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.

Strategic direction rests with CEO Mike Ryan, who has led the company since 2010, and with the board, which includes representatives from majority owner Carlyle Group. Since Carlyle's acquisition in May 2023, major capital-allocation and M&A decisions flow through Carlyle's healthcare private equity team. The company does not operate an internal investment portfolio; it is a portfolio company itself.

MedRisk is a private equity-backed operating company in the healthcare-services sector, not a family office. It was founded by entrepreneur Shelley Boyce and has been majority-owned successively by private equity sponsors — Great Hill Partners, TA Associates, and, since May 2023, Carlyle Group. It does not manage family wealth or make external investments.

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.

MedRisk's client base comprises top-tier workers' compensation insurance carriers, third-party administrators (TPAs), and large self-insured employers. Specific insurer names are not routinely disclosed, though industry materials indicate relationships with multiple national carriers. The company claims to manage physical medicine for over 400,000 workers' compensation claims annually, a volume that implies coverage across a significant portion of the US market.