Laser Spine Institute Releases Economic Impact Study That Puts Hard Data on Tampa S Health

Laser Spine Institute Releases Economic Impact Study That Puts Hard Data on Tampa’s Health Care Innovation Movement

-- Laser Spine Institute generated nearly $140 million in jobs-related economic activity; $14.9 million in tourism-related spending from patients --

October 3, 2013 (TAMPA, Fla.) – Laser Spine Institute, the leader in minimally invasive spine surgery based in Tampa Bay, released findings today on the economic value its business is bringing to the Tampa Bay area. The results of a study conducted by University of South Florida’s College of Business revealed Laser Spine Institute had an impact of nearly $140 million on the local economy in 2012. This amount included operational expenditures, employee spending and spending by out of area patients.

The Tampa Bay region has widely been recognized in recent months for its forward-looking contributions to the impending nationwide health care reform, with several innovators in various areas of the industry located in Tampa Bay, including Moffitt Cancer Center, the University of South Florida and the Tampa Hillsborough Economic Development Commission’s MediFuture initiative. Laser Spine Institute conducted the analysis in partnership with the University of South Florida’s College of Business to understand its impact on the movement and to work in conjunction with local innovators to keep the momentum going. The study was conducted in partnership by Dr. Greg Smersh and Dr. David Rivenbark.

Since opening its doors in 2005, Laser Spine Institute has been committed to evolving the health care business model to better serve patients, and establishing its headquarters in a community that has shared this focus on innovation. The results of the study reaffirm that the Tampa Bay health care market is poised for continued advancement and demonstrates that Tampa Bay is a prime location for medical tourism and job relocation for top health care talent.

“Health care has widely been recognized as one of the nation’s fastest growing professional industries and one of the most sought after by job seekers. Establishing Tampa as a place that these job seekers want to be because we are known for being the best at helping people is the key to keeping our momentum going,” said Dotty Bollinger, president and COO of Laser Spine Institute. “Laser Spine Institute’s vision for setting the standard of interactive, one-on-one patient care, along with collaboration with other Tampa business and health care leaders, can help shape Tampa as the nation’s most respected region for patients to seek care and for well- trained health care professionals to seek employment.”

Health Care Is Driving the Local Economy More than 90 percent of patients who come to Laser Spine Institute are non-local residents, driving nearly $14.9 million in medical tourism to the local Tampa Bay economy. A repeatedly honored top employer in Tampa Bay, Laser Spine Institute employs more than 700 employees, 500 of which are based in Tampa Bay. Along with the company’s contributions to supporting industries, the organization contributes to 1,800 jobs in Tampa Bay, with an estimated $42.5 million impact on the Tampa area generated from employees alone. This further demonstrates that an increased investment in Tampa’s health care sector is a sure way to continue to strengthen the economy.

“There is an existing, powerful network of health information, biotech, and life sciences companies, like Laser Spine Institute, who call the Tampa area home. That network is unique to Florida and, more specifically, unique to Tampa,” said Mayor Bob Buckhorn. “We look forward to many more years of Laser Spine Institute’s growth and prosperity in Tampa.”

Laser Spine Institute has perfected a business model unique to the health care industry that puts the patient’s needs first, and readies itself for upcoming reform. It streamlines the healthcare process, resulting in lower costs for its patients and insurance providers, while also allowing the company to reinvest in better equipment and training that produces better surgical results. Health care providers that will stay successful under health care reform must readjust the way they approach patient care and drive outcome-based reimbursement. Laser Spine Institute is poised to easily make that transition as a leader in health care.

“Laser Spine Institute embodies the patient-centered approach that will characterize the healthcare system of the future,” said Rick Homans, President and CEO of the Tampa Hillsborough Economic Development Corporation. “Its impact on the community is a clear example of the economic benefit we receive when our businesses lead the way in innovation and reform.”

About Laser Spine Institute

Through minimally invasive spine surgery, Laser Spine Institute is expanding health care options for patients and is helping them achieve a better quality of life. Headquartered in Tampa, Fla., Laser Spine Institute employs more than 700 health professionals at its regional surgical centers in Tampa, Fla., Scottsdale, Ariz., Philadelphia, Oklahoma City and now The Woodlands, Texas. For more information, visit http://www.laserspineinstitute.com.

Media Contact: Lauren Hoyt-Williams Phone: 813-289-9613 x. 730 Email: [email protected]