U.S. Physical Therapy, Inc. USPH

Company Overview

U.S. Physical Therapy, Inc. is a publicly traded healthcare services company that operates outpatient physical therapy clinics and provides industrial injury prevention services in the United States. The company primarily operates in the outpatient rehabilitation and occupational health industries, delivering physical therapy, occupational therapy, and related musculoskeletal care services through a network of affiliated clinics and industrial service locations. Revenue is primarily generated from patient care reimbursements from commercial insurers, government programs such as Medicare, workers’ compensation plans, and self-pay patients, along with industrial injury prevention contracts through its occupational health operations.

The company’s core business model combines clinic partnerships with licensed therapists and centralized administrative support. A substantial portion of its outpatient operations is structured through partnerships in which local clinicians retain minority ownership interests in clinics while U.S. Physical Therapy, Inc. maintains controlling interests. This model has been a distinguishing strategic feature since the company’s early development. Founded in 1990 and headquartered in Houston, Texas, the company expanded through de novo clinic openings, acquisitions, and partnership arrangements, evolving from a regional therapy operator into a national outpatient rehabilitation platform.