U.S. Physical Therapy, Inc. is a national operator of outpatient physical therapy clinics and a provider of industrial injury prevention services. The company operates through two primary segments: Physical Therapy Operations and Industrial Injury Prevention Services (IIP). The Physical Therapy Operations segment, which accounts for approximately 85% of total revenue, manages hundreds of clinics across the United States. These clinics provide preventative and post-operative care for orthopedic-related disorders, sports-related injuries, and neurological conditions. The company typically partners with local therapists using a minority-equity clinic model, where the lead therapist holds a stake in the clinic. The Industrial Injury Prevention Services segment, representing the remaining 15% of revenue, provides onsite services for employers. These services include injury prevention and rehabilitation, performance optimization, post-offer employment testing, and ergonomic assessments. USPH primarily generates revenue through reimbursements from commercial health insurers, workers' compensation programs, Medicare, and Medicaid, as well as direct payments from corporate clients for its industrial services.
