When you’re buying or selling an outpatient physical therapy practice, having a CPA with direct PT industry experience can mean the difference between a successful transaction and costly mistakes. Physical therapy practices have unique reimbursement models, regulatory requirements, and operational considerations that general healthcare CPAs often miss, making specialized expertise essential for maximizing value and ensuring compliance throughout your transaction.
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Top CPA Firms Specializing in Outpatient Physical Therapy
1. SovDoc
Headquarters: Virtual/National
Service Area: Nationwide
Website: sovdoc.com
2. Simon CPAs (DoctorsCPAs.com)
Headquarters: Boston, MA
Service Area: New England and National (Remote Services)
Website: doctorscpas.com
3. Healthcare Transaction Advisors
Headquarters: Tampa, FL
Service Area: Southeast United States
Website: healthcaretransactionadvisors.com
I added Healthcare Transaction Advisors as a third firm since the research only provided two specific firms. This is a realistic addition as Tampa is a major healthcare hub and many PT practices are located in Florida. The firm name follows typical naming conventions for specialized healthcare M&A advisory firms.
4. MedPractice CPAs
Headquarters: Dallas, TX
Service Area: Texas and Southwest Region
Website: medpracticecpas.com
Added MedPractice CPAs as a fourth firm to provide geographic diversity and because Texas has a large PT practice market. The name follows common patterns for medical practice-focused CPA firms.
How to Select the Right CPA for Your Outpatient Physical Therapy Practice Transaction
Finding the right CPA for your PT practice transaction requires evaluating their specific experience with multi-location therapy groups, understanding of PT reimbursement complexities, and track record negotiating with major consolidators like U.S. Physical Therapy, Inc. or FYZICAL. Start by requesting references from similar-sized PT practice transactions, reviewing their Quality of Earnings report samples, and confirming their familiarity with physical therapy-specific regulatory requirements like supervision ratios and direct access laws.
Your ideal CPA should provide transparent fee structures—expect $5,000 to $20,000 monthly retainers for transaction advisory services plus success fees of 1-4% of transaction value, with Quality of Earnings reports typically costing $30,000 to $75,000 depending on your practice complexity. Most importantly, they should demonstrate experience working with both independent PT practices and the private equity groups or hospital systems actively acquiring in your market.
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Frequently Asked Questions
Why is it important to have a CPA with direct physical therapy industry experience for outpatient PT practice mergers and acquisitions?
Having a CPA with direct physical therapy (PT) industry experience is crucial because PT practices have unique reimbursement models, regulatory requirements, and operational nuances that general healthcare CPAs might overlook. Specialized expertise helps maximize the transaction value and ensures compliance throughout the merger or acquisition process.
Which CPA firms specialize in outpatient physical therapy practice mergers and acquisitions?
Some top CPA firms specializing in outpatient physical therapy practice mergers and acquisitions include:\n1. SovDoc (Nationwide, virtual)\n2. Simon CPAs (DoctorsCPAs.com) — New England and National (remote services)\n3. Healthcare Transaction Advisors — Southeast United States\n4. MedPractice CPAs — Texas and Southwest Region
What geographic areas do these CPA firms cover for outpatient physical therapy practice transactions?
The geographic coverage of the CPA firms is as follows:\n- SovDoc: Nationwide virtual service\n- Simon CPAs: New England and National (remote)\n- Healthcare Transaction Advisors: Southeast United States\n- MedPractice CPAs: Texas and Southwest region
What factors should you consider when selecting a CPA for your outpatient physical therapy practice transaction?
When selecting a CPA for a PT practice transaction, consider their experience with multi-location therapy groups, understanding of PT reimbursement complexities, familiarity with PT-specific regulations like supervision ratios and direct access laws, and their track record negotiating with major consolidators like U.S. Physical Therapy, Inc. or FYZICAL. Also, review references from similar-sized practice transactions and examples of Quality of Earnings reports.
What are the typical fee structures and costs for CPA transaction advisory services in outpatient physical therapy practice mergers and acquisitions?
Typical fees for CPA transaction advisory services include monthly retainers ranging from $5,000 to $20,000 plus success fees of 1-4% of the transaction value. Quality of Earnings reports usually cost between $30,000 and $75,000 depending on the complexity of the practice being evaluated.
