PainCare Holdings, a surgery and rehabilitation center operator and PPM, said Monday that it has agreed to purchase a pain management practice in Bismarck, N.D., just days after completing an acquisition in southern Illinois.
Orlando, Fla.-based PainCare, a publicly traded company specializing in minimally invasive spine surgery, pain management and orthopedic rehabilitation, is making its first expansion into the Upper Midwest by announcing the planned acquisition of Spine & Pain Center, the solo practice of Bismarck physiatrist Michael Martire, M.D.
Last Wednesday, PainCare completed the purchase of Associated Physicians Group, a pain management practice in the St. Louis suburbs of O'Fallon, Glen Carbon and Freeburg, Ill.
The Spine & Pain Center acquisition would allow PainCare to achieve its goal of purchasing three practices this year, CFO Mark Szporka says. The company also bought a Tallahassee, Fla., solo practice in May.
Additionally, PainCare management has opened eight of the 15 new orthopedic rehabilitation centers it hopes to add this year in the other segment of its business. PainCare manages and operates centers in partnership with orthopedists, neurosurgeons, physiatrists and other pain specialists and equips the facilities under a distribution agreement with equipment manufacturer MedX Corp.
PainCare officials say that they are looking at the possibility of expanding by purchasing existing rehab centers from the nation's largest rehab company, HealthSouth Corp. HealthSouth is under federal investigation for allegedly overstating earnings by at least $2.5 billion and inflating the value of its assets by $800 million.
"We've spoken with HealthSouth," says PainCare President Ronald Riewold, "but we haven't made any deals with HealthSouth."
PainCare will announce its second-quarter results Tuesday.