HOUSTON, Aug. 2, 2011 /PRNewswire/ -- Spine Pain Management, Inc. (OTC.BB: SPIN), through its Chief Executive Officer, William F. Donovan, M.D., is pleased to announce the opening today of a new SPIN affiliated diagnostic center in Jacksonville, Florida. This is SPIN's fifth affiliated center and the third to open in just the past six months.
Through this relationship, the company will be able to provide financial management services to doctors providing medical spine injection procedures to patients from the northeast Florida area. Since the inception of the company's current business model in August 2009, the company has formed relationships with a total of five spine pain diagnostic centers, including centers in Houston and McAllen, Texas and the Tampa Bay and Orlando areas of Florida. The new center in Jacksonville began treating patients on August 1. Like the other centers, the Jacksonville center uses a fellowship trained pain doctor to provide spine diagnostic injections, with assistance from Emergency Medical Technicians and specialized radiological personnel.
Dr. Donovan stated, "The Jacksonville center was opened by the same group that opened the Tampa Bay and Orlando centers. Once again, we are particularly pleased that this group, who fully understands our business model, continues to add centers at such a rapid rate. We could not ask for a more solid endorsement of our business strategy."
Second Quarter financial results will be announced in the next two weeks which will be followed by a Conference Call. These results will include full quarter results from the Houston, McAllen and the Tampa Bay centers, plus June operations from the Orlando center.
More information about the company is available on the company's website at: http://www.spinepaininc.com.
About Spine Pain Management:
We are a medical marketing, management, billing and collection company facilitating diagnostic services for patients who have sustained spine injuries resulting from traumatic accidents. We deliver turnkey financial management solutions to spine surgeons, orthopedic surgeons and other healthcare providers that provide necessary and appropriate treatment of musculo-skeletal spine injuries resulting from automobile and work-related accidents. Our financial management services help reduce the financial burden on healthcare providers that provide patients with early-stage diagnostic testing and non-invasive surgical care, preventing many patients from being unnecessarily delayed or inhibited from obtaining needed treatment. We believe our patient advocacy will be rewarding to patients who obtain needed relief from painful conditions, and moreover, provides spine surgeons and orthopedic surgeons a solution to transfer to us the financial risk associated with their accounts receivable.
Through our financial management system, we purchase medical receivables from the spine surgeons, orthopedic surgeons and other healthcare providers that diagnose and treat patients with musculo-skeletal spine injuries. We have affiliations with certain centers that provide the spine diagnostic injections and treatment. These centers have a contract with us that allow them to shift to us the financial risk in collecting the accounts receivable for the medical procedures. That is, the doctors at the centers are willing to factor their receivable to us shortly after completion of each procedure, providing them with immediate cash flow. On the other hand, we take the risk of a rare, but possible "no settlement," along with having to wait for months until payment of all or some portion of the patient's bill at the time of final settlement.
Forward-Looking Statements: This press release includes forward-looking statements as determined by the U.S. Securities and Exchange Commission (the "SEC"). All statements, other than statements of historical facts, included in this press release that address activities, events, or developments that the company believes or anticipates will or may occur in the future are forward-looking statements. Such forward-looking statements involve known and unknown risks, uncertainties and other factors, which may cause the actual results, performance or achievements of the company to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements. Such factors include general economic and business conditions, the ability to acquire and develop specific projects, the ability to fund operations, healthcare services demands, changes in healthcare practices, government regulation, and other factors over which the company has little or no control. The company does not intend (and is not obligated) to update publicly any forward-looking statements. The contents of this press release should be considered in conjunction with the warnings and cautionary statements contained in the company's recent filings with the SEC.
Spine Pain Management, Inc.
William F. Donovan, M.D.
Chief Executive Officer
SOURCE Spine Pain Management, Inc.