Ownership data for US healthcare, counted from Medicare's public records. The first data set is physical therapy. For every state and DC it lists the billing organisations physical therapists bill through (18,458 with therapists today), ties each to the platform that owns it where a public source shows the tie, and counts its therapists quarter by quarter. Texas, the first state, has 1,813 of them and history since Q1 2023.

Where do the numbers come from?

Public CMS files: Medicare enrollment and reassignment (PECOS), the NPI registry (NPPES) and Care Compare's clinician file. Ties between a billing organisation and a platform come from public sources: the platform's own clinic list, its press releases or SEC filings, each cited in the workbook with the date it was public.

Does it name clinicians?

No. Counts and moves are per billing organisation; no clinician is named or identified, in the workbook or on this site.

The Texas sample reads the Medicare enrollment file published 27 July 2026 and the Care Compare file published 15 October 2026. Care Compare and the NPI registry are refreshed monthly and Medicare enrollment quarterly; every count carries its file's publication date.

How do I know the counts are right?

Every test is on the proof page, with its rules and the ones that failed: our counts followed the reported numbers of 3 of 5 listed chains, and every published number is recounted by a second program (349 of 349).

Which specialties and states?

Physical therapy covers all 50 states and DC. Texas' platform ties were built and checked by hand; elsewhere they are matched automatically and labelled so, and 6 more states have hand checks, failures included. Each state's status is on the coverage page. The method has also been tested on dialysis, nursing-home, mental-health and primary-care chains (the proof page); other specialties are built on request.

Therapy platformNo platform tie found, 3+ PTsOther ownerCurrent sites, CMS Care Compare, 15 October 2026

Lot 2026.10 · US healthcare ownership · Medicare records

Every clinichas an owner.The recordssay who.

Name: Who really owns that physical therapy clinic? A 55-second Sourcebrook demo
Uploaded: 2026-10-27T00:00:00+00:00
Duration: 55 s
Description: Chains buy physical therapy clinics and keep the old name. How Medicare's public records show who really owns each practice, what the spreadsheet contains and how it is checked by hand, with Illinois as the example.

Sourcebrook builds ownership data for US healthcare from Medicare's public records. The first data set is physical therapy in all 50 states and DC: every billing organisation, the platform behind it where a public source shows the tie, and its therapists quarter by quarter. Texas, the most checked state, is the worked example on this page.

Request the workbook Watch the demo

physical therapists in Texas group practices: 5,768
Medicare billing organisations: 1,813
therapy platforms, each tie sourced: 23
current sites in Care Compare: 1,627

01 / How it works

Every therapist bills through an organisation.

Medicare's enrollment file names the organisation each physical therapist bills through. We tie each organisation to the platform that owns it, only where a public source shows the tie, and count it from the day that source was public.

Therapists
514 physical therapists
Texas · newest Medicare file
Counted from Medicare enrollment (PECOS), published 27 July 2026. None is named.
Billing organisation
1 billing entity
Medicare enrollment · NPI registry
1 of the platform's 2 tied billing entities has physical therapists in the newest file; names and addresses come from the NPI registry.
Platform
ATI Physical Therapy
86 current sites in Texas
Tied by a public source, cited in the workbook with the date it became public.
Record
333 → 514
Q1 2023 → newest file
Therapists counted quarter by quarter, as the files stood at the time.

ATI Physical Therapy: physical therapists in Texas by quarter

Medicare enrollment (PECOS) quarterly files · a billing entity counts from the day its tie was public

1Q1 2023333 physical therapists, the first quarter counted.
2Q3 2024No Medicare enrollment file for Q3 2024: a gap, not a zero.
3Q3 2026No Medicare enrollment file for Q3 2026: a gap, not a zero.
4Newest file514 physical therapists in the newest file, published 15 October 2026.

Every tie behind this count was public from the first quarter, so the point-in-time count and today's billing entities back in time are the same line. Chosen by rule: the largest change in therapists since Q1 2023 among outpatient-clinic platforms.

02 / The market

Who holds each metro.

Share of physical therapist listings at current sites, by metro. Home-based platforms list every therapist at one office, so they are left out here.

Dallas-Fort Worth2,207 PT listings

ATI Physical Therapy 14 %Physical Rehabilitation Network (PRN) 9 %Upstream Rehabilitation 7 %Athletico Physical Therapy 6 %H2 Health 4 %15 other platforms 23 %no platform tie 37 %

Houston824 PT listings

Select Medical 9 %Baylor College of Medicine 8 %U.S. Physical Therapy 7 %Upstream Rehabilitation 7 %HealthPRO Heritage 4 %8 other platforms 14 %no platform tie 51 %

Austin1,033 PT listings

Confluent Health 16 %H2 Health 12 %ATI Physical Therapy 9 %Upstream Rehabilitation 8 %Origin 6 %7 other platforms 17 %no platform tie 33 %

San Antonio792 PT listings

Confluent Health 16 %U.S. Physical Therapy 12 %The San Antonio Orthopaedic Group 6 %Sports Medicine Associates of San Antonio 5 %Upstream Rehabilitation 5 %10 other platforms 11 %no platform tie 46 %

El Paso170 PT listings

Alliance Physical Therapy Partners 28 %Doctors of Physical Therapy 10 %Confluent Health 7 %Genesis HealthCare 2 %no platform tie 53 %

Rest of Texas925 PT listings

H2 Health 11 %Athletico Physical Therapy 1 %Upstream Rehabilitation 1 %Physical Rehabilitation Network (PRN) 1 %Confluent Health 1 %6 other platforms 3 %no platform tie 82 %

Largest outpatient platforms

ATI Physical Therapy86 current sites514
Confluent Health59 current sites453
Upstream Rehabilitation94 current sites389
U.S. Physical Therapy61 current sites272
H2 Health51 current sites181
Physical Rehabilitation Network (PRN)38 current sites159

Physical therapists billing Medicare through each platform's entities in the newest file. Every platform with its entities, brands and sites: the Texas sample.

3,133/5,768

physical therapists in Texas group practices bill through 23 therapy platforms.

1,531/5,768

work at the 226 practices with 3 or more therapists and no platform tie found. The workbook names each one.

03 / Specification

Certificate of analysis.

What the Texas workbook contains, counted from the sources, and how each check came out, failures included.

Sourcebrook

Certificate of analysis

Texas physical therapy ownership

Lot: 2026.10
Newest file: 15 October 2026
Format: xlsx + CSV
Identifiers: NPI, PAC ID, ZIP

Test	Specification	Result	Status
Physical therapists	In Texas group practices, newest Medicare file	5,768	Counted
Billing organisations	Every organisation Texas physical therapists bill through	1,813	Counted
Therapy platforms	Each billing entity tied by a public source, with its date	23	Sourced
Current sites	CMS Care Compare, placed at ZIP-code centres	1,627	Counted
History	Therapists per owner and quarter	since Q1 2023	Dated
Platform ties	Every tie re-read at its source	42 of 49 held	7 corrected
No platform tie	Practices searched by hand for any outside owner	107 of 120 none found	Pass
Clinic lists	At least 90 % of our sites on a chain's own list	3 of 4 chains	Pass
Listed chains	Our count follows the reported number: direction and a steady gap	3 of 5	Pass
New chains	The same test on chains not used before	1 of 3	Fail
Numbers recounted	Every published number, by a second program	349 of 349	Matched
Clinician names	Named anywhere in the workbook or on this site	None	Complies

Sources: Medicare enrollment (PECOS), the NPI registry (NPPES) and Care Compare, published by CMS; platforms' clinic lists, press releases and SEC filings. Every count is dated by when its file was public. Every test with its rules and its failures: the proof page.

54%

of physical therapists in Texas group practices bill through 23 therapy platforms. One dot per 25 therapists.

The rest bill through practices with no platform tie found, hospitals, physician groups and other owners.

Explore the Texas sample →

04 / Demo

See it in 55 seconds.

Why a clinic's sign won't tell you who owns it, how Medicare's records do, what you receive and how it is checked. The Illinois numbers in it are the ones on the Illinois page.

0:00 / 0:55

Animation drawn from the Illinois files; practice names hiddenCaptions on the picture

05 / Delivery

Files your team can open today.

Two Excel workbooks, every table also as CSV, each count carrying the publication date of its file.

The market workbook

Every billing organisation: kind, parent, therapists now and their change over 3, 6 and 12 months; therapists per owner and quarter since Q1 2023; current sites; moves between owners.

The platforms workbook

Each platform's billing entities, brands, therapists and sites; the 226 practices with no platform tie found, by name and metro; every tie with its source and the date it was public.

Refreshed with CMS

Care Compare and the NPI registry are refreshed monthly and Medicare enrollment quarterly. Every count carries its file's publication date, so history reads as it was known.

What it isn't

Public records only No clinician namesNo predictions or ratingsNot investment advice

06 / Questions

Common questions.

Where the records come from, what they name and how current they are.

What is Sourcebrook?
Ownership data for US healthcare, counted from Medicare's public records. The first data set is physical therapy. For every state and DC it lists the billing organisations physical therapists bill through (18,458 with therapists today), ties each to the platform that owns it where a public source shows the tie, and counts its therapists quarter by quarter. Texas, the first state, has 1,813 of them and history since Q1 2023.
Where do the numbers come from?
Public CMS files: Medicare enrollment and reassignment (PECOS), the NPI registry (NPPES) and Care Compare's clinician file. Ties between a billing organisation and a platform come from public sources: the platform's own clinic list, its press releases or SEC filings, each cited in the workbook with the date it was public.
Does it name clinicians?
No. Counts and moves are per billing organisation; no clinician is named or identified, in the workbook or on this site.
How current is it?
The Texas sample reads the Medicare enrollment file published 27 July 2026 and the Care Compare file published 15 October 2026. Care Compare and the NPI registry are refreshed monthly and Medicare enrollment quarterly; every count carries its file's publication date.
How do I know the counts are right?
Every test is on the proof page, with its rules and the ones that failed: our counts followed the reported numbers of 3 of 5 listed chains, and every published number is recounted by a second program (349 of 349).
Which specialties and states?
Physical therapy covers all 50 states and DC. Texas' platform ties were built and checked by hand; elsewhere they are matched automatically and labelled so, and 6 more states have hand checks, failures included. Each state's status is on the coverage page. The method has also been tested on dialysis, nursing-home, mental-health and primary-care chains (the proof page); other specialties are built on request.

Ask for a state's workbook.

Tell us which states, platforms or metros you follow, and what you would use it for.

Request the workbook kevin@sourcebrook.com

Every clinichas an owner.The recordssay who.

514 physical therapists

1 billing entity

ATI Physical Therapy

333 → 514