Physio

What Physio does

Physio operates as a division of Select Medical (NYSE: SEM) and is part of the largest physical therapy network in the United States, with approximately 2,000 outpatient centers and 7,000-plus licensed therapists across 36 states and the District of Columbia. The company provides physical therapy, occupational therapy, hand therapy, sports medicine, speech therapy, and a broad portfolio of specialty rehabilitation programs — including ReVital Cancer Rehabilitation, CoreVia Pelvic Health, WorkStrategies, concussion and vestibular rehabilitation, neurologic and cognitive rehabilitation, amputee rehabilitation, TMJ treatment, and pelvic health. Care is delivered through in-clinic treatment, HIPAA-compliant Telerehab virtual sessions, and OnSite employer-based services, with a free complimentary consultation serving as the patient acquisition entry point.

The business model is primarily fee-for-service insurance billing using CPT codes, supplemented by workers' compensation contracts, employer partnerships, and patient self-pay. Go-to-market is hybrid: direct-to-consumer via self-referral/direct access in most states, physician referral networks with outcomes reporting, and an enterprise field-sales motion for the WorkStrategies and OnSite employer channels. The company reports patient satisfaction metrics above 97% across caring, knowledge, and engagement dimensions, based on more than 13 million patient-reported outcomes surveys.

Physio is embedded in a broader multi-brand strategy under Select Medical's Outpatient Division, which includes Banner Physical Therapy, Kessler Rehabilitation Center, NovaCare, Select Physical Therapy, SSM Health Physical Therapy, and others. The company actively recruits independent clinicians and practice owners for acquisition/partnership, maintains 375+ university and community partnerships for clinical education, and operates an accredited continuing education program delivering 3,000-plus hours per year, all of which function as both growth and defensive moats.

Name

Physio

Legal name

Physiotherapy Associates, a division of Select Medical

Website

https://physiopt.com

Company type

Private

Operating status

Operating

Short description

Physio, a division of Select Medical, is part of the largest U.S. physical therapy network with ~2,000 outpatient centers and 7,000+ licensed therapists across 36 states. It serves individual patients, athletes, employers, and physicians through in-clinic care, telerehab, and specialty rehabilitation programs including oncology, pelvic health, and workers' compensation.

Ownership category

akta.pro rank

Headquarters

HQ city

Atlanta

HQ country

United States

HQ region

North America

Offices2 records

Markets served

GTM type

B2C

Offering type

Services

Cost components

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

Revenue model

1. Insurance Billing and Fee-for-Service: Physio operates on a fee-for-service model where charges are determined based upon services provided by treating therapists. Claims are submitted to medical insurance companies, and patients are billed for balances considered their responsibility after insurance processing. Copays are collected at time of service.
2. Workers' Compensation Services: Partnership with employers, case managers, payers, and insurers to provide work injury treatment and prevention services under workers' compensation programs.
3. Patient Self-Pay: Patients are responsible for deductibles, copayments, co-insurance percentages, and costs for services not covered by insurance plans. Payments accepted via credit cards, cash, or checks.

Pricing tiers

Go-to-market motion4 records

Distribution channels5 records

Marketing channels8 records

Core offering

Physio delivers outpatient physical therapy and rehabilitation services through nearly 2,000 clinics staffed by 7,000-plus licensed therapists, providing treatment for injuries, post-surgical recovery, chronic conditions, sports injuries, workplace injuries, cancer-related impairments, pelvic floor dysfunction, and neurological conditions. Care is offered via in-center treatment, telerehab virtual sessions, and onsite employer-based programs, and is billed on a fee-for-service basis through insurance, workers' compensation, and patient self-pay.

Product overview

Physio is part of the Select Medical Outpatient Division, operating the largest physical therapy network in the U.S. with nearly 2,000 outpatient physical therapy centers and 7,000-plus licensed therapists across 36 states. The company offers a comprehensive portfolio of rehabilitation services organized around its core Physical Therapy and Specialty Services platform, supplemented by specialized programs including Sports Medicine, Hand Therapy, WorkStrategies (work injury prevention), Amputee Rehabilitation, Bone Health, ReVital Cancer Rehabilitation, Cognitive Rehabilitation, Concussion Rehabilitation, CoreVia Pelvic Health, Neurologic Rehabilitation, Recovery and Reconditioning, Speech Therapy, TMJ Rehabilitation, and Vestibular Rehabilitation. Specialty treatment modalities include Aquatic Therapy, Blood Flow Restriction Therapy, Cupping, Dry Needling, Falls Prevention, IASTM, Manual Therapy, Occupational Therapy, and Pain Management. Care is delivered through in-center treatment and Telerehab virtual sessions. The company also provides patient education tools like the Injury Finder for identifying conditions by body area.

Differentiator

Problem solved

Functional benefit

Brands

• CoreVia Pelvic Health: Specialized pelvic health program providing care and relief to men, women and children experiencing pelvic floor dysfunction
• ReVital Cancer Rehabilitation
• WorkStrategies

Products and services

• Physical Therapy and Specialty Services
• Sports Medicine
• Hand Therapy
• WorkStrategies Program
• Amputee Rehabilitation
• Bone Health
• ReVital Cancer Rehabilitation
• Cognitive Rehabilitation
• Concussion Rehabilitation
• CoreVia Pelvic Health
• Neurologic Rehabilitation
• Recovery and Reconditioning
• Speech Therapy
• TMJ Rehabilitation
• Vestibular Rehabilitation
• Telerehab Care
• OnSite Employer Services

Quantifiable outcome

• 98.4% of respondents called therapists caring, compassionate and encouraging
• +4 more outcomes

Named customers7 records

Segments6 records

Ideal customer profiles4 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Integration1 record

Feature6 records

Partnerships

Eight partnerships are on record, tiered core, major and supporting.

• Select Medical Outpatient Division Family of BrandscoreOthersPhysio is part of Select Medical Outpatient Division family of brands including Banner Physical Therapy, Baylor Scott & White Institute for Rehabilitation, Kessler Rehabilitation Center, KORT Physical Therapy, NovaCare Rehabilitation, RUSH Physical Therapy, Select Physical Therapy, SSM Health Physical Therapy, and others. Together these brands operate over 1,850 rehabilitation centers in 36 states.
• Clinicians and Practice OwnerscoreStrategic or Co-development PartnerPhysio partners with independent clinicians and practice owners through acquisition and partnership opportunities. The company is always seeking like-minded companies to join their family of brands, offering professional and financial growth through the network of talented clinicians, day-to-day operations, best practices and peer support.
• Health SystemsmajorStrategic or Co-development PartnerAs the nation's largest and foremost provider of post-acute care, Physio partners with industry-leading health systems to provide best-in-class care and outcomes. Partnerships expand the Select Medical care continuum across communities through outpatient physical therapy, critical illness rehabilitation hospitals, and inpatient rehabilitation services.
• High Schools and Athletic OrganizationscoreStrategic or Co-development PartnerTop sports organizations trust Physio for sports medicine, physical therapy, and athletic training services. The company provides services to local high schools and athletic programs, forming relationships with athletic directors, coaches, parents, and front office personnel to ensure comprehensive athlete care.
• University, College and Community OrganizationssupportingStrategic or Co-development PartnerPhysio maintains 375+ partnerships with university, college and community organizations for clinical affiliations, student education, and community health initiatives.
• Employers (Fire Department, Healthcare, Airlines, Warehouse, Grocery, Casino, Construction, etc.)coreChannel Partner/ Reseller/ DistributorThrough the WorkStrategies Program, Physio partners with employers across industries including fire departments, healthcare facilities, airline providers, warehouse management, grocery and food distribution, casino and gaming, construction, meat packing, restaurants, municipalities, trucking, and educational institutions to provide injury prevention and workers' compensation services.
• Hand Therapy Certification Commission (HTCC)supportingOthersPhysio's certified hand therapists receive advanced training with more than 4,000 clinical hours and board certification testing by the Hand Therapy Certification Commission.
• State Physical Therapy Chapters and National Organizations (APTA, AOTA, NATA, ASHA, NSCA)supportingStrategic or Co-development PartnerSelect Medical's Outpatient Education team is an approved provider of education with various physical therapy state chapters, American Occupational Therapy Association, National Athletic Trainers' Association Board of Certification, American Speech-Language-Hearing Association, and National Strength and Conditioning Association. Provides more than 3,000 hours of accredited education per year.

Scale indicators8 records

Recent moves6 records

Expansion highlights6 records

Others

• WebPT: Leading outpatient rehab EMR and practice management software platform serving PT clinics. Adjacent enabler used by many PT operators; useful peer for benchmarking technology stack and digital tools.

Direct peers

• Athletico Physical Therapy: Operates a large multi-state outpatient PT network with comparable specialty services including sports medicine, occupational therapy, and workers' compensation. Overlaps with Physio on patient segments, employer contracts, and clinical specialty programs.
• Concentra Group Holdings: Operates occupational health clinics including PT/rehabilitation services tied closely to workers' compensation and employer contracts. Directly comparable on WorkStrategies-style employer and work-injury service lines.
• Benchmark Physical Therapy: Multi-state outpatient PT operator offering similar specialty services and employer partnerships. Comparable on growth-through-acquisition model and clinical service portfolio.
• ATI Physical Therapy: Largest direct competitor operating ~900+ outpatient PT clinics across the U.S. with similar multi-specialty service lines including sports medicine, hand therapy, and workers' comp. Directly comparable in business model, patient mix, and employer partnership GTM.
• U.S. Physical Therapy: Publicly traded operator of ~600+ outpatient PT clinics through partnerships with physical therapists. Comparable in clinic-based delivery model, industrial/employer services, and partnership-driven growth strategy.
• Ivy Rehab Network: Multi-state outpatient PT provider with similar specialty offerings including pelvic health, pediatric, and sports medicine services. Comparable on partnership-based growth model and clinical specialization.

Emerging players

• Hinge Health: Digital musculoskeletal care platform providing virtual PT and employer-sponsored MSK programs. Emerging competitor that overlaps with Physio's employer channel and telerehab offering, particularly for non-acute MSK cases.
• Sword Health: Digital PT and MSK care provider delivering AI-enabled virtual therapy to employer and payer clients. Comparable on employer GTM motion and as a potential substitute for in-clinic PT visits for select conditions.

Broad incumbents

• Select Medical Holdings: Parent company of Physio; broader incumbent operating critical illness recovery hospitals, inpatient rehab, and outpatient divisions. Comparable as an umbrella healthcare delivery platform with overlapping employer and payer relationships.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat6 records

Key risks6 records

Key highlights6 records

Customer concentration

• Facebookfacebook.com/PhysioGeorgia
• LinkedInlinkedin.com/company/physiotherapy-associates

Compliance1 record

Revenue estimate

Valuation estimate

Number of profiles

Profiles1 record

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 Physio