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Therapy Clinic Firm Builds Profit Growth.(A)(IBD CORPORATE LEADERS)
Byline: Gloria Lau
Most companies aspire to churn out strong profits. It's not an easy goal for anyone. But it's a little harder for those in industries that require high upfront capital investments.
Take U.S. Physical Therapy of Houston, Texas. It operates 150 outpatient physical therapy clinics in 30 states. Unlike many of its rivals, it prefers to build, rather than buy.
"We can control the fixed costs when we build," said Chairman and Chief Executive Roy Spradlin. "When you acquire, there's no telling what type of leasing or maintenance agreements they've previously made. It becomes very difficult to push down fixed costs."
Staying cost-conscious is how U.S. Physical Therapy keeps up earnings. If you assume that most physical therapy clinics generate roughly the same revenue per patient, you can turn a profit sooner if you started with a lower capital investment, says Chief Financial Officer Mike Mullin.
"We can make the same margins, but we invest less up front," Mullin said. "This way we get profitable within three to four months."
The strategy works for the ...
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