Laser Spine Institute to Build 3 New ASCs: 5 Thoughts
The Tampa, Fla.-based Laser Spine Institute will open centers in Cleveland, St. Louis and Cincinnati before the end of the year. Here are five things to know about Laser Spine Institute's expansion:
1. The expansion will increase the number of United States residents residing within a 250 mile radius of their facilities by 50 percent. Laser Spine Institute currently has surgery centers in Tampa, Fla.; Scottsdale, Ariz.; Philadelphia; and Oklahoma City. The company was founded in 2005 to provide outpatient minimally invasive spine surgery and has grown to include these locations and add several physicians and new procedures since then.
2. The company is expecting to hire 50 employees in each location within the first three months of opening. Laser Spine Institute currently has a 96 percent patient satisfaction rate and was recognized for outstanding patient satisfaction and care with the National APEX Quality Awards from Voyance Health in 2012/2013. The company is currently seeking full designation from Planetree, an international non-profit organization that works with healthcare organizations focused on providing patient-centered environments for care.
3. The anticipated economic impact of the new centers is expected to be more than $30 million in each local community. Last October, a report from the South Florida College of Business showed Laser Spine Institute had an economic impact of almost $140 million on the local economy in 2012, including operational expenditures, employee spending and spending by out-of-town patients.
Patient travel from across the country and around the world to have their procedures at Laser Spine Institute centers. More than 90 percent of Laser Spine Institute patients are non-local residents and drive nearly $14.5 million in medical tourism to the area, according to the report.
4. Laser Spine Institute plans to add 100 new jobs through 2015 at its surgery center and corporate headquarters. The company currently employs more than 700 people — with more than 500 located in Tampa. Last year the centers added minimally invasive stabilization and the RegenaDISC procedures.
5. Surgeons at the current Laser Spine Institute centers have treated around 700 patients from the three metropolitan areas it plans to expand into this year. This trend reinforced the company's decision to expand into each location to make services more accessible to future patients from these areas. Earlier this year, Laser Spine Institute joined the American Chiropractic Association as an executive partner.
More Articles on Spine Surgery:
Post Sunshine Act: How Spine Surgeon Relationships With Industry Are Evolving
5 Key Cost & Quality Findings on Spinal Fusion vs. coflex
Behind the K2M IPO: CEO Eric Major Talks Strategy, Innovation & Future Financial Growth
© Copyright ASC COMMUNICATIONS 2014. Interested in LINKING to or REPRINTING this content? View our policies by clicking here.
To receive the latest hospital and health system business and legal news and analysis from Becker's Hospital Review, sign-up for the free Becker's Hospital Review E-weekly by clicking here.
New From Becker's ASC Review