USPH · CIK 0000885978
What U.S. Physical Therapy, Inc. told the SEC could break it.
1 self-disclosed vulnerability, pulled from its own filings, each in the company’s words, with the source. This is the risk register almost nobody reads.
A limited set so far, we surface every cited disclosure we’ve extracted for USPH. More may follow as additional filings are processed.
In its own words
What could break it.
Regulatory & policy
- Medicare/Medicaid reimbursement (MPFS rate-setting)medium
Approximately 35.8% of U.S. Physical Therapy's 2025 net patient revenue (40.1% of visits) came from Medicare/Medicaid, exposing it to CMS Medicare Physician Fee Schedule (MPFS) rate-setting; the MPFS cut therapy reimbursement by ~3.5%, 0.75%, 2.0%, 1.8% and 1.5% in 2021–2025 respectively, with an ~1.75% increase expected for 2026.
“During the year ended December 31, 2025, approximately 40.1% of our visits and 35.8% of our net patient revenue was from patients with Medicare or Medicaid program coverage.”
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