5th Century Partners invests in ION PT Network

Chicago-based private investment firm 5th Century Partners said it has completed a strategic investment in ION PT Network, a physical therapy management company serving the workers' compensation market. Founder Joseph Noel started ION in 2017.

ION manages physical therapy care for payers, employers and third-party administrators, coordinating treatment through independent providers. Each referral is assigned a clinical case owner, and more than half of its staff are licensed therapists. 5th Century Partners said it will help ION refine its go-forward business and commercial strategy while supporting its clinical model.