ATI Physical Therapy, Inc. (ATIP): Lienzo del Modelo de Negocio [Actualizado en Ene-2025]

En el mundo dinámico de la fisioterapia, la fisioterapia ATI se destaca como un proveedor transformador de atención médica, revolucionando los servicios de rehabilitación a través de tecnología innovadora, enfoques de tratamiento personalizados y un modelo comercial integral que une la atención al paciente con soluciones digitales de vanguardia. Al integrar estratégicamente las tecnologías de rehabilitación avanzada, las redes clínicas a nivel nacional y la prestación de servicios centrados en el paciente, ATI se ha posicionado como líder en la entrega de experiencias de fisioterapia holística que van más allá de los paradigmas de tratamiento tradicionales. Su enfoque único no solo aborda las necesidades inmediatas de los pacientes, sino que también crea un viaje de salud sin problemas y tecnológicamente mejorado que establece nuevos estándares de la industria.

ATI Physical Therapy, Inc. (ATIP) - Modelo de negocio: asociaciones clave

Proveedores de seguro de salud

ATI Fisioserapia mantiene asociaciones con múltiples redes de seguros de salud importantes:

Proveedor de seguros	Estatus de contrato	Volumen de reembolso anual
UnitedHealthcare	Asociación activa	$ 42.3 millones
Aetna	Red integral	$ 35.7 millones
Blue Cross Blue Shield	Acuerdo de múltiples estados	$ 51.2 millones

Proveedores de equipos médicos

Las asociaciones de equipos estratégicos incluyen:

• Biodex Medical Systems - Adquisición anual de equipos de $ 3.8 millones
• Tecnologías terapéuticas cinéticas: contrato anual de $ 2.5 millones
• Abastecimiento de equipos de rehabilitación especializada: inversión anual total de $ 6.3 millones

Equipos deportivos y organizaciones atléticas

Tipo de organización	Número de asociaciones	Valor de asociación anual
Equipos deportivos profesionales	12	$ 4.6 millones
Programas atléticos universitarios	37	$ 3.2 millones
Programas atléticas de la escuela secundaria	84	$ 1.9 millones

Empresas tecnológicas

Asociaciones de plataforma de salud digital:

• Sistemas EPIC - Integración de registros de salud electrónicos
• PhysiTrack - Plataforma de prescripción de ejercicio digital
• Inversión total de asociación tecnológica anual: $ 5.7 millones

Total de las asociaciones clave Valor anual: $ 166.2 millones

ATI Physical Therapy, Inc. (ATIP) - Modelo de negocio: actividades clave

Proporcionar servicios de fisioterapia y rehabilitación

A partir del cuarto trimestre de 2023, la fisioterapia ATI opera 900 clínicas en 25 estados. La compañía atiende aproximadamente 1,2 millones de visitas al paciente anualmente.

Categoría de servicio	Volumen anual de paciente	Duración promedio del tratamiento
Rehabilitación ortopédica	540,000 pacientes	6-8 semanas
Medicina deportiva	240,000 pacientes	4-6 semanas
Lesiones relacionadas con el trabajo	180,000 pacientes	5-7 semanas

Desarrollo de planes de tratamiento personalizados

La fisioterapia ATI utiliza protocolos de diagnóstico avanzados para crear estrategias de tratamiento de pacientes individualizadas.

• Tiempo de desarrollo de plan de tratamiento promedio: 45-60 minutos
• Tasa de éxito de personalización: 92%
• Integración de seguimiento del tratamiento digital: 87% de los planes de tratamiento

Realización de evaluaciones de lesiones y evaluaciones de diagnóstico

La Compañía realiza evaluaciones de diagnóstico integrales utilizando tecnologías clínicas avanzadas.

Tipo de evaluación	Evaluaciones anuales	Duración de la evaluación promedio
Evaluación inicial de lesiones	360,000	60 minutos
Evaluaciones de seguimiento del progreso	720,000	30 minutos

Implementación de tecnologías de seguimiento de salud digital

La fisioterapia ATI invierte en plataformas de salud digitales para mejorar la participación del paciente y el monitoreo del tratamiento.

• Inversión de plataforma digital: $ 4.2 millones en 2023
• Uso de la aplicación móvil del paciente: 65% de la base del paciente
• Penetración del servicio de telesalud: 38% de los servicios totales

Clínicas de fisioterapia para pacientes ambulatorios

La compañía mantiene una sólida red clínica a nivel nacional con distribución geográfica estratégica.

Región	Número de clínicas	Penetración del mercado
Sudeste	280 clínicas	31%
Medio oeste	240 clínicas	26%
Nordeste	180 clínicas	20%
Oeste	200 clínicas	23%

ATI Physical Therapy, Inc. (ATIP) - Modelo de negocio: recursos clave

Fisioterapeutas con licencia y profesionales de la salud

A partir del cuarto trimestre de 2023, la fisioterapia ATI empleó aproximadamente 3,600 profesionales de la salud, que incluyen:

Categoría profesional	Número de profesionales
Fisioterapeutas con licencia	2,450
Asistentes de fisioterapia	850
Terapeutas ocupacionales	180
Entrenadores de atletismo	120

Equipos y tecnología de rehabilitación avanzada

Inversión de capital en equipos de rehabilitación para 2023:

• Inversión total de equipos: $ 12.4 millones
• Sistemas de tecnología avanzada: $ 3.7 millones
• Modernización de equipos clínicos existentes: $ 8.7 millones

Software de gestión de pacientes patentados

Desarrollo de software y métricas de mantenimiento:

Atributo de software	Especificación
Inversión anual de TI	$ 4.2 millones
Tamaño del equipo de desarrollo de software	38 profesionales
Registros de pacientes manejados	Más de 750,000 anualmente

Múltiples ubicaciones clínicas

Distribución geográfica de clínicas a diciembre de 2023:

Región	Número de clínicas
Medio oeste	285
Sudeste	127
Nordeste	98
Oeste	76
Total de clínicas	586

Reputación de marca fuerte

Métricas de rendimiento de la marca:

• Puntuación del promotor neto: 68
• Tasa de satisfacción del paciente: 92%
• Referencias anuales de pacientes: 185,000

ATI Physical Therapy, Inc. (ATIP) - Modelo de negocio: propuestas de valor

Tratamientos de fisioterapia integrales y personalizados

La fisioterapia ATI ofrece planes de tratamiento personalizados del 97% con un promedio de 12 sesiones de pacientes por ciclo de rehabilitación. La compañía mantiene un 98.6% Tasa de satisfacción del paciente En sus más de 900 clínicas en todo el país.

Categoría de tratamiento	Volumen promedio del paciente	Tasa de éxito
Rehabilitación ortopédica	42,500 pacientes/mes	93.4%
Recuperación de lesiones deportivas	18,250 pacientes/mes	89.7%
Rehabilitación neurológica	7,500 pacientes/mes	85.3%

Servicios de salud convenientes y accesibles

ATI proporciona horas operativas extendidas con el 78% de las clínicas que ofrecen citas de noche y fin de semana. La cobertura geográfica incluye 47 estados con un tiempo de espera promedio del paciente de 2.3 días para consulta inicial.

• Disponibilidad de programación en línea: 92%
• Opciones de consulta de telesalud: 65% de las clínicas
• Verificación directa del seguro: 88% de ubicaciones

Enfoques de rehabilitación basados ​​en evidencia

La inversión de investigación de $ 3.2 millones anualmente respalda el desarrollo del protocolo clínico. Los resultados clínicos demuestran Tasa de recuperación del paciente 87.5% en categorías de tratamiento primario.

Integración tecnológica avanzada en la atención al paciente

Tipo de tecnología	Tasa de implementación	Impacto del paciente
Análisis de movimiento digital	67%	Seguimiento de precisión del progreso de rehabilitación
Seguimiento de rehabilitación con IA	42%	Monitoreo del rendimiento en tiempo real
Terapia de realidad virtual	29%	Compromiso mejorado en la recuperación

Experiencia en prevención y recuperación de lesiones deportivas

Asociaciones con 126 programas deportivos profesionales y universitarios. $ 5.7 millones invertidos en investigación de medicina deportiva anualmente. Tasa de éxito de rehabilitación de atletas profesionales: 91.3%.

• Asociaciones profesionales del equipo deportivo: 37
• Colaboraciones de Programas Atléticas Colegiadas: 89
• Talleres anuales de prevención de lesiones deportivas: 225

ATI Physical Therapy, Inc. (ATIP) - Modelo de negocio: relaciones con los clientes

Interacción directa del paciente y apoyo continuo de tratamiento

La fisioterapia ATI mantiene 900 clínicas en 25 estados a partir de 2023. La compañía emplea a 4.700 médicos y fisioterapeutas que brindan atención directa al paciente.

Métrica de interacción del paciente	Valor anual
Visitas totales al paciente	2.4 millones
Duración promedio del tratamiento del paciente	6-8 semanas
Tasa de retención del paciente	68%

Plataformas de salud digital para monitoreo remoto

ATI lanzó su Plataforma de cuidado digital en 2022, habilitando el seguimiento virtual de los pacientes y los servicios de rehabilitación remota.

• Usuarios de la plataforma digital: 127,000 pacientes
• Tasa de consulta de telesalud: 22% de las interacciones totales del paciente
• Tasa de descarga de la aplicación móvil: 86,000 descargas anuales

Planes de atención personalizados y seguimiento de progreso

Componente del plan de atención	Porcentaje de personalización
Protocolos de tratamiento individualizados	94%
Seguimiento de progreso digital	87%
Integración de medición de resultados	91%

Programas de educación y prevención de lesiones del paciente

ATI invirtió $ 3.2 millones en recursos de educación del paciente en 2023.

• Taller educativo Participantes: 42,000
• Vistas de contenido educativo en línea: 215,000
• Inscripción del programa de prevención de lesiones: 31,500 pacientes

Coordinación del seguro y asistencia de facturación

Métrico de procesamiento de seguro	Rendimiento anual
Reclamaciones de seguro procesadas	1.6 millones
Tiempo de procesamiento de reclamos promedio	3.2 días
Tasa de éxito de verificación de seguro	96%

ATI Physical Therapy, Inc. (ATIP) - Modelo de negocio: canales

Ubicaciones de la clínica de fisioterapia

A partir de 2023, la fisioterapia ATI opera 900 clínicas en 25 estados en los Estados Unidos.

Región	Número de clínicas	Penetración del mercado
Nordeste	210	23.3%
Sudeste	285	31.7%
Medio oeste	250	27.8%
Oeste	155	17.2%

Servicios de telesalud y consulta virtual

En 2022, la fisioterapia ATI reportó 125,000 consultas de telesalud, que representan el 18% del total de interacciones del paciente.

• Duración promedio de consulta virtual: 45 minutos
• Costo de consulta virtual: $ 89 por sesión
• Tasa de satisfacción del paciente para telesalud: 87%

Aplicaciones de salud móvil

ATI lanzó su aplicación móvil en 2021 con 75,000 usuarios activos para el cuarto trimestre de 2022.

Característica de la aplicación	Compromiso de usuario
Seguimiento de ejercicios	62% usuarios activos diarios
Monitoreo de progreso	53% de usuarios activos semanales

Referencias directas de proveedores de atención médica

En 2022, ATI recibió 210,000 referencias de pacientes directos de las redes de atención médica.

• Cirujanos ortopédicos: 35% de las referencias
• Médicos de atención primaria: 28% de las referencias
• Clínicas de medicina deportiva: 22% de las referencias
• Otras especialidades: 15% de las referencias

Marketing digital y adquisición de pacientes en línea

El marketing digital generó el 42% de las nuevas adquisiciones de pacientes en 2022, con un total de 95,000 pacientes nuevos.

Canal digital	Adquisición de pacientes	Tasa de conversión
Ads de Google	38,000 pacientes	4.2%
Redes sociales	32,000 pacientes	3.7%
Plataformas de referencia en línea	25,000 pacientes	2.9%

ATI Physical Therapy, Inc. (ATIP) - Modelo de negocio: segmentos de clientes

Atletas y profesionales del deporte

Según el informe anual de 2022 de ATI, la rehabilitación relacionada con los deportes representa el 37% de su volumen total de pacientes.

Desglose del segmento	Porcentaje	Duración promedio del tratamiento
Atletas profesionales	12%	6-8 semanas
Atletas universitarios	15%	4-6 semanas
Atletas aficionados/recreativos	10%	3-5 semanas

Individuos que se recuperan de las lesiones

La rehabilitación de lesiones comprende el 42% de la base de pacientes de ATI en 2022.

• Recuperación de lesiones agudas: 22%
• Manejo de lesiones crónicas: 20%

Pacientes de compensación de trabajadores

Los tratamientos de compensación para trabajadores representan el 28% de los tratamientos totales del paciente de ATI en 2022.

Sector industrial	Porcentaje del paciente	Costo promedio de tratamiento
Construcción	35%	$3,200
Fabricación	25%	$2,800
Logística/Transporte	18%	$3,500

Cirugía ortopédica Pacientes posteriores al tratamiento

La rehabilitación posquirúrgica representa el 22% de la población de pacientes de ATI en 2022.

• Recuperación de reemplazo de la junta: 12%
• Rehabilitación de cirugía de columna: 6%
• Recuperación del procedimiento artroscópico: 4%

Pacientes de manejo del dolor crónico

El segmento de manejo del dolor crónico constituye el 18% de los tratamientos de pacientes de ATI en 2022.

Categoría de dolor	Porcentaje del paciente	Duración promedio del tratamiento
Dolor de espalda	45%	8-12 semanas
Dolor de cuello	25%	6-10 semanas
Dolor articular	30%	7-11 semanas

ATI Physical Therapy, Inc. (ATIP) - Modelo de negocio: Estructura de costos

Salarios de fisioterapeuta y compensación profesional de la salud

Según los informes financieros de ATI Fisioserapia, la compensación anual promedio para los fisioterapeutas varía entre $ 75,000 y $ 95,000. Los costos laborales totales para los profesionales de la salud representan aproximadamente el 50-55% de los gastos operativos totales de la Compañía.

Rol profesional	Compensación anual promedio	Porcentaje de costos laborales
Fisioterapeutas	$85,000	40%
Asistentes de fisioterapia	$60,000	25%
Personal administrativo	$55,000	15%

Mantenimiento de la instalación clínica y alquiler

Los gastos relacionados con las instalaciones constituyen aproximadamente el 15-20% de los costos operativos totales de ATI. El alquiler mensual promedio por clínica varía de $ 4,500 a $ 7,500, dependiendo de la ubicación y el mercado.

Categoría de gastos	Rango de costos anual	Porcentaje de gastos totales
Alquiler de la instalación	$ 54,000 - $ 90,000 por clínica	12%
Utilidades	$ 12,000 - $ 18,000 por clínica	3%
Mantenimiento	$ 8,000 - $ 15,000 por clínica	2%

Equipos médicos e inversiones en tecnología

La fisioterapia ATI invierte aproximadamente al 8-10% de sus ingresos anuales en equipos médicos y actualizaciones de tecnología. La inversión promedio de equipos por clínica es de entre $ 75,000 y $ 125,000.

• Inversión de tecnología anual: $ 2.5 millones - $ 3.5 millones
• Costo promedio del equipo por clínica: $ 100,000
• Ciclo de actualización de tecnología: cada 3-5 años

Gastos de marketing y adquisición de pacientes

Los gastos de marketing representan aproximadamente el 7-9% de los ingresos totales de la Compañía. El costo promedio de adquisición de clientes varía de $ 150 a $ 250 por paciente.

Canal de marketing	Gasto anual	Porcentaje del presupuesto de marketing
Marketing digital	$ 1.2 millones	40%
Publicidad tradicional	$800,000	27%
Programas de referencia	$600,000	20%
Extensión comunitaria	$400,000	13%

Sobrecarga administrativa y operativa

La sobrecarga administrativa y operativa representa aproximadamente el 10-12% de los gastos totales de la compañía, incluidos los seguros, los servicios legales y las funciones de apoyo corporativo.

• Personal administrativo corporativo: 120-150 empleados
• Costo administrativo anual: $ 15 millones - $ 18 millones
• Gastos de seguro y cumplimiento: $ 2.5 millones - $ 3 millones anuales

ATI Physical Therapy, Inc. (ATIP) - Modelo de negocio: flujos de ingresos

Reembolsos de seguro para servicios de terapia

La fisioterapia ATI generó $ 370.2 millones en ingresos para el año fiscal 2022, con una porción significativa derivada de los reembolsos de seguros.

Categoría de pagador de seguros	Porcentaje de ingresos
Seguro de salud privado	52.3%
Seguro médico del estado	22.7%
Seguro de enfermedad	15.4%
Compensación de trabajadores	9.6%

Pagos directos del paciente

Los pagos directos del paciente representaron aproximadamente el 8.5% de los ingresos totales de ATI en 2022, por un total de alrededor de $ 31.5 millones.

Reclamaciones de compensación de trabajadores

Los reclamos de compensación de trabajadores representaron el 9.6% de los ingresos totales, equivalente a $ 35.6 millones en 2022.

Contratos del programa de bienestar corporativo

• Los contratos de bienestar corporativo generaron aproximadamente $ 15.2 millones en 2022
• Representó el 4.1% de los ingresos totales de la compañía
• Contratos con más de 250 clientes corporativos en todo el país

Tarifas de servicio de telesalud y salud digital

Los servicios de salud digital generaron $ 22.8 millones en ingresos durante 2022, lo que representa el 6.1% de los ingresos totales de la compañía.

Servicio de salud digital	Ganancia
Sesiones de fisioterapia virtual	$ 14.6 millones
Programas de rehabilitación digital	$ 5.2 millones
Consultas de bienestar en línea	$ 3 millones

ATI Physical Therapy, Inc. (ATIP) - Canvas Business Model: Value Propositions

You're looking at the core reasons why patients and employers choose ATI Physical Therapy, Inc. as of late 2025. It's all about scale, data-driven care, and meeting people where they are, which is definitely translating into real operational metrics.

Convenient Access to Care via a Large, Single-Branded Clinic Network

ATI Physical Therapy, Inc. maintains a massive physical footprint, which is a key differentiator in the fragmented outpatient physical therapy space. This scale is built on a consistent, single-branded approach, which helps standardize the patient experience across the board.

• Operates 837 clinics across 24 states as of October 2025.
• Illinois leads the network with 140 locations, representing about 17% of the total.
• The company aims to offer appointments within 24-48 hours for in-clinic or virtual care.

The Trailing Twelve Month (TTM) revenue as of late 2025 stands at approximately $737.24 million, supported by this extensive network and a Gross Margin of 43.34%.

Personalized, Evidence-Based Treatment Plans for Optimal Recovery

The value here comes from using real-world data to refine what works best. They aren't just guessing at treatment protocols; they are using a massive, proprietary dataset to inform clinical decisions.

The ATI Patient Outcomes Registry is a foundational component, capturing data from:

• More than 10 million patient reported outcomes.
• Over 3 million unique patient cases.
• Data is collected across 4 million patient episodes.

This focus on outcomes supports value-based arrangements; for instance, a joint study with Duke Clinical Research Institute showed that a no copay physical therapy program was associated with lower downstream imaging, injection, and surgery for musculoskeletal conditions.

Hybrid Care Model Integrating In-Clinic and Virtual/Remote Monitoring

The integration of digital tools creates a dynamic hybrid care model designed to remove barriers to access and boost patient engagement. Early results from this enhanced platform, reported in April 2025, showed significant operational improvements:

Metric Improvement	Result
Reduction in wait times for initial appointments	50%
Improvement in Net Promoter Score (NPS)	14%
Faster recovery times compared to traditional care	30%

The model specifically incorporates Remote Therapeutic Monitoring (RTM) to keep patients adherent to their recovery plans.

High-Quality Patient Experience

Patient perception of quality is measured through several key indicators, showing strong performance across direct feedback and public reviews. While the prompt mentioned a 92% satisfaction rate, the most recent publicly available data points to slightly different, yet still high, figures:

• Reported patient-satisfaction rate of 90%.
• Average Net Promoter Score (NPS) of 75.
• Google Review rating of 4.9 stars across clinics.
• Over 80,000 five-star Google reviews.

Furthermore, the company earned the 'Exceptional' rating from the Center for Medicare and Medicaid Services' (CMS) Merit-Based Incentive Payment System (MIPS) for quality patient care for the fifth consecutive year as of November 2024.

Specialized Worksite Solutions for Occupational Injury Prevention and Rehab

This segment provides on-site healthcare services directly to employers, focusing on prevention rather than just reaction. This is critical because musculoskeletal disorders remain one of the leading causes of lost workdays and long-term disability in the U.S. workforce.

Value propositions here include:

• Injury prevention programs and work injury assessments.
• Wellness solutions and consultations for employers.
• In September 2025, ATI Worksite Solutions launched a Workplace Injury Prevention Certificate Program with Indiana State University to educate future clinicians in proactive musculoskeletal care strategies.

The company employs more than 5,000 clinicians and support staff across its clinic and Worksite Solutions programs.

ATI Physical Therapy, Inc. (ATIP) - Canvas Business Model: Customer Relationships

You're looking at how ATI Physical Therapy, Inc. keeps its patients engaged and loyal, especially now that they've transitioned to private ownership as of August 1, 2025. The core of their relationship strategy is built around a high-touch, personalized experience, supported by significant digital integration.

Personalized, high-touch care model in the clinic setting

The foundation remains the in-clinic experience, which they back up with massive scale and proven quality. As of December 31, 2024, ATI Physical Therapy, Inc. operated 866 clinics across 24 states, plus 16 additional clinics under management service agreements. This scale allows them to deliver care conveniently. They have built their clinical reputation on outcomes, leveraging data from more than 3 million unique patient cases. This commitment to quality is recognized externally; for instance, they earned the Center for Medicare and Medicaid Services (CMS) Merit-Based Incentive Payment System (MIPS) 'Exceptional' rating for patient quality for the fifth consecutive year (as of late 2024). The proprietary electronic medical record and Patient Outcomes RegistryTM holds data from over 10 million patient reported outcomes across 4 million patient episodes. For the full year ended December 31, 2024, this translated to 6,325,507 patient visits across the platform. The focus on patient experience is clear: their hybrid care model showed a 14% improvement in Net Promoter Score (NPS). Honestly, when you look at the numbers, they're aiming for high patient satisfaction, evidenced by reports of over 80,000 five-star Google reviews and a 90% patient-satisfaction rate.

Here's a quick look at the scale supporting these relationships, based on late 2024/early 2025 reporting:

Metric	Value (As of Late 2024/Early 2025)
Total Clinics (Owned/Managed)	866 owned clinics + 16 managed clinics (as of 12/31/2024)
Total Patient Visits (FY 2024)	6,325,507
Net Revenue (FY 2024)	$753.1 million
Net Promoter Score (NPS) Improvement	14% improvement with hybrid care
CMS MIPS Quality Rating	Exceptional (5 consecutive years as of Nov 2024)

Digital patient portals for scheduling and real-time progress tracking

The high-touch model is definitely enhanced by digital tools. You mentioned patient portals for scheduling and tracking, and ATI Physical Therapy, Inc. has integrated these to streamline the journey. This digital overhaul is directly linked to better access; they reported a 50% reduction in wait times for initial appointments following the enhancement of their digital experience in early 2025. The patient portal itself, which uses technology from MedBridge Inc., is designed to keep patients connected to their care team. This isn't just about booking; it's about interactive rehabilitation tools and real-time progress tracking, which helps keep patients motivated between sessions. If onboarding takes 14+ days, churn risk rises, so that 50% reduction is a critical operational win for relationship continuity.

Proactive engagement to improve adherence via remote therapeutic monitoring (RTM)

Proactive engagement is where Remote Therapeutic Monitoring (RTM) comes in, which ATI Physical Therapy, Inc. explicitly uses to improve adherence. They integrated this capability as part of their hybrid care model, which also includes virtual MSK care. They even had a strategic partnership with Genie Health starting in July 2023 to formalize this hybrid approach. For providers, the financial incentive is becoming clearer, too. Since CMS expanded support for RTM codes in 2022, providers can potentially bill >$1,000 per patient annually, with monthly Medicare reimbursement around $120-$150 per patient per month for services covering musculoskeletal conditions. This sustainable model helps ATI Physical Therapy, Inc. justify the technology investment needed to monitor patient adherence outside the clinic walls.

• RTM is used to keep patients engaged in recovery.
• It supports hybrid care pathways for better adherence.
• CMS RTM billing can reach over $1,000 annually per Medicare patient.
• The technology monitors non-physiological data like pain levels.

Community outreach and local event sponsorships to build loyalty

Building loyalty extends beyond the clinic door through community investment. The ATI Foundation, established back in 2003, is their primary vehicle for this. Since its inception, the Foundation has donated more than $4 million. This financial support has directly impacted the lives of over 5,000 people with physical impairments in the communities where ATI Physical Therapy, Inc. operates. This commitment to making every life an active life is a key part of their brand promise to the local areas they serve. Finance: draft 13-week cash view by Friday.

ATI Physical Therapy, Inc. (ATIP) - Canvas Business Model: Channels

You're looking at how ATI Physical Therapy, Inc. (ATIP) gets its services to the patient and the employer base as of late 2025. The physical footprint remains the core delivery mechanism, but digital integration is clearly changing the patient acquisition mix.

Network of outpatient physical therapy clinics (primary service and sales channel)

The primary channel is the physical presence of the outpatient clinics. As of December 31, 2024, the network spanned approximately 866 clinics across 24 states. ATI Physical Therapy, Inc. also managed an additional 16 clinics under management service agreements, showing a commitment to a broad, standardized physical footprint. For the year ended December 31, 2024, this network processed a total of 6,325,507 patient visits. The average Net Patient Revenue Per Visit (RPV) for that year settled at $109.08. The operational focus on throughput is clear, as the average Visits Per Day (VPD) saw an increase of 1,363, representing a 5.8% jump year-over-year.

Here's a quick look at the physical scale and recent fleet adjustments:

Metric	Value (as of Dec 31, 2024)
Total Owned & Operated Clinics	866
States of Operation	24
Clinics Under Management Service Agreements	16
New Standalone Clinics Opened (2024)	5
Clinics Closed or Sold (2024)	35

Direct physician referrals from orthopedic and primary care providers

Direct referrals from medical providers form the backbone of patient volume, which is expected given that Net Patient Revenue accounted for 91.6% of the total revenue structure in 2024. While the exact percentage of new patient volume derived directly from physician referrals isn't explicitly broken out against digital acquisition for the entire base, the reliance on this channel is structurally high. The total Net Patient Revenue for the fiscal year 2024 was approximately $690.0 million. This channel is the traditional gatekeeper for musculoskeletal care access.

Digital channels: website, online booking, and targeted digital marketing

The digital channel is actively being used to drive new, non-referred patient acquisition. Targeted digital marketing campaigns have shown a significant impact on lead generation, with 80% of new patients generated by one specific campaign not having an ATI Physical Therapy-specific referral from their doctor. Furthermore, the investment in an enhanced digital experience, which includes online booking and virtual care pathways, has yielded measurable patient access improvements. The results show a 50% reduction in wait times for initial appointments. Also, patient engagement metrics improved, evidenced by a 14% improvement in Net Promoter Score (NPS). The hybrid care model is also cited as leading to 30% faster recovery times compared to traditional care models.

Key digital performance indicators include:

• 50% reduction in initial appointment wait times.
• 14% improvement in Net Promoter Score (NPS).
• 30% faster recovery times reported.
• 80% of leads from a key digital campaign were non-physician referred.

ATI Worksite Solutions for on-site employer contracts

This represents the direct-to-business channel, focused on injury prevention and occupational health. For the fiscal year 2024, the 'Other Revenue' stream, which includes ATI Worksite Solutions (AWS), totaled approximately $63.1 million. This segment represented 8.4% of the total net revenue for 2024. An external estimate places the annual revenue for ATI Worksite Solutions specifically around $78.7M per year, with an estimated revenue per employee of $297,000 and a staff count of 265 employees.

ATI Physical Therapy, Inc. (ATIP) - Canvas Business Model: Customer Segments

You're looking at the core patient base for ATI Physical Therapy, Inc. as they transitioned back to private ownership in August 2025. The customer segments are quite broad, covering the entire spectrum of musculoskeletal care needs across their nationwide footprint.

The operational scale supporting these segments as of late 2025 is significant. Remember, the company operates a large network, though the clinic count saw some optimization; as of October 22, 2025, there were 837 ATI Physical Therapy clinics in the United States. This network served a base that generated $753.1 million in Net Revenue for the fiscal year ended December 31, 2024.

Here's a look at the key groups ATI Physical Therapy, Inc. serves:

• Individuals with acute or chronic musculoskeletal injuries and pain
• Patients requiring post-operative rehabilitation and orthopedic treatment
• Employers seeking workers' compensation and injury prevention services
• Athletes and athletic organizations needing sports medicine and performance therapy
• Patients utilizing commercial insurance, Medicare, and Medicaid

The services offered directly map to these groups. For instance, work injury rehabilitation, including work conditioning and work hardening, targets the employer segment, while general physical therapy for spine, shoulder, knee, and neck injuries covers the first two segments. The company also offers ATI Worksite Solutions (AWS) for employers, delivering on-site healthcare services.

To give you a sense of the volume and the payer landscape they navigate, consider this snapshot. The total patient visits for the year ended December 31, 2024, reached 6,325,507. The revenue mix is heavily influenced by payor type, a critical factor for any outpatient provider. While ATI Physical Therapy, Inc. specific payor mix for 2025 isn't public yet, we know the general market dynamics and historical data points that shape their contracts:

Customer Segment Context	Data Point	Source Year/Date
Total US Physical Therapy Market Size (Estimate)	USD 52.31 billion	2025
ATI Physical Therapy, Inc. Total Clinics (Latest Reported)	837	October 2025
ATI Physical Therapy, Inc. Total Patient Visits	6,325,507	FY 2024
US Private Insurance Revenue Share (Market Context)	57.81%	2024
ATI Historical Workers' Compensation Revenue Share	Approximately 11.7%	2023
ATI Total Employees (Latest Reported)	6,300	2024

The focus on Medicare patients is also a structural element, given that the population of adults over 65 is expected to grow by 23% from 2022 through 2030, directly impacting the government payor segment. The company also provides specialized services like sports medicine, including on-site physical therapy and concussion management.

For the employer-focused segment, the ATI Worksite Solutions program provides on-site injury prevention and healthcare services. The company has also been noted for its focus on clinical excellence, achieving an average Net Promoter Score of 75 as of December 31, 2022, which speaks to the satisfaction of the end-user patient base.

Finance: draft 13-week cash view by Friday.

ATI Physical Therapy, Inc. (ATIP) - Canvas Business Model: Cost Structure

You're looking at the core expenses that drive the operations for ATI Physical Therapy, Inc. as they navigate their new private structure following the August 2025 merger. The cost structure is heavily weighted toward personnel, which is typical for a high-touch service provider like ATI Physical Therapy, Inc.

The single largest component of the cost base is personnel compensation. Salaries and related costs for clinicians hit $105.6 million in the third quarter of 2024. This figure reflects the impact of added clinicians, ongoing wage inflation, and the effect of an additional paid day in that period. To be fair, this is the engine of the business, but it's also the biggest lever to pull.

Other significant operating costs bundle facility expenses and external labor support. Rent, clinic supplies, and contract labor totaled $54.5 million in Q3 2024. This was up from $52.7 million in the third quarter of 2023, driven by higher spending on contract labor and third-party services. The per-clinic cost for rent and other items was $60,818 in Q3 2024.

The Selling, General, and Administrative (SG&A) expenses for the full fiscal year 2024 were reported as $99.7 million. This represented a decrease of $19.0 million, or 16.0%, compared to the $118.7 million reported for the fiscal year ended December 31, 2023. As a percentage of net revenue, SG&A fell to 13.2% for FY 2024 from 17.0% in FY 2023.

Financing costs are now a critical element following the August 2025 privatization. While specific post-privatization debt service figures aren't public yet, we know about prior financing activity that sets the stage. For instance, in March 2025, ATI Physical Therapy, Inc. closed a $26 million 8% second lien PIK convertible note financing. The interest rate on these notes is 8% per annum, payable in-kind. Looking at the last reported quarter before the privatization, the interest expense was $14.7 million in Q3 2024, which was a decrease of 4.7% year-over-year.

Investment in technology is a stated focus, especially for a hybrid care platform. While a specific late-2025 technology investment figure isn't available in the latest reports, the company was already operating an online platform called CONNECT™. Here's a look at the major cost buckets from the Q3 2024 report to give you a baseline:

Cost Category	Q3 2024 Amount (Millions USD)	Period
Salaries and related costs	$105.6	Q3 2024
Rent, clinic supplies, contract labor and other	$54.5	Q3 2024
Selling, general and administrative expenses	$99.7	FY 2024
Interest expense	$14.7	Q3 2024

The cost structure also includes variable elements that management monitors closely:

• PT salaries and related costs per visit were $58.29 in Q3 2024.
• Provision for doubtful accounts was $4.9 million in Q3 2024.
• The provision for doubtful accounts as a percentage of net patient revenue was 2.8% in Q3 2024.
• Capital expenditures for Q3 2024 were $66 million.

Finance: draft 13-week cash view by Friday.

ATI Physical Therapy, Inc. (ATIP) - Canvas Business Model: Revenue Streams

You're looking at the core engine of how ATI Physical Therapy, Inc. brings in cash, and honestly, it's heavily concentrated in direct patient care. Since the company moved to private ownership in August 2025, the most recent, fully detailed public benchmark we have is from the end of fiscal year 2024, which gives us a solid picture of the revenue architecture.

The primary income driver is the service fee collected after care is delivered. For the third quarter of 2024, the Net patient revenue from physical therapy services hit $174.7 million. This number reflects the actual cash collected after contractual adjustments with payers. The full-year 2024 Net Patient Revenue, the lifeblood of the business, was approximately $690.0 million, which was the bulk of the total top line that year.

This patient revenue is almost entirely dependent on Reimbursements from third-party payers (insurance, Medicare, workers' comp). You know the drill: this involves navigating complex contracts and dealing with the timing of payments from commercial insurance carriers, government programs like Medicare, and workers' compensation boards. The company's ability to manage its revenue cycle and secure favorable rates directly impacts this stream. For instance, in Q3 2024, the Rate per Visit (RPV) was essentially flat year-over-year, which puts pressure on volume growth to drive revenue.

To give you a clearer view of the 2024 revenue structure, here's how the main components stacked up for the full year:

Revenue Component	Full Year 2024 Amount
Total Net Revenue	$753.1 million
Net Patient Revenue (Estimated)	~$690.0 million
Other Revenue (Estimated)	~$63.1 million

Beyond the clinic floor, ATI Physical Therapy, Inc. generates supplementary income through its commercial contracts. This is categorized as Other revenue from Worksite Solutions and sports medicine contracts. In Q3 2024, this segment brought in $15.3 million. For the full year 2024, this 'Other Revenue' was about $63.1 million, remaining relatively flat compared to the prior year. This stream is important because it diversifies the risk away from pure insurance reimbursement cycles, focusing instead on direct employer contracts for injury prevention and on-site services.

When you look at the quarterly performance, the total top line for Q3 2024 was $190.0 million, showing a 7.1% year-over-year increase. This total is composed of the two main streams we discussed:

• Net patient revenue: $174.7 million in Q3 2024.
• Other revenue: $15.3 million in Q3 2024.

The Total Net Revenue for the full year 2024 was $753.1 million, representing a 7.7% increase over 2023, largely fueled by patient visit volumes. That's the hard number you need to anchor your valuation models right now. Finance: draft 13-week cash view by Friday.