MedRisk

MedRisk functions as a managed-care intermediary specializing in physical medicine — physical therapy, occupational therapy, and chiropractic care — for workers' compensation claimants. It does not treat patients directly. Instead, insurers and third-party administrators refer injured workers to MedRisk, which steers them to a credentialed network of roughly 30,000 independent providers, conducts peer-to-peer clinical oversight, and handles billing. The company earns revenue by contracting with payers on a per-claim or per-episode basis and paying providers at negotiated rates.

MedRisk generates revenue by contracting with workers' compensation payers — primarily insurance carriers and self-insured employers — to manage physical-medicine spend. Because the company captures a margin between payer fees and provider reimbursements, scale and claims-volume growth drive EBITDA. The value-creation thesis under each PE sponsor has centered on expanding the provider network, investing in outcomes-analytics technology, and pursuing add-on acquisitions in adjacent workers' comp services.