Company: USPH
Filing Date: 2025-08-08
Form Type: 10-Q
Source: 0001140361-25-029744
Chunk: 7

Company: U S PHYSICAL THERAPY INC /NV
Filing Date: 2025-08-08
Form: 10-Q
Item: Item 2
Chunk 7
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5% decrease). The MPFS for 2025 decreased Medicare reimbursement for therapy services by approximately 2.9% as compared to the reimbursement
        rates in effect for 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 since 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. 

RESULTS OF OPERATIONS

Glossary of terms

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

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              Mature clinics are clinics (physical clinic locations and home-care business units) opened or
                  acquired prior to January 1, 2024, and are still operating as of the balance sheet date.

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              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.

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              Patient visits is the number of unique patient visits during the periods presented for both physical clinic locations and home-care.

    •

              Average daily visits per clinic per day is patient visits (excluding home-care 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 Second Quarter refers to the three months ended June 30, 2025.

    •