BY BARBARA PINCKNEY<\/p>\n
Physicians from two Saratoga County medical
\npractices are teaming up to build the Northway
\nSurgery and Pain Center in Clifton Park.<\/p>\n
According to documents filed with the state
\nDepartment of Health, which has given preliminary
\napproval for the project, the ambulatory
\nsurgery center, which would focus on pain
\nmanagement, would be built on vacant land at
\n1596 Route 9, south of Northway Exit 9.<\/p>\n
Costs to construct and equip the 9,400 squarefoot
\nbuilding are estimated at about $1 million,
\naccording to the documents.<\/p>\n
Northway Surgery will be 95 percent owned
\nby an entity called NSPC Holdings LLC, a joint
\nventure between the partners in the Albany &
\nSaratoga Centers for Pain Management–Dr.
\nEdward Apicella and Dr. Martin Ferrillo–and
\nthe partners in New York Pain Management
\nPLLC–Dr. Charles Gordon and Dr. Quenton
\nPhung.<\/p>\n
According to the filing, Apicella and Ferrillo
\neach own 35 percent of NSPC Holdings and Gordon
\nand Phung each own 15 percent. Apicella will
\nbe medical director of Northway Surgery.<\/p>\n
The remaining 5 percent is owned by Heritage
\nAmbulatory Surgery Center LLC., a new company
\nformed to provide consulting and administrative
\nservices to Northway Surgery. The partners in
\nHeritage are Dr. Robert Tiso, Joseph Cantino, Dr.
\nEric Tallarico and Dr. Nameer Haider.<\/p>\n
Although a Certificate of Need filing put the
\nprojected start-up date on Dec. 31, it is not clear
\nwhen Northway Surgery will open. Tom Pascarella,
\npractice administrator for the Albany &
\nSaratoga Centers for Pain Management, said an
\nupdate should be available in mid-2015.<\/p>\n
Apicella and Ferrillo currently practice interventional
\npain management, using minimally
\ninvasive techniques, in Saratoga Springs and
\nAlbany. Gordon and Phung have practice locations
\nin Clifton Park and Glens Falls. In 2012,
\nthe most recent year cited in the application,
\nthe four physicians did a combined total of 9,700
\noffice-based procedures.<\/p>\n
They told the state they expect to do about
\n8,200 procedures at Northway Surgery in its first
\nyear of operation–because some surgeries will
\nremain office-based–and as many as 10,000 in
\nyear three. The partners estimated an average
\ncost per visit of $378 in year one.<\/p>\n
The center’s primary service area would cover
\nSaratoga, Albany, Schenectady, Rensselaer, Warren
\nand Washington counties, with the majority
\nof patients coming on referral from primary care
\nphysicians. Using National Center for Health
\nStatistics estimates of chronic pain prevalence in
\nthe adult population, the partners estimated that
\nabout 182,000 people in this six-county region
\nwould benefit from their services.<\/p>\n
The ambulatory surgery center would have
\nfour procedure rooms, and employ about 22
\npeople. Emergency support would be provided
\nby either Saratoga Hospital or Ellis Medicine
\nin Schenectady, both of which are about 20
\nminutes away.<\/p>\n
According to the application, the partners
\nexpect revenue of $6.3 million in their first year
\nof operation, with expenses of about $3.1 million.
\nThis would put net income at about $3.2
\nmillion. By year three, revenue is projected at
\n$7.6 million, and net income at $4 million.<\/p>\n
Working capital requirements, estimated
\nat just under $600,000, will be covered by the
\npartner’s personal assets and a bank loan. A
\nbank loan also is expected to finance most of
\nthe $1 million project cost, according to the
\ndocuments.<\/p>\n","protected":false},"excerpt":{"rendered":"
BY BARBARA PINCKNEY Physicians from two Saratoga County medical practices are teaming up to build the Northway Surgery and Pain Center in Clifton Park. According to documents filed with the state Department of Health, which has given preliminary approval…<\/p>\n","protected":false},"author":121,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[34],"tags":[57,61,82,98],"class_list":["post-28556","post","type-post","status-publish","format-standard","hentry","category-new-businesses","tag-business-news","tag-clifton-park","tag-healthcare","tag-new-businesses"],"yoast_head":"\r\n