Having an infusion center business plan is a required step in making the right decision for your practice. If you’re a physician who places a high premium on quality patient care coupled with an increased revenue stream, you may be considering the addition of an infusion center. While an infusion center is often a viable solution, opening one is no small feat. Below is a seven-pronged approach to crafting an infusion center business plan designed to set you up for success.
Project Description & Overview
Begin with an overview that provides a soup-to-nuts description of the infusion center that you plan to open. Offer details explaining why you are opening the center and what parameters are in place. Additionally, address critical logistics about the space and set-up, anticipated patient population and volume, schedule, and staffing.
Benefits of Project
Paint a clear picture of how the infusion center will benefit patients, providers, and other relevant constituents. Next, articulate ways in which the infusion center is in clear support of your practice’s core values, mission, and long- and short-term strategic plan. How will the center foster synergy and alignment between patients and a robust network of physicians?
Description of Operations
Itemize a scope of services to be offered and administered and what conditions and diseases will be treated at the infusion center. Also, be sure to address operational issues such as accessibility, billing protocol, and efficiency. Finally, discuss what outcomes you anticipate and what factors will ultimately dictate success.
Market Assessment & Alternative Strategies
Present data-based market research in support of the center’s viability. Include specifics about geography, population, payer mix, and provider resources that will be undoubtedly impacted by the infusion center. Highlight your strategy winning the market and dealing with competitors. Consider outlining an alternative strategy as well.
Provide a snapshot of what is needed in terms of securing ample space, staffing, equipment, medication, and the cost associated with each component. Next, address variables that may necessitate additional financial analysis, including the impact of insurance changes and the likelihood of out-of-pocket expenses for patients.
Provide specific dates that correspond to each step in the process from inception to completion. This linear framework should address details about the infusion center budget, construction, and grand opening.
Marketing Plan & Management Recommendations
Communicate how and where you will advertise the infusion center. Reference specific communication and outreach modalities, and identify your target audience. Additionally, explain how the center will be managed, who will provide oversight of staff and assess departmental performance.
Much attention and credence must be paid to developing a comprehensive business plan that addresses each key component of the project. Part of crafting an effective business plan is doing your due diligence in evaluating different companies. After all, as the popular adage reminds us, “failing to plan is planning to fail.”
Ready to get started? If you’d like to learn more about our business plan – give us a call. Our turnkey infusion center solution takes the financial, operational, and staffing component off your plate so you can get back to doing the work you love.