Fifteen students in NIU’s Physician of Physical Remedy (DPT) plan took what they’ve acquired in the classroom into the group when they attended the Sycamore Park District Self-Care Fair on Feb. 4 at the Sycamore Park District Group Middle.
“This was an significant option for the college students to exercise motivational interviewing abilities and advocate for well being literacy within the local community,” claimed medical assistant professor Sarah Greenhagen, who attended alongside with Wealthy Sroka, a college student in the Ph.D. in Health and fitness Sciences plan at NIU. “I am very happy of how each DPT pupil stepped up to the plate and related with the individuals at the good in very meaningful techniques.”
“Students ended up equipped to practice and refine their advocacy of the actual physical treatment area in a rapid-paced and supportive environment,” Morris claimed. “Moreover, learners labored with each other as a group with friends and faculty, solidifying collegial interactions they can rely on for everyday living.”
Greenhagen said it was DPT pupil, William Gonigam, who realized about the truthful and organized student and faculty participation. College students created a stretching method to target particular parts of the system and educated individuals on risk-free stretching methods to reduce discomfort and boost day by day actual physical activity.
“This was a wonderful chance to broaden our existence in the group, hone our capabilities as budding actual physical therapists,” claimed Gonigam. “This was also an opportunity to definitely action out into the environment to satisfy the American Actual physical Treatment Association (APTA) vision statement of transforming modern society by optimizing motion to make improvements to the human experience.”
DPT pupil, Erik Gomez, shared the sentiment.
“The Self-Care Fair was a excellent initially-time encounter in having to have interaction with neighborhood customers and train them about the significance of motion as rehabilitation and prevention of injuries,” Gomez mentioned. “It helped to market confidence as a long run practitioner in remaining ready to method new faces, and to display our willingness to aid men and women develop into a little bit much more knowledgeable than before.”
Programs are in put for learners in the DPT method to go on this sort of group engagement.
“I hope as we development through the program we can go on to obtain and develop these opportunities to not only enrich our understanding knowledge, but to continue on to build the NIU DPT plan into a thing amazing and impactful,” Gonigam claimed.
Gomez agreed.
“Events like this support to unfold the term of our DPT software and the many welcoming and tricky-doing the job learners and staff that are in this article to provide,” Gomez explained.
Company Provides 2023 Guidance and Raises Dividend
HOUSTON, February 23, 2023–(BUSINESS WIRE)–U.S. Physical Therapy, Inc. (“USPH” or the “Company”) (NYSE: USPH), a national operator of outpatient physical therapy clinics and provider of industrial injury prevention (“IIP”) services, today reported results for the three months and year ended December 31, 2022 (“2022 Fourth Quarter” and “2022 Year”, respectively).
FULL YEAR AND QUARTER HIGHLIGHTS **The Company is still completing its evaluation of the income tax expense for the 2022 Fourth Quarter and 2022 Year. As a result, the Company’s presentation of earnings per share, operating results per share and its provision for income taxes may change as a result of this evaluation. Set forth below are the Company’s current estimates for these amounts. The Company will promptly announce any changes upon the completion of the evaluation.
Adjusted EBITDA, a non-GAAP measure, was $17.9 million for the 2022 Fourth Quarter, an increase of $0.5 million, or 2.8{08cd930984ace14b54ef017cfb82c397b10f0f7d5e03e6413ad93bb8e636217f}, from $17.4 million, excluding Relief Funds, for the three months ended December 31, 2021 (“2021 Fourth Quarter”). See definition, explanation and calculation of Adjusted EBITDA, a non-GAAP measure, in the schedules on pages 16 and 17.
Adjusted EBITDA was $73.7 million for the 2022 Year, a decrease of $0.1 million, or 0.2{08cd930984ace14b54ef017cfb82c397b10f0f7d5e03e6413ad93bb8e636217f}, from $73.8 million, excluding Relief Funds, for the year ended December 31, 2021 (“2021 Year”).
For the 2022 Fourth Quarter, USPH’s net income attributable to its shareholders, a GAAP measure, was $2.6 million as compared to $10.2 million for the 2021 Fourth Quarter. The 2022 Fourth Quarter included a goodwill impairment charge, further described below, of $4.8 million, net of taxes and allocation to non-controlling interest. For GAAP purposes, a charge for the revaluation of redeemable non-controlling interest, net of taxes, is included in the computation of earnings or loss per diluted share. Loss per diluted share on a GAAP basis, net of taxes, was $0.01 for the 2022 Fourth Quarter as compared to earnings per share of $0.73 for the 2021 Fourth Quarter.
For the 2022 Year, USPH’s net income attributable to its shareholders, a GAAP measure, was $32.2 million as compared to $40.8 million for the 2021 Year. Earnings per diluted share, which includes a charge for revaluation of redeemable non-controlling interest, was $2.25 for the 2022 Year, as compared to $2.41 for the 2021 Year.
Operating Results, a non-GAAP measure, was $0.58 per diluted share for the 2022 Fourth Quarter compared to $0.72 per diluted share, excluding Relief Funds (defined under “Impact of COVID-19/Relief Funds” below), for the 2021 Fourth Quarter. See definition, explanation and calculation of Operating Results, a non-GAAP measure, in the schedules on pages 16 and 17.
Operating Results was $2.70 per diluted share for the 2022 Year. For the 2021 Year, Operating Results, excluding Relief Funds, was $3.17 per diluted share.
Average visits per clinic per day were 29.1 for the 2022 Fourth Quarter and 28.7 for the 2022 Year, the second highest average visits per day for each period in the Company’s history, surpassed only by 29.8 average visits per day in the Fourth Quarter 2021 and 29.1 in the 2021 Year.
Net patient revenue from physical therapy operations was $120.1 million for the 2022 Fourth Quarter, an increase of 5.8{08cd930984ace14b54ef017cfb82c397b10f0f7d5e03e6413ad93bb8e636217f} from $113.5 million for the 2021 Fourth Quarter. Net patient revenue from physical therapy operations was $464.6 million for the 2022 Year, an increase of 6.0{08cd930984ace14b54ef017cfb82c397b10f0f7d5e03e6413ad93bb8e636217f} from $438.3 million for the 2021 Year.
For the 2022 Fourth Quarter, total patient visits were 1,152,139, an increase of 5.1{08cd930984ace14b54ef017cfb82c397b10f0f7d5e03e6413ad93bb8e636217f} from 1,096,389 for the 2021 Fourth Quarter. For the 2022 Year, total patient visits were 4,483,282, an increase of 6.2{08cd930984ace14b54ef017cfb82c397b10f0f7d5e03e6413ad93bb8e636217f} from 4,219,576 for the 2021 Year.
The net rate per patient visit was $104.28 in the 2022 Fourth Quarter, a $0.75 per visit increase from $103.53 in the 2021 Fourth Quarter. For the 2022 Year, the net rate per patient visit was $103.63 as compared $103.88 in the 2021 Year. The net rate per patient visit increased throughout 2022, from $103.00 in the first quarter of 2022 to $103.18 in the second quarter, $104.01 in the third quarter and $104.28 in the fourth quarter.
Physical therapy total operating costs were $84.05 per visit in the 2022 Fourth Quarter, a decrease of 1.3{08cd930984ace14b54ef017cfb82c397b10f0f7d5e03e6413ad93bb8e636217f} from $85.14 in the third quarter of 2022, and an increase of 2.1{08cd930984ace14b54ef017cfb82c397b10f0f7d5e03e6413ad93bb8e636217f} from $82.30 per visit in the Fourth Quarter 2021. Physical therapy salaries and related costs were $60.04 per visit in the Fourth Quarter 2022, a decrease of 1.6{08cd930984ace14b54ef017cfb82c397b10f0f7d5e03e6413ad93bb8e636217f} from $60.99 in the third quarter of 2022, and an increase of 1.4{08cd930984ace14b54ef017cfb82c397b10f0f7d5e03e6413ad93bb8e636217f} from $59.20 in the Fourth Quarter 2021.
For the 2022 Year, physical therapy total operating costs were $83.34 per visit, an increase of 4.6{08cd930984ace14b54ef017cfb82c397b10f0f7d5e03e6413ad93bb8e636217f} from $79.71 for the 2021 Year. Total salaries and related costs were $59.52 per visit, an increase of 4.1{08cd930984ace14b54ef017cfb82c397b10f0f7d5e03e6413ad93bb8e636217f} as compared to $57.20 for the 2021 Year.
IIP services revenue increased 37.6{08cd930984ace14b54ef017cfb82c397b10f0f7d5e03e6413ad93bb8e636217f} to $18.4 million in the 2022 Fourth Quarter as compared to $13.4 million in the 2021 Fourth Quarter. For the full year, IIP services revenue increased 75.5{08cd930984ace14b54ef017cfb82c397b10f0f7d5e03e6413ad93bb8e636217f} to $77.1 million in the 2022 Year as compared to $43.9 million for the 2021 Year. Excluding the Company’s IIP Acquisition in November 2021 (“IIP Acquisition”), IIP services revenue increased 9.1{08cd930984ace14b54ef017cfb82c397b10f0f7d5e03e6413ad93bb8e636217f} in the 2022 Fourth Quarter and 20.8{08cd930984ace14b54ef017cfb82c397b10f0f7d5e03e6413ad93bb8e636217f} in the 2022 Full Year as compared to the same periods in 2021.
The Company completed two acquisitions in the 2022 Fourth Quarter, resulting in five total acquisitions in the 2022 Year. On October 31, 2022, the Company acquired 60{08cd930984ace14b54ef017cfb82c397b10f0f7d5e03e6413ad93bb8e636217f} of the equity interest in a fourteen-clinic physical therapy practice with approximately $9.2 million in annual revenue and approximately 84,000 patient visits per year. On November 30, 2022, the Company acquired 80{08cd930984ace14b54ef017cfb82c397b10f0f7d5e03e6413ad93bb8e636217f} of the equity interest in a thirteen-clinic physical therapy practice with approximately $12.0 million in annual revenue and approximately 120,000 patient visits per year.
The Company’s Board of Directors raised the Company’s quarterly dividend from $0.41 per share to $0.43 per share, an increase of 4.9{08cd930984ace14b54ef017cfb82c397b10f0f7d5e03e6413ad93bb8e636217f}, effectively immediately, and declared a quarterly dividend for the first quarter of 2023 at the higher rate.
Management currently expects the Company’s Adjusted EBITDA for 2023 to be in the range of $75.0 million to $80.0 million. The guidance represents projected Adjusted EBITDA from existing operations and excludes future acquisitions. See “Management Provides 2023 Guidance” below for more information.
Management’s Comments
Chris Reading, Chief Executive Officer, said, “I am proud of the work by our partners, clinicians, and leadership team despite significant macroeconomic headwinds present in the second half of 2022. We are making good progress around contract renegotiations, development has been strong, and staffing has begun to improve. Volumes to start the new year have been ahead of our initial expectations. Our team will continue to work on all these important items as we go forward in 2023.”
Carey Hendrickson, Chief Financial Officer, said, “We are pleased to raise our quarterly dividend rate once again in the first quarter of 2023, which we have raised each year since the inception of our dividend in 2011. While we again have some Medicare rate headwinds as we enter 2023, we have tremendous confidence in our team to produce EBITDA growth this year through increased volumes, continued momentum in rate renegotiations and an ongoing focus on making our operations as efficient as possible.”
Fourth Quarter 2022 As Compared to Fourth Quarter 2021 **As noted above, the Company is still completing its evaluation of the income tax expense for the 2022 Fourth Quarter and 2022 Year. As a result, the Company’s presentation of earnings per share, operating results per share and its provision for income taxes may change as a result of this evaluation. Set forth below are the Company’s current estimates for these amounts. The Company will promptly announce any changes upon the completion of the evaluation.
Reported total revenue for the 2022 Fourth Quarter was $141.2 million, an increase of 8.7{08cd930984ace14b54ef017cfb82c397b10f0f7d5e03e6413ad93bb8e636217f} as compared to $129.8 million for the 2021 Fourth Quarter. See table below for a detail of reported total revenue (in thousands):
Three Months Ended
December 31, 2022
December 31, 2021
Revenue related to Mature Clinics
$
105,655
$
106,955
Revenue related to 2022 Clinic Additions
7,759
–
Revenue related to 2021 Clinic Additions
6,383
5,304
Revenue from clinics sold or closed in 2022
349
1,252
Net patient revenue from physical therapy operations
120,146
113,511
Other revenue
883
717
Revenue from physical therapy operations
121,029
114,228
Revenue from management contracts
1,761
2,242
Revenue from industrial injury prevention services
18,392
13,363
Total revenue
$
141,182
$
129,833
Revenue from physical therapy operations increased $6.8 million, or 6.0{08cd930984ace14b54ef017cfb82c397b10f0f7d5e03e6413ad93bb8e636217f}, to $121.0 million for the 2022 Fourth Quarter from $114.2 million for the 2021 Fourth Quarter. The average net patient revenue per visit was $104.28 for the 2022 Fourth Quarter as compared to $103.53 for the 2021 Fourth Quarter. Total patient visits increased 5.1{08cd930984ace14b54ef017cfb82c397b10f0f7d5e03e6413ad93bb8e636217f} to 1,152,139 for the 2022 Fourth Quarter from 1,096,389 for the 2021 Fourth Quarter.
Net patient revenue related to clinics opened or acquired prior to 2021 and still in operation on December 31, 2022 (“Mature Clinics”) decreased slightly. Visits for Mature Clinics (same store) for the 2022 Fourth Quarter decreased by 2.3{08cd930984ace14b54ef017cfb82c397b10f0f7d5e03e6413ad93bb8e636217f} as compared to the 2021 Fourth Quarter while net patient revenue per visit increased by 1.1{08cd930984ace14b54ef017cfb82c397b10f0f7d5e03e6413ad93bb8e636217f} over the comparable period.
Total operating cost was $113.4 million for the 2022 Fourth Quarter, or 80.3{08cd930984ace14b54ef017cfb82c397b10f0f7d5e03e6413ad93bb8e636217f} of total revenue, as compared to $102.7 million, or 79.1{08cd930984ace14b54ef017cfb82c397b10f0f7d5e03e6413ad93bb8e636217f} of total revenue, for the 2021 Fourth Quarter. Operating cost related to Mature Clinics increased $0.3 million, or 0.4{08cd930984ace14b54ef017cfb82c397b10f0f7d5e03e6413ad93bb8e636217f}, for the 2022 Fourth Quarter as compared to the 2021 Fourth Quarter. Operating cost related to the IIP services business increased by $4.5 million for the 2022 Fourth Quarter as compared to the 2021 Fourth Quarter, of which $3.5 million related to the IIP Acquisition. See table below for a detail of operating cost (in thousands):
Three Months Ended
December 31, 2022
December 31, 2021
Operating cost related to Mature Clinics
$
84,846
$
84,539
Operating cost related to 2022 Clinic Additions
6,136
59
Operating cost related to 2021 Clinic Additions
5,399
4,437
Operating cost related to clinics sold or closed in 2022
455
1,191
Operating cost related to physical therapy operations
96,836
90,226
Operating cost related to management contracts
1,411
1,814
Operating cost related to industrial injury prevention services
15,104
10,610
Total operating cost
$
113,351
$
102,650
Total salaries and related costs, including all operations, were 58.3{08cd930984ace14b54ef017cfb82c397b10f0f7d5e03e6413ad93bb8e636217f} of total revenue for the 2022 Fourth Quarter versus 58.0{08cd930984ace14b54ef017cfb82c397b10f0f7d5e03e6413ad93bb8e636217f} for the 2021 Fourth Quarter. Rent, supplies, contract labor and other costs as a percentage of total revenue were 21.0{08cd930984ace14b54ef017cfb82c397b10f0f7d5e03e6413ad93bb8e636217f} for the 2022 Fourth Quarter versus 20.0{08cd930984ace14b54ef017cfb82c397b10f0f7d5e03e6413ad93bb8e636217f} for the 2021 Fourth Quarter. The provision for credit losses as a percentage of total revenue was 1.0{08cd930984ace14b54ef017cfb82c397b10f0f7d5e03e6413ad93bb8e636217f} for 2022 Fourth Quarter and 1.1{08cd930984ace14b54ef017cfb82c397b10f0f7d5e03e6413ad93bb8e636217f} for 2021 Fourth Quarter.
Gross profit for the 2022 Fourth Quarter was $27.8 million as compared to $27.2 million for the 2021 Fourth Quarter. The gross profit percentage was 19.7{08cd930984ace14b54ef017cfb82c397b10f0f7d5e03e6413ad93bb8e636217f} of total revenue for the 2022 Fourth Quarter as compared to 20.9{08cd930984ace14b54ef017cfb82c397b10f0f7d5e03e6413ad93bb8e636217f} for the 2021 Fourth Quarter. The gross profit percentage for the Company’s physical therapy operations was 20.0{08cd930984ace14b54ef017cfb82c397b10f0f7d5e03e6413ad93bb8e636217f} for the 2022 Fourth Quarter as compared to 21.0{08cd930984ace14b54ef017cfb82c397b10f0f7d5e03e6413ad93bb8e636217f} for the 2021 Fourth Quarter. The gross profit percentage on management contracts was 19.9{08cd930984ace14b54ef017cfb82c397b10f0f7d5e03e6413ad93bb8e636217f} for the 2022 Fourth Quarter as compared to 19.1{08cd930984ace14b54ef017cfb82c397b10f0f7d5e03e6413ad93bb8e636217f} for the 2021 Fourth Quarter. The gross profit percentage for industrial injury prevention services was 17.9{08cd930984ace14b54ef017cfb82c397b10f0f7d5e03e6413ad93bb8e636217f} for the 2022 Fourth Quarter as compared to 20.6{08cd930984ace14b54ef017cfb82c397b10f0f7d5e03e6413ad93bb8e636217f} for the 2021 Fourth Quarter. The table below details the gross profit (in thousands):
Three Months Ended
December 31, 2022
December 31, 2021
Physical therapy operations
$
24,193
$
24,002
Management contracts
350
428
Industrial injury prevention services
3,288
2,753
Gross profit
$
27,831
$
27,183
During the 2022 Fourth Quarter, the Company recorded a charge for goodwill impairment of $9.1 million related to the IIP Acquisition. The impairment is related to a change in the IIP Acquisition’s current and projected operating income as well as various inputs based on current market conditions, including the higher interest rate environment.
The change in revaluation of put-right liability was $0.8 million for the 2022 Fourth Quarter. The put right relates to the potential future purchase of a company that provides physical therapy and rehabilitation services to hospitals and other ancillary providers in a distinct market area. The owners have the right to put this transaction to the Company in approximately five years from November 2021. The value of this right will continue to be adjusted in future periods, as appropriate.
Interest expense on debt and other, primarily from the Company’s $150 million term loan entered into in June 2022 and to a lesser extent the funds drawn on the Company’s revolving credit facility, amounted to $2.2 million for the 2022 Fourth Quarter. The effective interest rate on the Company’s debt was 5.1{08cd930984ace14b54ef017cfb82c397b10f0f7d5e03e6413ad93bb8e636217f} for the 2022 Fourth Quarter. See discussion of Other Comprehensive Income below for information related to the Company’s interest rate swap agreement. For the 2021 Fourth Quarter, interest expense, primarily from the Company’s revolving line of credit, was $0.2 million.
The provision for income tax was $1.2 million for the 2022 Fourth Quarter and $3.9 million for the 2021 Fourth Quarter. The provision for income tax, as a percentage of income before taxes less net income attributable to non-controlling interest (effective tax rate), was 31.7{08cd930984ace14b54ef017cfb82c397b10f0f7d5e03e6413ad93bb8e636217f} for the 2022 Fourth Quarter and 27.2{08cd930984ace14b54ef017cfb82c397b10f0f7d5e03e6413ad93bb8e636217f} for the 2021 Fourth Quarter. Excluding the impact of the impairment charge discussed above, the effective tax in the Fourth Quarter 2022 was 27.9{08cd930984ace14b54ef017cfb82c397b10f0f7d5e03e6413ad93bb8e636217f} See computation of 2022 Year tax rate in next section. See table below ($ in thousands):
Three Months Ended
December 31, 2022
December 31, 2021
Income before taxes
$
4,560
$
18,389
Less: net loss (income) attributable to non-controlling interest:
The net loss attributable to redeemable non-controlling interest (temporary equity) was $0.3 million for the 2022 Fourth Quarter as compared to net income attributable to redeemable non-controlling interest of $2.7 million for the 2021 Fourth Quarter. Net income attributable to non-controlling interest (permanent equity) was $1.1 million for the 2022 Fourth Quarter and $1.5 million for the 2021 Fourth Quarter. During the 2022 Fourth Quarter, $2.7 million of the goodwill impairment charge related to redeemable non-controlling interest (temporary equity).
For the 2022 Fourth Quarter, the Company’s net income attributable to its shareholders was $2.6 million as compared to $10.2 million for the 2021 Fourth Quarter. In accordance with GAAP, the revaluation of redeemable non-controlling interest, net of taxes, is not included in net income but charged directly to retained earnings; however, the charge for this change is included in the earnings per basic and diluted share calculation. Inclusive of the charge for revaluation of noncontrolling interest, net of taxes, the amount is a loss of $0.1 million, or $0.01 per diluted share, for the 2022 Fourth Quarter, and income of $9.4 million, or $0.73 per diluted share, for the 2021 Fourth Quarter.
For the 2022 Fourth Quarter, the Company’s Adjusted EBITDA, a non-GAAP measure, was $17.9 million as compared to $17.4 million (excluding Relief Funds) in the 2021 Fourth Quarter. See definition, explanation and calculation of Adjusted EBITDA, a non-GAAP measure, in the schedules on pages 16 and 17.
For the 2022 Fourth Quarter, the Company’s Operating Results, a non-GAAP measure, was $7.5 million, or $0.58 per diluted share as compared to $9.3 million (excluding Relief Funds), or $0.72 per diluted share, for the 2021 Fourth Quarter. See definition, explanation and calculation of Operating Results, a non-GAAP measure, in the schedules on pages 16 and 17.
2022 Year As Compared to 2021 Year **As noted above, the Company is still completing its evaluation of the income tax expense for the 2022 Fourth Quarter and 2022 Year. As a result, the Company’s presentation of earnings per share, operating results per share and its provision for income taxes may change as a result of this evaluation. Set forth below are the Company’s current estimates for these amounts. The Company will promptly announce any changes upon the completion of the evaluation.
Reported total revenue for the 2022 Year was $553.1 million, an increase of 11.7{08cd930984ace14b54ef017cfb82c397b10f0f7d5e03e6413ad93bb8e636217f} as compared to $495.0 million for the 2021 Year. See table below for a detail of reported total revenue (in thousands):
For the Year Ended
December 31, 2022
December 31, 2021
Revenue related to Mature Clinics
$
421,806
$
420,093
Revenue related to 2022 Clinic Additions
14,779
–
Revenue related to 2021 Clinic Additions
25,211
12,638
Revenue from clinics sold or closed in 2022
2,794
5,143
Revenue from clinics sold or closed in 2021
–
456
Net patient revenue from physical therapy operations
464,590
438,330
Other revenue
3,407
2,939
Revenue from physical therapy operations
467,997
441,269
Revenue – Management contracts
8,095
9,853
Revenue – Industrial injury prevention services
77,052
43,900
Total revenue
$
553,144
$
495,022
Revenue from physical therapy operations increased $26.7 million, or 6.1{08cd930984ace14b54ef017cfb82c397b10f0f7d5e03e6413ad93bb8e636217f}, to $468.0 million for the 2022 Year from $441.3 million in the 2021 Year. The average net patient revenue per visit was $103.63 for the 2022 Year as compared to $103.88 for the 2021 Year. Total patient visits were 4,483,282 for the 2022 Year and 4,219,576 for the 2021 Year, an increase of 6.2{08cd930984ace14b54ef017cfb82c397b10f0f7d5e03e6413ad93bb8e636217f}.
Net patient revenue related to Mature Clinics increased $1.7 million, or 0.4{08cd930984ace14b54ef017cfb82c397b10f0f7d5e03e6413ad93bb8e636217f}, to $421.8 million for the 2022 Year, as compared to $420.1 million for the 2021 Year. Visits for Mature Clinics (same store) for the 2022 Year increased 0.5{08cd930984ace14b54ef017cfb82c397b10f0f7d5e03e6413ad93bb8e636217f} as compared to the 2021 Year. The increase in visits was partially offset by a 0.1{08cd930984ace14b54ef017cfb82c397b10f0f7d5e03e6413ad93bb8e636217f} reduction in the net patient revenue per visit.
Total operating cost was $441.1 million for the 2022 Year, or 79.7{08cd930984ace14b54ef017cfb82c397b10f0f7d5e03e6413ad93bb8e636217f} of total revenue, as compared to $377.8 million, or 76.3{08cd930984ace14b54ef017cfb82c397b10f0f7d5e03e6413ad93bb8e636217f} of total revenue, for the 2021 Year. Operating cost related to Mature Clinics increased by $16.7 million for the 2022 Year as compared to the 2021 Year. Operating cost related to the IIP services business increased by $27.9 million for the 2022 Year as compared to the 2021 Year, of which $22.4 million related to the IIP Acquisition. See table below for a detail of operating cost (in thousands):
For the Year Ended
December 31, 2022
December 31, 2021
Operating cost related to Mature Clinics
$
337,606
$
320,882
Operating cost related to 2022 Clinic Additions
12,425
74
Operating cost related to 2021 Clinic Additions
20,792
10,299
Operating cost related to clinics sold or closed in 2022
2,810
4,561
Operating cost related to clinics sold or closed in 2021
Total salaries and related costs, including all operations, were 57.7{08cd930984ace14b54ef017cfb82c397b10f0f7d5e03e6413ad93bb8e636217f} of total revenue for the 2022 Year versus 56.3{08cd930984ace14b54ef017cfb82c397b10f0f7d5e03e6413ad93bb8e636217f} for the 2021 Year. Rent, supplies, contract labor and other costs as a percentage of total revenue were 21.0{08cd930984ace14b54ef017cfb82c397b10f0f7d5e03e6413ad93bb8e636217f} for the 2022 Year versus 19.0{08cd930984ace14b54ef017cfb82c397b10f0f7d5e03e6413ad93bb8e636217f} for the 2021 Year. The provision for credit losses as a percentage of total revenue was 1.0{08cd930984ace14b54ef017cfb82c397b10f0f7d5e03e6413ad93bb8e636217f} for 2022 Year and 1.1{08cd930984ace14b54ef017cfb82c397b10f0f7d5e03e6413ad93bb8e636217f} for 2021 Year. The Company experienced pressure on labor rates and other costs in 2022 due to the inflationary economic environment.
Gross profit for the 2022 Year was $112.0 million, a decrease of $5.2 million, or 4.4{08cd930984ace14b54ef017cfb82c397b10f0f7d5e03e6413ad93bb8e636217f}, as compared to $117.2 million for the 2021 Year. The gross profit percentage was 20.3{08cd930984ace14b54ef017cfb82c397b10f0f7d5e03e6413ad93bb8e636217f} of total revenue for the 2022 Year as compared to 23.7{08cd930984ace14b54ef017cfb82c397b10f0f7d5e03e6413ad93bb8e636217f} for the 2021 Year. The gross profit percentage for the Company’s physical therapy operations was 20.2{08cd930984ace14b54ef017cfb82c397b10f0f7d5e03e6413ad93bb8e636217f} for the 2022 Year as compared to 23.8{08cd930984ace14b54ef017cfb82c397b10f0f7d5e03e6413ad93bb8e636217f} for the 2021 Year. The gross profit percentage on management contracts was 20.9{08cd930984ace14b54ef017cfb82c397b10f0f7d5e03e6413ad93bb8e636217f} for the 2022 Year as compared to 15.7{08cd930984ace14b54ef017cfb82c397b10f0f7d5e03e6413ad93bb8e636217f} for the 2021 Year. The gross profit percentage for industrial injury prevention services was 20.7{08cd930984ace14b54ef017cfb82c397b10f0f7d5e03e6413ad93bb8e636217f} for the 2022 Year as compared to 24.4{08cd930984ace14b54ef017cfb82c397b10f0f7d5e03e6413ad93bb8e636217f} for the 2021 Year. Gross profit in the 2022 Year was affected by pressure on labor rates and other costs due to the inflationary economic environment. The IIP margin in 2022 was impacted by the lower margin profile of the IIP Acquisition. The table below details the gross profit (in thousands):
For the Year Ended
December 31, 2022
December 31, 2021
Physical therapy operations
$
94,364
$
104,941
Management contracts
1,693
1,547
Industrial injury prevention services
15,967
10,694
Gross profit
$
112,024
$
117,182
Corporate office costs were $46.1 million for the 2022 Year as compared to $46.5 million for the 2021 Year. Corporate office costs were 8.3{08cd930984ace14b54ef017cfb82c397b10f0f7d5e03e6413ad93bb8e636217f} of total revenue for the 2022 Year as compared to 9.4{08cd930984ace14b54ef017cfb82c397b10f0f7d5e03e6413ad93bb8e636217f} for the 2021 Year. The decrease was primarily due to lower estimated bonus expense in the 2022 Year than the 2021 Year.
For the 2022 Year, the valuation of the put-right liability remained relatively the same. The put right relates to the potential future purchase of a company that provides physical therapy and rehabilitation services to hospitals and other ancillary providers in a distinct market area. The owners have the right to put this transaction to the Company in approximately five years from November 2021.
Interest expense on debt and other, primarily from the $150 million term loan and revolving credit facility entered into in June 2022, amounted to $5.8 million for the 2022 Year. The effective interest rate on the Company’s debt was 3.9{08cd930984ace14b54ef017cfb82c397b10f0f7d5e03e6413ad93bb8e636217f} for the 2022 Year. See discussion of Other Comprehensive Income below for information related to the Company’s interest rate swap agreement. For the 2021 Year, interest expense, primarily from the Company’s revolving line of credit, was $0.9 million.
The provision for income tax was $12.2 million for the 2022 Year and $15.3 million for the 2021 Year. The provision for income tax as a percentage of income before taxes less net income attributable to non-controlling interest (effective tax rate) was 27.4{08cd930984ace14b54ef017cfb82c397b10f0f7d5e03e6413ad93bb8e636217f} for the 2022 Year and 27.2{08cd930984ace14b54ef017cfb82c397b10f0f7d5e03e6413ad93bb8e636217f} for the 2021 Year. See table below ($ in thousands):
For the Year Ended
December 31, 2022
December 31, 2021
Income before taxes
$
55,571
$
73,196
Less: net income attributable to non-controlling interest:
Net income attributable to redeemable non-controlling interest (temporary equity) was $6.9 million for the 2022 Year as compared to net income attributable to redeemable non-controlling interest (temporary equity) of $11.4 million for the 2021 Year. Net income attributable to non-controlling interest (permanent equity) was $4.3 million for the 2022 Year and $5.7 million for the 2021 Year. During the 2022 Year, $2.7 million of the goodwill impairment charge related to redeemable non-controlling interest (temporary equity).
The Company’s net income attributable to its shareholders was $32.2 million for the 2022 Year, and $40.8 million for the 2021 Year. Inclusive of the charge for revaluation of non-controlling interest, net of taxes, the amount is $29.3 million, or $2.25 per diluted share, for the 2022 Year, and $31.1 million, or $2.41 per diluted share for the 2021 Year. See table on page 17.
For the 2022 Year, the Company’s Operating Results, a non-GAAP measure, was $35.0 million, or $2.70 per diluted share, as compared to $40.8 million (excluding Relief Funds), or $3.17 per diluted share, for the 2021 Year. For the 2021 Year, the Company’s Operating Results including Relief Funds was $43.7 million, or $3.39 per diluted share. See table on page 18.
For the 2022 Year, the Company’s Adjusted EBITDA, a non-GAAP measure, was $73.7 million, as compared to $73.8 million, excluding Relief Funds, for the 2021 Year. See definition, explanation and calculation of Adjusted EBITDA, a non-GAAP measure, in the schedule on pages 16 and 17.
Other Comprehensive Income
The Company entered into an interest rate swap agreement in May 2022, which became effective on June 30, 2022. The maturity date of the swap agreement is June 30, 2027. It has a $150 million notional value adjusted concurrently with scheduled principal payments made on the term loan. Beginning in July 2022, the Company pays a fixed one-month SOFR rate of interest of 2.815{08cd930984ace14b54ef017cfb82c397b10f0f7d5e03e6413ad93bb8e636217f}. The total interest rate in any period also includes an applicable margin based on the Company’s consolidated leverage ratio. In the 2022 Fourth Quarter and 2022 Full Year, the Company’s interest rate including the applicable margin was 4.665{08cd930984ace14b54ef017cfb82c397b10f0f7d5e03e6413ad93bb8e636217f}. Unrealized gains and losses related to the fair value of the interest rate swap are recorded to accumulated other comprehensive income (loss), net of tax. The fair value of the interest rate swap at December 31, 2022, was $5.4 million, which has been included within Other assets (current and long term) in the accompanying Consolidated Balance Sheet. The impact of the interest rate swap on the accompanying Consolidated Statements of Comprehensive Income was an unrealized loss of $0.4 million, net of tax, for the 2022 Fourth Quarter, and an unrealized gain of $4.0 million, net of tax, for the 2022 Year.
Quarterly Dividend
The Company’s Board of Directors increased the Company’s quarterly dividend on February 21, 2023, from $0.41 per share to $0.43 per share, an increase of 4.9{08cd930984ace14b54ef017cfb82c397b10f0f7d5e03e6413ad93bb8e636217f}. The Board of Directors subsequently declared a quarterly dividend of $0.43 per share payable on April 7, 2023, to shareholders of record on March 10, 2023.
Impact of COVID-19
Relief Funds In March 2020 in response to the COVID-19 pandemic, the federal government approved the Coronavirus Aid, Relief, and Economic Security Act (“CARES Act”). The CARES Act provided additional waivers, reimbursement, grants and other funds to assist health care providers during the COVID-19 pandemic, including $100.0 billion in appropriations for the Public Health and Social Services Emergency Fund, also referred to as the Provider Relief Fund, to be used for preventing, preparing, and responding to the coronavirus, and for reimbursing eligible health care providers for lost revenues and health care related expenses that are attributable to COVID-19. For the 2021 Year, the Company recorded income of approximately $4.6 million of payments under the CARES Act (“Relief Funds”). Under the Company’s accounting policy, these payments were recorded as Other income – Relief Funds. These funds are not required to be repaid upon attestation and compliance with certain terms and conditions, which could change materially based on evolving grant compliance provisions and guidance provided by the U.S. Department of Health and Human Services. Currently, the Company can attest and comply with the terms and conditions. The Company will continue to monitor the evolving guidelines and may record adjustments as additional information is released.
Medicare Accelerated and Advance Payment Program (“MAAPP Funds”) The CARES Act allowed for qualified healthcare providers to receive advanced payments under the existing MAAPP funds during the COVID-19 pandemic. Under this program, healthcare providers could choose to receive advanced payments for future Medicare services provided. The Company applied for and received approval to receive MAAPP Funds from Centers for Medicare & Medicaid Services in April 2020. The Company recorded the $14.1 million in advance payments received as a liability. During the quarter ended March 31, 2021, the Company repaid the MAAPP funds of $14.1 million rather than applying them to future services performed.
Management Provides 2023 Earnings Guidance
Management currently expects the Company’s Adjusted EBITDA for 2023 to be in the range of $75.0 million to $80.0 million. The range considers that the previously announced 2{08cd930984ace14b54ef017cfb82c397b10f0f7d5e03e6413ad93bb8e636217f} reduction in the Medicare rate, which we estimate to impact our revenues by $3.1 million, as well as the 2023 impact of the phase-out of sequestration relief during 2022, which we estimate to be $1.2 million, are expected to be offset by increases in commercial rates from renegotiations completed in 2022 and those anticipated to be accomplished in 2023.
Please note that the earnings guidance represents projected Adjusted EBITDA from existing operations and excludes future acquisitions. The annual guidance figures will not be updated unless there is a material development that causes management to believe that Adjusted EBITDA will be significantly outside the given range.
Fourth Quarter and Year Ended 2022 Conference Call
U.S. Physical Therapy’s management will host a conference call at 10:30 a.m. Eastern Time, 9:30 a.m. Central Time, on February 23, 2023, to discuss results for the Company’s 2022 Fourth Quarter and Year ended December 31, 2022. Interested parties may participate in the call by dialing (866) 952-8559 Primary or (785) 424-1743 Alternate and entering reservation number USPHQ422 approximately 10 minutes before the call is scheduled to begin. To listen to the live call via webcast, go to the Company’s website at www.usph.com at least 15 minutes early to register, download and install any necessary audio software. The conference call will be archived and can be accessed until May 23, 2023, at U.S. Physical Therapy’s website.
Forward-Looking Statements
This press release contains statements that are considered to be forward-looking within the meaning under Section 21E of the Securities Exchange Act of 1934, as amended. These statements contain forward-looking information relating to the financial condition, results of operations, plans, objectives, future performance and business of our Company. These statements (often using words such as “believes”, “expects”, “intends”, “plans”, “appear”, “should” and similar words) involve risks and uncertainties that could cause actual results to differ materially from those we expect. Included among such statements may be those relating to new clinics, availability of personnel and the reimbursement environment. The forward-looking statements are based on our current views and assumptions and actual results could differ materially from those anticipated in such forward-looking statements as a result of certain risks, uncertainties, and factors, which include, but are not limited to:
the multiple effects of the impact of public health crises and epidemics/pandemics, such as the novel strain of COVID-19 and its variants, for which the total financial magnitude cannot be currently estimated;
changes in Medicare rules and guidelines and reimbursement or failure of our clinics to maintain their Medicare certification and/or enrollment status;
revenue we receive from Medicare and Medicaid being subject to potential retroactive reduction;
changes in reimbursement rates or payment methods from third party payors including government agencies, and changes in the deductibles and co-pays owed by patients;
compliance with federal and state laws and regulations relating to the privacy of individually identifiable patient information, and associated fines and penalties for failure to comply;
competitive, economic or reimbursement conditions in our markets which may require us to reorganize or close certain clinics and thereby incur losses and/or closure costs including the possible write-down or write-off of goodwill and other intangible assets;
the impact of COVID-19 related vaccination and/or testing mandates at the federal, state and/or local level, which could have an adverse impact on staffing, revenue, costs and the results of operations;
changes as the result of government enacted national healthcare reform;
business and regulatory conditions including federal and state regulations;
governmental and other third party payor inspections, reviews, investigations and audits, which may result in sanctions or reputational harm and increased costs;
revenue and earnings expectations;
some of our acquisition agreements contain contingent consideration, the value of which may impact future financial results;
one of our acquisition agreements includes a Put Right for a potential purchase of a company and we may or may not have the capital necessary to satisfy this obligation;
legal actions, which could subject us to increased operating costs and uninsured liabilities;
general economic conditions, including but not limited to inflationary and recessionary periods;
availability and cost of qualified physical therapists;
personnel productivity and hiring, training and retaining qualified personnel;
competitive environment in the industrial injury prevention services business, which could result in the termination or nonrenewal of contractual service arrangements and other adverse financial consequences for that service line;
acquisitions, and the successful integration of the operations of the acquired businesses;
impact on the business and cash reserves resulting from retirement or resignation of key partners and resulting purchase of their non-controlling interest (minority interests);
maintaining our information technology systems with adequate safeguards to protect against cyber-attacks;
a security breach of our or our third party vendors’ information technology systems may subject us to potential legal action and reputational harm and may result in a violation of the Health Insurance Portability and Accountability Act of 1996 of the Health Information Technology for Economic and Clinical Health Act;
maintaining clients for which we perform management, industrial injury prevention related services, and other services, as a breach or termination of those contractual arrangements by such clients could cause operating results to be less than expected;
maintaining adequate internal controls;
maintaining necessary insurance coverage;
availability, terms, and use of capital; and
weather and other seasonal factors.
In addition to the above, see Risk Factors in Item 1A of our Annual Report on Form 10-K for the year ended December 31, 2021 and the additional risk factors below:
Our debt and financial obligations could adversely affect our financial condition, our ability to obtain future financing, and our ability to operate our business.
We have outstanding debt obligations that could adversely affect our financial condition and limit our ability to successfully implement our business strategy. Furthermore, from time to time, we may need additional financing to support our business and pursue our business strategy, including strategic acquisitions. Our ability to obtain additional financing, if and when required, will depend on investor demand, our operating performance, the condition of the capital markets, and other factors. We cannot assure that additional financing will be available to us on favorable terms when required, or at all.
Our loan agreements contain certain restrictions and requirements that among other things:
require us to maintain a quarterly fixed charge coverage ratio and minimum working capital ratio;
limit our ability to obtain additional financing in the future for working capital, capital expenditures and acquisitions, to fund growth or for general corporate purposes;
limit our future ability to refinance our indebtedness on terms acceptable to us or at all;
limit our flexibility in planning for or reacting to changes in our business and market conditions or in funding our strategic growth plan; and
impose on us financial and operational restrictions.
Our ability to meet our debt service obligations will depend on our future performance, which will be affected by the other risk factors described in our Annual Report on Form 10-K for the year ended December 31, 2021, filed on March 1, 2022. If we do not generate enough cash flow to pay our debt service obligations, we may be required to refinance all or part of our existing debt, sell our assets, borrow more money or raise equity. There is no guarantee that we will be able to take any of these actions on a timely basis, on terms satisfactory to us, or at all.
If we fail to satisfy our debt service obligations or the other restrictions and requirements in our loan agreements, we could be in default. Unless cured or waived, a default would permit lenders to accelerate the maturity of the debt under the credit agreement and to foreclose upon the collateral securing the debt.
Our outstanding loans bear interest at variable rates. We are exposed to certain market risks during the ordinary course of business due to adverse changes in interest rates. The exposure to interest rate risk primarily results from our variable-rate borrowing. Fluctuations in interest rates can be volatile and the Company’s risk management activities do not eliminate these risks. In May 2022, we entered into an interest rate swap agreement to manage these risks. While intended to reduce the effects of fluctuations in these prices and rates, these transactions may limit our potential gains or expose us to losses. If our counterparties to such transactions or the sponsors fail to honor their obligations due to financial distress, we would be exposed to potential losses or the inability to recover anticipated gains from these transactions. Some of our acquisition agreements contain contingent consideration, the value of which may impact future financial results.
Some of our acquisition agreements include contingent earn-out consideration, the fair value of which is estimated as of the acquisition date based on the present value of the expected contingent payments as determined using weighted probabilities of possible future payments. These fair value estimates contain unobservable inputs and estimates that could materially differ from the actual future results. The fair value of the contingent earn out consideration could increase or decrease, as applicable. Changes in the fair value of contingent earn-outs will be reflected in our results of operations in the period in which they are recognized, the amount of which may be material and cause volatility in our financial results.
Our business depends upon hiring, training and retaining qualified employees.
Our workforce costs represent our largest operating expense, and our ability to meet our labor needs while controlling labor costs is subject to numerous external factors, including market pressures with respect to prevailing wage rates and unemployment levels. We compete with rehabilitation companies and other businesses for many of our clinical and non-clinical employees, and turnover in these positions can lead to increased training and retention costs, particularly in a competitive labor market. We cannot be assured that we can continue to hire, train and retain qualified employees at current wage rates since we operate in a competitive labor market, and there are currently significant inflationary and other pressures on wages. If we are unable to hire, properly train and retain qualified employees, we could experience higher employment costs and reduced revenues, which could adversely affect our earnings.
One of our acquisition agreements contains a Put Right related to a potential future purchase of a majority interest in a separate company.
One of our acquisition agreements includes a Put Right for the potential future purchase of a majority interest in a separate company at a purchase price which is derived based on a specified multiple of the separate company’s historical earnings. The exercise of the Put Right is outside of our control. In the event the Put Right is triggered, we are required to purchase the aforementioned equity interest at the calculated purchase price described above. The resulting purchase price may be greater than the fair value of such equity interests at the time, and we may or may not have the capital necessary to satisfy such contractual purchase obligation, in which case we could be in breach.
Many factors are beyond our control. Given these uncertainties, you should not place undue reliance on our forward-looking statements. Please see the other sections of this report and our other periodic reports filed with the Securities and Exchange Commission (the “SEC”) for more information on these factors. Our forward-looking statements represent our estimates and assumptions only as of the date of this report. Except as required by law, we are under no obligation to update any forward-looking statement, regardless of the reason the statement may no longer be accurate.
About U.S. Physical Therapy, Inc.
Founded in 1990, U.S. Physical Therapy, Inc. currently operates 640 outpatient physical therapy clinics in 40 states. The Company’s clinics provide preventative and post-operative care for a variety of orthopedic-related disorders and sports-related injuries, treatment for neurologically-related injuries and rehabilitation of injured workers. In addition to owning and operating clinics, the Company manages 40 physical therapy facilities for unaffiliated third parties, including hospitals and physician groups. The Company also has an industrial injury prevention services business which provides onsite services for clients’ employees including injury prevention and rehabilitation, performance optimization, post-offer employment testing, functional capacity evaluations, and ergonomic assessments.
More information about U.S. Physical Therapy, Inc. is available at www.usph.com. The information included on that website is not incorporated into this press release.
U. S. PHYSICAL THERAPY, INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF INCOME
(IN THOUSANDS, EXCEPT PER SHARE DATA)
(unaudited)
Three Months Ended
For the Year Ended
December 31, 2022
December 31, 2021
December 31, 2022
December 31, 2021
Net patient revenue
$
120,146
$
113,511
$
464,590
$
438,330
Other revenue
21,036
16,322
88,554
56,692
Net revenue
141,182
129,833
553,144
495,022
Operating cost:
Salaries and related costs
82,317
75,296
319,191
278,469
Rent, supplies, contract labor and other
29,678
25,971
116,381
94,066
Provision for credit losses
1,356
1,383
5,548
5,305
Total operating cost
113,351
102,650
441,120
377,840
Gross profit
27,831
27,183
112,024
117,182
Goodwill Impairment
9,112
–
9,112
–
Corporate office costs
11,925
10,718
46,111
46,533
Operating income
6,794
16,465
56,801
70,649
Other income and expense
Relief Funds
–
4,597
–
4,597
Resolution of a payor matter
–
–
–
1,216
Settlement of a legal matter
–
(2,635
)
–
(2,635
)
Change in fair value of contingent earn-out consideration
520
–
2,520
–
Equity in earnings of unconsolidated affiliate
192
112
1,175
112
Other and interest income
69
41
859
199
Change in revaluation of put-right liability
(776
)
–
(5
)
–
Interest expense – debt and other, net
(2,239
)
(191
)
(5,779
)
(942
)
Total other income and expense
(2,234
)
1,924
(1,230
)
2,547
Income before taxes
4,560
18,389
55,571
73,196
Provision for income taxes
1,212
3,946
12,164
15,272
Net income
3,348
14,443
43,407
57,924
Less: net loss (income) attributable to non-controlling interest:
Granite Point out Physical Treatment has numerous comprehensive-time Athletic Coaching positions obtainable in the Concord and Lakes Area Area commencing now and this coming school 12 months!
Sign-on Reward: $2,000 Signal-On Bonus with 1-12 months Dedication
Granite Point out Bodily Remedy delivers outreach Athletic Teaching Expert services to quite a few encompassing school districts in NH, Jr Hockey plans, and other sporting applications in our communities.
Our Athletic Trainers perform intently with our Physical Therapists to create a prime-notch healthcare crew for our athletes.
Granite Point out Physical Treatment is a wonderful place to start out your Athletic Schooling career and assistance increase your expertise in this ever-transforming area. We have physical treatment workplaces in Hooksett, Concord, Gilford, and Plymouth.
Positions will be 30-40 several hours for every week. For every Diem operate is usually available for additional opportunities.
Paid out legal responsibility insurance policies and Wellness Benefits Packages are obtainable! Such as CEU, CPR/AED, and professional charges reimbursement.
Skills and crucial abilities for achievement:
Solid conversation techniques with shoppers and team members
Established track file as an advocate and implementer of youth athletics security initiatives
High power and enthusiasm for doing work with pupils
Working experience as a self-starter and functioning independently
Structured and time-management targeted
Tasks:
Examine, handle, and rehabilitate athletic injuries
Supervise sports medication requires of distinct groups as assigned.
Aid in establishing and preserving a doing the job marriage with coaches, medical professionals, mother and father, and Overall health Products and services and refer learners as essential.
Help with the clinical document-keeping for scholar-athletes.
Help with inventory of professional medical supplies and products.
Counsel college student-athletes with regard to a wide variety of health-related challenges
Execute other relevant responsibilities as assigned
Athletico is seeking ahead to continuing its excellent of treatment during the point out of Michigan
HARTLAND, Mich., Feb. 22, 2023 /PRNewswire/ — Athletico Bodily Treatment has opened a new location in Hartland, Michigan, positioned in the Hartland Town Sq. subsequent to Starbucks and AT&T. This location provides effortless several hours, together with early morning and late evening appointments, and does not demand a referral or prescription to start off procedure. To understand a lot more, or to agenda a free evaluation, check out www.athletico.com/Hartland.
Physical treatment is typically the factor you are explained to to do soon after treatment, x-rays or medical procedures. The most effective way to resolve your suffering is to begin the place you generally complete – with physical remedy at Athletico.
“Actual physical remedy is a one of a kind blend of physical coaching, science and aiding other individuals, all of which I was drawn to for the duration of my undergraduate reports,” explained Daniel Gregory, PT, DPT, and Clinic Manager of Athletico Hartland. “I am searching ahead to remaining a mentor to others, along with foremost and developing a workforce that offers fantastic services in an upbeat surroundings to clients in the Hartland group.”
In addition to in-clinic treatment method at Hartland, Athletico is increasing accessibility to care by giving virtual appointments from the advantage of your very own property. Individuals have the option to have their problem assessed and handled nearly by a accredited bodily therapist by means of a safe on-line movie chat.
Companies out there at Athletico Hartland include:
Bodily therapy – Our physical therapists take care of you to cut down soreness, increase or restore mobility, and to help you keep on being at your exceptional wellbeing without even further danger of harm. We also offer you joint replacement therapy, headache therapy, concussion treatment and much more.
Totally free assessments – If you have a strain, sprain or nagging discomfort, you can see just one of our experts for a free, 30-moment assessment. We examine your injuries and advise procedure. If wanted, we can start treatment method immediately, no referral important. Remember to take note, limits implement.
Function injuries – We are fully commited to aiding every person observe safety at get the job done. Our workers’ compensation specialists are qualified to evaluate workplace environments and worker behaviors to offer tailored intervention procedures and systems. In addition to treating accidents that come about on the position, our providers include do the job conditioning, ergonomics, put up-give/pre-employment testing and much more.
ACL 3P System – Anterior cruciate ligament (ACL) tears sideline more than 200,000 athletes each calendar year. Our ACL 3P clinicians are dedicated to assisting you lower the possibility of these injuries, as well as helping athletes who have sustained ACL accidents development by rehabilitation to perform at their maximum level.
Dry needling – If you are dealing with ache, you might reward from dry needling. This technique requires placing ultra-thin needles into painful places of the system to promote the ache-causing trigger factors in the muscle mass and connective tissues.
Also, Athletico Hartland:
Accepts all key insurance strategies, so you don’t will need to fret about your visits not remaining lined.
Delivers effortless several hours, such as early mornings and late evenings.
Does not call for a medical professional referral or prescription to start remedy.
Schedules each original analysis swiftly, often the same or upcoming working day, but generally inside 24-48 hours.
Gives ongoing individual training on analysis, procedure strategies and recommended dwelling-training programs.
Techniques clear, steady communication in between therapist, physician and client about development.
Athletico Bodily Remedy is a leading company of the best top quality orthopedic rehabilitation services to communities, businesses and athletes. With the modern acquisition of Pivot Bodily Treatment, Athletico operates extra than 900 places in 24 states and the District of Columbia. We are fully commited to our sufferers and referring physicians by means of our client-centric concentration, inclusive operate environment, and consideration to top quality and large regular of care. Providing market place-top affected person results and pleasure are at the main of what we do, as calculated by our field top affected individual gratification scores and recognition as a Nationwide Major-Tier Supplier by the CMS Quality Payment System. We are also passionate about giving back to the communities we serve via outreach, volunteer and fundraising initiatives supported by the Athletico Cares Basis. Our complete companies incorporate physical and occupational therapy, workers’ compensation and onsite employer providers, athletic instruction, and around 50 specialty solutions, including cost-free assessments, pelvic wellness, backbone health and fitness, hand treatment, concussion management, and far more. For extra data, or to come across an Athletico clinic near you, visit www.athletico.com.
Media Get in touch with: Dana Andreoli Athletico Physical Remedy [email protected] 630-259-5156
MECHANICSBURG, Pa. (WHTM) — Messiah College and Phoenix Physical Therapy (Phoenix) teamed up to open a new interprofessional, outpatient actual physical treatment clinic in Mechanicsburg.
Back on Oct. 27, 2022, Phoenix and Messiah University formally declared that they would be coming into their initially at any time partnership in order to produce a actual physical treatment clinic for the bordering Cumberland neighborhood, in accordance to the Vice President of Advertising and marketing Phoenix Physical Remedy Suzanna Manella.
The new facility is situated at 401 E. Winding Hill Rd. Suite 110.
This new clinic is going to be supplying the following products and services for its individuals:
Actual physical Therapy
Occupational Treatment
Athletic Coaching
“The clinic will provide handbook, arms-on remedy solutions to a assorted inhabitants of individuals. These contain pre- and post-operation rehabilitation, damage avoidance and restoration, remedy for conditions, like Parkinson’s and Several Sclerosis, different health problems, persistent agony, headaches, pediatric care and development, sporting activities accidents and instruction, pre-work screening and analysis, and remedy for operate-linked accidents, among other individuals,” Phoenix director of clinic functions, Franco Madaffari claimed “In addition, by owning a clinic on a graduate campus, Phoenix will be equipped to include exploration-based initiatives and assistance pupils acquire working experience and establish their scientific capabilities. We seem forward to welcoming the Winding Hill and Messiah University community to our new clinic.”
The new 3,620 square foot facility officially opened its doorways to people again on Dec. 12, 2022.
The clinic is becoming led by a Messiah University alumni named Kelly Clancy, who graduated from Messiah back again in 2006. According to Phoenix, Clancy now provides additional than 13 decades of experience to the new clinic.
“I am energized to return to Messiah College and glance ahead to building individualized therapy designs for my sufferers,” Clancy stated.
Courtesy of Phoenix
Courtesy of Phoenix
Courtesy of Phoenix
Courtesy of Phoenix
In accordance to Phoenix, the new partnership with Messiah University was facilitated through The Bridge Centre for Continuing Education and the Office environment of University Partnerships at Messiah.
Phoenix Bodily Treatment now employs more than 1,000 individuals and operates a lot more than 150 neighborhood-dependent clinics across the U.S.
Summit Rehabilitation’s latest outpatient bodily remedy clinic, which elevates the brand’s Washington existence to 13 destinations, will welcome clients of all ages for actual physical and occupational treatment products and services. The Lynnwood clinic delivers a wide assortment of pain management, balance and vestibular rehabilitation, publish-surgical treatment rehabilitation and personal injury avoidance providers, including sports activities medicine, ergonomic assessments and backbone rehabilitation.
“We are fired up to provide with each other PRN and Summit’s mission of supplying obtainable, superior-high quality physical treatment care to the Lynnwood neighborhood,” stated Ajay Gupta, CEO of PRN. “Expanding our national footprint also makes it possible for us to further more provide our individualized, results-based technique to procedure, which is foremost the way to happier life and greater independence.”
Brian Feng, PT, DPT, OCS, will direct the new Lynnwood clinic and oversee all day-to-day functions as the clinic director and spouse. A graduate from Franklin Pierce University’s Doctor of Bodily Treatment, Feng has practiced bodily treatment in the Puget Audio area since 2018. He is committed to continuing education and concluded a Bodily Therapy Orthopedic Residency Method in 2019 and became Board Certified in Orthopedics by the American Board of Bodily Remedy Specialties (ABPTS).
Feng is passionate about assisting individuals get again to what they adore as a result of an individualized cure tactic, hands-on treatment, and education. As a specialist of all physique pieces from the neck down to the feet, Feng prefers to consider a regional approach and appear at how other, seemingly unrelated system elements could be influencing a patient’s specific damage/ache.
“I am eager to choose on this possibility to guide the Lynnwood team and set up our clinic as a recognizable chief in individual treatment during the community,” mentioned Feng. “Our brand-new clinic is fully equipped to guarantee just about every affected individual is taken care of with an individualistic solution and provided high-high-quality and compassionate care irrespective of no matter if they are an athlete suffering from soreness or harm or a mother or father recovering from a operation.”
Summit Rehabilitation accepts most coverage strategies and will function with sufferers to assist them greater have an understanding of the benefits of bodily remedy and what will be covered by their insurance. To master a lot more about Summit Rehabilitation or to schedule an appointment at the new Lynnwood, you should stop by the Summit Rehabilitation web-site.
To join the rising PRN-Summit medical staff or to discover far more about partnership possibilities for medical leaders, make sure you stop by the PRN Professions web site.
About Summit Rehabilitation
Summit Rehabilitation is a Washington condition-primarily based leader in outpatient rehabilitation solutions, together with bodily remedy, athletics damage rehabilitation, comfortable tissue mobilization, spine rehabilitation and women’s wellness. Across our 13 spots, we supply individualized cure applications targeted on returning people to their sought after degree of operate by way of regular, substantial-excellent rehab companies.
At Summit Rehabilitation, we imagine in managing clients like loved ones. We endorse a tradition of medical greatness by demonstrating specialist excellence, regard, compassion, and often putting the client initial.
About Bodily Rehabilitation Network
Physical Rehabilitation Network (PRN) is a major proprietor-operator of more than 200 outpatient physical remedy clinics across 17 states in the western and central locations of the United States. Boasting a differentiated shipping and delivery product, PRN integrates proudly owning, controlling and producing physical remedy places and manufacturers as effectively as setting up Wellness System Joint Undertaking and PT observe partnerships with its value-based mostly, people-initial and outcomes-driven treatment shipping and delivery solutions. PRN’s escalating community of distinguished regional brands present a entire vary of procedure companies, including outpatient actual physical treatment, workplace ergonomics, workers’ payment therapy, sporting activities and automobile injuries rehabilitation, and rehabilitation for seniors.
PRN proudly supports over 1,700 physical remedy authorities, giving numerous developmental pathways dedicated to in depth affected person care and making leaders of tomorrow.
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Get hold of: Brian Rog Actual physical Rehabilitation Network media@prnpt.com
