CORA Health Services, Inc.

Investment Status:

CORA Health Services, Inc. (CORA) is a leading outpatient rehabilitation company that uses proven clinical practices and cost-effective treatment protocols to return patients to their jobs and lifestyles as soon as possible. The clinics offer a complete range of treatment, including outpatient physical therapy and general rehabilitation, worker’s compensation therapy, sports and auto injury rehabilitation, and rehabilitation for seniors.

At the time of our investment, the $40 billion physical therapy sector was growing rapidly, highly fragmented, and offered attractive opportunities for consolidation. CORA was particularly appealing given that it was among the top three providers in its two largest states based on market share. The company also featured a differentiated value-based care capability and multiple proven growth levers, including organic same store growth, de novos, add-on acquisitions, and geographic expansion. Gryphon’s past industry experience and relationships resulted in management selecting Gryphon as its first institutional capital.

Key Initiatives

  • Aggressive expansion plan through a combination of new de novo locations and strategic add-on acquisitions.
  • Creation of a dedicated integration team to ensure all acquisitions increased capacity post close and delivered consistent results.
  • Improved referral marketing, expanded clinic hours, reduced patient and staff visit cancellations, and enhanced payor relationships to drive above-industry organic growth.
  • Implementation of the “CORA University” executive coaching program to provide key senior and mid-level leaders with professional development support.


  • More than doubled clinic count, expanding CORA’s footprint into new states, including into the Midwest U.S. region, through the opening of more than 40 new locations and the completion of 25 strategic add-on acquisitions.
  • Same clinic sales also grew 10% each year (prior to COVID).
  • A true partnership between Gryphon and the management team during the COVID outbreak allowed CORA to resume growth rapidly post-COVID.