Concentra Group Holdings Parent (CON) 10-Q6 Nov 242024 Q3 Quarterly reportFinancial data

Company Profile

Cover

Cover - shares	9 Months Ended
Cover - shares	Sep. 30, 2024	Oct. 31, 2024
Cover [Abstract]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Sep. 30, 2024
Document Transition Report	false
Entity File Number	001-42188
Entity Registrant Name	CONCENTRA GROUP HOLDINGS PARENT, INC.
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	30-1006613
Entity Address, Address Line One	4714 Gettysburg Road
Entity Address, Address Line Two	P.O. Box 2034
Entity Address, City or Town	Mechanicsburg
Entity Address, State or Province	PA
Entity Address, Postal Zip Code	17055
City Area Code	717
Local Phone Number	972-1100
Title of 12(b) Security	Common Stock, par value $0.01 per share
Trading Symbol	CON
Security Exchange Name	NYSE
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Non-accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		127,343,503
Entity Central Index Key	0002014596
Amendment Flag	false
Current Fiscal Year End Date	--12-31
Document Fiscal Year Focus	2024
Document Fiscal Period Focus	Q3

Condensed Consolidated Balance

Condensed Consolidated Balance Sheets (unaudited) - USD ($) $ in Thousands	Sep. 30, 2024	Dec. 31, 2023
Current Assets:
Cash	$ 136,822	$ 31,374
Accounts receivable	232,202	216,194
Prepaid income taxes	10,139	7,979
Other current assets	30,794	38,871
Total Current Assets	409,957	294,418
Operating lease right-of-use assets	430,133	397,852
Property and equipment, net	191,099	178,370
Goodwill	1,234,707	1,229,745
Customer relationships	101,812	117,259
Other identifiable intangible assets, net	107,359	107,510
Other assets	5,975	8,406
Total Assets	2,481,042	2,333,560
Current Liabilities:
Current operating lease liabilities	74,411	72,946
Current portion of long-term debt and notes payable	9,737	1,455
Accrued and other liabilities	156,590	176,466
Total Current Liabilities	269,521	274,634
Non-current operating lease liabilities	391,037	357,310
Long-term debt, net of current portion	1,472,610	3,291
Non-current deferred tax liability	22,454	23,364
Other non-current liabilities	24,188	27,522
Total Liabilities	2,179,810	1,156,121
Commitments and contingencies (Note 12)
Redeemable non-controlling interests	18,122	16,477
Members’ contributed capital	0	470,303
Common stock, $0.01 par value, 700,000,000 shares authorized, 127,343,503 shares issued and outstanding at September 30, 2024	1,273	0
Capital in excess of par	276,507	0
Retained earnings	0	685,293
Total Stockholders' Equity	277,780
Total Members' Equity		1,155,596
Non-controlling interests	5,330	5,366
Total Equity	283,110	1,160,962
Total Liabilities and Equity	2,481,042	2,333,560
Nonrelated Party
Current Liabilities:
Accounts payable and Due to related party	21,030	20,413
Related Party
Current Liabilities:
Accounts payable and Due to related party	7,753	3,354
Long-term debt with related party	$ 0	$ 470,000

Condensed Consolidated Balanc_2

Condensed Consolidated Balance Sheets (unaudited) (Parenthetical)	Sep. 30, 2024 $ / shares shares
Statement of Financial Position [Abstract]
Common stock, par value (in dollars per share) \| $ / shares	$ 0.01
Common stock, shares authorized (in shares)	700,000,000
Common stock, shares issued (in shares)	127,343,503
Common stock, shares outstanding (in shares)	127,343,503

Condensed Consolidated Statemen

Condensed Consolidated Statements of Operations (unaudited) - USD ($) $ in Thousands		3 Months Ended		9 Months Ended
		Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Revenue		$ 489,638	$ 473,964	$ 1,435,151	$ 1,397,341
Costs and expenses:
Cost of services, exclusive of depreciation and amortization		351,103	336,812	1,027,366	994,726
General and administrative, exclusive of depreciation and amortization	[1]	37,088	38,245	110,825	109,898
Depreciation and amortization		15,213	17,959	51,568	54,552
Total costs and expenses		403,404	393,016	1,189,759	1,159,176
Other operating income		0	0	284	151
Income from operations		86,234	80,948	245,676	238,316
Other income and expense:
Equity in losses of unconsolidated subsidiaries		0	0	(3,676)	(526)
Interest expense		(21,369)	(64)	(21,275)	(108)
Income before income taxes		62,174	69,629	198,745	203,851
Income tax expense		16,415	15,205	49,648	47,964
Net income		45,759	54,424	149,097	155,887
Less: Net income attributable to non-controlling interests		1,421	1,318	4,066	3,775
Net income attributable to the Company		$ 44,338	$ 53,106	$ 145,031	$ 152,112
Earnings per common share (Note 10):
Basic (in dollars per share)		$ 0.37	$ 0.51	$ 1.32	$ 1.46
Diluted (in dollars per share)		$ 0.37	$ 0.51	$ 1.32	$ 1.46
Related Party
Other income and expense:
Interest expense on related party debt		$ (2,691)	$ (11,255)	$ (21,980)	$ (33,831)

[1]Includes the shared service fee from related party of $3.8 million and $3.6 million for the three months ended September 30, 2024 and 2023, respectively, and $11.5 million and $11.0 million for the nine months ended September 30, 2024 and 2023, respectively. See Note 11, Related Party Transactions

Condensed Consolidated Statem_2

Condensed Consolidated Statements of Operations (unaudited) (Parenthetical) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Related Party
Shared service fee from related party	$ 3.8	$ 3.6	$ 11.5	$ 11

Condensed Consolidated Statem_3

Condensed Consolidated Statements of Changes in Stockholders’/Members’ Equity (unaudited) - USD ($) $ in Thousands	Total	Class A Units Voting	Class B Units Non-Voting	Class C Units Non-Voting	Member Units	Members’ Contributed Capital	Total Stockholders’ Equity	Common Stock	Capital in excess of par	Retained Earnings	Non-controlling Interests
Members' unit, beginning balance (in shares) at Dec. 31, 2022		435,000,000	8,498,000	2,770,000
Members' unit, beginning balance at Dec. 31, 2022	$ 979,343				$ 973,317	$ 464,725				$ 508,592	$ 6,026
Increase (Decrease) in Partners' Capital [Roll Forward]
Net income attributable to the Company	46,264				46,264					46,264
Net income attributable to non-controlling interests	253				0						253
Vesting of restricted interests (in shares)				248,000
Vesting of restricted interests	178				178	178
Distributions to and purchases of non-controlling interests	(221)				0						(221)
Redemption value adjustment on non-controlling interests	(435)				(435)					(435)
Members' unit, ending balance (in shares) at Mar. 31, 2023		435,000,000	8,498,000	3,018,000
Members' unit, ending balance at Mar. 31, 2023	1,028,179				1,022,121	467,700				554,421	6,058
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income attributable to the Company	46,264				46,264					46,264
Net income attributable to non-controlling interests	253				0						253
Contribution from Parent	2,797				2,797	2,797
Distributions to and purchases of non-controlling interests	(221)				0						(221)
Redemption value adjustment on non-controlling interests	(435)				(435)					(435)
Members' unit, beginning balance (in shares) at Dec. 31, 2022		435,000,000	8,498,000	2,770,000
Members' unit, beginning balance at Dec. 31, 2022	979,343				973,317	464,725				508,592	6,026
Increase (Decrease) in Partners' Capital [Roll Forward]
Net income attributable to the Company	152,112
Members' unit, ending balance (in shares) at Sep. 30, 2023		435,000,000	8,498,000	3,583,000
Members' unit, ending balance at Sep. 30, 2023	1,130,514				1,125,018	467,613				657,405	5,496
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income attributable to the Company	152,112
Members' unit, beginning balance (in shares) at Mar. 31, 2023		435,000,000	8,498,000	3,018,000
Members' unit, beginning balance at Mar. 31, 2023	1,028,179				1,022,121	467,700				554,421	6,058
Increase (Decrease) in Partners' Capital [Roll Forward]
Net income attributable to the Company	52,742				52,742					52,742
Net income attributable to non-controlling interests	297				0						297
Distribution to Parent	(3,352)				(3,352)	(3,352)
Distributions to and purchases of non-controlling interests	(343)				0						(343)
Redemption value adjustment on non-controlling interests	(3)				(3)					(3)
Members' unit, ending balance (in shares) at Jun. 30, 2023		435,000,000	8,498,000	3,018,000
Members' unit, ending balance at Jun. 30, 2023	1,077,220				1,071,703	464,543				607,160	5,517
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income attributable to the Company	52,742				52,742					52,742
Net income attributable to non-controlling interests	297				0						297
Distribution to Parent	(3,352)				(3,352)	(3,352)
Repurchase of common shares	(300)				195	195					(495)
Distributions to and purchases of non-controlling interests	(343)				0						(343)
Redemption value adjustment on non-controlling interests	(3)				(3)					(3)
Net income attributable to the Company	53,106				53,106					53,106
Net income attributable to non-controlling interests	298				0						298
Exercise of stock options (in shares)				1,256,000
Exercise of stock options	3,340				3,340	3,340
Distributions to and purchases of non-controlling interests	(319)				0						(319)
Redemption value adjustment on non-controlling interests	(189)				(189)					(189)
Members' unit, ending balance (in shares) at Sep. 30, 2023		435,000,000	8,498,000	3,583,000
Members' unit, ending balance at Sep. 30, 2023	1,130,514				1,125,018	467,613				657,405	5,496
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income attributable to the Company	53,106				53,106					53,106
Net income attributable to non-controlling interests	298				0						298
Contribution from Parent	2,380				2,380	2,380
Repurchase of common shares (in shares)				(691,000)
Repurchase of common shares	(5,322)				(5,322)	(2,650)				(2,672)
Distributions to and purchases of non-controlling interests	(319)				0						(319)
Redemption value adjustment on non-controlling interests	(189)				$ (189)					(189)
Members' unit, beginning balance (in shares) at Dec. 31, 2023					447,081,000
Members' unit, beginning balance at Dec. 31, 2023	470,303					470,303
Increase (Decrease) in Partners' Capital [Roll Forward]
Net income attributable to the Company	48,956						$ 48,956			48,956
Net income attributable to non-controlling interests	270						0				270
Distribution to Parent	(6,891)					(6,891)	(6,891)
Distributions to and purchases of non-controlling interests	(369)						0				(369)
Conversion of LLC to Corporation and Impact of Reverse Stock Split (in shares)					(447,081,000)			104,094,000
Conversion of LLC to Corporation and Impact of Reverse Stock Split	0					(463,412)	0	$ 1,041	$ 462,371
Redemption value adjustment on non-controlling interests	(1,901)						(1,901)			(1,901)
Members' unit, ending balance (in shares) at Mar. 31, 2024					0
Members' unit, ending balance at Mar. 31, 2024						0
Beginning balance (in shares) at Dec. 31, 2023								0
Beginning balance at Dec. 31, 2023	1,160,962						1,155,596	$ 0	0	685,293	5,366
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income attributable to the Company	48,956						48,956			48,956
Net income attributable to non-controlling interests	270						0				270
Distribution to Parent	(6,891)					(6,891)	(6,891)
Distributions to and purchases of non-controlling interests	(369)						0				(369)
Redemption value adjustment on non-controlling interests	(1,901)						(1,901)			(1,901)
Conversion of LLC to Corporation and Impact of Reverse Stock Split (in shares)					(447,081,000)			104,094,000
Conversion of LLC to Corporation and Impact of Reverse Stock Split	0					(463,412)	0	$ 1,041	462,371
Ending balance (in shares) at Mar. 31, 2024								104,094,000
Ending balance at Mar. 31, 2024	1,201,027						1,195,760	$ 1,041	462,371	732,348	5,267
Members' unit, beginning balance (in shares) at Dec. 31, 2023					447,081,000
Members' unit, beginning balance at Dec. 31, 2023	470,303					470,303
Increase (Decrease) in Partners' Capital [Roll Forward]
Net income attributable to the Company	145,031
Members' unit, ending balance (in shares) at Sep. 30, 2024					0
Members' unit, ending balance at Sep. 30, 2024	0					0
Beginning balance (in shares) at Dec. 31, 2023								0
Beginning balance at Dec. 31, 2023	1,160,962						1,155,596	$ 0	0	685,293	5,366
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income attributable to the Company	$ 145,031
Ending balance (in shares) at Sep. 30, 2024	127,343,503							127,344,000
Ending balance at Sep. 30, 2024	$ 283,110						277,780	$ 1,273	276,507	0	5,330
Members' unit, beginning balance (in shares) at Mar. 31, 2024					0
Members' unit, beginning balance at Mar. 31, 2024						0
Increase (Decrease) in Partners' Capital [Roll Forward]
Net income attributable to the Company	51,737						51,737			51,737
Net income attributable to non-controlling interests	244						0				244
Distribution to Parent	(851)						(851)		(851)
Distributions to and purchases of non-controlling interests	(307)						0				(307)
Redemption value adjustment on non-controlling interests	132						132			132
Members' unit, ending balance (in shares) at Jun. 30, 2024					0
Members' unit, ending balance at Jun. 30, 2024						0
Beginning balance (in shares) at Mar. 31, 2024								104,094,000
Beginning balance at Mar. 31, 2024	1,201,027						1,195,760	$ 1,041	462,371	732,348	5,267
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income attributable to the Company	51,737						51,737			51,737
Net income attributable to non-controlling interests	244						0				244
Distribution to Parent	(851)						(851)		(851)
Distributions to and purchases of non-controlling interests	(307)						0				(307)
Redemption value adjustment on non-controlling interests	132						132			132
Ending balance (in shares) at Jun. 30, 2024								104,094,000
Ending balance at Jun. 30, 2024	1,251,982						1,246,778	$ 1,041	461,520	784,217	5,204
Increase (Decrease) in Partners' Capital [Roll Forward]
Net income attributable to the Company	44,338						44,338			44,338
Net income attributable to non-controlling interests	312						0				312
Distributions to and purchases of non-controlling interests	(186)						0				(186)
Redemption value adjustment on non-controlling interests	0
Members' unit, ending balance (in shares) at Sep. 30, 2024					0
Members' unit, ending balance at Sep. 30, 2024	0					$ 0
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income attributable to the Company	44,338						44,338			44,338
Net income attributable to non-controlling interests	312						0				312
Contribution from Parent	11,149						11,149		11,149
Distributions to and purchases of non-controlling interests	(186)						0				(186)
Redemption value adjustment on non-controlling interests	0
Initial Public Offering (in shares)								23,250,000
Initial Public Offering	511,198						511,198	$ 232	510,966
Dividend to Parent	$ (1,535,683)						(1,535,683)		(707,128)	(828,555)
Ending balance (in shares) at Sep. 30, 2024	127,343,503							127,344,000
Ending balance at Sep. 30, 2024	$ 283,110						$ 277,780	$ 1,273	$ 276,507	$ 0	$ 5,330

Condensed Consolidated Statem_4

Condensed Consolidated Statements of Cash Flows (unaudited) - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023
Operating activities
Net income	$ 149,097	$ 155,887
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization	51,568	54,552
Provision for expected credit losses	70	276
Equity in losses of unconsolidated subsidiaries	3,676	526
Loss on sale or disposal of assets	41	3
Stock compensation expense	500	178
Amortization of debt discount and issuance costs	750	0
Deferred income taxes	(1,159)	(6,579)
Changes in operating assets and liabilities, net of effects of business combinations:
Accounts receivable	(16,079)	(35,652)
Other current assets	12,500	(8,536)
Other assets	3,149	2,436
Accounts payable and accrued liabilities	(23,150)	(4,953)
Net cash provided by operating activities	180,963	158,138
Investing activities
Business combinations, net of cash acquired	(6,965)	(1,446)
Purchase of customer relationships	0	(4,382)
Purchases of property and equipment	(47,639)	(41,320)
Proceeds from sale of assets	25	23
Net cash used in investing activities	(54,579)	(47,125)
Financing activities
Proceeds from term loans, net of issuance costs	836,697	0
Proceeds from 6.875% senior notes, net of issuance costs	637,337	0
Borrowings of other debt	8,222	5,471
Principal payments on other debt	(7,888)	(5,782)
Exercise of stock options	0	3,340
Repurchase of common shares	0	(5,322)
Distributions to and purchases of non-controlling interests	(4,226)	(4,522)
Proceeds from Initial Public Offering	511,198	0
Dividend to Parent	(1,535,683)	0
Contributions from Parent	3,407	1,825
Net cash used in financing activities	(20,936)	(124,990)
Net increase (decrease) in cash	105,448	(13,977)
Cash at beginning of period	31,374	37,657
Cash at end of period	136,822	23,680
Supplemental information
Cash paid for interest	34,221	33,988
Cash paid for taxes	49,337	50,044
Related Party
Financing activities
Borrowings from related party revolving promissory note	10,000	0
Payments on related party revolving promissory note	$ (480,000)	$ (120,000)

Condensed Consolidated Statem_5

Condensed Consolidated Statements of Cash Flows (unaudited) (Parenthetical)	Sep. 30, 2024	Jul. 11, 2024
6.875% senior notes \| Senior notes
Interest rate of debt (as a percent)	6.875%	6.875%

Organization

Organization	9 Months Ended
Organization	Sep. 30, 2024
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Organization	Organization Concentra Group Holdings Parent, LLC (“Concentra Group Holdings Parent” or “Concentra”) was formed in October 2017 and converted to a Delaware corporation, Concentra Group Holdings Parent, Inc., on March 4, 2024. At the time of formation, Concentra Group Holdings Parent elected to be taxed as a corporation. The Company conducts substantially all of its business through Concentra Inc. and its subsidiaries. Concentra Group Holdings Parent and its subsidiaries are collectively referred to as the “Company.” The Company is the largest provider of occupational health services in the United States based on number of facilities. As of September 30, 2024, the Company operated 549 occupational health centers and 156 onsite health clinics at employer worksites in 42 states. The Company provides a diverse and comprehensive array of occupational health services, including workers’ compensation and employers services, and consumer health services. The Company currently operates as an operating segment of Select Medical Corporation (“Select” or the “Parent”). As of September 30, 2024, Select owns 81.74% of the outstanding common shares of the Company on a fully diluted basis. On January 3, 2024, Select announced its intention to separate the Company into a new, publicly traded company through a spin-off distribution in 2024. On February 27, 2024, Select received a private letter ruling from the U.S. Internal Revenue Service to the effect that the distribution of the Company’s common stock to Select and its stockholders will be tax-free for U.S. federal income tax purposes. On March 4, 2024, the member interests of the Company converted to common shares on a one-for-one basis. On June 24, 2024, the Company’s Board of Directors approved a reverse stock split at a ratio of one share of common stock for every 4.295 shares of common stock, which was effectuated on June 25, 2024. In accordance with ASC 260, Earnings Per Share , the recapitalization of the Company into a stock corporation and the reverse stock split have been retrospectively reflected in the Company’s earnings per unit calculation for all periods presented, see Note 10, Earning per Share . On July 26, 2024, the Company completed an initial public offering (“IPO”) of 22,500,000 shares of its common stock, par value $0.01 per share, at an initial public offering price of $23.50 per share for the net proceeds of $499.7 million after deducting underwriting discounts and commission of $29.1 million. In addition, the underwriters exercised the option to purchase an additional 750,000 shares of the Company’s common stock for net proceeds of $16.7 million after deducting underwriting discounts and commission of $1.0 million. See Note 6, Long-Term Debt and Notes Payable for information on the related debt transactions. The net proceeds of the IPO and the debt financing transactions, except for $34.7 million, were paid to Select through the issuance of a dividend, the repayment in full of the $420.0 million revolving promissory note outstanding, and the repayment in full of a new promissory note issued.

Accounting Policies

Accounting Policies	9 Months Ended
Accounting Policies	Sep. 30, 2024
Accounting Policies [Abstract]
Accounting Policies	Accounting Policies Basis of Presentation and Consolidation The Company has historically operated as part of Select. The unaudited condensed consolidated financial statements of the Company have been prepared from Select’s historical accounting records and are derived from the condensed consolidated financial statements of Select to present the Company as if it had been operating on a standalone basis. The unaudited condensed consolidated financial statements of the Company as of September 30, 2024, and for the three and nine month periods ended September 30, 2024 and 2023, have been prepared pursuant to the rules and regulations of the Securities and Exchange Commission (the “SEC”) for interim reporting and the accounting principles generally accepted in the United States of America (“U.S. GAAP”). Accordingly, certain information and disclosures required by GAAP, which are normally included in the notes to the consolidated financial statements, have been condensed or omitted pursuant to those rules and regulations, although the Company believes the disclosure is adequate to make the information presented not misleading. In the opinion of management, such information contains all adjustments, which are normal and recurring in nature, necessary for a fair statement of the financial position, results of operations and cash flow for such periods. The results of operations for the three and nine months ended September 30, 2024 are not necessarily indicative of the results to be expected for the full fiscal year ended December 31, 2024. These unaudited condensed consolidated financial statements and related notes should be read in conjunction with the audited consolidated financial statements and related notes as contained in the Company’s registration statement on Form S-1, as amended (File No. 333-280242) (the “Registration Statement”). The condensed consolidated financial statements include the assets, liabilities, revenue, and expenses based on our legal entity structure as well as direct and indirect costs that are attributable to our operations. Indirect costs are the costs of support functions that are partially provided on a centralized basis by Select and its affiliates, which include finance, human resources, benefits administration, procurement support, information technology, legal, corporate governance and other professional services. Indirect costs have been allocated to us for the purposes of preparing the condensed consolidated financial statements based on a specific identification basis or, when specific identification is not practicable, a proportional cost allocation method, primarily based on headcount or other allocation methodologies that are considered to be a reasonable reflection of the utilization of services provided or the benefit received by us during the periods presented, depending on the nature of the services received. The income tax amounts in these condensed consolidated financial statements have been calculated based on a separate return methodology and are presented as if our income gave rise to separate federal and state consolidated income tax return filing obligations in the respective jurisdictions in which we operate. Adjustments to income tax expense resulting from the application of the separate return methodology, as compared to tax obligations determined by the Company’s inclusion in the Parent’s consolidated income tax provision, were assumed to be immediately settled with the Parent through Contributed Capital/Capital in Excess of Par as reflected on the Condensed Consolidated Balance Sheets, and reflected as a (Distribution)/Contribution to Parent on the Condensed Consolidated Statements of Changes in Stockholders’/Members’ Equity and the Condensed Consolidated Statements of Cash Flows within financing activities. The condensed consolidated financial statements include the accounts of the Company and the subsidiaries and variable interest entities in which the Company has a controlling financial interest. All intercompany balances and transactions within the Company are eliminated in consolidation. Transactions between the Company and Select have been included in these consolidated financial statements. The transfers with Select are expected to be settled in cash, other than the assumed income tax settlement noted above, and are reflected within the consolidated statement of cash flows as an operating or financing activity determined by the nature of the transaction. Select’s third-party debt and related interest expense have not been attributed to the Company because the Company is not the primary legal obligor of the debt and the borrowings are not specifically identifiable to the Company. However, the Company was a guarantor for Select’s senior notes and credit facilities until the guarantee was released at the closing of the IPO. The Company maintains its own cash management system and does not participate in a centralized cash management arrangement with Select. Recent Accounting Guidance Not Yet Adopted Segment Reporting In November 2023, FASB issued ASU 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures , which is intended to improve disclosure of segment information so that investors can better understand an entity’s overall performance. The ASU requires entities to quantitatively disclose significant segment expenses that are regularly provided to the chief operating decision maker for each reportable segment, as well as the amount of other segment items for each reportable segment and a description of what the other segment items are comprised. Disclosure of multiple measures of profit or loss will be permitted by the ASU. The Company will adopt ASU 2023-07 beginning with our annual reporting period ending December 31, 2024. The ASU is required to be applied retrospectively to all periods presented in the financial statements. The Company is currently reviewing ASU 2023-07, but does not expect it to have a significant impact on the disclosures in our consolidated financial statements. Income Taxes In December 2023, FASB issued ASU 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures , which is intended to improve the transparency and decision usefulness of income tax disclosures. The ASU includes enhanced requirements on the rate reconciliation, including specific categories that must be disclosed, and provides a threshold over which reconciling items must be disclosed. The amendments in the update also require annual disclosure of income taxes paid, disaggregated by federal, state, and foreign taxes, as well as any individual jurisdictions in which income taxes paid is greater than 5% of total income taxes paid. The ASU is effective for annual periods beginning after December 15, 2024; however early adoption is permitted. The ASU can be applied either prospectively or retrospectively. The Company is currently reviewing the impact that ASU 2023-09 will have on the disclosures in our consolidated financial statements. Expense Disaggregation In November 2024, FASB issued ASU 2024-03, Income Statement - Reporting Comprehensive Income - Expense Disaggregation Disclosures (Subtopic 220-40) , which is intended to improve the disclosures of expenses by providing more detailed information about the types of expenses in commonly presented expense captions. The ASU requires entities to disclose the amounts of purchases of inventory, employee compensation, depreciation and intangible asset amortization included in each relevant expense caption; as well as a qualitative description of the amounts remaining in relevant expense captions that are not separately disaggregated quantitatively. The amendment also requires disclosure of the total amount of selling expense and, in annual reporting periods, an entity’s definition of selling expenses. The ASU is effective for annual periods beginning after December 15, 2026, and interim periods beginning after December 15, 2027; however early adoption is permitted. The ASU can be applied either prospectively or retrospectively. The Company is currently reviewing the impact that ASU 2024-03 will have on the disclosures in our consolidated financial statements. Use of Estimates The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets, liabilities, revenues, and expenses. Actual results could differ from those estimates.

Redeemable Non-Controlling Inte

Redeemable Non-Controlling Interests	9 Months Ended
Redeemable Non-Controlling Interests	Sep. 30, 2024
Noncontrolling Interest [Abstract]
Redeemable Non-Controlling Interests	Redeemable Non-Controlling Interests The Company’s redeemable non-controlling interests are comprised of membership interests held by equity holders other than the Company in five less than wholly-owned subsidiaries. These interests are subject to redemption rights. The changes in redeemable non-controlling interests are as follows: 2024 2023 (in thousands) Balance as of January 1 $ 16,477 $ 16,772 Net income attributable to redeemable non-controlling interests 1,053 914 Distributions to and purchases of redeemable non-controlling interests (1,174) (1,656) Redemption value adjustment on redeemable non-controlling interests 1,901 436 Balance as of March 31 $ 18,257 $ 16,466 Net income attributable to redeemable non-controlling interests 1,078 993 Distributions to and purchases of redeemable non-controlling interests (793) (610) Redemption value adjustment on redeemable non-controlling interests (132) 3 Balance as of June 30 $ 18,410 $ 16,852 Net income attributable to redeemable non-controlling interests 1,109 1,020 Distributions to and purchases of redeemable non-controlling interests (1,397) (1,073) Redemption value adjustment on redeemable non-controlling interests — 188 Balance as of September 30 $ 18,122 $ 16,987

Variable Interest Entities

Variable Interest Entities	9 Months Ended
Variable Interest Entities	Sep. 30, 2024
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Variable Interest Entities	Variable Interest Entities Certain states prohibit the “corporate practice of medicine,” which restricts the Company from owning medical practices that directly employ physicians and from exercising control over medical decisions by physicians. In these states, the Company enters into long-term management agreements with affiliated professional medical groups (referred to as “Managed PCs”) that are owned by licensed physicians which, in turn, employ or contract with physicians who provide professional medical services in its occupational health centers. The Company also enters into a stock transfer restriction agreement with the respective equity holders, which provide for the Company to direct the transfer of ownership of the Managed PCs to other licensed physicians at any time. The long-term management agreements provide for various administrative and management services to be provided by the Company to the Managed PCs, including, but not limited to, billing and collections, accounting, non-physician personnel, supplies, security and maintenance, and insurance. The Company has the right to receive income as an ongoing management fee, and effectively absorbs all of the residual interests of the Managed PCs. Based on the provisions of the management and stock transfer agreements, the Managed PCs are variable interest entities for which the Company is the primary beneficiary and consolidates the Managed PCs under the variable interest entity model. There are no restrictions on the use of the assets of the Managed PCs or on the settlement of its liabilities. Additionally, the Company fully indemnifies the licensed physician owners from all claims, demands, costs, damages, losses, liabilities, and other amounts arising from the ownership and operation of the medical practices, excluding gross negligence. As of September 30, 2024, and December 31, 2023, the total assets of the Company’s variable interest entities were $228.2 million and $212.3 million, respectively, and are principally comprised of accounts receivable. As of September 30, 2024, and December 31, 2023, the total liabilities of the Company’s variable interest entities were $49.3 million and $56.4 million, respectively, and are principally comprised of accounts payable and accrued expenses. These variable interest entities have obligations payable for services received under their management agreements with the Company of $179.6 million and $156.2 million as of September 30, 2024, and December 31, 2023, respectively. These intercompany balances are eliminated in consolidation.

Leases

Leases	9 Months Ended
Leases	Sep. 30, 2024
Leases [Abstract]
Leases	Leases The Company’s total lease cost is as follows: Three Months Ended September 30, Nine Months Ended September 30, 2024 2023 2024 2023 (in thousands) Operating lease cost $ 25,585 $ 24,545 $ 75,452 $ 72,969 Finance lease cost: Amortization of right-of-use assets 90 244 410 756 Interest on lease liabilities 54 96 186 299 Variable lease cost 5,167 5,005 15,716 15,039 Total lease cost $ 30,896 $ 29,890 $ 91,764 $ 89,063
Leases	Leases The Company’s total lease cost is as follows: Three Months Ended September 30, Nine Months Ended September 30, 2024 2023 2024 2023 (in thousands) Operating lease cost $ 25,585 $ 24,545 $ 75,452 $ 72,969 Finance lease cost: Amortization of right-of-use assets 90 244 410 756 Interest on lease liabilities 54 96 186 299 Variable lease cost 5,167 5,005 15,716 15,039 Total lease cost $ 30,896 $ 29,890 $ 91,764 $ 89,063

Long-Term Debt

Long-Term Debt	9 Months Ended
Long-Term Debt	Sep. 30, 2024
Debt Disclosure [Abstract]
Long-Term Debt	Long-Term Debt As of September 30, 2024, the Company’s long-term debt is as follows: Principal Outstanding Unamortized Premium (Discount) Unamortized Issuance Costs Carrying Value Fair Value (in thousands) 6.875% senior notes $ 650,000 $ — $ (12,316) $ 637,684 $ 681,493 Credit facilities: Term loan 850,000 (1,034) (11,918) 837,048 847,875 Other debt (1) 7,615 — — 7,615 7,615 Total debt $ 1,507,615 $ (1,034) $ (24,234) $ 1,482,347 $ 1,536,983 _______________________________________________________________________________ (1) Other debt is primarily comprised of insurance financing arrangements, promissory notes executed in connection with business combinations, and finance leases. As of September 30, 2024, principal maturities of the Company’s long-term debt is as follows: 2024 2025 2026 2027 2028 Thereafter Total (in thousands) 6.875% senior notes $ — $ — $ — $ — $ — $ 650,000 $ 650,000 Credit facilities: Term loan 2,125 8,500 8,500 8,500 8,500 813,875 850,000 Other debt, including finance leases 1,874 1,570 672 718 768 2,013 7,615 Total debt $ 3,999 $ 10,070 $ 9,172 $ 9,218 $ 9,268 $ 1,465,888 $ 1,507,615 As of December 31, 2023, the Company’s long-term debt and notes payable are as follows: December 31, 2023 (in thousands) Long-term revolving promissory note with related party $ 470,000 Other debt (1) 4,746 Total debt $ 474,746 _______________________________________________________________________________ (1) Other debt is primarily comprised of insurance financing arrangements, promissory notes executed in connection with business combinations, and finance leases. Credit Facilities On July 26, 2024, Concentra Health Services, Inc. (“CHSI”), a wholly-owned subsidiary of Concentra, entered into a senior secured credit agreement (the “Concentra credit agreement”) that provides for an $850.0 million term loan (the “Concentra term loan”), and a $400.0 million revolving credit facility, including a $75.0 million sublimit for the issuance of standby letters of credit (the “Concentra revolving credit facility” and, together with the Concentra term loan, the “Concentra credit facilities”). Borrowings under the Concentra credit facilities are guaranteed by the Company and substantially all of the Company’s current domestic subsidiaries and will be guaranteed by CHSI’s future domestic subsidiaries and secured by substantially all of the Company’s existing and future property and assets and by a pledge of the Company’s capital stock, the capital stock of CHSI’s domestic subsidiaries and up to 65% of the capital stock of CHSI’s foreign subsidiaries held directly by CHSI or a domestic subsidiary. Borrowings under the Concentra credit agreement bear interest at a rate equal to: (i) in the case of the Concentra term loan, Term SOFR plus a percentage ranging from 2.00% to 2.25%, or Alternate Base Rate plus a percentage ranging from 1.00% to 1.25%, in each case based on CHSI’s leverage ratio; and (ii) in the case of the Concentra revolving credit facility, Term SOFR plus a percentage ranging from 2.25% to 2.75%, or Alternate Base Rate plus a percentage ranging from 1.25% to 1.75%, in each case based on CHSI’s leverage ratio, as defined in the Concentra credit agreement. As of September 30, 2024, the term loan borrowings bear interest at 7.10%. The Company did not have any outstanding borrowings under its revolving credit facility. At September 30, 2024, the Company had $386.4 million of availability under its revolving credit facility after giving effect to $13.6 million of outstanding letters of credit. The Concentra term loan amortizes in equal quarterly installments in amounts equal to 0.25% of the aggregate original principal amount of the Concentra term loan commencing on December 31, 2024. The balance of the Concentra term loan will be payable on July 26, 2031. The Concentra revolving credit facility will mature on July 26, 2029. The Concentra credit facilities require CHSI to maintain a leverage ratio (as defined in the Concentra credit agreement), which is tested quarterly and currently must not be greater than 6.50 to 1.00. Failure to comply with this covenant would result in an event of default under the revolving credit facility and, absent a waiver or an amendment from the revolving lenders, preclude CHSI from making further borrowings under the Concentra revolving credit facility and permit the revolving lenders to accelerate all outstanding borrowings under the Concentra revolving credit facility. Upon termination of the commitments for the Concentra revolving credit facility and acceleration of all outstanding borrowings thereunder, failure to comply with the covenant also would constitute an event of default with respect to the Concentra term loan. The Concentra credit facilities also contain a number of other affirmative and restrictive covenants, including limitations on mergers, consolidations and dissolutions; sales of assets; investments and acquisitions; indebtedness; liens; affiliate transactions; and dividends and restricted payments. The Concentra credit facilities contain events of default for non-payment of principal and interest when due, cross-default and cross-acceleration provisions and an event of default that would be triggered by a change of control. As of September 30, 2024, the Company was in compliance with all debt covenants. Prepayment of borrowings CHSI will be required to prepay borrowings under the Concentra credit facilities with (i) 100% of the net cash proceeds received from non-ordinary course asset sales or other dispositions, or as a result of a casualty or condemnation, subject to reinvestment provisions and other customary carveouts and, to the extent required, the payment of certain indebtedness secured by liens subject to a first lien intercreditor agreement if CHSI’s total net leverage ratio is greater than 4.50 to 1.00 and 50% of such net cash proceeds if our total net leverage ratio is less than or equal to 4.50 to 1.00 and greater than 4.00 to 1.00, (ii) 100% of the net cash proceeds received from the issuance of debt obligations other than certain permitted debt obligations, and (iii) 50% of excess cash flow (as defined in the Credit Agreement) if CHSI’s leverage ratio is greater than 4.50 to 1.00 and 25% of excess cash flow if CHSI’s leverage ratio is less than or equal to 4.50 to 1.00 and greater than 4.00 to 1.00, in each case, reduced by the aggregate amount of term loans, revolving loans and certain other debt optionally prepaid (and, in the case of revolving loans, accompanied by a reduction in the related commitment) during the applicable fiscal year. CHSI will not be required to prepay borrowings with excess cash flow or the net cash proceeds of asset sales if CHSI’s leverage ratio is less than or equal to 4.00 to 1.00. 6.875% Senior Notes On July 11, 2024, the Company completed a private offering by its wholly-owned subsidiary, Concentra Escrow Issuer Corporation (the “Escrow Issuer”), of $650.0 million aggregate principal amount of 6.875% senior notes due July 15, 2032 (the “Concentra senior notes”). On July 26, 2024, the Escrow Issuer merged with and into CHSI, with CHSI continuing as the surviving entity, and CHSI assumed all of the Escrow Issuer’s obligations under the Concentra senior notes. The Concentra senior notes are unconditionally guaranteed, jointly and severally, on a senior unsecured basis by the Company and certain of its wholly-owned subsidiaries. Interest on the Concentra senior notes accrues at a rate of 6.875% per annum and is payable semi-annually in cash in arrears on January 15 and July 15 of each year, commencing on January 15, 2025. Long-term revolving promissory note with related party A portion of the net proceeds of the IPO, further discussed in Note 1, Organization , was used to repay in full the long-term revolving promissory note with Select.

Accrued and Other Liabilities

Accrued and Other Liabilities	9 Months Ended
Accrued and Other Liabilities	Sep. 30, 2024
Payables and Accruals [Abstract]
Accrued and Other Liabilities	Accrued and Other Liabilities The following table sets forth the components of accrued and other liabilities: September 30, 2024 December 31, 2023 (in thousands) Accrued payroll $ 47,558 $ 62,824 Accrued vacation 42,949 41,488 Accrued other 65,461 71,755 Income taxes payable 622 399 Accrued and other liabilities $ 156,590 $ 176,466

Fair Value of Financial Instrum

Fair Value of Financial Instruments	9 Months Ended
Fair Value of Financial Instruments	Sep. 30, 2024
Fair Value Disclosures [Abstract]
Fair Value of Financial Instruments	Fair Value of Financial Instruments Financial instruments which are measured at fair value, or for which a fair value is disclosed, are classified in the fair value hierarchy, as outlined below, on the basis of the observability of the inputs used in the fair value measurement: • Level 1 – inputs are based upon quoted prices for identical instruments in active markets. • Level 2 – inputs are based upon quoted prices for similar instruments in active markets, quoted prices for identical or similar instruments in markets that are not active, and model-based valuation techniques for which all significant inputs are observable in the market or can be corroborated by observable market data. • Level 3 – inputs are generally unobservable and typically reflect management’s estimates of assumptions that market participants would use in pricing the instrument. The Company does not measure its indebtedness at fair value in its condensed consolidated balance sheets. The fair value of the Concentra credit facilities is based on quoted market prices for this debt in the syndicated loan market. The fair value of the Concentra senior notes is based on quoted market prices. The carrying value of the Company’s other debt, as disclosed in Note 6 – Long-Term Debt, approximates fair value. There are no quoted market prices for the Company’s related party debt, and it is not practicable to estimate its fair value. September 30, 2024 Financial Instrument Level Carrying Value Fair Value (in thousands) 6.875% senior notes Level 2 $ 637,684 $ 681,493 Credit facilities: Term loan Level 2 $ 837,048 $ 847,875

Revenue

Revenue	9 Months Ended
Revenue	Sep. 30, 2024
Revenue from Contract with Customer [Abstract]
Revenue	Revenue The following table disaggregates the Company’s revenue for the three and nine months ended September 30, 2024 and 2023: Three Months Ended September 30, Nine Months Ended September 30, 2024 2023 2024 2023 (in thousands) Occupational health centers: Workers’ compensation $ 298,681 $ 285,939 $ 866,952 $ 832,833 Employer services 154,809 153,473 458,849 458,810 Consumer health 7,332 7,162 23,327 23,150 Other occupational health center revenue 2,239 1,866 6,245 6,538 Total occupational health center revenue 463,061 448,440 1,355,373 1,321,331 Onsite health clinics 15,593 15,005 46,989 44,255 Other 10,984 10,519 32,789 31,755 Total revenue $ 489,638 $ 473,964 $ 1,435,151 $ 1,397,341

Earnings per Share

Earnings per Share	9 Months Ended
Earnings per Share	Sep. 30, 2024
Earnings Per Share [Abstract]
Earnings per Share	Earnings per Share At September 30, 2024, the Company’s capital structure consists of common stock. There were no participating shares or securities outstanding during the three and nine months ended September 30, 2024. The following table sets forth the computation of earnings per share (“EPS”) in 2024: Three Months Ended September 30, 2024 Nine Months Ended September 30, 2024 Net Income Attributable to the Company Shares (1) Basic and Diluted EPS Net Income Attributable to the Company Shares (1) Basic and Diluted EPS (in thousands, except for per share amounts) Common shares $ 44,338 120,765 $ 0.37 $ 145,031 109,691 $ 1.32 At September 30, 2023, the Company’s capital structure included Class A, B, and C units outstanding and unvested restricted interests and outstanding options. To calculate EPS for the three and nine months ended September 30, 2023, the Company applied the two-class method because its unvested restricted interests and outstanding options were participating securities. The following table sets forth the net income attributable to the Company, its units outstanding, and its participating units outstanding: Three Months Ended Nine Months Ended (in thousands) Net income $ 54,424 $ 155,887 Less: Net income attributable to non-controlling interests 1,318 3,775 Net income attributable to the Company 53,106 152,112 Less: Distributed and undistributed income attributable to participating shares 66 356 Distributed and undistributed income attributable to outstanding shares $ 53,040 $ 151,756 The following table sets forth the computation of EPS in 2023, under the two-class method: Three Months Ended September 30, 2023 Nine Months Ended September 30, 2023 Net Income Allocation Shares (1)(2) Basic and Diluted EPS Net Income Allocation Shares (1)(2) Basic and Diluted EPS (in thousands, except for per share amounts) Outstanding Class A, Class B, and Class C shares $ 53,040 104,035 $ 0.51 $ 151,756 103,980 $ 1.46 Participating shares 66 130 $ 0.51 356 244 $ 1.46 Total Company $ 53,106 $ 152,112 _______________________________________________________________________________ (1) The recapitalization of the members units into common shares has been treated as such for earnings per share purposes and has been reflected retrospectively for all periods, along with the one for 4.295 reverse stock split, as described in Note 1, Organization. (2) Represents the weighted average units outstanding during the period.

Related Party Transactions

Related Party Transactions	9 Months Ended
Related Party Transactions	Sep. 30, 2024
Related Party Transactions [Abstract]
Related Party Transactions	Related Party Transactions Separation Agreements In connection with the IPO, and described in the Registration Statement, Select and Concentra entered into a separation agreement, a transition services agreement, a tax matters agreement, and an employee matters agreement on July 26, 2024, which effects the separation of the Company’s business from Select and provides a framework for the Company’s relationship with Select after the separation. Shared Services Agreement - cost allocations from Select The Company pays Select a fee for the shared support functions provided on a centralized basis by Select and its affiliates. Prior to the IPO, the shared services fee was reassessed and adjusted annually. The transition services agreement, which became effective concurrently with the IPO, provides the framework for the services provided and the fee incurred. For the three months ended September 30, 2024 and 2023, the shared service fees were $3.8 million and $3.6 million, respectively. For the nine months ended September 30, 2024 and 2023, the shared service fees were $11.5 million and $11.0 million, respectively. These cost allocations reasonably reflect the services and the benefits derived for the periods presented. These allocations may not be indicative of the actual expenses that would have been incurred as a stand-alone entity.

Commitments and Contingencies

Commitments and Contingencies	9 Months Ended
Commitments and Contingencies	Sep. 30, 2024
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	Commitments and Contingencies Litigation The Company is a party to various legal actions, proceedings, and claims, and regulatory and other governmental audits and investigations in the ordinary course of its business, including, but not limited to, legal actions and claims alleging professional malpractice, general liability for property damage, personal and bodily injury, violations of federal and state employment laws, often in the form of wage and hour class action lawsuits, and liability for data breaches. Many of these actions involve large claims and significant defense costs and sometimes, as in the case of wage and hour class actions, are not covered by insurance. The Company cannot predict the ultimate outcome of pending litigation, proceedings, and regulatory and other governmental audits and investigations. These matters could potentially subject the Company to sanctions, damages, recoupments, fines, and other penalties. To address claims arising out of the Company’s operations, the Company maintains professional malpractice liability insurance and general liability insurance coverages through a number of different programs that are dependent upon such factors as the state where the Company is operating. The Company currently maintains insurance coverages under a combination of policies with a total annual aggregate limit of up to $29.0 million for professional malpractice liability insurance and $29.0 million for general liability insurance. The Company’s insurance for the professional liability coverage is written on a “claims-made” basis, and its commercial general liability coverage is maintained on an “occurrence” basis. These coverages apply after a self-insured retention limit is exceeded. Each of these programs has either a deductible or self-insured retention limit. The Company also maintains additional types of liability insurance covering claims which, due to their nature or amount, are not covered by or not fully covered by the applicable professional malpractice and general liability insurance policies, including workers compensation, property and casualty, directors and officers, cyber liability, and employment practices liability insurance coverages. Our insurance policies generally are silent with respect to punitive damages so coverage is available to the extent insurable under the law of any applicable jurisdiction, and are subject to various deductibles and policy limits. The Company reviews its insurance program annually and may make adjustments to the amount of insurance coverage and self-insured retentions in future years. Significant legal actions, as well as the cost and possible lack of available insurance, could subject the Company to substantial uninsured liabilities. Physical Therapy Billing. On October 7, 2021, Select received a letter from a Trial Attorney at the U.S. Department of Justice, Civil Division, Commercial Litigation Branch, Fraud Section (“DOJ”) stating that the DOJ, in conjunction with the U.S. Department of Health and Human Services (“HHS”), is investigating Select in connection with potential violations of the False Claims Act, 31 U.S.C. § 3729, et seq . The letter specified that the investigation relates to Select’s billing for physical therapy services, and indicated that the DOJ would be requesting certain records from Select. In October and December 2021, the DOJ requested, and Select furnished, records relating to six of Select’s outpatient therapy clinics in Florida. In 2022 and 2023, the DOJ requested certain data relating to all of Select’s outpatient therapy clinics nationwide, and sought information about the Company’s ability to produce additional data relating to the physical therapy services furnished by Select’s outpatient therapy clinics and the Company. The Company has produced data and other documents requested by the DOJ and is fully cooperating on this investigation. In May 2024, by order of the U.S. District Court for the Middle District of Florida, a qui tam lawsuit that is related to the DOJ’s investigation was unsealed after the U.S. filed a notice declining to intervene in the case, but stating that its investigation is continuing and reserving its right to intervene at a later date. The lawsuit, filed in May 2021 and amended in October 2021 and July 2024, was brought by Kathleen Kane, a physical therapist formerly employed in Select’s outpatient division, against Select Medical Corporation, Select Physical Therapy Holdings, Inc. and Select Employment Services, Inc. The amended complaint alleges that the defendants billed federally funded health programs for one-on-one therapy services when group therapy was performed or overbilled for one-on-one therapy services, and billed for unreimbursable unskilled physical therapy services. In September 2024, the Company filed a motion to dismiss the amended complaint on multiple grounds. At this time, the Company is unable to predict the timing and outcome of this matter. California Department of Insurance Investigation. On February 5, 2024, the Company received a subpoena from the California Department of Insurance relating to an investigation under the California Insurance Frauds Prevention Act, Cal. Ins. Code § 1871.7 et seq., which allows a whistleblower to file a false claims lawsuit based on the submission of false or fraudulent claims to insurance companies. The subpoena seeks documentation relating mainly to the Company’s billing and coding for physical therapy claims submitted to commercial insurers and workers’ compensation carriers located or doing business in California. The Company has produced data and other documents requested by the California Department of Insurance and intends to fully cooperate with this investigation. At this time, the Company is unable to predict the timing and outcome of this matter. Perry Johnson & Associates, Inc. Data Breach . On November 10, 2023, Perry Johnson & Associates, Inc., a third-party vendor of health information technology solutions that provides medical transcription services (“PJ&A”), notified Concentra Health Services, Inc. (“Concentra”) that certain information related to particular Concentra patients was potentially affected by a cybersecurity event. In February 2024, Concentra sent notices to almost four million patients who may have been impacted by the data breach. During the first quarter of 2024, Concentra became aware of six putative class action lawsuits filed against PJ&A and Concentra related to the data breach. Five of the putative class action lawsuits have been transferred to the U.S. District Court for the Eastern District of New York and consolidated with the one class action lawsuit pending there. Plaintiffs filed a Consolidated Class Action Complaint on August 19, 2024 against PJ&A, Concentra, Select Medical Holdings Corporation and other unrelated defendants under the caption In re Perry Johnson & Associates Medical Transcription Data Security Breach Litigation (“Consolidated Complaint”). The Consolidated Complaint alleges that the plaintiffs have suffered injuries and damages under theories of negligence, breach of contract, and failure to comply with statutory duties, including duties under HIPAA, FTC guidelines and industry standards, and various state consumer protection and deceptive trade practice laws. The Company is working with its cybersecurity risk insurance policy carrier and does not believe that the data breach or the lawsuits will have a material impact on its operations or financial performance. However, at this time, the Company is unable to predict the timing and outcome of these matters.

Subsequent Events

Subsequent Events	9 Months Ended
Subsequent Events	Sep. 30, 2024
Subsequent Events [Abstract]
Subsequent Events	Subsequent Events On October 28, 2024, the Company’s Board of Directors declared a cash dividend of $0.0625 per share. The dividend will be payable November 22, 2024, to stockholders of record as of the close of business on November 13, 2024.

Pay vs Performance Disclosure

Pay vs Performance Disclosure - USD ($) $ in Thousands	3 Months Ended						9 Months Ended
Pay vs Performance Disclosure - USD ($) $ in Thousands	Sep. 30, 2024	Jun. 30, 2024	Mar. 31, 2024	Sep. 30, 2023	Jun. 30, 2023	Mar. 31, 2023	Sep. 30, 2024	Sep. 30, 2023
Pay vs Performance Disclosure
Net income attributable to the Company	$ 44,338	$ 51,737	$ 48,956	$ 53,106	$ 52,742	$ 46,264	$ 145,031	$ 152,112

Insider Trading Arrangements

Insider Trading Arrangements	3 Months Ended
Insider Trading Arrangements	Sep. 30, 2024
Trading Arrangements, by Individual
Rule 10b5-1 Arrangement Adopted	false
Non-Rule 10b5-1 Arrangement Adopted	false
Rule 10b5-1 Arrangement Terminated	false
Non-Rule 10b5-1 Arrangement Terminated	false

Accounting Policies (Policies)

Accounting Policies (Policies)	9 Months Ended
Accounting Policies (Policies)	Sep. 30, 2024
Accounting Policies [Abstract]
Basis of Presentation and Consolidation	Basis of Presentation and Consolidation The Company has historically operated as part of Select. The unaudited condensed consolidated financial statements of the Company have been prepared from Select’s historical accounting records and are derived from the condensed consolidated financial statements of Select to present the Company as if it had been operating on a standalone basis. The unaudited condensed consolidated financial statements of the Company as of September 30, 2024, and for the three and nine month periods ended September 30, 2024 and 2023, have been prepared pursuant to the rules and regulations of the Securities and Exchange Commission (the “SEC”) for interim reporting and the accounting principles generally accepted in the United States of America (“U.S. GAAP”). Accordingly, certain information and disclosures required by GAAP, which are normally included in the notes to the consolidated financial statements, have been condensed or omitted pursuant to those rules and regulations, although the Company believes the disclosure is adequate to make the information presented not misleading. In the opinion of management, such information contains all adjustments, which are normal and recurring in nature, necessary for a fair statement of the financial position, results of operations and cash flow for such periods. The results of operations for the three and nine months ended September 30, 2024 are not necessarily indicative of the results to be expected for the full fiscal year ended December 31, 2024. These unaudited condensed consolidated financial statements and related notes should be read in conjunction with the audited consolidated financial statements and related notes as contained in the Company’s registration statement on Form S-1, as amended (File No. 333-280242) (the “Registration Statement”). The condensed consolidated financial statements include the assets, liabilities, revenue, and expenses based on our legal entity structure as well as direct and indirect costs that are attributable to our operations. Indirect costs are the costs of support functions that are partially provided on a centralized basis by Select and its affiliates, which include finance, human resources, benefits administration, procurement support, information technology, legal, corporate governance and other professional services. Indirect costs have been allocated to us for the purposes of preparing the condensed consolidated financial statements based on a specific identification basis or, when specific identification is not practicable, a proportional cost allocation method, primarily based on headcount or other allocation methodologies that are considered to be a reasonable reflection of the utilization of services provided or the benefit received by us during the periods presented, depending on the nature of the services received. The income tax amounts in these condensed consolidated financial statements have been calculated based on a separate return methodology and are presented as if our income gave rise to separate federal and state consolidated income tax return filing obligations in the respective jurisdictions in which we operate. Adjustments to income tax expense resulting from the application of the separate return methodology, as compared to tax obligations determined by the Company’s inclusion in the Parent’s consolidated income tax provision, were assumed to be immediately settled with the Parent through Contributed Capital/Capital in Excess of Par as reflected on the Condensed Consolidated Balance Sheets, and reflected as a (Distribution)/Contribution to Parent on the Condensed Consolidated Statements of Changes in Stockholders’/Members’ Equity and the Condensed Consolidated Statements of Cash Flows within financing activities. The condensed consolidated financial statements include the accounts of the Company and the subsidiaries and variable interest entities in which the Company has a controlling financial interest. All intercompany balances and transactions within the Company are eliminated in consolidation. Transactions between the Company and Select have been included in these consolidated financial statements. The transfers with Select are expected to be settled in cash, other than the assumed income tax settlement noted above, and are reflected within the consolidated statement of cash flows as an operating or financing activity determined by the nature of the transaction. Select’s third-party debt and related interest expense have not been attributed to the Company because the Company is not the primary legal obligor of the debt and the borrowings are not specifically identifiable to the Company. However, the Company was a guarantor for Select’s senior notes and credit facilities until the guarantee was released at the closing of the IPO. The Company maintains its own cash management system and does not participate in a centralized cash management arrangement with Select.
Basis of Presentation and Consolidation	Basis of Presentation and Consolidation The Company has historically operated as part of Select. The unaudited condensed consolidated financial statements of the Company have been prepared from Select’s historical accounting records and are derived from the condensed consolidated financial statements of Select to present the Company as if it had been operating on a standalone basis. The unaudited condensed consolidated financial statements of the Company as of September 30, 2024, and for the three and nine month periods ended September 30, 2024 and 2023, have been prepared pursuant to the rules and regulations of the Securities and Exchange Commission (the “SEC”) for interim reporting and the accounting principles generally accepted in the United States of America (“U.S. GAAP”). Accordingly, certain information and disclosures required by GAAP, which are normally included in the notes to the consolidated financial statements, have been condensed or omitted pursuant to those rules and regulations, although the Company believes the disclosure is adequate to make the information presented not misleading. In the opinion of management, such information contains all adjustments, which are normal and recurring in nature, necessary for a fair statement of the financial position, results of operations and cash flow for such periods. The results of operations for the three and nine months ended September 30, 2024 are not necessarily indicative of the results to be expected for the full fiscal year ended December 31, 2024. These unaudited condensed consolidated financial statements and related notes should be read in conjunction with the audited consolidated financial statements and related notes as contained in the Company’s registration statement on Form S-1, as amended (File No. 333-280242) (the “Registration Statement”). The condensed consolidated financial statements include the assets, liabilities, revenue, and expenses based on our legal entity structure as well as direct and indirect costs that are attributable to our operations. Indirect costs are the costs of support functions that are partially provided on a centralized basis by Select and its affiliates, which include finance, human resources, benefits administration, procurement support, information technology, legal, corporate governance and other professional services. Indirect costs have been allocated to us for the purposes of preparing the condensed consolidated financial statements based on a specific identification basis or, when specific identification is not practicable, a proportional cost allocation method, primarily based on headcount or other allocation methodologies that are considered to be a reasonable reflection of the utilization of services provided or the benefit received by us during the periods presented, depending on the nature of the services received. The income tax amounts in these condensed consolidated financial statements have been calculated based on a separate return methodology and are presented as if our income gave rise to separate federal and state consolidated income tax return filing obligations in the respective jurisdictions in which we operate. Adjustments to income tax expense resulting from the application of the separate return methodology, as compared to tax obligations determined by the Company’s inclusion in the Parent’s consolidated income tax provision, were assumed to be immediately settled with the Parent through Contributed Capital/Capital in Excess of Par as reflected on the Condensed Consolidated Balance Sheets, and reflected as a (Distribution)/Contribution to Parent on the Condensed Consolidated Statements of Changes in Stockholders’/Members’ Equity and the Condensed Consolidated Statements of Cash Flows within financing activities. The condensed consolidated financial statements include the accounts of the Company and the subsidiaries and variable interest entities in which the Company has a controlling financial interest. All intercompany balances and transactions within the Company are eliminated in consolidation. Transactions between the Company and Select have been included in these consolidated financial statements. The transfers with Select are expected to be settled in cash, other than the assumed income tax settlement noted above, and are reflected within the consolidated statement of cash flows as an operating or financing activity determined by the nature of the transaction. Select’s third-party debt and related interest expense have not been attributed to the Company because the Company is not the primary legal obligor of the debt and the borrowings are not specifically identifiable to the Company. However, the Company was a guarantor for Select’s senior notes and credit facilities until the guarantee was released at the closing of the IPO. The Company maintains its own cash management system and does not participate in a centralized cash management arrangement with Select.
Recent Accounting Guidance Not Yet Adopted	Recent Accounting Guidance Not Yet Adopted Segment Reporting In November 2023, FASB issued ASU 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures , which is intended to improve disclosure of segment information so that investors can better understand an entity’s overall performance. The ASU requires entities to quantitatively disclose significant segment expenses that are regularly provided to the chief operating decision maker for each reportable segment, as well as the amount of other segment items for each reportable segment and a description of what the other segment items are comprised. Disclosure of multiple measures of profit or loss will be permitted by the ASU. The Company will adopt ASU 2023-07 beginning with our annual reporting period ending December 31, 2024. The ASU is required to be applied retrospectively to all periods presented in the financial statements. The Company is currently reviewing ASU 2023-07, but does not expect it to have a significant impact on the disclosures in our consolidated financial statements. Income Taxes In December 2023, FASB issued ASU 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures , which is intended to improve the transparency and decision usefulness of income tax disclosures. The ASU includes enhanced requirements on the rate reconciliation, including specific categories that must be disclosed, and provides a threshold over which reconciling items must be disclosed. The amendments in the update also require annual disclosure of income taxes paid, disaggregated by federal, state, and foreign taxes, as well as any individual jurisdictions in which income taxes paid is greater than 5% of total income taxes paid. The ASU is effective for annual periods beginning after December 15, 2024; however early adoption is permitted. The ASU can be applied either prospectively or retrospectively. The Company is currently reviewing the impact that ASU 2023-09 will have on the disclosures in our consolidated financial statements. Expense Disaggregation In November 2024, FASB issued ASU 2024-03, Income Statement - Reporting Comprehensive Income - Expense Disaggregation Disclosures (Subtopic 220-40) , which is intended to improve the disclosures of expenses by providing more detailed information about the types of expenses in commonly presented expense captions. The ASU requires entities to disclose the amounts of purchases of inventory, employee compensation, depreciation and intangible asset amortization included in each relevant expense caption; as well as a qualitative description of the amounts remaining in relevant expense captions that are not separately disaggregated quantitatively. The amendment also requires disclosure of the total amount of selling expense and, in annual reporting periods, an entity’s definition of selling expenses. The ASU is effective for annual periods beginning after December 15, 2026, and interim periods beginning after December 15, 2027; however early adoption is permitted. The ASU can be applied either prospectively or retrospectively. The Company is currently reviewing the impact that ASU 2024-03 will have on the disclosures in our consolidated financial statements.
Use of Estimates	Use of Estimates The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets, liabilities, revenues, and expenses. Actual results could differ from those estimates.
Redeemable Non-Controlling Interests	Redeemable Non-Controlling InterestsThe Company’s redeemable non-controlling interests are comprised of membership interests held by equity holders other than the Company in five less than wholly-owned subsidiaries. These interests are subject to redemption rights.
Variable Interest Entities	Variable Interest Entities Certain states prohibit the “corporate practice of medicine,” which restricts the Company from owning medical practices that directly employ physicians and from exercising control over medical decisions by physicians. In these states, the Company enters into long-term management agreements with affiliated professional medical groups (referred to as “Managed PCs”) that are owned by licensed physicians which, in turn, employ or contract with physicians who provide professional medical services in its occupational health centers. The Company also enters into a stock transfer restriction agreement with the respective equity holders, which provide for the Company to direct the transfer of ownership of the Managed PCs to other licensed physicians at any time. The long-term management agreements provide for various administrative and management services to be provided by the Company to the Managed PCs, including, but not limited to, billing and collections, accounting, non-physician personnel, supplies, security and maintenance, and insurance. The Company has the right to receive income as an ongoing management fee, and effectively absorbs all of the residual interests of the Managed PCs. Based on the provisions of the management and stock transfer agreements, the Managed PCs are variable interest entities for which the Company is the primary beneficiary and consolidates the Managed PCs under the variable interest entity model. There are no restrictions on the use of the assets of the Managed PCs or on the settlement of its liabilities. Additionally, the Company fully indemnifies the licensed physician owners from all claims, demands, costs, damages, losses, liabilities, and other amounts arising from the ownership and operation of the medical practices, excluding gross negligence.

Redeemable Non-Controlling In_2

Redeemable Non-Controlling Interests (Tables)	9 Months Ended
Redeemable Non-Controlling Interests (Tables)	Sep. 30, 2024
Noncontrolling Interest [Abstract]
Schedule of redeemable non-controlling interests	The changes in redeemable non-controlling interests are as follows: 2024 2023 (in thousands) Balance as of January 1 $ 16,477 $ 16,772 Net income attributable to redeemable non-controlling interests 1,053 914 Distributions to and purchases of redeemable non-controlling interests (1,174) (1,656) Redemption value adjustment on redeemable non-controlling interests 1,901 436 Balance as of March 31 $ 18,257 $ 16,466 Net income attributable to redeemable non-controlling interests 1,078 993 Distributions to and purchases of redeemable non-controlling interests (793) (610) Redemption value adjustment on redeemable non-controlling interests (132) 3 Balance as of June 30 $ 18,410 $ 16,852 Net income attributable to redeemable non-controlling interests 1,109 1,020 Distributions to and purchases of redeemable non-controlling interests (1,397) (1,073) Redemption value adjustment on redeemable non-controlling interests — 188 Balance as of September 30 $ 18,122 $ 16,987

Leases (Tables)

Leases (Tables)	9 Months Ended
Leases (Tables)	Sep. 30, 2024
Leases [Abstract]
Schedule of lease cost	The Company’s total lease cost is as follows: Three Months Ended September 30, Nine Months Ended September 30, 2024 2023 2024 2023 (in thousands) Operating lease cost $ 25,585 $ 24,545 $ 75,452 $ 72,969 Finance lease cost: Amortization of right-of-use assets 90 244 410 756 Interest on lease liabilities 54 96 186 299 Variable lease cost 5,167 5,005 15,716 15,039 Total lease cost $ 30,896 $ 29,890 $ 91,764 $ 89,063

Long-Term Debt (Tables)

Long-Term Debt (Tables)	9 Months Ended
Long-Term Debt (Tables)	Sep. 30, 2024
Debt Disclosure [Abstract]
Schedule of long-term debt and notes payable	As of September 30, 2024, the Company’s long-term debt is as follows: Principal Outstanding Unamortized Premium (Discount) Unamortized Issuance Costs Carrying Value Fair Value (in thousands) 6.875% senior notes $ 650,000 $ — $ (12,316) $ 637,684 $ 681,493 Credit facilities: Term loan 850,000 (1,034) (11,918) 837,048 847,875 Other debt (1) 7,615 — — 7,615 7,615 Total debt $ 1,507,615 $ (1,034) $ (24,234) $ 1,482,347 $ 1,536,983 _______________________________________________________________________________ (1) Other debt is primarily comprised of insurance financing arrangements, promissory notes executed in connection with business combinations, and finance leases. As of December 31, 2023, the Company’s long-term debt and notes payable are as follows: December 31, 2023 (in thousands) Long-term revolving promissory note with related party $ 470,000 Other debt (1) 4,746 Total debt $ 474,746 _______________________________________________________________________________ (1) Other debt is primarily comprised of insurance financing arrangements, promissory notes executed in connection with business combinations, and finance leases.
Schedule of principal maturities of long-term debt and notes payable	As of September 30, 2024, principal maturities of the Company’s long-term debt is as follows: 2024 2025 2026 2027 2028 Thereafter Total (in thousands) 6.875% senior notes $ — $ — $ — $ — $ — $ 650,000 $ 650,000 Credit facilities: Term loan 2,125 8,500 8,500 8,500 8,500 813,875 850,000 Other debt, including finance leases 1,874 1,570 672 718 768 2,013 7,615 Total debt $ 3,999 $ 10,070 $ 9,172 $ 9,218 $ 9,268 $ 1,465,888 $ 1,507,615

Accrued and Other Liabilities (

Accrued and Other Liabilities (Tables)	9 Months Ended
Accrued and Other Liabilities (Tables)	Sep. 30, 2024
Payables and Accruals [Abstract]
Components of accrued and other liabilities	The following table sets forth the components of accrued and other liabilities: September 30, 2024 December 31, 2023 (in thousands) Accrued payroll $ 47,558 $ 62,824 Accrued vacation 42,949 41,488 Accrued other 65,461 71,755 Income taxes payable 622 399 Accrued and other liabilities $ 156,590 $ 176,466

Fair Value of Financial Instr_2

Fair Value of Financial Instruments (Tables)	9 Months Ended
Fair Value of Financial Instruments (Tables)	Sep. 30, 2024
Fair Value Disclosures [Abstract]
Schedule of long-term debt	September 30, 2024 Financial Instrument Level Carrying Value Fair Value (in thousands) 6.875% senior notes Level 2 $ 637,684 $ 681,493 Credit facilities: Term loan Level 2 $ 837,048 $ 847,875

Revenue (Tables)

Revenue (Tables)	9 Months Ended
Revenue (Tables)	Sep. 30, 2024
Revenue from Contract with Customer [Abstract]
Schedule of disaggregation of revenue	The following table disaggregates the Company’s revenue for the three and nine months ended September 30, 2024 and 2023: Three Months Ended September 30, Nine Months Ended September 30, 2024 2023 2024 2023 (in thousands) Occupational health centers: Workers’ compensation $ 298,681 $ 285,939 $ 866,952 $ 832,833 Employer services 154,809 153,473 458,849 458,810 Consumer health 7,332 7,162 23,327 23,150 Other occupational health center revenue 2,239 1,866 6,245 6,538 Total occupational health center revenue 463,061 448,440 1,355,373 1,321,331 Onsite health clinics 15,593 15,005 46,989 44,255 Other 10,984 10,519 32,789 31,755 Total revenue $ 489,638 $ 473,964 $ 1,435,151 $ 1,397,341

Earnings per Share (Tables)

Earnings per Share (Tables)	9 Months Ended
Earnings per Share (Tables)	Sep. 30, 2024
Earnings Per Share [Abstract]
Schedule of computation of basic and diluted earnings per share	The following table sets forth the computation of earnings per share (“EPS”) in 2024: Three Months Ended September 30, 2024 Nine Months Ended September 30, 2024 Net Income Attributable to the Company Shares (1) Basic and Diluted EPS Net Income Attributable to the Company Shares (1) Basic and Diluted EPS (in thousands, except for per share amounts) Common shares $ 44,338 120,765 $ 0.37 $ 145,031 109,691 $ 1.32 The following table sets forth the net income attributable to the Company, its units outstanding, and its participating units outstanding: Three Months Ended Nine Months Ended (in thousands) Net income $ 54,424 $ 155,887 Less: Net income attributable to non-controlling interests 1,318 3,775 Net income attributable to the Company 53,106 152,112 Less: Distributed and undistributed income attributable to participating shares 66 356 Distributed and undistributed income attributable to outstanding shares $ 53,040 $ 151,756 The following table sets forth the computation of EPS in 2023, under the two-class method: Three Months Ended September 30, 2023 Nine Months Ended September 30, 2023 Net Income Allocation Shares (1)(2) Basic and Diluted EPS Net Income Allocation Shares (1)(2) Basic and Diluted EPS (in thousands, except for per share amounts) Outstanding Class A, Class B, and Class C shares $ 53,040 104,035 $ 0.51 $ 151,756 103,980 $ 1.46 Participating shares 66 130 $ 0.51 356 244 $ 1.46 Total Company $ 53,106 $ 152,112 _______________________________________________________________________________ (1) The recapitalization of the members units into common shares has been treated as such for earnings per share purposes and has been reflected retrospectively for all periods, along with the one for 4.295 reverse stock split, as described in Note 1, Organization. (2) Represents the weighted average units outstanding during the period.

Organization (Details)

Organization (Details) $ / shares in Units, $ in Thousands				9 Months Ended
Organization (Details) $ / shares in Units, $ in Thousands	Jul. 26, 2024 USD ($) $ / shares shares	Jun. 25, 2024	Mar. 04, 2024	Sep. 30, 2024 USD ($) clinic state health_center $ / shares	Sep. 30, 2023 USD ($)
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Number of occupational health centers operated by entity \| health_center				549
Number of onsite health clinics \| clinic				156
Number of states in which entity operates \| state				42
Member interests converted to common shares			1
Stock split conversion ratio		0.233
Common stock, par value (in dollars per share) \| $ / shares				$ 0.01
Proceeds from Initial Public Offering				$ 511,198	$ 0
Select Medical Corporation \| Concentra Group Holdings Parent
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Outstanding member interest				81.74%
IPO
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Number of shares issued in initial public offering (in shares) \| shares	22,500,000
Common stock, par value (in dollars per share) \| $ / shares	$ 0.01
Sale of stock, price per share (in dollars per share) \| $ / shares	$ 23.50
Proceeds from Initial Public Offering	$ 499,700
Underwriting discounts and commissions	29,100
Net proceeds of IPO and debt financing transactions, excluding amounts repaid for debt	34,700
IPO \| Select Medical Revolving Promissory Note
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Repayments of debt	$ 420,000
Over-Allotment Option
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Number of shares issued in initial public offering (in shares) \| shares	750,000
Consideration received on transaction	$ 16,700
Payments of stock issuance costs	$ 1,000

Redeemable Non-Controlling In_3

Redeemable Non-Controlling Interests - Narrative (Details)	Sep. 30, 2024 less_than_wholly_owned_subsidiary
Noncontrolling Interest [Abstract]
Number of less than wholly owned subsidiaries	5

Redeemable Non-Controlling In_4

Redeemable Non-Controlling Interests - Schedule of Redeemable Non-Controlling Interests (Details) - USD ($) $ in Thousands	3 Months Ended
	Sep. 30, 2024	Jun. 30, 2024	Mar. 31, 2024	Sep. 30, 2023	Jun. 30, 2023	Mar. 31, 2023
Increase (Decrease) in Temporary Equity [Roll Forward]
Balance, beginning	$ 18,410	$ 18,257	$ 16,477	$ 16,852	$ 16,466	$ 16,772
Net income attributable to redeemable non-controlling interests	1,109	1,078	1,053	1,020	993	914
Distributions to and purchases of redeemable non-controlling interests	(1,397)	(793)	(1,174)	(1,073)	(610)	(1,656)
Redemption value adjustment on redeemable non-controlling interests	0	(132)	1,901	189	3	435
Redemption value adjustment on redeemable non-controlling interests				188		436
Balance, ending	$ 18,122	$ 18,410	$ 18,257	$ 16,987	$ 16,852	$ 16,466

Variable Interest Entities (Det

Variable Interest Entities (Details) - USD ($) $ in Thousands	Sep. 30, 2024	Dec. 31, 2023
Variable Interest Entity [Line Items]
Assets	$ 2,481,042	$ 2,333,560
Liabilities	2,179,810	1,156,121
Variable Interest Entity, Primary Beneficiary
Variable Interest Entity [Line Items]
Assets	228,200	212,300
Liabilities	49,300	56,400
Variable Interest Entity, Primary Beneficiary \| Related Party
Variable Interest Entity [Line Items]
Obligations payable	$ 179,600	$ 156,200

Leases (Details)

Leases (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
Leases (Details) - USD ($) $ in Thousands	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Lease, Cost [Abstract]
Operating lease cost	$ 25,585	$ 24,545	$ 75,452	$ 72,969
Finance lease cost:
Amortization of right-of-use assets	90	244	410	756
Interest on lease liabilities	54	96	186	299
Variable lease cost	5,167	5,005	15,716	15,039
Total lease cost	$ 30,896	$ 29,890	$ 91,764	$ 89,063

Long-Term Debt - Components of

Long-Term Debt - Components of Long-Term Debt And Notes Payable (Details) - USD ($) $ in Thousands	Sep. 30, 2024	Jul. 11, 2024	Dec. 31, 2023
Debt Instrument [Line Items]
Principal Outstanding	$ 1,507,615		$ 474,746
Unamortized Premium (Discount)	(1,034)
Unamortized Issuance Costs	(24,234)
Carrying Value	1,482,347
Fair Value	$ 1,536,983
Senior notes \| 6.875% senior notes
Debt Instrument [Line Items]
Interest rate of debt (as a percent)	6.875%	6.875%
Principal Outstanding	$ 650,000	$ 650,000
Unamortized Premium (Discount)	0
Unamortized Issuance Costs	(12,316)
Carrying Value	637,684
Fair Value	$ 681,493
Term loan
Debt Instrument [Line Items]
Interest rate of debt (as a percent)	7.10%
Principal Outstanding	$ 850,000
Unamortized Premium (Discount)	(1,034)
Unamortized Issuance Costs	(11,918)
Carrying Value	837,048
Fair Value	847,875
Other debt
Debt Instrument [Line Items]
Principal Outstanding	7,615
Unamortized Premium (Discount)	0
Unamortized Issuance Costs	0
Carrying Value	7,615
Fair Value	$ 7,615

Long-Term Debt - Principal Matu

Long-Term Debt - Principal Maturities Of Long-Term Debt (Details) - USD ($) $ in Thousands	Sep. 30, 2024	Jul. 11, 2024	Dec. 31, 2023
Debt Instrument [Line Items]
2024	$ 3,999
2025	10,070
2026	9,172
2027	9,218
2028	9,268
Thereafter	1,465,888
Total	$ 1,507,615		$ 474,746
Term loan
Debt Instrument [Line Items]
Interest rate of debt (as a percent)	7.10%
2024	$ 2,125
2025	8,500
2026	8,500
2027	8,500
2028	8,500
Thereafter	813,875
Total	850,000
Other debt, including finance leases
Debt Instrument [Line Items]
2024	1,874
2025	1,570
2026	672
2027	718
2028	768
Thereafter	2,013
Total	$ 7,615
6.875% senior notes \| Senior notes
Debt Instrument [Line Items]
Interest rate of debt (as a percent)	6.875%	6.875%
2024	$ 0
2025	0
2026	0
2027	0
2028	0
Thereafter	650,000
Total	$ 650,000	$ 650,000

Long-Term Debt - Long-Term Debt

Long-Term Debt - Long-Term Debt and Note Payable (Details) - USD ($) $ in Thousands	Sep. 30, 2024	Dec. 31, 2023
Line of Credit Facility [Line Items]
Principal Outstanding	$ 1,507,615	$ 474,746
Related Party
Line of Credit Facility [Line Items]
Long-term revolving promissory note with related party	$ 0	470,000
Nonrelated Party
Line of Credit Facility [Line Items]
Principal Outstanding		$ 4,746

Long-Term Debt - Narrative (Det

Long-Term Debt - Narrative (Details) - USD ($) $ in Thousands	Jul. 26, 2024	Sep. 30, 2024	Jul. 11, 2024
Term loan
Line of Credit Facility [Line Items]
Maximum borrowing capacity	$ 850,000
Interest rate of debt (as a percent)		7.10%
Debt instrument periodic payment principal percentage	0.25%
Principal outstanding		$ 850,000
Concentra Credit Facilities
Line of Credit Facility [Line Items]
Percentage of capital stock of foreign subsidiaries	65%
Percentage of net cash proceeds from issuance of debt obligations	100%
Concentra Credit Facilities \| Total Net Leverage Ratio Greater Than 4.50 To 1.00
Line of Credit Facility [Line Items]
Percentage of net cash proceeds received	100%
Concentra Credit Facilities \| Total Net Leverage Ratio Less Than 4.50 To 1.00
Line of Credit Facility [Line Items]
Percentage of net cash proceeds received	50%
Concentra Credit Facilities \| Leverage Ratio Greater Than 4.50 To 1.00
Line of Credit Facility [Line Items]
Percentage prepaid	50%
Concentra Credit Facilities \| Leverage Ratio Less Than 4.50 To 1.00
Line of Credit Facility [Line Items]
Percentage prepaid	25%
Concentra Credit Facilities \| Minimum
Line of Credit Facility [Line Items]
Debt instrument, covenant, leverage ratio	4
Concentra Credit Facilities \| Minimum \| Total Net Leverage Ratio Greater Than 4.50 To 1.00
Line of Credit Facility [Line Items]
Debt instrument, total net leverage ratio	4.50
Concentra Credit Facilities \| Minimum \| Total Net Leverage Ratio Greater Than 4.00 To 1.00
Line of Credit Facility [Line Items]
Debt instrument, total net leverage ratio	4
Concentra Credit Facilities \| Minimum \| Leverage Ratio Greater Than 4.50 To 1.00
Line of Credit Facility [Line Items]
Debt instrument, covenant, leverage ratio	4.50
Concentra Credit Facilities \| Maximum \| Leverage Ratio Less Than 6.50 To 1.00
Line of Credit Facility [Line Items]
Debt instrument, covenant, leverage ratio	6.50
Concentra Credit Facilities \| Maximum \| Total Net Leverage Ratio Less Than 4.50 To 1.00
Line of Credit Facility [Line Items]
Debt instrument, total net leverage ratio	4.50
Concentra Credit Facilities \| Maximum \| Leverage Ratio Less Than 4.50 To 1.00
Line of Credit Facility [Line Items]
Debt instrument, covenant, leverage ratio	4.50
Concentra Credit Facilities \| Maximum \| Leverage Ratio Less Than 4.00 To 1.00
Line of Credit Facility [Line Items]
Debt instrument, covenant, leverage ratio	4
Concentra Credit Agreement \| Term loan \| Minimum \| Term Secured Overnight Financing Rate
Line of Credit Facility [Line Items]
Credit spread adjustment	2%
Concentra Credit Agreement \| Term loan \| Minimum \| Alternate Base Rate
Line of Credit Facility [Line Items]
Credit spread adjustment	1%
Concentra Credit Agreement \| Term loan \| Maximum \| Term Secured Overnight Financing Rate
Line of Credit Facility [Line Items]
Credit spread adjustment	2.25%
Concentra Credit Agreement \| Term loan \| Maximum \| Alternate Base Rate
Line of Credit Facility [Line Items]
Credit spread adjustment	1.25%
6.875% senior notes \| Senior notes
Line of Credit Facility [Line Items]
Interest rate of debt (as a percent)		6.875%	6.875%
Principal outstanding		$ 650,000	$ 650,000
Revolving facility \| Revolving facility
Line of Credit Facility [Line Items]
Maximum borrowing capacity	$ 400,000
Revolving facility \| Concentra Credit Agreement \| Revolving facility \| Minimum \| Alternate Base Rate
Line of Credit Facility [Line Items]
Credit spread adjustment	1.25%
Revolving facility \| Concentra Credit Agreement \| Revolving facility \| Maximum \| Alternate Base Rate
Line of Credit Facility [Line Items]
Credit spread adjustment	1.75%
Revolving facility \| Concentra Revolving Credit Facility \| Revolving facility
Line of Credit Facility [Line Items]
Available borrowing capacity		386,400
Outstanding letters of credit		$ 13,600
Revolving facility \| Concentra Revolving Credit Facility \| Revolving facility \| Minimum \| Term Secured Overnight Financing Rate
Line of Credit Facility [Line Items]
Credit spread adjustment	2.25%
Revolving facility \| Concentra Revolving Credit Facility \| Revolving facility \| Maximum \| Term Secured Overnight Financing Rate
Line of Credit Facility [Line Items]
Credit spread adjustment	2.75%
Standby letters of credit \| Revolving facility
Line of Credit Facility [Line Items]
Maximum borrowing capacity	$ 75,000

Accrued and Other Liabilities_2

Accrued and Other Liabilities (Details) - USD ($) $ in Thousands	Sep. 30, 2024	Dec. 31, 2023
Payables and Accruals [Abstract]
Accrued payroll	$ 47,558	$ 62,824
Accrued vacation	42,949	41,488
Accrued other	65,461	71,755
Income taxes payable	622	399
Accrued and other liabilities	$ 156,590	$ 176,466

Fair Value of Financial Instr_3

Fair Value of Financial Instruments (Details) - USD ($) $ in Thousands	Sep. 30, 2024	Jul. 11, 2024
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Fair Value	$ 1,536,983
Senior notes \| 6.875% senior notes
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Interest rate of debt (as a percent)	6.875%	6.875%
Carrying Value	$ 637,684
Fair Value	681,493
Senior notes \| 6.875% senior notes \| Level 2
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Carrying Value	637,684
Fair Value	$ 681,493
Term loan
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Interest rate of debt (as a percent)	7.10%
Carrying Value	$ 837,048
Fair Value	847,875
Term loan \| Level 2
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Carrying Value	837,048
Fair Value	$ 847,875

Revenue (Details)

Revenue (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
Revenue (Details) - USD ($) $ in Thousands	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Disaggregation of Revenue [Line Items]
Revenue	$ 489,638	$ 473,964	$ 1,435,151	$ 1,397,341
Operating Segments \| Total occupational health center revenue
Disaggregation of Revenue [Line Items]
Revenue	463,061	448,440	1,355,373	1,321,331
Operating Segments \| Onsite health clinics
Disaggregation of Revenue [Line Items]
Revenue	15,593	15,005	46,989	44,255
Operating Segments \| Other
Disaggregation of Revenue [Line Items]
Revenue	10,984	10,519	32,789	31,755
Workers’ compensation
Disaggregation of Revenue [Line Items]
Revenue	298,681	285,939	866,952	832,833
Employer services
Disaggregation of Revenue [Line Items]
Revenue	154,809	153,473	458,849	458,810
Consumer health
Disaggregation of Revenue [Line Items]
Revenue	7,332	7,162	23,327	23,150
Other occupational health center revenue
Disaggregation of Revenue [Line Items]
Revenue	$ 2,239	$ 1,866	$ 6,245	$ 6,538

Earnings per Share - Narrative

Earnings per Share - Narrative (Details) shares in Thousands		3 Months Ended		9 Months Ended
	Jun. 25, 2024	Sep. 30, 2024 shares	Sep. 30, 2023 shares	Sep. 30, 2024 shares	Sep. 30, 2023 shares
Earnings Per Share [Abstract]
Stock split conversion ratio	0.233
Participating shares outstanding (in shares)		0	130	0	244

Earnings per Share - Computatio

Earnings per Share - Computation of EPS (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Earnings Per Share [Abstract]
Net income allocated to common shares - basic	$ 44,338	$ 53,040	$ 145,031	$ 151,756
Net income allocated to common shares - diluted	$ 44,338	$ 53,040	$ 145,031	$ 151,756
Weighted average common shares outstanding, basic (in shares)	120,765	104,035	109,691	103,980
Weighted average common shares outstanding, diluted (in shares)	120,765	104,035	109,691	103,980
Basic (in dollars per share)	$ 0.37	$ 0.51	$ 1.32	$ 1.46
Diluted (in dollars per share)	$ 0.37	$ 0.51	$ 1.32	$ 1.46

Earnings per Share - Net Income

Earnings per Share - Net Income Attributable to the Company, Units Outstanding, and Participating Units Outstanding (Details) - USD ($) $ in Thousands	3 Months Ended						9 Months Ended
	Sep. 30, 2024	Jun. 30, 2024	Mar. 31, 2024	Sep. 30, 2023	Jun. 30, 2023	Mar. 31, 2023	Sep. 30, 2024	Sep. 30, 2023
Earnings Per Share [Abstract]
Net income	$ 45,759			$ 54,424			$ 149,097	$ 155,887
Less: Net income attributable to non-controlling interests	1,421			1,318			4,066	3,775
Net income attributable to the Company	44,338	$ 51,737	$ 48,956	53,106	$ 52,742	$ 46,264	145,031	152,112
Basic EPS
Less: Distributed and undistributed income attributable to participating shares - basic EPS				66				356
Distributed and undistributed income attributable to outstanding shares	44,338			53,040			145,031	151,756
Diluted EPS
Less: Distributed and undistributed income attributable to participating shares - diluted EPS				66				356
Distributed and undistributed income attributable to outstanding shares	$ 44,338			$ 53,040			$ 145,031	$ 151,756

Earnings per Share - Computat_2

Earnings per Share - Computation of EPS Under the Two-Class Method (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	3 Months Ended						9 Months Ended
	Sep. 30, 2024	Jun. 30, 2024	Mar. 31, 2024	Sep. 30, 2023	Jun. 30, 2023	Mar. 31, 2023	Sep. 30, 2024	Sep. 30, 2023
Net Income Allocation
Net income allocated to common shares - basic	$ 44,338			$ 53,040			$ 145,031	$ 151,756
Participating shares - basic				66				356
Net income allocated to common shares - diluted	44,338			53,040			145,031	151,756
Participating shares - diluted				66				356
Net income attributable to the Company	$ 44,338	$ 51,737	$ 48,956	$ 53,106	$ 52,742	$ 46,264	$ 145,031	$ 152,112
Weighted average common shares outstanding, basic (in shares)	120,765			104,035			109,691	103,980
Weighted average common shares outstanding, diluted (in shares)	120,765			104,035			109,691	103,980
Weighted average participating shares outstanding (in shares)	0			130			0	244
Basic EPS
Basic EPS (in dollars per share)	$ 0.37			$ 0.51			$ 1.32	$ 1.46
Diluted EPS
Diluted EPS (in dollars per share)	$ 0.37			$ 0.51			$ 1.32	$ 1.46

Related Party Transactions (Det

Related Party Transactions (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Related Party
Related Party Transaction [Line Items]
Shared service fee from related party	$ 3.8	$ 3.6	$ 11.5	$ 11

Commitments and Contingencies (

Commitments and Contingencies (Details) $ in Millions	3 Months Ended	9 Months Ended
Commitments and Contingencies (Details) $ in Millions	Mar. 31, 2024 class_action_lawsuit	Sep. 30, 2024 USD ($)	Feb. 29, 2024 patient
Commitments and Contingencies
Loss contingency, number of patients \| patient			4,000,000
Loss contingency, new claims filed, number	6
Number of putative class actions claims transferred	5
Number of class action lawsuit pending	1
Professional liability claims
Commitments and Contingencies
Total annual aggregate limit of insurance coverage \| $		$ 29
General Liability
Commitments and Contingencies
Total annual aggregate limit of insurance coverage \| $		$ 29

Subsequent Events (Details)

Subsequent Events (Details)	Oct. 28, 2024 $ / shares
Subsequent Event
Subsequent Event [Line Items]
Cash dividend declared (in dollars per share)	$ 0.0625