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Sunday, April 06, 2014 1:29:08 PM
I do not consider FL as a total screw-up, other then they should have shut it down several quarters earlier. But do remember, they bought the HALO from Dr. G and his partner, who had continued to be very instrumental in the latest developments of the HALO, the principals who owned the FL centers.
When the Company expanded to FL, it was a vibrant and lucrative market for small PI cases. Only after Rick Scott, formerly CEO of HCA, became Governor of FL and instituted what he called "PI reform" forcing potential auto PI cases to go to a Hospital Emergency room first; an event that would instantly take away over 35% of the funds available to prospective successful PI cases, did the PI business all but collapse in FL. Considering his heritage from the Hospital industry, this should not have been surprising. FL only requires drivers to carry a total of $25,000 in coverage split between Personal Injury Protection PIP) and Liability. Anyone know any Emergency Room not charging at least $10k for any legitimate auto injury victim?
While the "competition" reference is disconcerting to most, there is a positive view that can be achieved by competition. Nobody competes in a failing business. In SPIN's case, from what I understand, the competition problem was isolated due to likely intervention by a former SPIN model developer and Northshore consultant (Houston and McAllan Affiliate) who reclaimed and diverted some of his clients originally brought to Northshore to a competitor. IMO, where Dr. D screwed up in this case is by being too distracted in HALO commercial development wearing his SPIN hat, while not having a marketing person on board to counter the raid. As of this month, I understand, this problem is being addressed with the addition of new personel.
There is no question that the core model with HALO is a much stronger product then just the core model alone. The competitor does not, and will not get the HALO. The joint model is proven by the continuing rapid advances being made in San Antonio which has rapidly grown from nothing less than a year before, due to proper marketing and use of the internal HALO. An analogy; "I could be giving away hundred dollar bills at the side of the road, but no one is going to stop if I don't at least have a sign offering the passerby's the opportunity."
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