They charge way more than they used to and cover less.
I needed 3 hours of simple PT for a shoulder issue earlier this year. I didn't even use any fancy equipment. Treatment consisted of stretch bands, weights and manual manipulation by the therapist. I have insurance through my employer. The billed rate was close to $600 per hour for a total of $1800. The settled rate was ~$320 per hour. I paid $60 per hour for a total of $180 in co-pays. From what I can ascertain, my co-pays covered the salary of the physical therapist. The rest was to cover overhead and profit.