Current Report Filing (8-k)
December 29 2020 - 4:30PM
Edgar (US Regulatory)
falseU S PHYSICAL THERAPY INC /NV000088597800008859782020-12-272020-12-27
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, DC 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d)
of the Securities Exchange Act of 1934
Date of Report (Date of earliest event reported): December 27, 2020
U.S. PHYSICAL THERAPY, INC.
(Exact name of registrant as specified in its charter)
Registrant's telephone number, including area code: (713) 297-7000
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the
following provisions ( see General Instruction A.2. below):
Securities registered pursuant to Section 12(b) of the Act:
Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933
(§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).
Item 8.01 Other Events.
Business Update
U.S. Physical Therapy, Inc. (the “Company”) reported today that the 9%
reduction in the Medicare physician fee schedule for therapy services, which was to be effective January 1, 2021, per the finalized rule by the Centers for Medicare and Medicaid Services (“CMS”), has been addressed in the Consolidated
Appropriations Act, 2021 (“Act”) signed into law on December 27, 2020. Based on various provisions in the Act, the Company now estimates that the Medicare rate reduction for the full year of 2021 will be approximately 3.5%. In addition, the
Act included a three-month extension of the 2% sequester relief applied to all Medicare payments, which has been in place since May 1, 2020 and was originally scheduled to end on December 31, 2020; the 2% sequester relief will now end on March
31, 2021.
Medicare represents approximately 25% of the Company’s physical therapy
revenue. The Company estimates that a total of approximately 31% of its physical therapy revenue, including certain of the Company’s commercial contracts, are tied to current year Medicare rates.
Summary of Risk Factors
Our business can be affected by certain risks, uncertainties and factors which include, but are not limited to:
Refer to Item 1A. Risk Factors in the Company’s Quarterly Reports on Form 10-Q filed on May 21, and November 6, 2020 and the Company’s Annual Report on Form 10-K for the year ended
December 31, 2019 filed on February 28, 2020 for a listing and explanation of risk factors.
SIGNATURE
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the
undersigned hereunto duly authorized.
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