Cypress Health Partners

What Cypress Health Partners does

Cypress Health Partners is the largest physical therapy and chiropractic clinic network in New England, operating 160+ locations across five states (Massachusetts, New Hampshire, Maine, Rhode Island, and New York) under sub-brands including Bay State Physical Therapy, MVPT Physical Therapy, Cypress Physical Therapy, and MCR Chiropractic. The company delivers outpatient rehabilitation services through a partnership model in which clinic owners retain partial ownership and autonomy while accessing a centralized shared-services stack covering EMR and revenue cycle management, HR, finance, marketing, physician-liaison sales, IT, facilities, and clinical operations. The network encompasses 600+ physical therapists and chiropractors and delivers more than 1.4 million annual patient visits, with a stated goal of providing 10 million people access to care within a 15-minute drive.

The company's go-to-market is enterprise-style field sales targeting independent PT and chiropractic practice owners who align with a patient-first, values-driven culture, converting them into Managing Partners who share infrastructure and profit participation. Beyond direct patient billing through insurance (fee-for-service outpatient PT and chiropractic care), revenue mechanics include shared-service and partnership fees from affiliated clinics and value-based payer arrangements. The "Physical Therapy First" thesis positions the network against hospital-based MSK care, citing 30%-50% cost savings versus large health systems, 75%-90% lower opioid exposure, and outcomes running 76% above MCID thresholds, alongside a Net Promoter Score of 93 and 99.8% patient satisfaction.

The company also operates a telehealth platform launched in March 2020 that scaled from zero to roughly 20,000 virtual visits within three months, supported by an outcomes-research partnership with Northeastern University's Department of Physical Therapy, Movement and Rehabilitation Sciences. Founding leadership is provider-owned and managed: Steven Windwer (DC, PT) co-founded MVPT in 1983 and Bay State PT in 1995, transitioned to Executive Chairman in November 2024, with Brady Hill moving from President to CEO and Braden Hill promoted to SVP of Strategy & Corporate Development to drive continued partnership expansion.

Name

Cypress Health Partners

Legal name

Cypress Health Partners

Website

https://cypresshealthpartners.com

Company type

Private

Founded year

1983

Operating status

Operating

Headcount range

501–1,000 employees

Short description

Cypress Health Partners is the largest physical therapy and chiropractic network in New England, operating 160+ clinics across five states under sub-brands Bay State PT, MVPT, Cypress PT, and MCR Chiropractic, partnering with practice owners and serving more than 1.4 million patient visits annually.

Ownership category

akta.pro rank

Product category

Outpatient Rehabilitation Services

NAICS

Offices of Other Health Practitioners (6213), Offices of All Other Health Practitioners (62139)

SIC

Services-Misc Health & Allied Services, Nec (8090), Services-Health Services (8000)

akta.pro primary industry

Medical/Therapeutic Massage (Rehab/Pain Management) (HSALAEAO)

akta.pro secondary industries

Allied Health & Rehab Referral Platforms (PT/OT/SLP) (HLALALAI), Occupational & Employer-Sponsored Primary Care Clinics (HLAFAGAJ)

Keywords

• Outpatient physical therapy
• Chiropractic services
• Musculoskeletal care
• Clinic partnership network
• Telehealth rehabilitation

Headquarters

HQ city

Braintree

HQ country

United States

HQ region

North America

Offices1 record

Markets served

GTM type

B2B and B2C

Offering type

Services

Cost components

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

Revenue model

1. Outpatient Physical Therapy Services: Fee-for-service outpatient physical therapy and chiropractic care delivered at network of 160+ clinic locations across New England. Revenue generated through patient visits and insurance reimbursements.
2. Network Partnership Model: Partnership model where affiliated clinics (Bay State Physical Therapy, MVPT Physical Therapy, Cypress Physical Therapy, MCR Chiropractic) maintain local ownership while accessing shared services including HR, finance, marketing, operations support in exchange for partnership arrangement.
3. Payer Contracts: Partnerships with payers focused on value-based care and patient outcomes. Outpatient physical therapy typically 30%-50% lower cost than large health systems.

Pricing tiers

Go-to-market motion1 record

Distribution channels1 record

Marketing channels5 records

Core offering

Cypress Health Partners is the largest physical therapy and chiropractic clinic network in New England, operating 160+ outpatient locations across five states through affiliated brands (Bay State Physical Therapy, MVPT Physical Therapy, Cypress Physical Therapy, and MCR Chiropractic). It delivers outpatient PT and chiropractic services to patients under a fee-for-service, insurance-reimbursed model, supported by a Managing Partner partnership program that provides partner clinics with shared HR, finance, marketing, IT, clinical operations, EMR/RCM, and new business development services.

Product overview

Cypress Health Partners is the largest network of physical therapy and chiropractic clinics in New England, operating as a platform network with multiple regional sub-brands including Bay State Physical Therapy, MVPT Physical Therapy, Cypress Physical Therapy, and MCR Chiropractic. The company operates more than 160 locations across five states with over 900,000 annual patient visits. Beyond direct patient care, the network provides comprehensive support services including Clinical Operations & Compliance, Integrated EMR & RCM, Human Resources, Marketing & Sales, Finance & Accounting, IT & Facilities Management, and New Business Development for partner clinics. The company also offers telehealth/virtual care services as part of their care delivery model.

Differentiator

Problem solved

Functional benefit

Quantifiable outcome

• 76% better outcomes than MCID thresholds for MSK patient care
• +8 more outcomes

Named customers3 records

Segments7 records

Ideal customer profiles7 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Feature1 record

Partnerships

17 partnerships are on record, tiered core and minor.

• Chittenango Physical TherapycoreStrategic or Co-development Partner · 7 August 2025Partnership expanding MSK care access in Central New York. Represents continued growth into New York market for Cypress Health Partners network.
• Hamburg Physical TherapycoreStrategic or Co-development Partner · 20 March 2025Partnership enhancing access to care in Western New York through high quality physical therapy services.
• McCune, Murphy, & Potter Physical TherapycoreStrategic or Co-development Partner · 16 January 2025Partnership furthering commitment to expand access to high quality care in New York and underserved markets.
• Drum Hill Physical Therapy and Tewksbury Physical TherapycoreStrategic or Co-development Partner · 9 January 2025Partnership strengthening community roots in Chelmsford and Tewksbury, Massachusetts.
• Howard Physical TherapycoreStrategic or Co-development Partner · 7 November 2024Innovative partnership continuing expansion into the New York market.
• Healy Physical Therapy & Sports MedicinecoreStrategic or Co-development Partner · 31 October 2024Partnership cementing commitment to providing access to high-quality care in underserved markets in Rhode Island.
• Village Physical TherapycoreStrategic or Co-development Partner · 25 July 2024Partnership expanding access to physical therapy care in New York market.
• Rhode Island Rehab Physical TherapycoreStrategic or Co-development Partner · 2 February 2022Partnership expanding presence in Providence and Eastern Rhode Island communities including East Providence, Cranston, East Greenwich, Warren and South Kingstown.
• Cancro ChiropracticcoreStrategic or Co-development Partner · 25 January 2022Partnership through MCR Chiropractic for Newton, MA location with 25+ year history of high quality chiropractic care.
• Worcester Physical Therapy ServicescoreStrategic or Co-development Partner · 1 November 2021Partnership expanding presence in Greater Worcester area with expertise in sports medicine, post-operative care, vestibular rehab, aquatic therapy, and work conditioning.
• MVPT Physical Therapy (formerly Merrimack Valley Physical Therapy)coreStrategic or Co-development Partner · 6 October 2021Original partnership providing critical access into Southern New Hampshire. MVPT has been serving Southern NH since 1983 with locations in Bedford, Manchester, Nashua, and Londonderry.
• Orthopedic Physical TherapycoreStrategic or Co-development Partner · 1 April 2021Partnership with OPT in Greenfield, Massachusetts providing exceptional care to patients in Western Massachusetts.
• Greater Brunswick & Core Physical TherapycoreStrategic or Co-development Partner · 3 February 2021Partnership expanding into Maine with locations in Topsham, Lisbon Falls, Auburn, and Monmouth, combining strengths for optimized patient services.
• All-Access Physical TherapycoreStrategic or Co-development Partner · 11 December 2020Partnership with three office locations in Shrewsbury, Sterling and Marlborough, Massachusetts, serving Central Massachusetts since 1998.
• Abilities Physical Therapy & Wellness CentercoreStrategic or Co-development Partner · 12 October 2020Partnership with Seacoast New Hampshire practice serving since 2002, now part of MVPT family.
• Wellbridge Physical TherapyminorStrategic or Co-development Partner · 3 September 2019Acquisition of Brookline and Newton locations of Wellbridge Physical Therapy.
• Northeastern University Department of Physical Therapy, Movement and Rehabilitation SciencesminorStrategic or Co-development Partner · 1 January 2019Research partnership for telehealth survey results, conducting first-of-its-kind patient satisfaction survey comparing telehealth and in-clinic physical therapy experiences.

Scale indicators9 records

Recent moves8 records

Expansion highlights6 records

Direct peers

• U.S. Physical Therapy: Public operator of ~600 outpatient PT clinics across 46 states via partnership model. Highly comparable business model (clinic partnerships with retained ownership) targeting value-based care and MSK services; benchmark for Cypress at scale.
• BenchMark Physical Therapy: Outpatient PT and occupational health network primarily in the Southeast, PE-backed by Gryphon Investors. Comparable growth-via-affiliation model, multi-clinic operator with employer-facing services.
• Athletico Physical Therapy: Midwest-rooted outpatient PT network with hundreds of locations, now partnered with BJC HealthCare. Comparable multi-state clinic operator with partnership model focus and employer/worker comp contracts.
• Ivy Rehab Network: Private equity-backed outpatient PT and pediatric therapy network with strong Northeast presence. Closely comparable to Cypress on partnership/affiliation model, multi-state clinic operations, and pediatric/school-based service extensions.
• ATI Physical Therapy: Largest national outpatient physical therapy network with hundreds of clinic locations across the U.S. Directly comparable to Cypress as a multi-brand PT platform pursuing clinic acquisition/partnership growth, value-based care contracts, and employer MSK solutions.

Broad incumbents

• Mass General Brigham / Partners HealthCare: Large Northeast integrated health system offering MSK and PT services within hospital-owned settings. Represents the higher-cost incumbent alternative that Cypress competes against on cost, access, and patient experience.
• Select Medical Holdings: Large publicly-traded rehab and outpatient services company operating NovaCare Rehabilitation, Concentra, and specialty hospitals. Overlaps with Cypress in outpatient PT delivery but operates at national scale with broader service portfolio including occupational health.

Emerging players

• Confluent Health: PE-backed PT and workplace health platform with partner clinics across multiple states. Operates similar partnership model to Cypress with focus on MSK, occupational health, and clinical education through affiliated programs.
• Therapy Partners Group: Outpatient PT and rehab practice management company with partner clinics across multiple states. Comparable affiliation model providing shared services to independent PT owners, similar in scale and approach to Cypress.
• Physical Rehabilitation Network (PRN): Private equity-backed outpatient PT platform with partner clinics nationwide. Closely comparable partnership model where local clinic owners retain equity while accessing centralized RCM, marketing, and clinical support.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat6 records

Key risks6 records

Key highlights7 records

Customer concentration

• LinkedInlinkedin.com/company/cypress-health-partners

Revenue estimate

Valuation estimate

Number of profiles

Profiles5 records

Subsidiaries4 records

Funding overview

Funding rounds

Investors

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 Cypress Health Partners