HOUSTON, Feb. 6, 2002 (PRIMEZONE) -- SurgiCare, Inc. (AMEX:SRG), a Houston-based Ambulatory Surgical Center (ASC) company, announced today that it had formed its Physician Advisory Board for 2002. The Board is comprised of physicians from each of the company's Surgery Centers and helps company management develop strategic planning initiatives.
SurgiCare's strategy has been to acquire and develop ASC's by forging close relationships with its physician partners. The company's philosophy is to expand nationally, while maintaining a degree of autonomy at each individual center. The strategy has been highly successful, as the company reported a 51% annual growth in surgical procedures for 2001. SurgiCare believes that by providing the physicians with a role in its corporate management, that it will continue to keep its corporate goals consistent with the needs of the physicians. The company recently announced that it expects to grow surgical procedures by an additional 72% this year.
"We believe that our strategy of acquiring ASC's and then retaining our physician partners is clearly working," said Dr. David Blumfield, SurgiCare's Chairman and Co-Chief Executive Officer. "We clearly offer a compelling alternative to the traditional acquisition model, where physicians are often stripped of any management role or voice in corporate philosophy. Our physicians retain a significant stake in the company, enabling them to participate in any upside, while our shareholders benefit as a result of the increased commitment from the doctors. We believe as we expand across the country that growing numbers of physicians will want to join SurgiCare for these reasons."
About SurgiCare, Inc.
SurgiCare, Inc. offers licensed, freestanding Ambulatory Surgery Centers for use by physicians and its physician partners and their patients. Freestanding refers to the fact that the facilities are physically and organizationally independent from a hospital. Ambulatory Surgery means surgical procedures that do not require hospitalization after the surgery. The ASCs are run under the guidance of a committee of physician partners. SurgiCare's goal is to grow through mergers, acquisitions and turnkey management contracts in conjunction with physician-involved supervision and potential equity participation within a public company model. SurgiCare has assembled a team of highly qualified industry professionals that are equipped to effectively manage multiple ASCs, essentially cutting operational costs and increasing profit margins. For more information on SurgiCare, please visit the company's Web site at http://www.surgicareinc.com.
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