Concentra

Concentra is a United States health-care company built around occupational medicine and services for employers, workers, insurers, and other organizations managing workplace injuries. Its operating model combines outpatient medical centers with clinics located directly at employer worksites. The company’s services are intended to support injury evaluation and treatment, regulatory and employment-related medical examinations, prevention, rehabilitation, and a faster return to work. The business traces its origins to OccuSystems Inc., founded in 1979 in Amarillo, Texas, by family physician Richard Rehm. Rehm developed a high-volume practice model for an underserved market, emphasizing accessible treatment and efficient management of occupational injuries rather than maximizing revenue per individual patient. This approach linked the interests of employers seeking to reduce the duration and cost of workplace injuries with a medical provider able to handle substantial patient volume. During the late 1980s and 1990s, OccuSystems expanded through new clinics and acquisitions. Venture capital financing helped accelerate the expansion, and by 1992 the company had approximately 50 clinics in seven states. By 1997, it operated roughly 110 centers in 16 states. That year, OccuSystems merged with Boston-based CRA Managed Care, a company involved in cost containment and case management. The combined business operated as Concentra Managed Care and became a broader provider of workers’ compensation and occupational-health services. The merger also expanded the company’s geographic reach and created a platform for related administrative and cost-management services. Concentra subsequently acquired businesses involved in medical transcription, injury reporting, bill review, insurance and workers’ compensation consulting, web-based content management, and injury-prevention systems. These acquisitions reflected an effort to provide a more integrated set of services around workplace injuries. Rapid notification of injuries, for example, was treated as a way to control medical costs and help injured employees return to work sooner. After being taken private in 1999, Concentra continued to grow its network. The company later narrowed its strategic emphasis, particularly during transactions in 2006 and 2007, toward occupational health, medical-center expansion, wellness, and preventive care. It also launched an urgent-care program in 2007, adding a service line that could address non-work-related illnesses and injuries while complementing its occupational-health network. Ownership changed again in the following decade. Humana announced an approximately $790 million acquisition in 2010, seeking to broaden its primary-care and medical-services platform. Humana later concluded that Concentra’s occupational-injury focus did not fit its strategy as closely as expected. In 2015, Humana sold Concentra to a joint venture between Select Medical and Welsh, Carson, Anderson & Stowe for approximately $1.06 billion in cash. Select Medical held 50.1 percent and Welsh Carson held 49.9 percent under the transaction structure. In 2018, Concentra combined with U.S. HealthWorks in a transaction involving Select Medical and Dignity Health, strengthening its occupational-health footprint. In December 2023, Select Medical announced plans to separate Concentra through a spin-off. Concentra filed for an initial public offering in June 2024 under the proposed symbol CON, with Select Medical expected to retain at least 80 percent of the company’s stock. The company’s reported network includes hundreds of occupational-health centers and hundreds of employer-site clinics across most U.S. states, making it one of the country’s larger specialized occupational-health providers.

Concentra began in 1979 as OccuSystems Inc., a medical practice founded in Amarillo, Texas, by physician Richard Rehm. Rehm had practiced family medicine in Buffalo, Wyoming, before choosing Amarillo as an underserved market. His operating philosophy emphasized treating a large number of patients efficiently and minimizing the cost associated with each individual encounter. In occupational medicine, that model served employers seeking prompt treatment and shorter work absences while giving the provider a basis for growth through volume. The company expanded during the 1980s and early 1990s by opening clinics and acquiring other practices. By 1990 it operated four clinics. Rehm then recruited a chief executive and obtained approximately $35 million in financing from Welsh, Carson, Anderson & Stowe and the Sprout Group. The investment supported a rapid acquisition program: by 1992 the business had about 50 clinics in seven states, and by 1997 it had approximately 110 centers in 16 states. In 1997, OccuSystems merged with CRA Managed Care, a Boston-based company of similar scale that specialized in cost containment and case management. The combined operation adopted the Concentra Managed Care name and provided a broader workers’ compensation platform. Its activities extended beyond direct clinical care into medical transcription, injury reporting, bill review, insurance and workers’ compensation consulting, and technology for prevention and injury management. Acquisitions included TotalMed, First Notice Systems, Preferred Payment Systems, National Healthcare Resources, EM3, and OccMed Services. The company viewed rapid injury reporting and coordinated administrative processes as tools for controlling treatment costs and supporting return-to-work outcomes. Welsh Carson took Concentra private in 1999 through Yankee Acquisition Corporation. At the end of that year, the company operated approximately 233 medical centers. Further acquisitions and service development continued into the early 2000s. In 2006 and 2007, following a series of divestitures and other transactions, the business concentrated more narrowly on occupational health, medical-center growth, wellness, and prevention. An urgent-care program was added in 2007. Humana announced its acquisition of Concentra in December 2010 for approximately $790 million. Humana initially viewed the deal as a way to expand its primary-care and medical-services capabilities. It later determined that Concentra’s occupational-injury orientation was not as closely aligned with its strategic priorities as anticipated. In June 2015, Humana sold Concentra to a joint venture of Select Medical Holdings Corporation and Welsh Carson for approximately $1.06 billion in cash. Select Medical received 50.1 percent of the stock and Welsh Carson 49.9 percent. Concentra’s next significant expansion came in February 2018, when it combined with U.S. HealthWorks in a transaction involving Select Medical and Dignity Health. The combination reinforced Concentra’s position in occupational health and expanded its network of medical centers and employer services. The company later became the subject of a planned ownership separation. Select Medical announced in December 2023 that it intended to spin off Concentra. In June 2024, Concentra filed an initial public offering using the proposed symbol CON. The planned structure called for Select Medical to retain at least 80 percent of the company’s shares. The reported operating network consists of 627 occupational-health centers and 410 onsite employer clinics across 47 states. Concentra therefore remains principally a U.S. occupational-health platform, with urgent care and preventive services complementing its core work-injury business.

1. 2024Initial public offering filed

   Concentra filed for an initial public offering under the proposed symbol CON, with Select Medical expected to retain majority ownership.

   Source
2. 2023Planned spin-off announced

   Select Medical announced its intention to spin off Concentra as a separate public company.

   Source
3. 2018Combination with U.S. HealthWorks

   Concentra combined with U.S. HealthWorks in a transaction involving Select Medical and Dignity Health.

   Source
4. 2015Sale to Select Medical and Welsh Carson

   Humana sold Concentra to a joint venture in which Select Medical held 50.1 percent and Welsh Carson held 49.9 percent.

   Source
5. 2010Humana acquisition

   Humana agreed to acquire Concentra for approximately $790 million.

   Source
6. 2007Urgent-care program begins

   Concentra added an urgent-care program to its occupational-health and employer-services platform.

   Source
7. 1999Taken private by Welsh Carson

   Welsh, Carson, Anderson & Stowe acquired Concentra through Yankee Acquisition Corporation.

   Source
8. 1997Merger with CRA Managed Care

   OccuSystems merged with CRA Managed Care and began operating as Concentra Managed Care, broadening its workers’ compensation and cost-management capabilities.

   Source
9. 1992Rapid clinic expansion

   After venture financing and an acquisition program, the company operated approximately 50 clinics in seven states.

   Source
10. 1979OccuSystems is founded

    Richard Rehm founded OccuSystems Inc. in Amarillo, Texas, establishing the business that later became Concentra.

    Source

A national occupational-health and employer-services provider focused on convenient outpatient care, workplace injury management, prevention, and helping employees return to work efficiently.

• Occupational health centersOccupational medicine1979

  Concentra’s core network provides outpatient evaluation and treatment for workplace injuries and illnesses, along with employer-directed occupational-health services. The centers support workers’ compensation programs and may also provide examinations and other services connected with employment, safety, prevention, and return-to-work processes.

• Onsite employer health clinicsEmployer-based health care

  Concentra operates clinics located at employer worksites. These facilities bring occupational and preventive services closer to employees and allow employers to integrate medical access with workplace health, injury-prevention, and return-to-work programs.

• Urgent careUrgent care2007

  Introduced as a distinct program in 2007, Concentra’s urgent-care offering addresses immediate but generally non-emergency medical needs. It broadens the company’s outpatient role beyond work-related injuries and complements its occupational-health locations.

• Work-injury and workers’ compensation servicesWorkers’ compensation care1997

  These services coordinate clinical treatment, injury reporting, case management, cost containment, and return-to-work support for employers, insurers, and injured employees. The model is designed around prompt reporting, appropriate care, and management of the administrative processes surrounding workplace injuries.

• Wellness and preventive carePreventive health care2006

  Wellness and prevention became a more prominent strategic focus as Concentra narrowed its business during the 2006–2007 period. The offering supports employers seeking to reduce workplace health risks and maintain employee health alongside treatment services.

• 2023Plan a corporate spin-offStrategy

  Select Medical announced a plan to separate Concentra from the parent company.

  What changed. Select Medical announced its intention to spin off Concentra.

  Aftermath. The proposed separation led to Concentra’s 2024 initial public offering filing, while Select Medical was expected to retain majority ownership.

  Source
• 2018Combine with U.S. HealthWorksM&A

  Select Medical and its transaction partner Dignity Health sought to combine occupational-health operations.

  What changed. Concentra combined with U.S. HealthWorks.

  Aftermath. The transaction expanded Concentra’s occupational-health network.

  Source
• 2015Sell Concentra to Select Medical and Welsh CarsonM&A

  Humana reassessed Concentra’s fit within its broader primary-care strategy.

  What changed. Humana sold Concentra to a joint venture between Select Medical and Welsh, Carson, Anderson & Stowe for approximately $1.06 billion in cash.

  Aftermath. Select Medical held 50.1 percent of the company and Welsh Carson held 49.9 percent.

  Sale value. $1.06 billion (2015)

  Source
• 2010Acquire ConcentraM&A

  Humana sought to expand its primary-care practices and medical-services organization.

  What changed. Humana acquired Concentra for approximately $790 million.

  Aftermath. Humana later stated that Concentra’s occupational-injury focus did not align with its strategy as closely as originally expected.

  Acquisition value. $790 million (2010)

  Source
• 2007Launch an urgent-care programProduct launch

  Concentra was concentrating its business on occupational health, medical-center growth, wellness, and preventive services.

  What changed. The company introduced an urgent-care program.

  Aftermath. Urgent care became a complementary outpatient service alongside the company’s occupational-health operations.

  Source
• 1997Merge with CRA Managed CareM&A

  OccuSystems and CRA Managed Care were similar-sized businesses with complementary occupational-health, cost-containment, and case-management operations.

  What changed. The companies merged, and the combined business operated as Concentra Managed Care.

  Aftermath. The merger created a broader workers’ compensation platform with clinical centers and related administrative services.

  Source

• 2024Concentra files for initial public offering

  Concentra filed for an initial public offering under the proposed ticker symbol CON. Select Medical was expected to retain at least 80 percent of the company after the offering.

  M&AOther
  Source
• 2023Select Medical announces plan to spin off Concentra

  Select Medical announced its intention to separate Concentra from the parent company through a proposed spin-off.

  M&A
  Source
• 2018Concentra combines with U.S. HealthWorks

  Concentra combined with U.S. HealthWorks in a transaction involving Select Medical and Dignity Health, expanding the company’s occupational-health operations.

  M&A
  Source
• 2015Humana sells Concentra to Select Medical and Welsh Carson joint venture

  Humana sold Concentra shares to a joint venture between Select Medical and Welsh, Carson, Anderson & Stowe for approximately $1.06 billion in cash. Select Medical was to own 50.1 percent and Welsh Carson 49.9 percent.

  M&A
  Source
• 2010Concentra acquired by Humana

  Humana announced an agreement to acquire Concentra for approximately $790 million as part of an effort to expand its primary-care practices and medical-services operations.

  M&A
  Source
• 2009Workers’ compensation case involving Wal-Mart employees settles

  Concentra, Wal-Mart, and Claims Management Inc. were defendants in a Colorado class action involving treatment of employees with workplace injuries. A court-approved settlement required Concentra to pay $4 million through its insurer, while Wal-Mart and CMI paid the remaining half of the $8 million settlement.

  Lawsuit
  Source
• 2005Physician class action over repricing practices reaches settlement

  A class action alleged that Concentra and related entities used silent preferred-provider-organization practices and unfair repricing methods involving workers’ compensation and automobile-accident bills. A settlement of approximately $3.7 million was reached, although medical associations and some physicians criticized the terms.

  Lawsuit
  Source

1. Concentra