Report · October 2026 · Lot 2026.10

Who owns physicaltherapy in the US.

A Sourcebrook report, counted from Medicare's public records. Newest Medicare enrollment file published 27 July 2026; Care Compare published 10 September 2026.

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The state table is free to download and cite (CC BY 4.0): Zenodo (DOI 10.5281/zenodo.23218926, all versions) · Kaggle.

physical therapists in US group practices
108,968
bill through 45 therapy platforms
38,174
practices with 3+ PTs, no platform tie found
3,764
billing organisations with PTs
18,458

01 / Summary

Five findings.

  • 35 % on platforms

    38,174 of 108,968 physical therapists in group practices bill through one of 45 therapy platforms.

  • A wide spread by state

    From 64 % in Delaware to 0 % in Vermont.

  • The largest platforms

    Luna 4,761; Upstream Rehabilitation 4,693; ATI Physical Therapy 4,092; Athletico Physical Therapy 3,800; Select Medical 3,489 physical therapists.

  • Practices with no tie found

    3,764 practices with 3 or more therapists, holding 34,377 of them, have no platform tie we could find.

  • Checked, with failures shown

    Texas' ties were built by hand; 6 more states were checked by hand and 44 rely on automatic checks only. See section 04.

02 / By state

Platform reach differs by state.

Platform ties: Texas' table was built by hand; elsewhere ties are matched automatically. In 6 more states a random draw of ties and of practices with no tie found was searched by hand against a bar set before the search; a check not met is shown as not met, and its failed ties were taken out. The other 44 states have automatic checks only.

California: 29 % of 10,988 PTs in group practice on platformsCA29%New York: 26 % of 9,551 PTs in group practice on platformsNY26%Texas: 54 % of 5,768 PTs in group practice on platformsTX54%New Jersey: 50 % of 5,488 PTs in group practice on platformsNJ50%Florida: 23 % of 5,173 PTs in group practice on platformsFL23%Illinois: 47 % of 5,044 PTs in group practice on platformsIL47%Pennsylvania: 48 % of 4,835 PTs in group practice on platformsPA48%Washington: 31 % of 4,375 PTs in group practice on platformsWA31%North Carolina: 38 % of 4,275 PTs in group practice on platformsNC38%Michigan: 32 % of 3,570 PTs in group practice on platformsMI32%Georgia: 52 % of 3,282 PTs in group practice on platformsGA52%Massachusetts: 47 % of 3,268 PTs in group practice on platformsMA47%Colorado: 23 % of 3,120 PTs in group practice on platformsCO23%Arizona: 51 % of 3,116 PTs in group practice on platformsAZ51%Virginia: 52 % of 2,943 PTs in group practice on platformsVA52%Tennessee: 41 % of 2,701 PTs in group practice on platformsTN41%Maryland: 41 % of 2,669 PTs in group practice on platformsMD41%Wisconsin: 18 % of 2,564 PTs in group practice on platformsWI18%Ohio: 35 % of 2,484 PTs in group practice on platformsOH35%South Carolina: 58 % of 2,412 PTs in group practice on platformsSC58%Minnesota: 8 % of 2,400 PTs in group practice on platformsMN8%Indiana: 47 % of 2,098 PTs in group practice on platformsIN47%Oregon: 31 % of 2,096 PTs in group practice on platformsOR31%Missouri: 49 % of 1,735 PTs in group practice on platformsMO49%Alabama: 31 % of 1,625 PTs in group practice on platformsAL31%Iowa: 25 % of 1,482 PTs in group practice on platformsIA25%Connecticut: 30 % of 1,390 PTs in group practice on platformsCT30%Kentucky: 45 % of 1,319 PTs in group practice on platformsKY45%Louisiana: 17 % of 1,317 PTs in group practice on platformsLA17%Utah: 20 % of 1,302 PTs in group practice on platformsUT20%Kansas: 32 % of 1,167 PTs in group practice on platformsKS32%Arkansas: 13 % of 921 PTs in group practice on platformsAR13%District of Columbia: 37 % of 917 PTs in group practice on platformsDC37%Idaho: 20 % of 902 PTs in group practice on platformsID20%Oklahoma: 41 % of 891 PTs in group practice on platformsOK41%Nevada: 42 % of 877 PTs in group practice on platformsNV42%Nebraska: 11 % of 872 PTs in group practice on platformsNE11%Mississippi: 36 % of 840 PTs in group practice on platformsMS36%Maine: 35 % of 781 PTs in group practice on platformsME35%Montana: 9 % of 762 PTs in group practice on platformsMT9%Delaware: 64 % of 722 PTs in group practice on platformsDE64%Hawaii: 1 % of 712 PTs in group practice on platformsHI1%Alaska: 20 % of 635 PTs in group practice on platformsAK20%Rhode Island: 49 % of 617 PTs in group practice on platformsRI49%New Mexico: 18 % of 562 PTs in group practice on platformsNM18%West Virginia: 16 % of 558 PTs in group practice on platformsWV16%New Hampshire: 25 % of 510 PTs in group practice on platformsNH25%North Dakota: 8 % of 435 PTs in group practice on platformsND8%Wyoming: 18 % of 422 PTs in group practice on platformsWY18%South Dakota: 2 % of 387 PTs in group practice on platformsSD2%Vermont: 0 % of 339 PTs in group practice on platformsVT0%
50 % or more35-49 %20-34 %10-19 %under 10 %
State PTs in group practicePlatforms PTs on platformsShare No tie foundTheir PTs Tie checkNo-tie check
California10,988123,17629 %4334,51116 of 23, bar 20: not met43 of 50, bar 45: not met
New York9,551112,47426 %3103,4886 of 10, bar 9: not met49 of 50, bar 45: met
Texas5,768233,13354 %2261,531hand-built table107 of 120, bar 108: not met
New Jersey5,488182,72150 %2172,505automatic checks onlyautomatic checks only
Florida5,173151,18823 %2632,27328 of 30, bar 27: met47 of 50, bar 45: met
Illinois5,044132,37247 %10597018 of 18, bar 16: met47 of 50, bar 45: met
Pennsylvania4,835172,30048 %1391,40127 of 27, bar 24: met45 of 50, bar 45: met
Washington4,375121,36931 %60446automatic checks onlyautomatic checks only
North Carolina4,275171,62938 %71631automatic checks onlyautomatic checks only
Michigan3,570151,15632 %1761,875automatic checks onlyautomatic checks only
Georgia3,282151,71852 %60497automatic checks onlyautomatic checks only
Massachusetts3,268101,53347 %1281,294automatic checks onlyautomatic checks only
Colorado3,1201171323 %1091,004automatic checks onlyautomatic checks only
Arizona3,116131,59051 %46322automatic checks onlyautomatic checks only
Virginia2,943131,53152 %78537automatic checks onlyautomatic checks only
Tennessee2,701151,09641 %40253automatic checks onlyautomatic checks only
Maryland2,669121,08841 %83771automatic checks onlyautomatic checks only
Wisconsin2,564946418 %53465automatic checks onlyautomatic checks only
Ohio2,4841187235 %3422014 of 16, bar 14: met34 of 48, bar 44: not met
South Carolina2,412151,40958 %67645automatic checks onlyautomatic checks only
Minnesota2,40061908 %27283automatic checks onlyautomatic checks only
Indiana2,0981398447 %44335automatic checks onlyautomatic checks only
Oregon2,0961064831 %33306automatic checks onlyautomatic checks only
Missouri1,7351685549 %60476automatic checks onlyautomatic checks only
Alabama1,625650131 %80639automatic checks onlyautomatic checks only
Iowa1,482636425 %42540automatic checks onlyautomatic checks only
Connecticut1,3901042430 %49572automatic checks onlyautomatic checks only
Kentucky1,3191259945 %33231automatic checks onlyautomatic checks only
Louisiana1,317922917 %83638automatic checks onlyautomatic checks only
Utah1,302826520 %16104automatic checks onlyautomatic checks only
Kansas1,167837832 %42377automatic checks onlyautomatic checks only
Arkansas921811613 %64505automatic checks onlyautomatic checks only
District of Columbia917634137 %1380automatic checks onlyautomatic checks only
Idaho902517820 %52299automatic checks onlyautomatic checks only
Oklahoma8911136141 %36201automatic checks onlyautomatic checks only
Nevada877836742 %23166automatic checks onlyautomatic checks only
Nebraska87249411 %45372automatic checks onlyautomatic checks only
Mississippi840430136 %39327automatic checks onlyautomatic checks only
Maine781527435 %35318automatic checks onlyautomatic checks only
Montana7623669 %26154automatic checks onlyautomatic checks only
Delaware722945964 %25260automatic checks onlyautomatic checks only
Hawaii712191 %31216automatic checks onlyautomatic checks only
Alaska635313020 %14165automatic checks onlyautomatic checks only
Rhode Island617430349 %19101automatic checks onlyautomatic checks only
New Mexico56269918 %31281automatic checks onlyautomatic checks only
West Virginia55858916 %18106automatic checks onlyautomatic checks only
New Hampshire510613025 %21227automatic checks onlyautomatic checks only
North Dakota4352368 %15101automatic checks onlyautomatic checks only
Wyoming42237718 %1393automatic checks onlyautomatic checks only
South Dakota387272 %647automatic checks onlyautomatic checks only
Vermont339000 %31218automatic checks onlyautomatic checks only
United States108,96845 38,17435 %3,764 34,377

03 / Platforms

The 15 largest, nationally.

Physical therapists billing Medicare through each platform's entities in the newest file, their change over 12 months, and the states they bill in. Home-based and contract-therapy platforms bill from fewer offices than they serve.

Platform KindPTs12 months States
Lunahome-based4,761+6726
Upstream Rehabilitationoutpatient clinics4,693−424
ATI Physical Therapyoutpatient clinics4,092−7723
Athletico Physical Therapyoutpatient clinics3,800+1024
Select Medicaloutpatient clinics3,489+4435
FOX Rehabilitationhome-based3,349+20638
Ivy Rehaboutpatient clinics2,691+39514
U.S. Physical Therapyoutpatient clinics2,513+332
Confluent Healthoutpatient clinics2,328+17024
EmpowerMe Wellnesstherapy in senior living1,163−6332
Physical Rehabilitation Network (PRN)outpatient clinics1,138+6414
Professional Physical Therapyoutpatient clinics921+175
JAG-ONE Physical Therapyoutpatient clinics869+973
Legacy Healthcare Servicescontract therapy792+10824
Cypress Health Partnersoutpatient clinics766+944

04 / Method and checks

How it was counted, and how far to trust it.

  • Sources

    Medicare enrollment and reassignment (PECOS, published 27 July 2026), the NPI registry (NPPES) and Care Compare's clinician file (published 10 September 2026), all from CMS; platforms' clinic lists, press releases and SEC filings for the ties.

  • Who is counted

    Physical therapists who bill Medicare through an organisation in the newest file. A therapist enrolled in two states counts once in the national totals. Practices that see few Medicare patients are undercounted.

  • Platform ties

    A billing organisation counts for a platform only where a public source shows the tie. Texas' ties were built and checked by hand; in every other state they are matched automatically and labelled so.

  • Hand checks

    In Florida, Illinois, Pennsylvania the checks met their bars. Not met: California (platform ties); California (no-tie list); New York (platform ties); Texas (no-tie list); Ohio (no-tie list). Failed ties were taken out; lists that did not pass say so.

  • Every number recounted

    A second program recounts every published number (349 of 349 matched).

  • Closures

    Closed sites stay in Medicare's records for a while, so falling site counts are not part of the data set. Clinician counts and moves are.

  • Therapists who never bill Medicare

    Practices that see few Medicare patients are undercounted.

  • Why something moved

    The records show that therapists moved between owners, never the deal behind it. “No platform tie found” is the claim, not “independent”.

  • Exact positions

    Sites sit at the centre of their ZIP code; positions and distances are approximate.

  • Head counts

    These are counts of Medicare records. They follow a company's trend; they do not equal its own number.

05 / About this report

Citing it.

  • Cite as

    Sourcebrook, “Who owns physical therapy in the US”, October 2026, sourcebrook.com/report/.

  • Published by

    Sourcebrook, healthcare ownership data. About us; kevin@sourcebrook.com.

  • Notice

    Counts of Medicare records as published by CMS, not head counts. Not investment advice.

Get the workbook for your states.

Every billing organisation by quarter, the practices with no tie found by name, every tie with its source.

Request the workbook kevin@sourcebrook.com