I had surgery recently and spent a great deal of time researching this issue. In my opinion -- and this is just my opinion, I'm no expert -- doing the procedure in an area outside of the nipple IS a somewhat new and improved way of doing gynecomastia surgery. I had surgery with a plastic surgeon at the Mayo Clinic in Minnesota (liposuction + excision), who invented his own way of doing it. It is similar to the abstract I'm citing below by Prado and Castillo. I also had a consultation with the new president of the American Society of Plastic Surgeons, who assured me that he could do liposuction and excision via the armpit. Also, Dr. Lista of Canada, who gets high marks on these boards, has come up with his own method, also cited below. --So, I would recommend that you do some serious research and come up with a decision that you're comfortable with.
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Prado AC, Castillo PF. Minimal surgical access to treat gynecomastia with the use of a power-assisted arthroscopic-endoscopic cartilage shaver. Plast Reconstr Surg. 2005 Mar;115(3):939-42.
The authors present a new method of treatment for gynecomastia that combines traditional liposuction in conjunction with a shaver technique to effectively remove the fibrofatty and the glandular tissues of the male breast and avoid areolar incisions. Twenty-five patients were treated in this fashion, and each patient demonstrated a smooth, masculine breast contour with well-concealed scars in the inframammary folds, eliminating the stigma of breast surgery. The procedure is technically straightforward and provides consistent results.
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Lista: http://www.theplasticsurgeryclinic.com/malebreast_reduction.html
The standard technique for correction of gynecomastia involves a small incision around the nipple. The problem with this procedure is that it leaves a "tell-tale" scar which looks like a half moon around the lower half of the nipple. Usually this scar looks acceptable, but in some patients the scar is obvious and visible. Some men are disappointed that after surgery they are embarrased to expose their chests because of the nipple scar. Because of these concerns, Dr Lista has developed a new technique which eliminates this embarrasing tell-tale scar. In Dr Lista's procedure he places the Power Assisted Liposuction scar in the outside area of the chest. This scar is about 3 mm (or a quarter of an inch) and looks just like a scar after the removal of a small mole. At the completion of the liposuction he inserts a specially designed instrument through the liposuction incision to remove glandular tissue. This revolutionary technique allows the removal of both fatty tissue and glandular tissue through the same small incision while avoiding the embarrasing incision around the nipple….Dr Lista is preparing to present this new technique to several national plastic surgery conferences