Physical therapy practices in Illinois are being actively acquired by both individual therapist buyers and large PT chains (Athletico, ATI, Select Medical). Understanding which type of buyer is best for your practice — and what each demands in the sale process — is the first decision in any PT practice sale.
Individual vs. Corporate Buyer
Corporate PT chains pay well and close efficiently, but require the selling therapist to remain employed for 1–3 years and integrate fully into the corporate system. Individual buyer transactions are often less expensive at headline price but provide more flexibility, preserve practice culture, and allow a cleaner eventual departure. Both paths are valid — the right choice depends on your goals, timeline, and financial needs.
Payer Credentialing
Every payer your practice accepts — Blue Cross, Aetna, Medicare, workers' comp — must be transferred or re-credentialed under the new ownership entity. This process takes 60–120 days per payer, can be done in parallel with the sale process, but must be started early. Billing gaps during a credentialing transition create cash flow problems for the incoming owner and can strain the relationship.
Physician referral source relationships — orthopedic surgeons, primary care providers, occupational health physicians — are the practice's most valuable intangible assets. The selling therapist's introduction of the buyer to these referral sources during transition is one of the most important transition responsibilities and should be addressed explicitly in the purchase agreement.