It’s been a quiet year for the rehabilitation sector in terms of healthcare M&A, most likely due to the social distancing safety measures implemented because of COVID-19 and the new reimbursement model put in place on October 1, 2019. But last week, Physical Rehabilitation Network, LLC announced a new transaction in California. PRN, a portfolio company of Silver Oak Services Partners, added Morgan Hill Physical Therapy, Inc., a Northern California-based outpatient rehabilitative care group that provides physical and occupational therapy, functional integrative therapy, work injury rehabilitation and sports medicine and complimentary injury consultations. With the addition of Morgan Hill, Physical Rehabilitation Network’s clinic count in California extends to 41 and national footprint to 135, making it one of the largest rehabilitation networks. This is also Physical Rehabilitation Network’s second clinic in Morgan Hill.
Founded in 1991, Physical Rehabilitation Network is a physical therapy care provider and comprehensive practice management organization providing non-clinical, administrative support services to physical therapists across 11 states in the western and central portions of the U.S. Headquartered in Carlsbad, California, the company currently supports 135 locations and over 20 brands including its affiliated clinic network in Southern California.
Since 2017, Physical Rehabilitation Network and Silver Oak Services Partners have been busy expanding through M&A, according to search results in HealthCare Deal Database. In 2019, the pair announced one deal, adding Rio Rancho Physical Therapy in Albuquerque, New Mexico, giving the company a total of six clinics in the state. Back in 2018, Physical Rehabilitation Network and Silver Oak announced two deals, Highline Physical Therapy in South Seattle, Washington and Elevate Physical Therapy, giving the company six more clinics between the two deals.