U.S. Physical Therapy operates a network of outpatient physical therapy, occupational therapy, and speech therapy clinics, along with home-care services and industrial injury prevention offerings. The company generates revenue from insurance reimbursements (managed care, Medicare, Medicaid, and workers' compensation) by providing pre- and post-operative orthopedic care, sports injury treatment, and employee injury prevention services through a distributed clinic partnership model where it typically holds majority equity stakes while licensed therapists manage day-to-day operations. The business grows through acquisitions of independent therapy practices and strategic partnerships with hospitals and physician groups, competing in a fragmented market on the basis of treatment quality, cost-effectiveness, outcomes, and local market relationships.