Pathway Health (TSX-V:PHC) Corp, an integrated healthcare company that provides products and services to patients suffering from chronic pain, revealed that it has added more physicians to its flagship Silver Pain Centre in Toronto in a move likely to boost patient visits and revenue.
Silver is the largest private interventional pain clinic in Canada with over 14,000 patient visits per year. The 20,000-square foot Level 2, out-of-hospital premise (OHP) in north Toronto provides patient-centered, interdisciplinary pain management services to thousands of chronic pain patients each year.
Staffed by 13 trained pain specialists and other healthcare providers, Silver provides a comprehensive suite of interdisciplinary, evidence-based solutions.
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"We're pleased to report that we added two more physicians to our team of pain specialists at Silver in 2022 that we expect will translate into more patient visits and an increase in provincial billings," Pathway Health (TSX-V:PHC) CEO Ken Yoon said in a statement.
He added: "Furthermore, Silver has successfully completed its OHP Inspection Program in compliance with the rigorous standards set by The College of Physicians and Surgeons of Ontario. Successfully passing this inspection allows us to continue our interventional patient care at Silver for five more years until the next clinic audit.”
In its corporate update, Pathway said it also added a second fluoroscopy suite at Silver that will allow the company’s pain specialists to treat more patients using “real-time diagnostic imaging, allowing for more precise treatments.”
The total number of individuals living with chronic pain will increase by 17.5% from 2019 to 2030, due to population growth and aging, According to Health Canada. Preliminary projections indicate as many as 8.3 million Canadians may live with chronic pain by 2025, and as many as 9 million by 2030. By 2030, the estimated direct costs will rise to around $23 billion and indirect costs to $31.5 billion.
"The increase in prevalence of chronic pain in Canada, combined with Pathway Health (TSX-V:PHC) 's growing reputation as a provider of superior patient care, has allowed us to achieve year-over-year growth of 10% in patient visits across all our clinic divisions, including at Silver, and we expect to see a continuation of this trend as we expand our clinical presence across Canada," said Yoon.
Pathway owns and operates nine community-based clinics across four Canadian provinces which help patients through a variety of evidence-based approaches and products, including medical cannabis.
Contact the author Uttara Choudhury at uttara@proactiveinvestors.com
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