Tampa, Fla.-based Laser Spine Institute was unable to secure financing to continue operations and closed March 1.
Five things to know:
1. Over the past six months, the company closed three surgical centers and reduced its operating cost structure, but it was unable to develop a sustainable cost structure. As a result, Laser Spine Institute ceased operations and is transferring patients to local competitors.
2. The centers that remained open until last week included facilities in Tampa, Cincinnati, Scottsdale, Ariz., and St. Louis. Laser Spine Institute has reached out to other surgical providers in those communities to potentially send patients who were scheduled for procedures at the closed centers. The company also reached out to patients slated to have surgery after the centers closed and referred them to other in-market options.
3. The company reported it was unable to "attract the necessary financing to undertake a Chapter 11 process and continue operations." In 2016, it opened a new $56 million headquarters in Tampa.
4. Laser Spine Institute employs around 1,000 people at its four locations, including more than 500 in Tampa, according to ABC Action News.
5. Originally launched as a single operating room facility in Tampa in 2005, the organization has provided around 100,000 surgical procedures for patients with back pain and neck pain.