School physicals. The truth is that there is very little value or true yield from school physicals, which are usually done way too hastily and without much attention to the medical history, which is more important. The most important conditions to look for and detect in school age childrens are: cavities, lazy eye (amblyopia), and normal growth (growth charting). These exams are not good for detecting heart probs.
Wellness exam. This is an examination of the person to assure the growth, development and body are sound. If the purpose is to assure fitness to play sports, then the musculoskeletal system will be emphasized. This may or may not include an exam of the genitalia to determine maturity or presence of hernia. If this is a group physical it will be less detailed than individual.