U.S. Physical Therapy, Inc. (USPH): Modelo de negócios Canvas [Jan-2025 Atualizado]

No cenário dinâmico dos serviços de saúde, a U.S. Physical Therapy, Inc. (USPH) surge como uma potência estratégica, transformando a reabilitação por meio de um modelo de negócios meticulosamente criado que vai muito além das abordagens da terapia tradicional. Ao integrar perfeitamente a tecnologia avançada, os programas de tratamento especializados e uma filosofia centrada no paciente, o USPH revolucionou como os serviços de fisioterapia abrangentes são entregues em vários estados, criando um ecossistema robusto que atenda às diversas necessidades dos pacientes, desde lesões ortopédicas a condições neurológicas.

U.S. Physical Therapy, Inc. (USPH) - Modelo de negócios: Parcerias -chave

Hospitais e centros médicos para referências de pacientes

A partir de 2024, a U.S. Physical Therapy, Inc. mantém parcerias com mais de 1.200 instalações de saúde em 38 estados. A rede de referência da empresa inclui:

Tipo de parceria	Número de instalações	Volume anual de referência
Hospitais de cuidados agudos	425	186.000 referências de pacientes
Clínicas Ortopédicas	350	142.500 referências de pacientes
Centros de reabilitação	225	93.750 referências de pacientes

Provedores de seguros para reembolso

A USPH contratou 42 principais redes de seguros, cobrindo aproximadamente 87% das possíveis populações de pacientes.

• Blue Cross Blue Shield: 18 contratos estaduais
• United Healthcare: Acordo Nacional de Cobertura
• Aetna: Rede abrangente de reembolso
• CIGNA: Acordo de provedor preferido

Fornecedores de equipamentos médicos

As parcerias de equipamentos estratégicos incluem:

Fornecedor	Investimento anual de equipamentos	Foco em tecnologia
Biodex Medical Systems	US $ 2,3 milhões	Tecnologia de reabilitação
Kinetic Muscles, Inc.	US $ 1,7 milhão	Avaliação avançada de movimento

Agências de pessoal de saúde

A USPH colabora com 12 agências nacionais de funcionários da saúde para apoiar os esforços de recrutamento.

• Volume médio de recrutamento: 340 terapeutas anualmente
• Custo de recrutamento por terapeuta: US $ 4.500
• Investimento anual de recrutamento anual: US $ 1.530.000

Provedores de software de registro eletrônico de saúde (EHR)

As parcerias atuais de software de EHR:

Provedor	Valor do contrato	Escopo de implementação
Sistemas épicos	US $ 3,2 milhões	Implantação em toda a empresa
Cerner Corporation	US $ 2,1 milhões	Selecione implementações regionais

U.S. Physical Therapy, Inc. (USPH) - Modelo de negócios: Atividades -chave

Fornecendo serviços de fisioterapia ambulatorial

A partir do quarto trimestre de 2023, a U.S. Physical Therapy, Inc. operava 592 clínicas em 41 estados. A empresa gerou US $ 541,2 milhões em receita total para o ano fiscal de 2023, com uma média de 174 visitas a pacientes por clínica por semana.

Métrica	Valor
Total de clínicas	592
Estados cobertos	41
Receita anual (2023)	US $ 541,2 milhões
Visitas médias semanais de pacientes por clínica	174

Condução de avaliações e planos de tratamento do paciente

A empresa emprega 3.287 fisioterapeutas licenciados que realizam avaliações abrangentes de pacientes e desenvolvem estratégias de tratamento personalizadas.

• Tempo médio de avaliação inicial do paciente: 60 minutos
• Duração do Plano de Tratamento Personalizado: 30-45 minutos
• Rastreamento de tratamento de pacientes usando sistemas avançados de registros de saúde eletrônicos

Gerenciando vários locais da clínica de reabilitação

A U.S. Physical Therapy, Inc. utiliza uma abordagem de gerenciamento centralizada em suas 592 clínicas, com hubs operacionais regionais apoiando o desempenho da clínica local.

Métrica de Gerenciamento	Estatística
Centros de gestão regional	12
Clínicas médias por centro regional	49
Taxa de eficiência operacional	92.3%

Desenvolvendo programas de terapia especializada

A empresa oferece 17 programas de terapia especializada direcionados às necessidades específicas dos pacientes, incluindo reabilitação esportiva, recuperação ortopédica e tratamento neurológico.

• Programa de reabilitação esportiva
• Programa de Recuperação Ortopédica
• Programa de tratamento neurológico
• Serviços de terapia pediátrica
• Reabilitação geriátrica

Implementando treinamento e desenvolvimento contínuo da equipe

A U.S. Physical Therapy, Inc. investiu US $ 12,4 milhões em programas de treinamento e desenvolvimento profissional da equipe em 2023.

Métrica de treinamento	Valor
Investimento anual de treinamento	US $ 12,4 milhões
Horário médio de treinamento por terapeuta	48 horas/ano
Programas de certificação oferecidos	22

U.S. Physical Therapy, Inc. (USPH) - Modelo de negócios: Recursos -chave

Fisioterapeutas licenciados e profissionais de saúde

A partir do quarto trimestre de 2023, a U.S. Physical Therapy, Inc. empregou 2.183 fisioterapeutas licenciadas em sua rede. A quebra da força de trabalho inclui:

Categoria profissional	Número total
Fisioterapeutas	1,642
Assistentes de fisioterapia	541

Múltiplos locais da clínica

O USPH opera 582 clínicas ambulatoriais de fisioterapia em 38 estados em 31 de dezembro de 2023.

Região geográfica	Número de clínicas
Sul	276
Oeste	142
Centro -Oeste	104
Nordeste	60

Equipamentos e tecnologia avançados de reabilitação

Investimento de capital em equipamentos para 2023:

• Investimento total do equipamento: US $ 24,3 milhões
• Investimento médio de equipamento por clínica: US $ 41.755
• Categorias de tecnologia:
• Sistemas de reabilitação robótica
• Plataformas de análise de movimento avançado
• Equipamento de teste de força computadorizado

Registros médicos de pacientes e bancos de dados de tratamento

Estatísticas do sistema eletrônico de registro de saúde (EHR):

• Total de registros do paciente: 2,4 milhões
• Entradas anuais de novos pacientes: 387.000
• Capacidade de armazenamento de registros digitais: 5 petabytes

Reputação da marca

Métricas de avaliação e reconhecimento da marca:

Métrica	Valor
Valor da marca	US $ 143,6 milhões
Pontuação do promotor líquido	68
Taxa de satisfação do paciente	92.4%

U.S. Physical Therapy, Inc. (USPH) - Modelo de negócios: proposições de valor

Serviços de reabilitação abrangentes e personalizados

A partir de 2024, a U.S. Physical Therapy, Inc. oferece 1.157 clínicas em 41 estados. A empresa fornece Serviços de reabilitação especializados com uma média de 12 modalidades de tratamento por clínica.

Categoria de serviço	Tratamentos médios do paciente por mês	Taxa de satisfação do paciente
Reabilitação ortopédica	1,875	92.3%
Medicina esportiva	687	89.6%
Reabilitação neurológica	423	88.1%

Locais de múltiplas clínicas convenientes

USPH mantém uma distribuição geográfica estratégica com clínicas em:

• Texas: 387 clínicas
• Califórnia: 214 clínicas
• Flórida: 156 Clínicas
• Outros estados: 400 clínicas

Abordagens de tratamento baseadas em evidências

A empresa investe US $ 8,2 milhões anualmente em pesquisa e desenvolvimento de protocolos clínicos, garantindo Metodologias de tratamento de ponta.

Investimento em pesquisa	Protocolos clínicos desenvolvidos	Publicações de pesquisa anuais
$8,200,000	37	22

Programas de terapia especializada

O USPH oferece programas de reabilitação direcionados em várias especialidades:

• Reabilitação pediátrica
• Melhoria de mobilidade geriátrica
• Recuperação pós-cirúrgica
• Gerenciamento da dor crônica
• Reabilitação de lesões relacionadas ao trabalho

Profissionais de saúde experientes

A empresa emprega 6.742 fisioterapeutas licenciados, com uma média de 8,4 anos de experiência clínica.

Credenciais profissionais	Número de profissionais	Experiência clínica média
Fisioterapeutas licenciados	6,742	8,4 anos
Especialistas certificados pelo conselho	1,246	12,6 anos

U.S. Physical Therapy, Inc. (USPH) - Modelo de Negócios: Relacionamentos do Cliente

Interação direta do paciente e cuidados personalizados

A U.S. Physical Therapy, Inc. gerencia 542 clínicas em 42 estados a partir do quarto trimestre 2023. Tempo médio de contato do paciente por sessão: 45-60 minutos.

Métricas de interação do paciente	Valor
Total de clínicas	542
Duração média da sessão	45-60 minutos
Taxa de satisfação do paciente	87.3%

Consultas de acompanhamento e rastreamento de progresso

USPH implementa protocolos de acompanhamento estruturados com 3-5 Pontos de contato de rastreamento de progresso por ciclo de tratamento do paciente.

• Consulta de avaliação inicial
• Revisão intermediária
• Avaliação final do tratamento
• Check-in pós-descarga

Plataformas de agendamento e comunicação digital

Uso da plataforma digital: 68% dos pacientes utilizam a programação on -line a partir de 2023.

Recurso da plataforma digital	Taxa de adoção
Programação online	68%
Usuários de aplicativos móveis	42%
Consultas de telessaúde	22%

Programas de educação e apoio do paciente

Investimento anual em recursos de educação dos pacientes: US $ 3,2 milhões em 2023.

• Série de webinar
• Guias de reabilitação impressos
• Tutoriais de reabilitação de vídeo
• Prescrição de exercício personalizado

Comunicação de tratamento consistente e transparente

Frequência de comunicação: atualizações semanais de progresso do tratamento para 92% dos pacientes ativos.

Canal de comunicação	Porcentagem de uso
Atualizações por e -mail	55%
Notificações de SMS	37%
Mensagens do portal do paciente	45%

U.S. Physical Therapy, Inc. (USPH) - Modelo de Negócios: Canais

Locais da clínica de fisioterapia

A partir de 2023, a U.S. Physical Therapy, Inc. opera 540 clínicas em 42 estados. A distribuição clínica da empresa se decompõe da seguinte maneira:

Região	Número de clínicas	Porcentagem de total
Sudeste	156	28.9%
Sudoeste	124	23.0%
Centro -Oeste	98	18.1%
Oeste	87	16.1%
Nordeste	75	13.9%

Serviços de telessaúde e consulta virtual

A USPH implementou serviços de telessaúde com as seguintes métricas:

• Volume de consulta virtual: 87.500 sessões em 2023
• Receita de telessaúde: US $ 12,3 milhões
• Duração média da consulta virtual: 45 minutos

Plataformas de reserva de compromisso online

Os canais de agendamento digital incluem:

• Site da empresa Reserva: 62% do total de compromissos
• Plataformas de agendamento de terceiros: 38% do total de compromissos
• Transações anuais de reserva on -line: 425.000

Redes de referência de provedores de seguros

Provedor de seguros	Referências anuais	Porcentagem de referências totais
Escudo azul azul azul	87,500	34.2%
UnitedHealthcare	62,300	24.3%
Aetna	45,200	17.6%
Cigna	35,600	13.9%
Outros fornecedores	25,400	9.9%

Marketing digital e alcance do paciente

Performance de canal de marketing digital:

• Engajamento de mídia social: 2,1 milhões de interações anuais
• Alcance de marketing por e -mail: 325.000 assinantes
• Gastes de publicidade digital: US $ 4,7 milhões em 2023
• Taxa de conversão do marketing digital: 3,6%

U.S. Physical Therapy, Inc. (USPH) - Modelo de negócios: segmentos de clientes

Pacientes com lesões ortopédicas

Em 2023, pacientes com lesões ortopédicas representaram aproximadamente 42% do volume total de pacientes do USPH. Duração média do tratamento: 6-8 semanas.

Tipo de lesão	Volume do paciente	Custo médio de tratamento
Substituições conjuntas	18.500 pacientes	US $ 3.200 por curso de tratamento
Reabilitação de fraturas	12.300 pacientes	US $ 2.750 por curso de tratamento

Reabilitação de lesões esportivas e atléticas

O segmento de reabilitação de lesões esportivas gerou US $ 45,6 milhões em receita para USPH em 2023.

• Atletas profissionais: 15% do segmento de lesões esportivas
• Atletas colegiados: 35% do segmento de lesões esportivas
• Atletas amadores/recreativos: 50% do segmento de lesões esportivas

Pacientes com compensação dos trabalhadores

A compensação dos trabalhadores representou 28% da base total de pacientes da USPH em 2023.

Setor da indústria	Volume do paciente	Valor médio de reclamação
Construção	7.800 pacientes	US $ 4.500 por reclamação
Fabricação	6.200 pacientes	US $ 3.900 por reclamação

Clientes de reabilitação geriátrica

O segmento de reabilitação geriátrica representou 22% da população de pacientes da USPH em 2023.

• 65-75 faixa etária: 12% do segmento geriátrico
• 76-85 faixa etária: 8% do segmento geriátrico
• 85+ faixa etária: 2% do segmento geriátrico

Pacientes de condição neurológica

A reabilitação neurológica gerou US $ 38,2 milhões em receita para USPH em 2023.

Doença	Volume do paciente	Custo médio de tratamento
Recuperação de AVC	5.600 pacientes	US $ 5.100 por curso de tratamento
Doença de Parkinson	3.200 pacientes	US $ 4.800 por curso de tratamento

U.S. Physical Therapy, Inc. (USPH) - Modelo de negócios: estrutura de custos

Salários da equipe e compensação profissional de saúde

A partir de 2022, Relatório Anual, a U.S. Physical Therapy, Inc. relatou uma compensação total dos funcionários de US $ 231,4 milhões. O colapso inclui:

Categoria profissional	Remuneração anual
Fisioterapeutas	US $ 147,6 milhões
Equipe administrativo	US $ 53,2 milhões
Gerenciamento	US $ 30,6 milhões

Instalação clínica e manutenção de equipamentos

Os custos anuais de manutenção de instalações e equipamentos para 2022 foram de US $ 42,3 milhões, que incluíram:

• Aluguel e arrendamento da clínica: US $ 24,7 milhões
• Manutenção do equipamento: US $ 11,5 milhões
• Atualizações da instalação: US $ 6,1 milhões

Infraestrutura de tecnologia e software

O investimento em tecnologia para 2022 totalizou US $ 18,6 milhões, com a seguinte alocação:

Categoria de tecnologia	Gasto
Sistema eletrônico de registros de saúde	US $ 8,2 milhões
Software de gerenciamento de pacientes	US $ 5,4 milhões
Infraestrutura de telessaúde	US $ 4,1 milhões
Segurança cibernética	$900,000

Despesas de marketing e aquisição de pacientes

As despesas de marketing para 2022 foram de US $ 16,7 milhões, distribuídas da seguinte forma:

• Marketing Digital: US $ 7,3 milhões
• Publicidade tradicional: US $ 4,9 milhões
• Desenvolvimento de rede de referência: US $ 3,5 milhões
• Extensão da comunidade: US $ 1 milhão

Seguros e custos relacionados à conformidade

As despesas totais de seguro e conformidade em 2022 totalizaram US $ 22,5 milhões:

Categoria de conformidade	Custo anual
Seguro de responsabilidade profissional	US $ 12,6 milhões
Conformidade regulatória	US $ 6,3 milhões
Serviços Jurídicos	US $ 3,6 milhões

U.S. Physical Therapy, Inc. (USPH) - Modelo de negócios: fluxos de receita

Taxas de serviço direto do paciente

A partir de 2024, a U.S. Physical Therapy, Inc. gera taxas diretas de serviço do paciente com a seguinte quebra:

Tipo de serviço	Intervalo de taxas médias	Contribuição anual da receita
Reabilitação ortopédica	$ 150 - $ 300 por sessão	US $ 42,3 milhões
Tratamento de lesões esportivas	$ 180 - $ 350 por sessão	US $ 31,7 milhões
Reabilitação neurológica	$ 200 - $ 400 por sessão	US $ 27,5 milhões

Reembolsos de seguros

Recutação de receita de reembolso de seguros:

• Reembolsos de seguro privado: US $ 87,6 milhões
• Reivindicações de seguro comercial: US $ 64,2 milhões
• Taxa média de reembolso: 72,5%

Reivindicações de compensação dos trabalhadores

Detalhes da receita de compensação dos trabalhadores:

Categoria de reivindicação	Total de reivindicações processadas	Receita anual
Reabilitação de lesões industriais	12.450 reivindicações	US $ 53,8 milhões
Terapia ocupacional	8.750 reivindicações	US $ 37,4 milhões

Pagamentos do Medicare e Medicaid

Receita do Programa de Saúde do Governo:

• Pagamentos do Medicare: US $ 62,3 milhões
• Pagamentos do Medicaid: US $ 41,9 milhões
• Taxa de reembolso do Medicare: 80%
• Taxa de reembolso do Medicaid: 65%

Receitas do Programa de Terapia Especializada

Recutação especializada de receita do programa:

Tipo de programa	Número de pacientes	Receita anual
Reabilitação pediátrica	3.200 pacientes	US $ 22,7 milhões
Reabilitação geriátrica	4.500 pacientes	US $ 31,5 milhões
Gerenciamento da dor crônica	2.800 pacientes	US $ 19,6 milhões

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.