Professional Physical Therapy, a leading provider of outpatient physical therapy and rehabilitation services throughout New York, New Jersey, Connecticut, Massachusetts, and New Hampshire, announces today the acquisition of Moment Physical Therapy in Madison, NJ. Moment Physical Therapy, a private orthopedic clinic, was founded by Dr. Jared Cooper, PT, DPT, CMTPT. Patients at the Madison location, located at 20 Cook Plaza, will now be able to experience the benefits of being a Professional Physical Therapy location: access to Telehealth Certified clinicians, Home Care physical therapy, added convenience with access to more than 180 locations, expanded hours, and most notably, in-network status with most major insurances.
Physical Rehabilitation Network (PRN) of Carlsbad, Calif., announced Monday the entrance of a joint venture partnership with Rehab4Life Physical & Occupational Therapy, a North Dakota-based outpatient rehabilitative care group. Rehab4Life currently operates one clinic in Casselton and two clinics in Fargo, one of which is located in the Riverview Place assisted living facility. This alliance brings PRN’s clinic count in North Dakota to seven and national footprint to 133. Rehab4Life, formerly known as At Home Therapy (until 2009), is a family-owned and operated business supporting the Fargo and Casselton communities since 2005.
Arete Rehabilitation, Inc. and PA based Senior Physical Therapy Services (SPTS) announced today that Arete has acquired SPTS, a post-acute provider of physical, occupational, speech therapy, and wellness services for the 65 and older generation. The acquisition of this exceptional team of therapists accelerates Arete’s plan to expand into the Mid-Atlantic region.
MVPT Physical Therapy, a leading provider of outpatient physical therapy services in New Hampshire, is pleased to announce that it has partnered with Abilities Physical Therapy & Wellness Center (“Abilities”). Abilities has been serving the Seacoast of New Hampshire since 2002, with a strong reputation for providing high quality care with a patient-centric approach. The partnership between MVPT Physical Therapy and Abilities Physical Therapy & Wellness reflects each organization’s commitment to patient access, deep community ties, and the strong alignment in their cultures and values.
While the rehabilitation therapy world is still reverberating from the announcement that Select Rehabilitation has agreed to purchase its larger rival, RehabCare, leaders of the projected behemoth say there should be no ripple effects felt by therapists or patients on the front lines. A Select Rehab executive told McKnight’s Long-Term Care News that cursory antitrust and regulatory reviews should be completed by the end of the year, hopefully sooner so the deal can close by the beginning of December. A definition agreement was signed Saturday. Although future operations details have not been determined yet (partly due to a “quiet period” leading up to the deal closing), Select leaders know they have latched on to a long-coveted prize, said Shelley Wisnowski, senior vice president of business development for Select.
Therapists and long-term care providers roundly criticized CMS’ proposal to cut reimbursement for therapy services by 9%, which caregivers described as a “double-whammy” as they cope with the COVID-19 pandemic. While the proposed 2021 physician fee schedule would increase the work relative value units of the evaluation and re-evaluation codes, therapists claim that it would not be enough to offset the across-the-board cut to accommodate that change under a budget-neutral framework. The reallocation of Medicare payments would benefit some specialists like family practitioners and rheumatologists but reduce the payment rates for others including certain surgeons, anesthesiologists and therapists.
Select Rehabilitation (“Select”) and Kindred Healthcare, LLC (“Kindred”) announced Monday they have signed a definitive agreement whereby Select will acquire Kindred’s RehabCare business line. Transaction terms were not disclosed. Post-closing, Select will have 17,000 rehabilitation therapists serving more than 2,300 post-acute skilled nursing facilities, CCRCs, assisted and independent living facilities, schools and home health locations in 43 states. RehabCare’s experienced leadership team will join Select, ensuring a smooth transition for clients and supporting Select’s continued growth.
U.S. Physical Therapy, Inc. (“USPH” or the “Company”) (NYSE: USPH), a national operator of outpatient physical therapy clinics, announced Thursday its second acquisition of 2020. The Company has acquired a 70% interest in a business that manages six hospital-owned outpatient clinics. The management and services contracts have been in place for a number of years with the new contracts, which just commenced, for an additional five years. The purchase price for USPH’s interest is approximately $4 million.
Physical Rehabilitation Network (PRN) of Carlsbad, California, announced Thursday the entrance of a joint venture partnership with Powered By Motion Physical Therapy, an Oregon-based outpatient rehabilitative care group, which operates one rehabilitation center in the town of Keizer. This alliance brings PRN’s clinic count in Oregon to four, national footprint to 129 and state-wide reach to 11 states. Powered By Motion Physical Therapy is a family owned and operated business and has been a provider in the Keizer community since 2015.
Select Medical Corporation, a wholly-owned subsidiary of Select Medical Holdings Corporation (NYSE: SEM), announced Thursday a joint venture agreement with Rush University System for Health (RUSH) to manage operations of a critical illness recovery hospital, inpatient rehabilitation hospital and 63 physical therapy centers throughout the greater Chicago and Northwest Indiana region. Select Medical will serve as both the majority owner and managing partner across the three post-acute care lines. Under the agreement, the combined outpatient rehabilitation centers contributed to the joint venture include 62 NovaCare Rehabilitation, Select Physical Therapy and Michiana Orthopaedic & Sports Physical Therapy locations from Select Medical, as well as the Rush Rehabilitation center. All 63 outpatient centers will be rebranded as RUSH Physical Therapy.
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