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

En el panorama dinámico de los servicios de salud, U.S. Terapia Física, Inc. (USPH) surge como una potencia estratégica, transformando la rehabilitación a través de un modelo de negocio meticulosamente elaborado que va mucho más allá de los enfoques de terapia tradicionales. Al integrar a la perfección, la tecnología avanzada, los programas de tratamiento especializados y una filosofía centrada en el paciente, USPH ha revolucionado cómo se prolongan los servicios de fisioterapia integrales en múltiples estados, creando un ecosistema robusto que aborde diversas necesidades de pacientes de lesiones ortopédicas a condiciones neurológicas.

EE. UU. Terapia física, Inc. (USPH) - Modelo de negocio: asociaciones clave

Hospitales y centros médicos para referencias de pacientes

A partir de 2024, EE. UU. Terapia Física, Inc. mantiene asociaciones con más de 1,200 instalaciones de salud en 38 estados. La red de referencia de la compañía incluye:

Tipo de asociación	Número de instalaciones	Volumen de referencia anual
Hospitales de cuidados agudos	425	186,000 referencias de pacientes
Clínicas ortopédicas	350	142,500 referencias de pacientes
Centros de rehabilitación	225	93,750 referencias de pacientes

Proveedores de seguros para el reembolso

USPH ha contratado con 42 redes de seguros principales, que cubre aproximadamente el 87% de las posibles poblaciones de pacientes.

• Blue Cross Blue Shield: 18 contratos estatales
• United Healthcare: Acuerdo de cobertura nacional
• AETNA: Red de reembolso integral
• CIGNA: Acuerdo del proveedor preferido

Proveedores de equipos médicos

Las asociaciones de equipos estratégicos incluyen:

Proveedor	Inversión de equipos anuales	Enfoque tecnológico
Sistemas médicos biodex	$ 2.3 millones	Tecnología de rehabilitación
Kinetic Muscles, Inc.	$ 1.7 millones	Evaluación de movimiento avanzado

Agencias de personal de atención médica

USPH colabora con 12 agencias nacionales de personal de salud para apoyar los esfuerzos de reclutamiento.

• Volumen de reclutamiento promedio: 340 terapeutas anualmente
• Costo de reclutamiento por terapeuta: $ 4,500
• Inversión total de reclutamiento anual: $ 1,530,000

Proveedores de software de registro de salud electrónica (EHR)

Asociaciones actuales de software EHR:

Proveedor	Valor de contrato	Alcance de implementación
Sistemas épicos	$ 3.2 millones	Implementación de toda la empresa
Corporación Cerner	$ 2.1 millones	Seleccionar implementaciones regionales

EE. UU. Terapia física, Inc. (USPH) - Modelo de negocio: actividades clave

Proporcionar servicios de fisioterapia ambulatoria

A partir del cuarto trimestre de 2023, U.S. Therapy, Inc. operaba 592 clínicas en 41 estados. La compañía generó $ 541.2 millones en ingresos totales para el año fiscal 2023, con un promedio de 174 visitas al paciente por clínica por semana.

Métrico	Valor
Total de clínicas	592
Estados cubiertos	41
Ingresos anuales (2023)	$ 541.2 millones
Visitas semanales al paciente promedio por clínica	174

Realización de evaluaciones de pacientes y planes de tratamiento

La compañía emplea a 3.287 fisioterapeutas con licencia que realizan evaluaciones integrales de los pacientes y desarrollan estrategias de tratamiento personalizadas.

• Tiempo promedio de evaluación inicial del paciente: 60 minutos
• Duración del desarrollo del plan de tratamiento personalizado: 30-45 minutos
• Seguimiento del tratamiento del paciente utilizando sistemas avanzados de registros de salud electrónicos

Gestión de ubicaciones de clínicas de rehabilitación múltiple

U.S. Terapia Física, Inc. utiliza un enfoque de gestión centralizado en sus 592 clínicas, con centros operativos regionales que apoyan el rendimiento de la clínica local.

Métrica de gestión	Estadística
Centros de gestión regionales	12
Clínicas promedio por centro regional	49
Tasa de eficiencia operativa	92.3%

Desarrollo de programas de terapia especializados

La compañía ofrece 17 programas de terapia especializados que atacan las necesidades específicas de los pacientes, incluida la rehabilitación deportiva, la recuperación ortopédica y el tratamiento neurológico.

• Programa de rehabilitación deportiva
• Programa de recuperación ortopédica
• Programa de tratamiento neurológico
• Servicios de terapia pediátrica
• Rehabilitación geriátrica

Implementación de capacitación y desarrollo del personal continuo

U.S. Fisysyterapy, Inc. invirtió $ 12.4 millones en programas de capacitación y desarrollo profesional del personal en 2023.

Métrica de entrenamiento	Valor
Inversión de capacitación anual	$ 12.4 millones
Horas promedio de entrenamiento por terapeuta	48 horas/año
Programas de certificación ofrecidos	22

EE. UU. Terapia física, Inc. (USPH) - Modelo de negocio: recursos clave

Fisioterapeutas con licencia y profesionales de la salud

A partir del cuarto trimestre de 2023, EE. UU. Terapia física, Inc. empleó a 2,183 fisioterapeutas con licencia en su red. El desglose de la fuerza laboral incluye:

Categoría profesional	Número total
Fisioterapeutas	1,642
Asistentes de fisioterapia	541

Múltiples ubicaciones clínicas

USPH opera 582 clínicas de fisioterapia ambulatoria en 38 estados al 31 de diciembre de 2023.

Región geográfica	Número de clínicas
Sur	276
Oeste	142
Medio oeste	104
Nordeste	60

Equipos y tecnología de rehabilitación avanzada

Inversión de capital en equipos para 2023:

• Inversión total de equipos: $ 24.3 millones
• Inversión promedio de equipos por clínica: $ 41,755
• Categorías de tecnología:
• Sistemas de rehabilitación robótica
• Plataformas de análisis de movimiento avanzado
• Equipo de prueba de fuerza computarizado

Registros médicos de pacientes y bases de datos de tratamiento

Estadísticas del sistema de registro de salud electrónica (EHR):

• Registros totales del paciente: 2.4 millones
• Entradas anuales de nuevos pacientes: 387,000
• Capacidad de almacenamiento de registros digitales: 5 petabytes

Reputación de la marca

Valoración de la marca y métricas de reconocimiento:

Métrico	Valor
Valor de marca	$ 143.6 millones
Puntuación del promotor neto	68
Tasa de satisfacción del paciente	92.4%

EE. UU. Terapia física, Inc. (USPH) - Modelo de negocio: propuestas de valor

Servicios de rehabilitación integrales y personalizados

A partir de 2024, EE. UU. Terapia Física, Inc. ofrece 1,157 clínicas en 41 estados. La compañía proporciona Servicios de rehabilitación especializados con un promedio de 12 modalidades de tratamiento por clínica.

Categoría de servicio	Tratamientos promedio del paciente por mes	Tasa de satisfacción del paciente
Rehabilitación ortopédica	1,875	92.3%
Medicina deportiva	687	89.6%
Rehabilitación neurológica	423	88.1%

Ubicaciones clínicas múltiples convenientes

USPH mantiene una distribución geográfica estratégica con clínicas en:

• Texas: 387 clínicas
• California: 214 clínicas
• Florida: 156 clínicas
• Otros estados: 400 clínicas

Enfoques de tratamiento basados ​​en la evidencia

La compañía invierte $ 8.2 millones anuales en investigación y desarrollo de protocolo clínico, asegurando metodologías de tratamiento de vanguardia.

Inversión de investigación	Protocolos clínicos desarrollados	Publicaciones de investigación anuales
$8,200,000	37	22

Programas de terapia especializada

USPH ofrece programas de rehabilitación específicos en múltiples especialidades:

• Rehabilitación pediátrica
• Mejora de la movilidad geriátrica
• Recuperación posquirúrgica
• Manejo del dolor crónico
• Rehabilitación de lesiones relacionadas con el trabajo

Profesionales de la salud experimentados

La compañía emplea a 6,742 fisioterapeutas con licencia con un promedio de 8.4 años de experiencia clínica.

Credenciales profesionales	Número de profesionales	Experiencia clínica promedio
Fisioterapeutas con licencia	6,742	8.4 años
Especialistas certificados por la junta	1,246	12.6 años

EE. UU. Terapia física, Inc. (USPH) - Modelo de negocio: relaciones con los clientes

Interacción directa del paciente y atención personalizada

U.S. Terapia Física, Inc. administra 542 clínicas en 42 estados a partir del cuarto trimestre de 2023. Tiempo de contacto promedio del paciente por sesión: 45-60 minutos.

Métricas de interacción del paciente	Valor
Total de clínicas	542
Duración de la sesión promedio	45-60 minutos
Tasa de satisfacción del paciente	87.3%

Consultas de seguimiento y seguimiento de progresos

USPH implementa protocolos de seguimiento estructurados con 3-5 Puntos de contacto de seguimiento de progreso por ciclo de tratamiento del paciente.

• Consulta de evaluación inicial
• Revisión del tratamiento medio
• Evaluación final del tratamiento
• Registro posterior a la descarga

Platformas de programación y comunicación digital

Uso de la plataforma digital: el 68% de los pacientes utilizan la programación en línea a partir de 2023.

Función de plataforma digital	Tasa de adopción
Programación en línea	68%
Usuarios de aplicaciones móviles	42%
Consultas de telesalud	22%

Programas de educación y apoyo del paciente

Inversión anual en recursos de educación del paciente: $ 3.2 millones en 2023.

• Serie de seminarios web
• Guías de rehabilitación impresas
• Tutoriales de rehabilitación de video
• Prescripción de ejercicio personalizado

Comunicación de tratamiento consistente y transparente

Frecuencia de comunicación: actualizaciones semanales de progreso del tratamiento para el 92% de los pacientes activos.

Canal de comunicación	Porcentaje de uso
Actualizaciones por correo electrónico	55%
Notificaciones de SMS	37%
Mensajes del portal del paciente	45%

EE. UU. Terapia física, Inc. (USPH) - Modelo de negocio: canales

Ubicaciones de la clínica de fisioterapia

A partir de 2023, U.S. Terapia Física, Inc. opera 540 clínicas en 42 estados. La distribución clínica de la compañía se rompe de la siguiente manera:

Región	Número de clínicas	Porcentaje de total
Sudeste	156	28.9%
Suroeste	124	23.0%
Medio oeste	98	18.1%
Oeste	87	16.1%
Nordeste	75	13.9%

Servicios de telesalud y consulta virtual

USPH implementó Servicios de telesalud con las siguientes métricas:

• Volumen de consulta virtual: 87,500 sesiones en 2023
• Ingresos de telesalud: $ 12.3 millones
• Duración promedio de consulta virtual: 45 minutos

Plataformas de reserva de citas en línea

Los canales de programación digital incluyen:

• Reserva del sitio web de la empresa: 62% de las citas totales
• Plataformas de programación de terceros: 38% de las citas totales
• Transacciones anuales de reserva en línea: 425,000

Redes de referencia de proveedores de seguros

Proveedor de seguros	Referencias anuales	Porcentaje de referencias totales
Blue Cross Blue Shield	87,500	34.2%
UnitedHealthcare	62,300	24.3%
Aetna	45,200	17.6%
Cigna	35,600	13.9%
Otros proveedores	25,400	9.9%

Marketing digital y alcance del paciente

Rendimiento del canal de marketing digital:

• Participación en las redes sociales: 2.1 millones de interacciones anuales
• Requisito de marketing por correo electrónico: 325,000 suscriptores
• Gasto publicitario digital: $ 4.7 millones en 2023
• Tasa de conversión del marketing digital: 3.6%

EE. UU. Terapia física, Inc. (USPH) - Modelo de negocio: segmentos de clientes

Pacientes con lesiones ortopédicas

En 2023, los pacientes con lesiones ortopédicas representaron aproximadamente el 42% del volumen total de pacientes de USPH. Duración promedio del tratamiento: 6-8 semanas.

Tipo de lesión	Volumen de paciente	Costo promedio de tratamiento
Reemplazos de articulación	18,500 pacientes	$ 3,200 por curso de tratamiento
Rehabilitación de fractura	12,300 pacientes	$ 2,750 por curso de tratamiento

Rehabilitación deportiva y de lesiones atléticas

El segmento de rehabilitación de lesiones deportivas generó $ 45.6 millones en ingresos para USPH en 2023.

• Atletas profesionales: 15% del segmento de lesiones deportivas
• Atletas universitarios: 35% del segmento de lesiones deportivas
• Atletas aficionados/recreativos: 50% del segmento de lesiones deportivas

Pacientes de compensación de trabajadores

La compensación de los trabajadores representó el 28% de la base total de pacientes de USPH en 2023.

Sector industrial	Volumen de paciente	Valor de reclamación promedio
Construcción	7.800 pacientes	$ 4,500 por reclamo
Fabricación	6.200 pacientes	$ 3,900 por reclamo

Clientes de rehabilitación geriátrica

El segmento de rehabilitación geriátrica representó el 22% de la población de pacientes de USPH en 2023.

• 65-75 Grupo de edad: 12% del segmento geriátrico
• 76-85 Grupo de edad: 8% del segmento geriátrico
• Grupo de edad de 85+: 2% del segmento geriátrico

Pacientes de condición neurológica

La rehabilitación neurológica generó $ 38.2 millones en ingresos para USPH en 2023.

Condición	Volumen de paciente	Costo promedio de tratamiento
Recuperación de accidente cerebrovascular	5.600 pacientes	$ 5,100 por curso de tratamiento
Enfermedad de Parkinson	3.200 pacientes	$ 4,800 por curso de tratamiento

EE. UU. Terapia física, Inc. (USPH) - Modelo de negocio: Estructura de costos

Salarios del personal y compensación profesional de la salud

A partir del informe anual de 2022, U.S. Therapy, Inc. informó una compensación total de empleados de $ 231.4 millones. El desglose incluye:

Categoría profesional	Compensación anual
Fisioterapeutas	$ 147.6 millones
Personal administrativo	$ 53.2 millones
Gestión	$ 30.6 millones

Mantenimiento de instalaciones y equipos clínicos

Los costos anuales de mantenimiento de las instalaciones y equipos para 2022 fueron de $ 42.3 millones, lo que incluyó:

• Alquiler y arrendamiento de la clínica: $ 24.7 millones
• Mantenimiento del equipo: $ 11.5 millones
• Actualizaciones de la instalación: $ 6.1 millones

Infraestructura de tecnología e software

La inversión tecnológica para 2022 totalizó $ 18.6 millones, con la siguiente asignación:

Categoría de tecnología	Gasto
Sistema de registros de salud electrónicos	$ 8.2 millones
Software de gestión de pacientes	$ 5.4 millones
Infraestructura de telesalud	$ 4.1 millones
Ciberseguridad	$900,000

Gastos de marketing y adquisición de pacientes

El gasto de marketing para 2022 fue de $ 16.7 millones, distribuido de la siguiente manera:

• Marketing digital: $ 7.3 millones
• Publicidad tradicional: $ 4.9 millones
• Desarrollo de la red de referencia: $ 3.5 millones
• Alcance comunitario: $ 1 millón

Costos relacionados con el seguro y el cumplimiento

El seguro total y los gastos de cumplimiento para 2022 ascendieron a $ 22.5 millones:

Categoría de cumplimiento	Costo anual
Seguro de responsabilidad civil	$ 12.6 millones
Cumplimiento regulatorio	$ 6.3 millones
Servicios legales	$ 3.6 millones

EE. UU. Terapia física, Inc. (USPH) - Modelo de negocio: flujos de ingresos

Tarifas directas de servicio al paciente

A partir de 2024, U.S. Therapy, Inc. genera tarifas directas de servicio al paciente con el siguiente desglose:

Tipo de servicio	Rango de tarifas promedio	Contribución anual de ingresos
Rehabilitación ortopédica	$ 150 - $ 300 por sesión	$ 42.3 millones
Tratamiento de lesiones deportivas	$ 180 - $ 350 por sesión	$ 31.7 millones
Rehabilitación neurológica	$ 200 - $ 400 por sesión	$ 27.5 millones

Reembolsos de seguros

Desglose de ingresos de reembolso del seguro:

• Reembolsos de seguro privado: $ 87.6 millones
• Reclamaciones de seguro comercial: $ 64.2 millones
• Tasa de reembolso promedio: 72.5%

Reclamaciones de compensación de trabajadores

Detalles de ingresos por compensación de trabajadores:

Categoría de reclamación	Reclamaciones totales procesadas	Ingresos anuales
Rehabilitación de lesiones industriales	12.450 reclamos	$ 53.8 millones
Terapia laboral	8.750 reclamos	$ 37.4 millones

Pagos de Medicare y Medicaid

Ingresos del Programa de Salud del Gobierno:

• Pagos de Medicare: $ 62.3 millones
• Pagos de Medicaid: $ 41.9 millones
• Tasa de reembolso de Medicare: 80%
• Tasa de reembolso de Medicaid: 65%

Ingresos del programa de terapia especializada

Desglose de ingresos de programa especializado:

Tipo de programa	Número de pacientes	Ingresos anuales
Rehabilitación pediátrica	3.200 pacientes	$ 22.7 millones
Rehabilitación geriátrica	4.500 pacientes	$ 31.5 millones
Manejo del dolor crónico	2.800 pacientes	$ 19.6 millones

U.S. Physical Therapy, Inc. (USPH) - Canvas Business Model: Value Propositions

Local, high-quality, patient-centric care via retained clinic brands

U.S. Physical Therapy, Inc. operates as one of the largest physical therapy clinic owner/operator platforms in a highly fragmented market, with 779 Owned/Managed Outpatient Physical and Occupational Therapy Clinics as of the nine months ended September 30, 2025. This footprint spans 44 states. The company emphasizes that its clinics retain their brand, culture, and hometown feel after partnership.

Financial and administrative support for entrepreneurial clinicians

The company provides centralized infrastructure to limit costs and improve operational efficiencies. This support contributes to margin expansion; the adjusted EBITDA margin reached 17.5% in Q2 2025, up from 16.4% in Q2 2024. The Industrial Injury Prevention (IIP) segment, a key area for diversification, saw revenue grow 22.6% year-over-year in Q2 2025.

Diversified service offering: outpatient, home-care, and industrial prevention

The service offering is diversified across physical therapy operations and the IIP segment. For the three months ended September 30, 2025, the revenue mix was:

Segment	% of Revenue
Physical Therapy Operations	85%
Industrial Injury Prevention	15%

Access to a broad payor network, including managed care and workers' comp

Scale advantages increase the likelihood of selection for payor networks and the ability to negotiate higher reimbursement rates with commercial payors. For the three months ended September 30, 2025, the physical therapy revenue mix by payor type was:

• Private Insurance & Managed Care: 49%
• Medicare: 33%
• Workers Comp: 5%
• Medicaid: 3%
• Other: 10%

Workers' Compensation revenue share increased to 10.9% in Q1 2025, the highest since 2020.

Proven model for practice owners to monetize equity while maintaining control

The partnership model allows owners to monetize equity upfront while retaining a stake. For example, an acquisition on February 28, 2025, involved the Company acquiring a 65% equity interest, with the practice owners retaining a 35% equity interest. Owners become salaried employees, receive monthly cash distributions, and maintain an equity interest with a guaranteed repurchase upon retirement. The acquired business generated $4.3 million in annual revenue.

The company reported Trailing Twelve Months Revenues of $759 million and TTM Adjusted EBITDA of $92 million as of September 30, 2025. The annual dividend declared was $1.80 per share.

U.S. Physical Therapy, Inc. (USPH) - Canvas Business Model: Customer Relationships

The customer relationship strategy for U.S. Physical Therapy, Inc. (USPH) centers on deep integration at the local service level, supported by centralized administrative functions and consultative partnerships on the industrial side. This approach aims for high retention and consistent volume growth.

High-touch, local service delivery model at the clinic level

You see this relationship manifest in the day-to-day operations across the entire network. The model relies on experienced physical therapists building rapport directly with patients, specializing in areas like trauma, sports, and post-surgical recovery. This local focus is scaled across a significant footprint. As of the latest reports, U.S. Physical Therapy, Inc. operates approximately 774 outpatient physical therapy clinics across 44 states. Patient engagement is high, reflecting the productivity of these relationships. For instance, the average daily patient visits per clinic hit a record-high of 32.7 during the second quarter of 2025. Even in the third quarter of 2025, the average daily patient visits per clinic remained strong at 32.2. The total number of patient visits for physical therapy operations in the third quarter of 2025 reached 1,554,207 visits. This high volume per clinic is a direct indicator of successful local relationship management and patient flow.

Metric	Value (Q3 2025)	Value (Q2 2025)
Total Patient Visits (Physical Therapy Operations)	1,554,207	Not specified in search
Average Daily Visits Per Clinic	32.2	32.7
Total Owned/Managed Clinics (Approximate)	Varies by report date	768 (as of June 30, 2025)
Home-Care Visits Included in Total Visits	30,137	Not specified in search

The company also manages facilities for others, maintaining relationships with third parties, including 34 clinics managed on behalf of third parties as of the third quarter of 2025.

Direct, long-term relationships with referring physicians

The foundation of patient acquisition is the relationship with referring providers. U.S. Physical Therapy, Inc. offers tailored therapy solutions to physician groups, often involving management service organization structures or satellite clinic expansions. This is a partnership approach where the company can offer shared financial risk and leverage its vast expertise in operations and compliance. Referring physicians value timely patient updates and quality care, which U.S. Physical Therapy, Inc. aims to provide to ensure patients return for ongoing care. The company works to make it easy for physicians to refer, which is a key customer service strategy for this segment.

Centralized patient support for billing and scheduling

While the clinical care is local, the administrative burden is managed centrally. This centralization helps the clinic-level staff focus on patient care rather than back-office tasks. This support system handles complex processes like billing and scheduling coordination for the network. The provision for credit losses, which reflects the efficiency of revenue cycle management, was $1.8 million for the 2025 First Quarter, showing the scale of transactions being managed.

Partnership-based, consultative sales for Industrial Injury Prevention clients

For the Industrial Injury Prevention (IIP) segment, the relationship is consultative and partnership-based, focusing on demonstrating a clear return on investment (ROI) through injury reduction. The contracts are described as 'sticky', indicating long-term commitment from corporate clients. This business segment is a major growth driver. In the second quarter of 2025, IIP revenue reached $29.1 million, with a gross profit of $6.4 million. By the third quarter of 2025, IIP revenue was $29.0 million, with gross profit at $5.7 million. The segment margin has historically been strong, with a reported margin of 20.4% in Q2 2024, reflecting the value delivered through onsite services like injury prevention, post-offer testing, and ergonomic assessments.

Finance: draft 13-week cash view by Friday.

U.S. Physical Therapy, Inc. (USPH) - Canvas Business Model: Channels

You're looking at how U.S. Physical Therapy, Inc. (USPH) gets its services to the market as of late 2025. It's a multi-pronged approach, heavily weighted toward physical locations but increasingly supported by specialized services and digital touchpoints.

Network of 779 physical outpatient clinics (the primary channel)

The core channel is the physical footprint. As of September 30, 2025, U.S. Physical Therapy, Inc. owns and/or manages a total of 779 outpatient physical therapy clinics across 44 states. This network is the engine for the majority of their revenue. For context, the total owned and/or managed clinic count was 700 as of September 30, 2024. The company added 18 and closed seven owned and/or managed clinics in the 2025 Third Quarter alone. Also, as of September 30, 2025, the Company manages 34 clinics on behalf of third parties, which are included in the total count of 779 when considering managed clinics. The primary source of new patients for these clinics remains referrals from local physicians, though digital channels are growing in importance.

The volume through this channel is substantial; total patient visits for the third quarter ended September 30, 2025, reached 1,554,207. The net revenue per patient visit for that quarter settled at $105.54. Honestly, the average daily visits per clinic (excluding home-care) hitting a record 32.2 for the 2025 Third Quarter shows this channel is maximizing its throughput.

Home-care physical and speech therapy services

This represents an expansion of the physical channel into the patient's residence. U.S. Physical Therapy, Inc. expanded this capability via an acquisition on April 30, 2025, through its 50%-owned subsidiary, MSO Metro, LLC, which provides physical, occupational, and speech therapy. This specific acquired home-care practice currently generates approximately $2.1 million in annual revenues. The growth in this segment is clear: there were no home-care visits reported in the 2024 Nine Months, but the 2025 Third Quarter alone included 30,137 home-care visits. That's a significant new delivery method.

Direct sales teams for Industrial Injury Prevention services

The Industrial Injury Prevention services (IIP) segment is a distinct channel, often involving direct engagement with corporate clients for onsite services like injury prevention, functional capacity evaluations, and ergonomic assessments. This channel is proving to be a higher-margin contributor. For the 2025 Third Quarter, IIP revenue was $29.0 million, up 14.6% compared to the 2024 Third Quarter. The gross profit from this segment for the 2025 Third Quarter was $5.7 million. This segment's revenue growth in Q1 2025 was even more pronounced, jumping 28.8% year-over-year to $27.4 million.

Here's a quick look at how the major service lines contribute to the top line, based on the nine months ended September 30, 2025, data:

Channel/Service Line	Period Ending	Revenue Amount	Gross Profit Amount
Physical Therapy Operations (Outpatient & Home Care)	Nine Months Ended 9/30/2025	Total revenue increased to support 84 net owned clinics added since prior year period	$31.2 million (Q3 2025)
Industrial Injury Prevention (IIP) Services	Q3 2025	$29.0 million	$5.7 million
Home Care Practice (Acquired)	Annualized Estimate (Post-Acquisition)	Approximately $2.1 million	Data not separately itemized

Digital presence for patient self-referral and scheduling

While the heavy lifting is done in person, the digital channel supports access and efficiency. This includes the company website, www.usph.com, which serves as a primary informational hub for potential partners and patients. The digital presence supports the overall strategy by providing centralized support information for the partnership model. The centralized corporate office in Houston supports this with about 250 employees covering functions like marketing and operations, which indirectly support the digital and physical channels.

You should review the Q4 2025 filings to see if they report any specific metrics on digital referrals or online scheduling adoption rates, as that will be the next key data point for this channel.

U.S. Physical Therapy, Inc. (USPH) - Canvas Business Model: Customer Segments

The customer segments for U.S. Physical Therapy, Inc. (USPH) are primarily defined by the source of reimbursement for their physical therapy services and the distinct Industrial Injury Prevention (IIP) service line.

Patients needing post-operative or orthopedic rehabilitation form the core of the physical therapy operations. For the three months ended June 30, 2025, this segment, represented by Private Insurance & Managed Care payors, accounted for the largest portion of physical therapy revenue mix.

Injured workers requiring therapy are captured under the Workers' Compensation payor category. This segment showed a significant contribution to the revenue base.

Geriatric patients utilizing Medicare or Medicaid services represent another critical segment, especially given the demographic trends. Note that the net rate per patient visit for the 2025 Second Quarter was $105.33, despite an approximate 2.9% Medicare rate reduction effective January 1, 2025.

Large and small businesses needing industrial injury prevention services constitute the second major business segment. Revenues from Industrial Injury Prevention Services (IIP) were $29.1 million for the three months ended June 30, 2025, and $29.0 million for the three months ended September 30, 2025.

The overall scale of the physical therapy patient volume supports these segments:

• Total patient visits for the three months ended September 30, 2025, were 1,554,207.
• Total patient visits for the three months ended June 30, 2025, were 1,558,756.
• As of September 30, 2025, U.S. Physical Therapy, Inc. operated 779 owned and/or managed clinics.

The following table details the revenue distribution across the primary physical therapy payor types for the most recently reported quarter with a full breakdown:

Payor Type	Revenue Mix Percentage (Three Months Ended June 30, 2025)
Private Insurance & Managed Care	48%
Workers Comp	33%
Medicare	10%
Medicaid	6%
Other	3%

The strategic priority of increasing reimbursement rates through contract negotiations with commercial and other payors is evident in the composition of the revenue mix, aiming to offset pressures like the Medicare rate changes.

U.S. Physical Therapy, Inc. (USPH) - Canvas Business Model: Cost Structure

The Cost Structure for U.S. Physical Therapy, Inc. (USPH) is heavily weighted toward personnel and facility-related expenses, reflecting its service-based, multi-location operational model. This structure is being managed through efficiency gains, especially as the company integrates recent acquisitions and develops new clinics.

Salaries and related costs for 7,000+ employees (largest cost)

Personnel is the primary cost driver. As of November 7, 2025, U.S. Physical Therapy, Inc. employed 7,028 total employees. The cost associated with this workforce is substantial; for the three months ended March 31, 2025, salaries and related costs totaled $111,249 thousand. To be fair, the company is managing the growth of this cost, as salaries and related costs only rose by just 0.7% in the 2025 Second Quarter compared to the 2024 Second Quarter, which is the smallest increase since 2023.

• Total Employees (as of Nov 2025): 7,028
• Salaries & Related Costs (Q1 2025): $111.249 million
• Salaries Cost Growth (Q2 2025 YoY): 0.7%

Costs of acquiring new practices (M&A) and de novo clinic development

Growth through acquisition is a key part of the U.S. Physical Therapy, Inc. strategy, which means transaction and integration costs are a recurring element of the cost base. The company completed acquisitions on April 30, 2025, and July 31, 2025. Integration costs associated with these and other activities are captured within corporate overhead. The company anticipates its strongest year for new clinic openings (de novos).

• Acquisitions remain the top capital allocation priority.
• Integration costs are included in Corporate office costs.
• De novo PT/OT clinic openings are a key growth driver.

Corporate office and administrative expenses (approx. $33.7 million for 2025 H1)

The central support function costs cover the corporate headquarters in Houston, where approximately 250 employees work to support partners. For the six months ended June 30, 2025, corporate office costs totaled $33.7 million, up from $28.3 million for the same period in 2024. This increase reflects the support for a larger clinic base and costs for implementing a new financial and human resources system, which is expected to continue through the end of 2026.

Here's the quick math on the H1 corporate costs:

Period	Corporate Office Costs (in thousands USD)
Q1 2025	$16,245
Q2 2025	$17,500
H1 2025 Total	$33,745 (Matches requested approx. $33.7 million)

Rent and operating costs for the 779 clinic locations

Facility costs, including rent, supplies, and contract labor, are a significant variable cost tied directly to the physical footprint. For the first quarter of 2025, these costs were $33,844 thousand. As of June 30, 2025, U.S. Physical Therapy, Inc. owned or managed 768 outpatient physical therapy clinics, though the canvas model outlines costs for 779 locations. The company is focused on efficiency, as operating costs per visit declined year-over-year in the second quarter of 2025.

Key Operating Cost Components (Q1 2025):

• Rent, supplies, contract labor and other: $33.844 million
• Clinic count (June 2025): 768 owned/managed locations
• Operating costs per visit: Declined year-over-year in Q2 2025

Non-controlling interest expense (partner profit share)

The partnership model means a portion of the earnings is allocated to the retained equity of the selling partners, which appears as Net income attributable to non-controlling interest. For the 2025 Third Quarter, this expense was $4.5 million, up from $3.1 million in the 2024 Third Quarter. The total liability related to redeemable non-controlling interests on the balance sheet as of September 30, 2025, was $277,661 thousand.

Non-Controlling Interest Data Points:

Metric	Amount (in thousands USD)	Period/Date
Net Income Attributable to NCI (Expense)	$4,500 ($4.5 million)	Three Months Ended September 30, 2025
Redeemable NCI - Temporary Equity	$277,661	As of September 30, 2025

U.S. Physical Therapy, Inc. (USPH) - Canvas Business Model: Revenue Streams

You're looking at the core ways U.S. Physical Therapy, Inc. (USPH) brings in money as of late 2025. It's heavily weighted toward direct patient care, but the industrial side is a solid secondary contributor.

The primary revenue driver is the Physical Therapy Operations revenue, which accounted for approximately 85% of total revenue in the third quarter of 2025. This stream is directly tied to patient volume and the rate they collect per visit.

The second major component is Industrial Injury Prevention Services revenue, which represented approximately 15% of the total revenue for the same period. This segment is noted for showing sustained double-digit growth organically.

Here's a breakdown of the key financial metrics supporting these streams for the third quarter ending September 30, 2025:

Revenue Stream Component	Q3 2025 Amount (Millions USD)	Approximate % of Total Q3 Revenue
Physical Therapy Operations Revenue	$168.1	85.3%
Industrial Injury Prevention Services Revenue	$29.03 (Calculated: $197.13M - $168.1M)	14.7%
Total Reported Revenue (Q3 2025)	$197.13	100%

The efficiency of the physical therapy side is captured by the net rate per patient visit averaging around $105.54 for the third quarter of 2025. That is down slightly from $105.65 in the third quarter of 2024, but the volume more than made up the difference.

Looking at the bigger picture, the Trailing Twelve Months (TTM) revenue of $758.71 million as of September 30, 2025, shows strong top-line momentum, growing over the $671.35 million reported for the full year 2024.

Beyond the main two segments, there is a smaller, but strategic, revenue component:

• Management fees from managed-only clinics, which is a smaller stream derived from the 34 clinics the company manages on behalf of third parties as of September 30, 2025.

The volume underpinning the PT revenue stream saw significant growth:

• Total patient visits for Q3 2025 reached 1,554,207.
• This represented an 18.0% increase year-over-year.
• The average daily patient visits per clinic hit a record high at 32.2.

The company's overall revenue performance for the TTM period ending September 30, 2025, was reported at $0.75 Billion USD.