Pattern: Physical therapy continues to exhibit the highest add-on velocity acceleration of any tracked healthcare sub-vertical, with 47 acquisitions logged in the trailing twelve months — an 18-deal increase year-over-year. Revelstoke and Shore Capital account for 53% of activity, with a pronounced Southeast and Midwest concentration suggesting geographic whitespace in Mountain West and Pacific Northwest markets.

Stall Risk Signal: Platforms with 5–10 locations represent the highest concentration of infrastructure gap flags. 62% of operators in this cohort lack standardized KPI reporting; 44% have no RCM tooling. This creates a predictable integration drag at the 7–9 location threshold that manifests as EBITDA margin compression of 200–350bps post-acquisition.