Spine Pain Management, Inc. (OTCBB: SPIN) is pleased to provide a corporate overview, as well as its strategic vision, through 2011. Based in Houston, Texas, the company delivers solutions to Spinal Health Care Providers for necessary and appropriate treatment for musculo-skeletal / spinal injury (SI) injuries resulting from traumatic accidents, in an order to maximize patient recovery.
Utilizing a proven concept that has been developed and successfully deployed over the past 3 1/2 years by its founders, SPIN is now launching an aggressive nationwide "roll out" of Spine Pain Treatment Centers across the U.S. into major metropolitan cities. The initial strategy calls for the development and deployment of a minimum of seven, to as many as ten centers across the U.S. over the next 24 months.
"Based on the recent success of our first clinic in Houston, which generated Third Quarter revenues of $230,000, and net income of $119,642, we anticipate that we should be able to implement our fast-track strategy successfully and efficiently," stated William F. Donovan, M.D., the Company's Chief Executive Officer. "Partnering with prominent Spine and Orthopedic Surgeons and other local Health Care providers in each our target markets, and streamlining administration such as billing in our Houston office, should allow us to implement our 2 year, nationwide expansion in an efficient and cost effective manner, while coordinating timely, reasonable, high quality care for SI patients.
With all this taken into consideration, SPIN should continue to meet its goals and milestone objectives, while increasing shareholder value in the months and years to come."
Industry Overview:
Musculo-skeletal conditions account for more disability and more costs to the U.S. health care system than any other condition, and with the aging of the population, this burden to society will increase. According to a report in the Journal of the American Medical Association (JAMA), the spending for Spine treatments in the United States totaled nearly $86 billion in 2005, a rise of 65 percent from 1997, after adjusting for inflation. Data from the Agency for Healthcare Research and Quality collected from 23,000 people a year from 1997 to 2005 found that people with spine problems spent about $6,096 each on medical care in 2005, compared to $3,516 in medical spending among those without spine problems. In 2005, Americans spent an estimated $20 billion on drug treatments for back and neck problems, an increase of 171 percent from 1997. Outpatient treatment for back and neck problems increased 74 percent to about $31 billion during the period. Spending for surgical procedures and other inpatient costs grew by 25 percent to about $24 billion.
Dr. Donovan went on to say: "When it comes to SI, timing is everything. We believe that our proven system, high quality care physicians and timely approach, should allow our company to emerge as an industry leader in our field and quickly become a brand name the community can trust. We believe that our goal of 7 to 10 centers over the next 24 months, and positive net income profitability in year one, is attainable through the SPIN concept."
Examining how pain could play a direct protective role in the gut