Network: PE-backed outpatient PT network with a similar multi-state de novo and partnership growth strategy, comparable specialty programs (pelvic health, pediatric, vestibular), and overlapping target patients in musculoskeletal and post-operative rehabilitation.
• Athletico Physical Therapy (Bamforth): National outpatient PT operator with comparable orthopedic, manual therapy, and workers' compensation service lines and a similar insurance-billed business model, competing in overlapping Southeast and Midwest markets.
• US Physical Therapy: Public operator of ~600 outpatient PT clinics across the US, with a clinic-partnership model that closely mirrors Results' model of partnering with local operators and clinicians while providing shared back-office services.

Broad incumbents

• Select Medical (Outpatient Division / Select Physical Therapy): Large publicly traded healthcare services company with a major outpatient PT division offering orthopedic, sports, and hand therapy across hundreds of clinics nationwide — a scaled incumbent competing in many of the same MSK conditions Results treats.
• Upstream Rehabilitation (Parent / BenchMark / Drayer): Results' parent company and operator of sibling outpatient PT brands including BenchMark Physical Therapy and Drayer Physical Therapy, sharing back-office, payer contracting, and clinical leadership infrastructure — the closest structural peer.
• HCA Healthcare (Sarah Cannon / TriStar PT outpatient services): Large hospital system with outpatient rehabilitation services across many of the same states Results operates in; competes for hospital-affiliated MSK and post-surgical referral flow.

Emerging players

• Concentra (Select Medical): Operates occupational health and PT clinics embedded with employer and workers' compensation customers; competes directly for the work-injury and occupational rehab segment that Results serves through its Workers Comp program.
• PT Solutions: Outpatient PT provider with comparable orthopedic focus, residency-trained clinician model, and expansion across the Southeast US, competing with Results in several of the same regional markets.

Others

• RehabCare (Kindred Rehabilitation Services): Provider of inpatient and outpatient rehabilitation services including PT, OT, and speech therapy — an adjacent, enabling peer that competes for some post-acute and outpatient rehab contracts in overlapping geographies.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat4 records

Key risks6 records

Key highlights7 records

Customer concentration

• Xx.com/resultsphysio
• Facebookfacebook.com/ResultsPhysiotherapy
• LinkedInlinkedin.com/company/results-physiotherapy

Revenue estimate

Valuation estimate

Number of profiles

Profiles9 records

Funding overview

Funding rounds1 record

Investors1 record

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

M&A

Investments

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

Frequently asked questions about Results Physiotherapy