5th Century Partners has made a strategic investment in ION PT Network, a physical therapy management company built for the workers’ compensation market. ION manages physical therapy care for insurers, employers and third-party administrators, assigning each injured worker’s referral to a licensed clinical case owner who coordinates treatment with independent providers and acts as the single contact for the worker, the claims adjuster and the treating therapist. The company serves clients across the U.S.
Physical therapist Joseph Noel founded ION in 2017 and continues as chief executive. More than half of the company’s staff are licensed therapists. Chicago-based 5th Century Partners invests in lower-middle-market healthcare and business services companies, and its team plans to help refine ION’s commercial strategy while preserving the clinical model. ION will continue to operate under its existing brand.
