<SEC-DOCUMENT>0001157523-13-000081.txt : 20130108
<SEC-HEADER>0001157523-13-000081.hdr.sgml : 20130108
<ACCEPTANCE-DATETIME>20130108164645
ACCESSION NUMBER:		0001157523-13-000081
CONFORMED SUBMISSION TYPE:	8-K
PUBLIC DOCUMENT COUNT:		2
CONFORMED PERIOD OF REPORT:	20130108
ITEM INFORMATION:		Regulation FD Disclosure
ITEM INFORMATION:		Financial Statements and Exhibits
FILED AS OF DATE:		20130108
DATE AS OF CHANGE:		20130108

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			U S PHYSICAL THERAPY INC /NV
		CENTRAL INDEX KEY:			0000885978
		STANDARD INDUSTRIAL CLASSIFICATION:	SERVICES-HEALTH SERVICES [8000]
		IRS NUMBER:				760364866
		STATE OF INCORPORATION:			NV
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		8-K
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	001-11151
		FILM NUMBER:		13518712

	BUSINESS ADDRESS:	
		STREET 1:		1300 WEST SAM HOUSTON PARKWAY
		STREET 2:		SUITE 300
		CITY:			HOUSTON
		STATE:			TX
		ZIP:			77043
		BUSINESS PHONE:		7132977000

	MAIL ADDRESS:	
		STREET 1:		1300 WEST SAM HOUSTON PARKWAY
		STREET 2:		SUITE 300
		CITY:			HOUSTON
		STATE:			TX
		ZIP:			77043
</SEC-HEADER>
<DOCUMENT>
<TYPE>8-K
<SEQUENCE>1
<FILENAME>a50525792.htm
<DESCRIPTION>U.S. PHYSICAL THERAPY, INC. 8-K
<TEXT>
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      <font style="font-family: Times New Roman; font-size: 12pt"><b>UNITED
      STATES</b></font><font style="font-size: 14pt"><br style="font-size: 14pt"></font><font style="font-family: Times New Roman; font-size: 14pt"><b>SECURITIES
      AND EXCHANGE COMMISSION</b></font><font style="font-size: 14pt"><br style="font-size: 14pt"></font><font style="font-family: Times New Roman; font-size: 14pt"><b>WASHINGTON,
      DC 20549</b></font><br><br><font style="font-family: Times New Roman; font-size: 14pt"><b>FORM
      8-K</b></font><br><br><font style="font-family: Times New Roman; font-size: 12pt"><b>CURRENT
      REPORT</b></font><font style="font-size: 12pt"><br style="font-size: 12pt"></font><font style="font-size: 12pt"><b>Pursuant
      to Section 13 or 15(d) of the</b></font><font style="font-size: 12pt"><br style="font-size: 12pt"></font><font style="font-family: Times New Roman; font-size: 12pt"><b>Securities
      Exchange Act of 1934</b></font><font style="font-size: 12pt"><br style="font-size: 12pt"></font><br><font style="font-family: Times New Roman; font-size: 12pt">Date
      of Report (Date of earliest event reported) January 8, 2013 </font><br><br><font style="font-family: Times New Roman; font-size: 14pt"><b>U.S.
      PHYSICAL&#160;THERAPY, INC.</b></font><br><font style="font-family: Times New Roman; font-size: 12pt">(Exact
      name of registrant as specified in its charter)</font><br><br>
    </p>
    <div style="text-align:center">
    <table cellspacing="0" style="font-size: 10pt; margin-left:auto;margin-right:auto; width: 100%; font-family: Times New Roman; margin-bottom: 10.0px">
      <tr>
        <td style="text-align: center; width: 33%; padding-left: 0.0px" valign="bottom">
          <p style="margin-top: 0px; margin-bottom: 0px">
            <u><b>Nevada</b></u>
          </p>
        </td>
        <td style="text-align: center; width: 34%; padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          <p style="margin-top: 0px; margin-bottom: 0px">
            <u><b>1-11151</b></u>
          </p>
        </td>
        <td style="text-align: center; width: 33%; padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          <p style="margin-top: 0px; margin-bottom: 0px">
            <u><b>76-0364866</b></u>
          </p>
        </td>
      </tr>
      <tr>
        <td style="text-align: center; width: 33%; padding-left: 0.0px" valign="bottom">
          <p style="margin-top: 0px; margin-bottom: 0px">
            (State or other jurisdiction of
          </p>
          <p style="margin-top: 0px; margin-bottom: 0px">
            incorporation or organization)
          </p>
        </td>
        <td style="text-align: center; width: 34%; padding-left: 0.0px" valign="top">
          <p style="margin-top: 0px; margin-bottom: 0px">
            (Commission File
          </p>
          <p style="margin-top: 0px; margin-bottom: 0px">
            Number)
          </p>
        </td>
        <td style="text-align: center; width: 33%; padding-left: 0.0px" valign="top">
          <p style="margin-top: 0px; margin-bottom: 0px">
            (I.R.S. Employer
          </p>
          <p style="margin-top: 0px; margin-bottom: 0px">
            Identification No.)
          </p>
        </td>
      </tr>
    </table>
    </div>
    <p>
      <br>

    </p>
<div style="text-align:left">
    <table cellspacing="0" style="font-size: 10pt; width: 100%; font-family: Times New Roman; margin-bottom: 10.0px">
      <tr>
        <td style="text-align: center; width: 67%; padding-left: 0.0px" valign="bottom">
          <p style="margin-top: 0px; margin-bottom: 0px">
            <u><b>1300 West Sam Houston Parkway South, Suite 300, Houston,
            Texas</b></u>
          </p>
        </td>
        <td style="text-align: center; width: 33%; padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          <p style="margin-top: 0px; margin-bottom: 0px">
            <u><b>77042</b></u>
          </p>
        </td>
      </tr>
      <tr>
        <td style="text-align: center; width: 67%; padding-left: 0.0px" valign="bottom">
          <p style="margin-top: 0px; margin-bottom: 0px">
            <font style="font-family: Times New Roman; font-size: 10pt">(Address
            of Principal Executive Offices)</font>
          </p>
        </td>
        <td style="text-align: center; width: 33%; padding-left: 0.0px" valign="bottom">
          <font style="font-family: Times New Roman; font-size: 10pt">(Zip
          Code)</font>
        </td>
      </tr>
    </table>
    </div>
    <p style="text-align: center">
      <br>
      <font style="font-family: Times New Roman; font-size: 10pt">Registrant&#8217;s
      telephone number, including area code: </font><font style="font-family: Times New Roman; font-size: 10pt"><b>(713)
      297-7000</b></font><font style="font-family: Times New Roman; font-size: 10pt"><br style="font-size: 10pt; font-family: Times New Roman"></font><font style="font-family: Times New Roman; font-size: 10pt"><br style="font-size: 10pt; font-family: Times New Roman"></font><font style="font-family: Times New Roman; font-size: 10pt"><br style="font-size: 10pt; font-family: Times New Roman"></font>
    </p>
    <p>
      <font style="font-family: Times New Roman; font-size: 10pt">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 (</font><u><font style="font-family: Times New Roman; font-size: 10pt">see</font></u><font style="font-family: Times New Roman; font-size: 10pt">
      General Instruction A.2. below):</font>
    </p>
    <p>
      <font style="font-family: Arial Unicode MS; font-size: 10pt">&#8414;</font><font style="font-family: Times New Roman; font-size: 10pt">
      Written communications pursuant to Rule 425 under the Securities Act (17
      CFR 230.425)</font>
    </p>
    <p>
      <font style="font-family: Arial Unicode MS; font-size: 10pt">&#8414;</font><font style="font-family: Times New Roman; font-size: 10pt">
      Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17
      CFR 240.14a-12)</font>
    </p>
    <p>
      <font style="font-family: Arial Unicode MS; font-size: 10pt">&#8414;</font><font style="font-family: Times New Roman; font-size: 10pt">
      Pre-commencement communications pursuant to Rule 14d-2(b) under the
      Exchange Act (17 CFR 240.14d-2(b))</font>
    </p>
    <p>
      <font style="font-family: Arial Unicode MS; font-size: 10pt">&#8414;</font><font style="font-family: Times New Roman; font-size: 10pt">
      Pre-commencement communications pursuant to Rule 13e-4(c) under the
      Exchange Act (17 CFR 240.13e-4(c))</font>
    </p>
    <div style="margin-right: 0pt; width: 100%; text-indent: 0pt; margin-left: 0pt; margin-bottom: 10pt">
      <div>
        <div style="text-align: left">

        </div>
      </div>
      <div style="page-break-after: always">
        <div style="text-align: center">

        </div>
        <div style="text-align: center">
          <hr style="height: 1.5pt; color: black">

        </div>
      </div>
      <div>
        <div style="text-align: right">

        </div>
      </div>
    </div>
    <p style="text-align: justify">
      <b>Item 7.01 Regulation FD Disclosure.</b>
    </p>
    <p>

    </p>
    <p style="text-align: justify; text-indent: 30.0px">
      Attached as Exhibit 99.1 and furnished for purposes of Regulation FD is
      the press release issued by U. S. Physical Therapy, Inc. (the &#8220;Company&#8221;)
      on January 8, 2013 announcing that included in the American Taxpayer
      Relief Act of 2012 signed into law last week are provisions which will
      reduce reimbursement for physical therapy services provided to Medicare
      patients.&#160;&#160;The estimated net income impact to the Company from the rate
      reduction is $1.6 million to $2.1 million or $.13 to $.18 in diluted
      earnings per share in 2013.
    </p>
    <p style="text-align: justify; text-indent: 30.0px">
      Pursuant to the rules of the Securities and Exchange Commission, the
      information contained in this report shall not be deemed to be &#8220;filed&#8221;
      for the purposes of Section 18 of the Securities Exchange Act of 1934,
      as amended, and will not be incorporated by reference into any filings
      by the Company under such Act or the Securities Act of 1933, as
      amended.&#160;&#160;&#160;&#160;&#160;&#160;
    </p>
    <p>

    </p>
    <p style="white-space: nowrap">
      <b>Item 9.01&#160;&#160;&#160;Financial Statements and Exhibits</b>
    </p>
    <p>

    </p>
    <p style="white-space: nowrap">
      <u><b>Exhibits </b></u><b>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<u>Description
      of Exhibits</u></b><br><br>99.1&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;Registrant's
      press release dated January 8, 2013.*
    </p>
    <p style="text-align: left; margin-left: 120.0px; white-space: nowrap">

    </p>
    <p>
      *Furnished herewith.<br><br><br>
    </p>
    <p style="text-align: center">
      <font style="font-family: Times New Roman; font-size: 10pt"><b>SIGNATURE</b></font><br>
    </p>
    <p>
      <font style="font-family: Times New Roman; font-size: 10pt">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.</font>
    </p>
    <p>
      <br>

    </p>
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        </td>
        <td style="width: 45%">

        </td>
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          <p style="margin-top: 0px; margin-bottom: 0px">
            <b>U.S. PHYSICAL THERAPY, INC.</b>
          </p>
        </td>
        <td style="width: 10%">

        </td>
      </tr>
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        <td style="width: 5%">

        </td>
        <td style="width: 45%">

        </td>
        <td style="width: 40%">

        </td>
        <td style="width: 10%">
          &#160;
        </td>
      </tr>
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        <td style="width: 5%">

        </td>
        <td style="width: 45%">

        </td>
        <td style="width: 40%">

        </td>
        <td style="width: 10%">
          &#160;
        </td>
      </tr>
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        <td style="text-align: left; width: 5%; padding-left: 0.0px" valign="top">
          <p style="margin-top: 0px; margin-bottom: 0px">
            Dated:
          </p>
        </td>
        <td style="text-align: left; width: 45%; padding-left: 0.0px" valign="top">
          January 8, 2013
        </td>
        <td style="text-align: center; width: 40%; padding-left: 0.0px" valign="top">
          <p style="margin-top: 0px; margin-bottom: 0px">
            By: <u>&#160;&#160;&#160;/s/ LAWRANCE W. MCAFEE</u>
          </p>
        </td>
        <td style="width: 10%">

        </td>
      </tr>
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        <td style="width: 5%">

        </td>
        <td style="width: 45%">

        </td>
        <td style="text-align: center; width: 40%; padding-left: 0.0px" valign="top">
          <p style="margin-top: 0px; margin-bottom: 0px">
            Lawrance W. McAfee
          </p>
        </td>
        <td style="width: 10%">

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        </td>
        <td style="width: 45%">

        </td>
        <td style="text-align: center; width: 40%; padding-left: 0.0px" valign="top">
          <p style="margin-top: 0px; margin-bottom: 0px">
            Chief Financial Officer
          </p>
        </td>
        <td style="width: 10%">

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        <td style="width: 45%">

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          <p style="margin-top: 0px; margin-bottom: 0px">
            &#160;(duly authorized officer and principal financial
          </p>
        </td>
        <td style="width: 10%">

        </td>
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        <td style="width: 5%">

        </td>
        <td style="width: 45%">

        </td>
        <td style="text-align: center; width: 40%; padding-left: 0.0px" valign="top">
          <p style="margin-top: 0px; margin-bottom: 0px">
            and accounting officer)
          </p>
        </td>
        <td style="width: 10%">

        </td>
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    </table>
    </div>
    <p>

    </p>
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<DOCUMENT>
<TYPE>EX-99.1
<SEQUENCE>2
<FILENAME>a50525792ex99_1.htm
<DESCRIPTION>EXHIBIT 99.1
<TEXT>
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    <p style="text-align: right">
      <b>Exhibit 99.1</b>
    </p>
    <p style="text-align: center">
      <font style="font-family: Times New Roman; font-size: 12pt"><b>Medicare
      Reimbursement Reduction for Physical Therapy Services</b></font>
    </p>
    <p>
      HOUSTON--(BUSINESS WIRE)--January 8, 2013--U.S. Physical Therapy, Inc.
      (NYSE: USPH), a national operator of outpatient physical therapy
      clinics, announced that the American Taxpayer Relief Act of 2012 signed
      into law last week includes provisions which will reduce reimbursement
      for physical therapy services provided to Medicare patients.
    </p>
    <p>
      In 2011, Centers for Medicare &amp; Medicaid Services (&#8220;CMS&#8221;) adopted a
      multiple procedure payment reduction (&#8220;MPPR&#8221;) for therapy services.
      Under MPPR, the Medicare program pays 100% of the practice expense
      component of the Relative Value Unit (&#8220;RVU&#8221;) for the therapy procedure
      with the highest RVU and then reduces the payment for the practice
      expense component of the RVU for additional procedures. In 2011 and 2012
      the reduction applicable for subsequent procedures provided in
      outpatient physical therapy clinics was either 20% or 25% depending upon
      the clinic&#8217;s Medicare certification. The new law increases the MPPR
      reduction for subsequent procedures to 50% effective April 1, 2013.
    </p>
    <p>
      In 2012, Medicare patients accounted for approximately 23% of U.S.
      Physical Therapy&#8217;s total physical therapy patient revenue. The Company&#8217;s
      management estimates that the impact to the Company&#8217;s average net
      reimbursement for Medicare patients will range from approximately $8.00
      to $10.00 per Medicare patient visit. The effect to the Company&#8217;s
      overall average net rate per visit, including all Medicare and non
      Medicare patients, is estimated to be a $1.84 to $2.30 per visit
      reduction. U.S. Physical Therapy reported an overall average net rate
      per visit, including Medicare and non Medicare patients, of $105.31 for
      the first nine months of 2012. The estimated net income impact to the
      Company from the rate reduction is $1.6 million to $2.1 million or $.13
      to $.18 in diluted earnings per share in 2013.
    </p>
    <div style="margin-right: 0pt; width: 100%; margin-left: 0pt; text-indent: 0pt; margin-bottom: 10pt">
      <div>
        <div style="text-align: left">

        </div>
      </div>
      <div style="page-break-after: always">
        <div style="text-align: center">

        </div>
        <div style="text-align: center">
          <hr style="height: 1.5pt; color: black">

        </div>
      </div>
      <div>
        <div style="text-align: right">

        </div>
      </div>
    </div>
    <p>
      Chris Reading, Chief Executive Officer, said, &#8220;Our team is working
      real-time on a number of initiatives in order to mitigate the impact of
      this unfortunate Medicare reimbursement reduction. This is a significant
      challenge but one that I am confident that&#160;we can ultimately overcome.
      The impact of this change will be felt across the outpatient
      rehabilitation industry and will be especially difficult for less
      well-resourced providers.&#8221;
    </p>
    <p>
      <u><b>About U.S. Physical Therapy, Inc.</b></u>
    </p>
    <p>
      Founded in 1990, U.S. Physical Therapy, Inc. operates 431 clinics in 43
      states. The Company's clinics provide preventative and post-operative
      care for a variety of orthopedic-related disorders and sports-related
      injuries, non-surgical treatment of osteoarthritis, treatment for
      neurologically-related injuries and rehabilitation of injured workers.
      In addition to owning and operating clinics, the Company manages 15
      physical therapy facilities for third parties, including hospitals and
      physician groups.
    </p>
    <p>
      More information about U.S. Physical Therapy, Inc. is available at <u>www.usph.com</u>.
      The information included on that website is not incorporated into this
      press release.
    </p>
    <p>

    </p>
    <p>
      CONTACT:<br>U.S. Physical Therapy, Inc.<br>Larry McAfee, (713) 297-7000<br>Chief
      Financial Officer<br>or<br>Chris Reading, (713) 297-7000<br>Chief
      Executive Officer<br>or<br>The Ruth Group<br>Stephanie Carrington, (646)
      536-7017<br>or<br>Amy Glynn, (646) 536-7023
    </p>
    <p>

    </p>
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