How many physical therapy clinics are there in the US? (2026 data)
Physical therapy is a large, fragmented outpatient-healthcare market. DealSeam tracks roughly 718,000 registered PT provider records from CMS NPPES. Because NPPES counts providers rather than businesses, the number of distinct clinics is lower — but the fragmentation is real and is precisely what PE-backed platforms are consolidating across regions.
Clinics that attract the strongest interest have a diversified referral base (not dependent on one physician group), a favorable payer mix, multiple treating therapists so the business does not hinge on the owner, and clean documentation and billing. Insurance-model clinics and cash-pay/performance clinics are valued differently, so buyer fit varies.
DealSeam is not a traditional business broker; where there is a fit, it introduces clinic owners to qualified buyers, with the buyer paying the success fee so sellers pay nothing.
Where they are: top states
| State | Providers |
|---|---|
| CA | 71,305 |
| NY | 53,880 |
| FL | 46,116 |
| TX | 41,718 |
| PA | 31,698 |
| WA | 30,257 |
Typical valuation: about 4x-7x EBITDA (2.5x-4.5x SDE for smaller, owner-operated businesses). See the full valuation & buyer guide.
Methodology & sources
Count reflects physical therapy provider records in DealSeam's companies database sourced from CMS NPPES as of June 2026. NPPES registers providers (individual and organizational NPIs), so this is a PROVIDER count, not a clinic/business census (the business count is smaller). State is the provider's practice-location state.
This is general educational information, not legal, tax, or financial advice.
Related questions
How many physical therapy clinics are in the US?
CMS NPPES lists about 718,000 registered PT providers; the number of distinct clinics is smaller because many therapists share one clinic. The market is large and highly fragmented.
What multiple do physical therapy practices sell for?
Roughly 4x-7x EBITDA for established, multi-therapist clinics; smaller owner-operated clinics are usually valued on SDE at about 2.5x-4.5x.
Is private equity buying physical therapy practices?
Yes. PE-backed platforms are actively rolling up outpatient PT clinics, favoring diversified referral sources, a strong payer mix, and low owner dependence.
Thinking about selling?
DealSeam introduces owners to qualified, funded buyers off-market — confidentially, and at no cost to sellers. Start with a private conversation.