Company: USPH
Filing Date: 2025-05-09
Form Type: 10-Q
Source: 0001140361-25-018157
Chunk: 8

Company: U S PHYSICAL THERAPY INC /NV
Filing Date: 2025-05-09
Form: 10-Q
Item: Item 2
Chunk 8
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 most of 2024.

In the final 2020 MPFS rule, CMS clarified that when the physical therapist is involved for the entire duration of the service and the physical therapist assistant (“PTA”) provides skilled therapy
      alongside the physical therapist, an identification of the PTA’s participation (as denoted by a “CQ modifier”) is not required. Also, when the same service (code) is furnished separately by the physical therapist and PTA, CMS applies the de minimis
      standard to each 15-minute unit of codes, not on the total physical therapist and PTA time of the service. For dates of service on and after January 1, 2022, CMS pays for physical therapy and occupational therapy services provided by PTAs and
      occupational therapist assistants (“OTAs”) at 85% of the otherwise applicable Part B payment amount. CMS allows a timed service to be billed without a CQ (for PTA’s) or CO (for OTA’s) modifier when a PTA or OTA participates in providing care, but the
      physical therapist or occupational therapist meets the Medicare billing requirements without including the PTA’s or OTA’s minutes. This occurs when the physical therapist or occupational therapist provides more minutes than the 15-minute midpoint.
      The proposed 2025 MPFS final rule does not contain any policy changes concerning the modifiers for services provided by physical therapy and occupational therapist assistants.

RESULTS OF OPERATIONS

Glossary of terms

The defined terms, with their respective descriptions, used in the following discussions are listed below.

    •

            Mature clinics are clinics opened or acquired prior to January 1, 2024, and are still operating as of the balance sheet date.

    •

            Net rate per patient visit is net patient revenue related to our physical therapy operations divided by total number of patient visits (defined below) during the
              periods presented.

    •

            Patient visits is the number of unique patient visits during the periods presented.

    •

            Average daily visits per clinic is patient visits divided by the number of days in which normal business operations were conducted during the periods presented and
              further divided by the average number of clinics in operation during the periods presented.

    •

            2025 First Quarter refers to the three months ended March 31, 2025.

    •

            2024 First Quarter refers to the three months ended March 31, 2024.

      36

2025 First Quarter versus 2024 First Quarter