SACRAMENTO, Calif., May 9 /PRNewswire-USNewswire/ -- Many Lasik clinics offer long-term warranties that offer additional services or a refund for the popular laser eye surgery, but the controversial practice of money back plans for medical care has raised concerns with the Council for Refractive Surgery Quality Assurance (USAEyes.org), a nonprofit patient advocacy that evaluates patient outcomes and certifies Lasik doctors. The restatement of $48.9M of revenue loss by LCA-Vision, Inc., which operates 63 LasikPlus centers across the nation, has Wall Street concerned as well.
"It's admirable for a clinic to provide a high level of commitment to its patients, however the reality is that what constitutes a lifetime and what is covered may be a matter of contention and circumstance," says Glenn Hagele, Executive Director of USAEyes.org. "Are we talking about the lifetime of the patient, the doctor, or the corporation that employed the doctor?"
The Securities and Exchange Commission (SEC) has raised a few questions too. On May 8th SEC concerns about LCA-Vision's reporting method for its "Lifetime Acuity Program" that promises to provide additional patient services prompted an amended earnings change effecting a reduction in revenues of $48.9 million and a reduction in retained earnings of $27.4 million from 2002 to 2006.
"A warranty of any kind is only as viable as the people who back it," warns Hagele. In 2001 ICON, another national Lasik chain, suddenly filed for bankruptcy and left patients stranded. "Some patients found their warranty was good for a few days before the doors were closed."
The Council for Refractive Surgery Quality Assurance (USAEyes.org) is a nonprofit nongovernmental patient advocacy organization that evaluates and certifies doctors who perform surgery to reduce the need for corrective lenses.
Council for Refractive Surgery Quality Assurance
