ARC Physical Therapy+, which has experienced steady growth since it was founded in Kansas City in 2003, today announced it has entered into a new partnership with U.S. Physical Therapy (USPh).
Due to its unique business model, ARC Physical Therapy+ grew quickly to be home to more than 90 professionals, 11 outpatient clinics, several additional onsite clinics, and an array of unique employer health solutions positioned throughout the Midwest. As a result, ARC attracted interest from a number of potential investors from around the country.
The transaction between the two companies closed in December. Terms of the transaction are not being disclosed.
Founder and Chief Executive Officer Matt Condon will remain as CEO of ARC and says “clients, physicians and employers will experience another enhancement of service from ARC Physical Therapy+. The infusion of resources, both intellectual and financial, will give our therapists and clinics the tools they need to continue to position ARC Physical Therapy+ as one of the most innovative physical therapy companies in the country. Our company, our clinicians, and our patients all benefit from this partnership.”
Additionally, two top executives at ARC Physical Therapy+ now have an ownership stake. Chief Operating Officer Jeff Weeks, and Chief Marketing and Acquisitions Officer Brian Stewart will see their roles expanded. This new structure will allow Condon more time to focus on his next business venture, Bardavon Health Innovations (www.Bardavon.com), a company dedicated to developing and implementing healthcare technology and services that focus on transparency, outcomes, and value.
U.S. Physical Therapy is one of the largest publicly-traded operators of outpatient physical and occupational therapy clinics in the United States. The company has more than 474 clinics in 43 states and is led by USPh President and CEO Chris Reading.
“US Physical Therapy has extended its reach by developing partnerships with quality local physical therapy providers like ARC,” said Reading. “Our intent is for ARC to keep its relationships and quality clinical services intact, grow organically from those relationships, and then we provide our infrastructure so they can focus on nurturing relationships and exploring regional and national growth opportunities. We were attracted to ARC because of the quality of their people and their deep commitment to excellence, which has led to their exceptional growth over the years. We are excited because we truly believe this partnership will not only benefit both organizations, it will benefit the patients and communities we serve.”
As a result of their new equity position, USPh will provide back office operation’s support, facility design, development and expansion-related services, access to national purchasing relationships, payroll, regulatory and legal support. With its unequalled breadth of knowledge and strong financial position, USPh will be integral in accelerating the growth of ARC Physical Therapy+’s model and brand.
Alleviating ARC Physical Therapy+ of many of the administrative tasks allows employees to focus on their clinical practice. “We want them to concentrate on what matters most: taking care of patients, forming strong relationships with referring physicians, and hiring quality employees. We take care of the rest,” said Reading.
“What sets ARC Physical Therapy+ apart is our guiding principle: hire quality professionals who are also great people,” said Condon. “We used that same filter when we started talking with U.S. Physical Therapy. They share our same standard of excellence and entrepreneurial spirit, and they value their people. We had immediate chemistry and shared focus, which makes all things possible as we go forward together.”
It its relatively short history, ARC Physical Therapy+ has amassed numerous awards and honors. ARC was recently added to the “Hall of Champions,” having been awarded as one of the Kansas City Business Journal’s Champions of Business for three years in a row. ARC has been honored as one of Kansas City’s “Best Places to Work” by the Kansas City Business Journal for the past two years and was selected as the 2010 Small Business of the Year (Mr. K Award) by the Greater Kansas City Chamber of Commerce. ARC has also been named one of the Kansas City Business Journal’s Healthiest Employers twice in the past two years.
About ARC Physical Therapy+
ARC Physical Therapy+ is the only physical and occupational therapy company to combine a continuum of care to create a healthy workforce. ARC is home to more than 90 professionals, 12 outpatient clinics, several additional onsite clinics, and an array of unique employer health solutions positioned throughout the Midwest including the Kansas City metro area, St. Joseph, Liberty and Springfield, Mo., Topeka and Wichita, KS.