U.S. Physical Therapy (USPH) operates a network of 780 outpatient physical therapy clinics across 44 states, making it one of the largest national providers in the space. USPH clinics treat patients recovering from orthopedic injuries, sports injuries, and post-surgical procedures, with treatments prescribed by referring physicians and billed on a per-visit, fee-for-service basis to commercial insurers (~48% of net patient revenue), Medicare/Medicaid (~36%), workers' compensation (~10%), and other payors. A smaller home-care business serves patients who cannot visit a clinic. USPH also operates a growing Industrial Injury Prevention (IIP) segment (~15% of revenue), which provides onsite injury prevention, ergonomic assessment, and return-to-work services directly to employers — primarily large corporations — under multi-year contracts. USPH typically acquires majority stakes (65–75%) in local clinic partnerships while retaining therapist-owners as minority partners, aligning incentives and preserving local physician relationships. USPH provides centralized billing, payroll, and compliance support across its network. Growth comes from acquisitions of existing PT practices, de novo clinic openings (targeting 35–50 annually), and organic volume growth at existing clinics. IIP is a stated capital allocation priority given its faster growth rate and strong margins. USPH is also investing in AI-driven clinical documentation tools and semi-virtualized front desk operations to reduce costs and improve therapist retention.