Issue link: https://beckershealthcare.uberflip.com/i/1365724
42 PRACTICE MANAGEMENT Regenerative medicine market to hit $39M by 2030: 5 notes By Alan Condon T he global regenerative medicine market is projected to reach $39 million by 2030, up from $8.2 million in 2019, according to market research company P&S Intelligence. Five notes: 1. Between 2020 and 2030, the market is expected to increase at a compound annual growth rate of 16.3 percent. 2. Regenerative medicine, primarily used to treat musculoskeletal diseases, focuses on repairing tissues and cells. As older adults are more prone to chronic conditions, the rising geriatric popula- tion is expected to be a key contributor of market growth. 3. The global number of people aged 65 and older is anticipated to rise from 703 million in 2019 to 1.5 billion in 2050, according to the United Nations. 4. Econocmic growth, increased funding for medical research and growing medical tourism are also projected to be key market drivers. 5. Key players in the regenerative medicine industry include Stryker, Smith+Nephew, Zimmer Biomet and Integra LifeSciences. n MpowerHealth invests $7M toward orthopedic value-based programs By Alan Condon O ver the past two years, Addison, Texas-based MpowerHealth has invested more than $7 million to develop data analytics and information technology to support clinically integrated networks in Texas, Ohio and Georgia, among other states. The investments focused on building a foundation of data analyt- ics and ensuring independent physician practices are supported with key personnel hires. "The massive infrastructure that we have developed to support our clinically integrated networks will allow independent physi- cians to maintain their autonomy while giving them access to the tools needed to improve outcomes and bring value-based care to their patients in need," Scott LaRoque, CEO and founder of MpowerHealth, said in a March 1 news release. MpowerHealth is creating clinically integrated networks for mus- culoskeletal physicians in several areas of the country. In Texas, more than 40 practices are included in MpowerHealth's network. In October, spine surgeon Adam Bruggeman, MD, was named CMO of MpowerHealth and named to its advisory board. n Tennessee orthopedic practice files for bankruptcy: 3 details By Alan Condon S pecialty Orthopedic Group Tennessee in Lebanon filed for voluntary Chapter 11 bank- ruptcy protection, which allows businesses to restructure debts to help repay creditors over time, the Nashville Business Journal reported March 11. Three details: 1. The practice listed assets of zero and debts up to $286,993. 2. With an outstanding claim of $204,000, First Citizens National Bank was named as the group's largest creditor. 3. The practice filed for bankruptcy Feb. 24, and bankruptcy courts recorded the filing in early March. n 5 CEO moves at orthopedic practices in Q1 By Alan Condon B etween Jan. 1 and March 11, Becker's has reported on five CEO moves at orthopedic practices: 1. Michael West, CEO of Rothman Orthopaedic Institute in Philadelphia, retired March 31 after 22 years with the practice. 2. Morristown, N.J.-based Altair Health, a physi- cian-managed health system focused on spine care, appointed Mark Farrington CEO. 3. Mr. Farrington left his post as CEO of Mayfield Brain & Spine, a 19-surgeon practice providing care to patients across Greater Cincinnati and Northern Kentucky. 4. OrthoBethesda, a 14-surgeon group in Mary- land, named Emil Engels, MD, CEO. 5. Joe DiPaolo was named CEO of The Orthopedic Institute of New Jersey in Sparta, which has 24 pro- viders and eight locations. n