Issue link: https://beckershealthcare.uberflip.com/i/1439613
27 PRACTICE MANAGEMENT Former Twin Cities Orthopedics CEO to lead 250-plus physician group in Washington By Alan Condon S eattle-based Proliance Surgeons, an independent practice with more than 250 physicians, has appointed Troy Simonson CEO as part of its partnership with Revo Health. On Nov. 1, Mr. Simonson became CEO of Proliance Surgeons and continues to lead Revo Health, which Golden Valley, Minn.- based Twin Cities Orthopedics formed in 2017 to help physician groups start and man- age bundled-payment programs. "[Mr. Simonson] has a proven track record of helping large, dynamic practices like ours grow and thrive, which is why we're incred- ibly excited to bring him on board," Charles Peterson, MD, president and chair of Pro- liance, said in an Oct. 21 news release. As CEO of Revo Health, Mr. Simonson has helped guide the creation of Infinite Health Collaborative, an independent multispecialty practice with over 200 physicians in Minne- apolis. From 2013 to 2020, he served as CEO of Twin Cities Orthopedics, helping grow the practice to more than three dozen locations, 114 physicians and almost 1,700 employees, according to its website. "is is an exciting time to join the practice, because we're capitalizing on a growth trend occurring in the industry," Mr. Simonson said. "Physician-owned and led practices who have historically been overshadowed by large health systems are stepping up and driving positive change and innovation across all of healthcare. Proliance Surgeons is committed to leading that charge." Proliance Surgeons has more than 450 pro- viders that serve 800,000 patients a year across 100 locations in Washington. More than 50,000 outpatient surgeries are per- formed annually at its ASCs. e group represents over a dozen specialties, including orthopedics, neurosurgery, otolar- yngology and pain management. n 13 orthopedic groups with 100 physicians or more By Alan Condon H ere are 13 orthopedic groups with 100 physi- cians or more, including three groups — Ortho- LoneStar, Tennessee Orthopaedic Alliance and Ortho Alliance NJ — formed through mergers in the last 18 months: 1. Rothman Orthopaedics (Philadelphia): 192 2. The Centers for Advanced Orthopaedics (Bethesda, Md.): 164 3. Illinois Bone & Joint Institute (Des Plaines, Ill.): 157 4. OrthoLoneStar (Dallas): 154 5. Proliance Surgeons (Seattle): 142 6. EmergeOrtho (Raleigh, N.C.): 140 7. OrthoCarolina (Charlotte, N.C.): 137 8. OrthoVirginia (Lynchburg): 123 9. Twin Cities Orthopedics (Minneapolis): 111 10. NorthShore Orthopaedic Institute: 105 11. Tennessee Orthopaedic Alliance (Nashville): 103 12. Resurgens Orthopaedics (Atlanta): 102 13. Ortho Alliance NJ: 100 n Spinal biologics company inks $100M deal, aims to go public By Alan Condon H ouston-based FibroBiologics, a regenerative med- icine company developing treatments for chronic disease using fibroblast cells, signed an agreement with a private investment group that will provide the com- pany with up to $100 million over the next three years. GEM Global Yield, with offices in New York and Paris, will is- sue the funds to FibroBiologics after a public listing of the company's common stock. Under the deal, FibroBiologics will control the timing and maximum amount of the drawdown and has no minimum drawdown obligation. Over a three-year period, FibroBiologics will issue warrants to GEM to purchase up to 4 percent of the total equity inter- ests. FibroBiologics intends to use the funds to continue de- veloping its fibroblast-based cell therapy platform, which is designed to treat spine and orthopedic conditions, multiple sclerosis and cancer. "This agreement provides for a strong balance sheet upon public listing and positions FibroBiologics for the next stage of commercial development to deliver life-changing abate- ment for patients with incurable chronic diseases," Pete O'Heeron, FibroBiologics CEO and chairman, said in a Nov. 16 news release. n