HOUSTON, Nov. 14, 2017 (GLOBE NEWSWIRE) -- Spine Injury Solutions, Inc. (OTCQB:SPIN), a technology-driven, medical service, and healthcare solution company servicing the multi-billion dollar spine injury sector, today announced the formal addition of Hope Surgical (HS), a newly formed Division of Esperanza Medical & Wellness (Esperanza) of Las Cruces, NM, as the first out of state Diagnostic and Treatment Affiliate under SPIN’s recently launched National Affiliate Program. Las Cruces is the second largest city in NM with a metropolitan population of 210,000. With its location on Interstate 10, the major east-west commercial passageway in the US and Interstate 25, a north-south corridor, commercial accidents trend above the national average making it a prime location for a SPIN Affiliate.
Dr. William Donovan, CEO stated, “Esperanza is a thriving full service medical facility with a strong personal injury practice which had included a Family Practice Doctor, a Chiropractic Physician, and several Massage Therapists. By adding the Surgical Component through HS and becoming a SPIN Affiliate, it fills out the last component for a true all inclusive PI practice. Having made several trips to visit Esperanza over the past few months, I am very excited about its potential as a full service ‘Hub and Spoke’ SPIN Affiliate." Donovan added, “We are aiming at perhaps one more new Affiliate before year end and eight to ten next year."
Why SPIN Is now expanding Its Affiliate Program nationally
Eight years ago, SPIN initiated its First Affiliate Program in Houston, TX whereby SPIN would provide financial assistance to “Designated” Medical Affiliates providing Diagnostic and Treatment procedures for patients of Spine Injury accidents. In the instances where SPIN would fund the procedures, actual payment for procedures performed typically take a year or more, depending on the settlement timing of the case. While most cases settle for less than the amount billed, some end with none or a much reduced settlement. For these reasons, SPIN would fund select Affiliates' case billings shortly after the procedure is completed at a discount and assume risk of future collection. During these eight years, while averaging only three Affiliates, over 9,000 procedures have generated approximately $28 million in net revenues for SPIN. Actual cash collections to date from SPIN financed cases have exceeded $17.5 million.
In early 2014, SPIN began beta testing a unique Video Transparency and Documenting device called Quad Video HALO™ (QVH). In 2015 it received its US Patent on the QVH and began Medical Safety Certification Testing. In early 2016, 3rd Party Testing was successfully completed and the QVH became certified for Medical use in both the US and EU. Since adding the QVH to its Affiliate Program, over 3,000 cases have been funded. Attorneys have found that the VMRT© (Video Medical Records Technology) produced with the QVH had resulted in an easier and more efficient settlement process for the clients.
Included in the New Affiliate Program is training based on SPIN’s historic success, SPIN also assists with local area marketing support to its affiliates by generating attorney referrals along with referrals from other providers and other medical practitioners through its “Hub and Spoke” program designed by its recently added COO. SPIN provides the new Affiliate exclusive use of a complete QVH system and all its protocols -- all this at no initial cost to the Affiliate (which maintains its own business Identity). In all but the largest cities, SPIN will only award a single “Affiliate” position. In exchange, the Affiliate is only required to follow its rules and protocols, offer SPIN the option to fund all cases which used the QVH and maintain a reasonable amount of QVH cases per month.
When one considers how much revenues and cash SPIN has generated from just an average of three Affiliates to date, the profit potential to SPIN should quickly be apparent with just the initial target of quintupling Affiliates over the next 18 months.
About Spine Injury Solutions, Inc.:
We are a medical services and technology company facilitating diagnostic services for patients who have sustained spine injuries resulting from traumatic accidents. We deliver turnkey solutions to spine surgeons, orthopedic surgeons, DOs and other healthcare providers that provide necessary and appropriate treatment of musculo-skeletal spine injuries resulting from automobile and work-related accidents. Our care management and financing 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 that our services and technology brings strong transparency and impartiality to all parties involved in the settlement of patient cases.
Additional information about the company, along with a video can be found at its website at www.spineinjurysolutions.com.
About Quad Video HALO, Inc.:
A wholly owned subsidiary of Spine Injury Solutions, Inc., Quad Video HALO, Inc brings surgeons and interventional pain management providers the ability to bring modern video documentation technology into the operating/treatment rooms. The Quad Video Technology™ V3.0 and HALO Rx™ creates a digital turnkey video and audio documentation solutions that integrates multiple views from other OR/treatment imaging sources with several other viewpoints just outside the sterile field.
Additional information about QVH can be found at its website: www.quadvideohalo.com.
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.
Dr. William F. Donovan
Chairman, President & CEO
Spine Injury Solutions, Inc.