Laser Spine Institute — which committed to the space in 2014 — shuttered in 2019, leaving employees and patients in the lurch after a series of financial blows and lawsuits that eventually led to its demise.
Because the headquarters was built specifically for Laser Spine Institute, real estate investment company Highwoods Properties invested heavily in renovating the space from a medical facility to a multitenant office building, according to the Feb. 24 report. In February 2020, 92,000 square feet of the building was leased to Fanatics, an e-commerce company.
But before Laser Spine Institute went bust, it was a force to be reckoned with. The company was founded in 2005 by three physicians — James St. Louis, MD, Glenn Hamburg, MD, and Michael Perry, MD — and at the height of its operations grew to more than 1,000 employees with ASCs in Tampa, St. Louis, Cincinnati and Scottsdale, Ariz.
Despite impressive revenue growth, Laser Spine Institute was in the troughs of various large lawsuits.
The most significant case, dating to 2006, was brought by a competing spine center and accused the company of breach of fiduciary duty, defamation and tortious interference, among other allegations.
In 2018, a federal court ordered the company to pay $264 million in damages to the complainant. A string of ASC closures and a reduced operating cost structure sparked the beginning of the practice’s downfall, and it closed in March 2019.
At the Becker’s 32nd Annual Meeting: The Business and Operations of ASCs, taking place October 29-31 in Chicago, ASC leaders, surgeons and healthcare executives will explore strategies to drive growth, enhance operational performance, navigate reimbursement challenges and prepare for the future of ambulatory surgery. Apply for complimentary registration now.