U.S. Physical Therapy announces it has acquired a 60% interest in a nine-clinic physical therapy practice, for $16.3 million.
This particular practice generated $8.6 million in revenue in 2016. There were 92,000 patient visits at an average net rate of approximately $94 per visit, according to a media release.
“We are very pleased to bring on yet another fine group into our USPH family. Our partners in this transaction have a long-established history of building a patient-centric and clinician-friendly company, which has grown rapidly,” states Chris Reading, CEO of U.S. Physical Therapy, in the release. “Together we believe that we can further their growth and expansion for many more years to come.”
So far in 2017, U.S. Physical Therapy has acquired 30 physical therapy clinics and eight physical therapy management contracts, the release notes. In total, it operates 567 outpatient physical therapy clinics in 41 states. It also manages 31 physical therapy facilities for third parties, as well as provides onsite services for clients’ employees.
[Source(s): U.S. Physical Therapy, Business Wire]