Shore Capital Partners (“Shore”), a private equity firm, is pleased to announce it has founded Southern Sports Medicine Partners (“SSMP”), through the completion of a strategic partnership with Jaffe Sports Medicine (“JSM”). SSMP provides interventional pain management practices with administrative support, so physicians can focus on delivering the highest quality of patient care. JSM, led by founder Dr. Peter Jaffe, provides patient-centric care at four locations in the Naples, FL area. Mike Cooper, a founding partner of Shore, commented, “We are thrilled to partner with Dr. Jaffe. He is one of the most respected and well-known physicians in West Florida. Having built a world-class practice, Dr. Jaffe shares our vision to deliver clinical excellence at greater scale.” SSMP represents the third platform investment out of Shore Capital Partners Fund III, L.P., a $293 million investment vehicle raised in April 2019.
Anodyne Pain & Wellness Solutions, Inc. is excited to announce the launch of clinics in Park City & Alpine, UT, joining its existing Salt Lake City and St. George location, as well as its first clinic in the state of New Mexico, located in Albuquerque. These three clinics, currently in operation and managed by Regan & Cade Archibald under the name East West Health and have been providing award-winning care for over 15 years. The locations will now be a part of Anodyne, the only national network of clinics effectively treating chronic pain without the use of opioids or surgery.
Spindletop Pain Management Holdings, LLC, and Tricity Pain Associates, P.A., a leading provider of pain management services, announces that it has acquired Hill Country Pain Associates. Spindletop Pain Management Holdings partnered with Tricity Pain Associates in 2018 to become a leader in pain management services. Tricity Pain Associates is expanding along the I-35 corridor to serve more patients and strengthen its presence in North San Antonio and New Braunfels in Comal county. This partnership extends the reach of Tricity Pain to the Texas Hill Country with the addition of a presence in Fredericksburg in Gillespie county. With the acquisition of Hill Country Pain, Tricity Pain Associates will have 35 pain management providers across 22 clinic locations, including three ASCs in Texas.
Backcast Partners Management, LLC (“Backcast”), a provider of debt and equity capital for both middle market private equity and non-private equity owned companies, is pleased to announce a recent investment supporting the recapitalization of Memorial MMRI & Diagnostic (“MMRI”, or the “Company”) by Panos Partners, a Dallas based private equity sponsor. MMRI is a leading regional provider of diagnostic imaging and pain management services with ten locations throughout Texas.
The pain medicine practice previously owned by Dr. Eugene Gosy is moving forward with a new business model and a name change. Gosy pleaded guilty to federal charges of healthcare fraud and conspiracy to distribute controlled substances on Jan. 7. Gosy & Associates Pain and Neurology Treatment Center shutdown briefly in 2016, then reopened with other physicians overseeing patients. The practice was later renamed Pain Management Associates Of WNY after it was acquired by Jeffrey Dann, a CPA with ownership interests in multiple healthcare companies. The practice has now rebranded as Integrative Pain & Wellness after a merger in late 2019 with Advanced Pain & Wellness Associates, a separate Western New York practice owned by Dr. Romanth Waghmarae, a pain-trained anesthesiologist in practice for 30 years. The third owner is chiropractor Dr. Antonino Harlino.
Spindletop Pain Management Holdings, LLC and Tricity Pain Associates, P.A. a leading provider of pain management services, announced that it had acquired Advanced Consultants in Pain Care (ACPC) and the Interventional Practice of Dr Darius Zagunis. Located in the Stone Oak area of San Antonio, TCPA and ACPC will continue to provide a multi-disciplinary approach for broad range of Pain Patients in San Antonio area. Spindletop Pain Management Holdings partnered with Tricity Pain Associates in 2018 to build a leading integrated platform in pain management services. The organization has 27 providers across 17 clinics, including three ASCs in Texas.
A three-story office building in Newport Beach, CA traded hands for more than $8 million, or roughly $372-per-square-foot, to a local orthopedic and pain management practice. The buyer was Regenerative Institute of Newport Beach, while the seller was Parr Property Management, Inc. The medical practice plans to renovate and occupy the 50%-leased property located at 20341 SW Birch St., which totals 21,668 square feet. The property features glass windows, bayside views and creative buildouts. Current tenants include Clearview Investments Partners, LLC, and Force 10 Partners.
Beverly Hills-based California Elite Pain & Spine Institute merged with BioHealth Pain Management, according to CEPSI President Ben Shamloo, MD. The combined organization plans to open a surgery center called Biohealth Surgical Institute this month.
Clearway Pain Solutions has merged with KureSmart Pain Management, creating one of the largest integrated pain solutions practices in the U.S. with 37 doctors and 46 clinical practitioners serving 36 locations in Maryland, Florida, Alabama, Delaware and Michigan. Clearway Pain Solutions is the flagship brand with the corporate headquarters in Annapolis, MD, where KureSmart is currently based. The combined organization will leverage financial, operational, clinical and technological resources as part of a national strategy to deliver excellence in comprehensive interventional pain management services.
Medicare may cover acupuncture for patients with chronic low back pain enrolled in clinical trials or other CMS-approved studies. In an announcement Monday, the CMS said it’s considering coverage of acupuncture in certain instances after the agency reviewed the growing body of research on the method. HHS Secretary Alex Azar said in a prepared statement that the proposal is in line with the agency’s efforts to expand access to non-opioid alternatives to pain management. “Defeating our country’s epidemic of opioid addiction requires identifying all possible ways to treat the very real problem of chronic pain, and this proposal would provide patients with new options while expanding our scientific understanding of alternative approaches to pain,” he said.
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