Christopher Reading on Medicare policy
From U S Physical Therapy, Inc USPH Q3 2025 Earnings Call · · Fyfull
“Despite the headwinds from Medicare rate reductions, we have seen manual therapy codes increase slightly in the final rule, which is positive for our revenue streams.”
On , Christopher Reading, Chief Executive Officer & Chairman at U S PHYSICAL THERAPY INC, spoke about Medicare policy during U S Physical Therapy, Inc USPH Q3 2025 Earnings Call on Fyfull.
About Christopher Reading
On the company's third-quarter 2025 earnings call, Reading reported that U.S. Physical Therapy added 84 net facilities over the year and achieved a record 32.2 visits per clinic per day in the quarter. He noted that physical therapy revenues reached $168.1 million, a 17.8% increase year-over-year, and that the company had absorbed Medicare cuts totaling over 11% in recent years while continuing to grow. Reading stated that the company planned to accelerate de novo clinic openings with a target of 35 to 40 new facilities in the year, and described organic revenue growth of about 14-15% as sustainable over the long term. He also highlighted a net promoter score in the mid-90s and a 95% active promoter score among patients. In September 2025, Reading discussed the company's dual listing on the NYSE Texas exchange, saying U.S. Physical Therapy had been a Texas company for 33 years and was proud to be part of the Texas community. He stated that the company operated in 43 states with nearly 800 locations, treating about 6 million visits per year largely for orthopedic conditions, and noted that its injury prevention business, started in 2017, was still growing close to 30% annually. Reading said the company was well capitalized and growing organically at a time when others were struggling, and that it continued to grow through both startup facilities and acquisitions, including recent deals in Wyoming, Alaska, and New York.