U.S. Physical Therapy Inc has acquired a third company that is a provider of industrial injury prevention services. The previous acquisitions in this business line occurred in 2017 and 2018.
The acquired company specializes in delivering injury prevention and care, post offer employment testing, functional capacity evaluations and return-to-work services. It performs these services across a network in 45 states including onsite at 11 client locations. This relationship-based health delivery system is paid for directly by corporate clients. Clients include large companies across a variety of industries, US Physical Therapy reports in a media release.
The acquired business produced $13 million in revenue in 2018. U.S. Physical Therapy purchased the company for total consideration of $23.6 million. The business was then combined with Briotix Health, USPH’s industrial injury prevention operation, increasing U.S. Physical Therapy’s ownership position in the partnership to approximately 76%.
“Companies are looking for greater assistance managing their employees’ health and retention as well as reducing costs associated with health insurance and workers compensation. They often have to work with multiple entities to service all their testing, workers compensation, treatment and return-to-work needs,” says Chris Reading, U.S. Physical Therapy chief executive officer, in the release.
“This acquisition significantly broadens our industrial injury prevention services offering while having minimal overlap with our existing business.”
[Source(s): U.S. Physical Therapy Inc, Business Wire]