Company: USPH
Filing Date: 2025-05-09
Form Type: 10-Q
Source: 0001140361-25-018157
Chunk: 16

Company: U S PHYSICAL THERAPY INC /NV
Filing Date: 2025-05-09
Form: 10-Q
Item: Item 2
Chunk 16
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 or a combination of the two.

We make reasonable and appropriate efforts to collect accounts receivable, including applicable deductible and co-payment amounts. Claims are submitted to payors daily, weekly or monthly in accordance
      with our policy or payor’s requirements. When possible, we submit our claims electronically. The collection process is time-consuming and typically involves the submission of claims to multiple payors whose payment of claims may be dependent upon the
      payment of another payor. Claims under litigation and vehicular incidents can take a year or longer to collect. Medicare and other payor claims relating to new clinics awaiting CMS approval initially may not be submitted for six months or more. When
      all reasonable internal collection efforts have been exhausted, accounts are written off prior to sending them to outside collection firms. With managed care, commercial health plans and self-pay payor type receivables, the write-off generally occurs
      after the account receivable has been outstanding for 120 days or longer.  As of March 31, 2025, we have accrued $6.8 million related to credit balances, a portion of which is due to patients and payors.

Cash Flow

A summary of our operating, investing and financing activities is discussed below.

            Three Months Ended

            March 31, 2025

            March 31, 2024

            Net cash (used in) provided by operating activities

            $

            (4,675

            )

            $

            4,419

            Net cash (used in) investing activities

            (6,628

            )

            (20,464

            )

            Net cash provided by (used in) financing activities

            9,124

            (4,490

            )

Operating Activities

Cash used by operating activities was $4.7 million for the 2025 First Quarter as compared to $4.4 million provided by operating activities for the 2024 First Quarter. This decrease in cash provided was
      mostly due to the timing of payments related to payables and accrued expenses.

Investing Activities

Cash used in investing activities for the 2025 First Quarter totaled $6.6 million and primarily consisted of $5.1 million used in the purchase of interests in businesses and non-controlling interests
      (temporary and permanent), and $2.6 million of fixed assets purchases.  These uses were partially offset by $0.7 million in proceeds from the sale of non-controlling interests (temporary and permanent), and $0