Corinthian Health Services Blog

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Archives for October 2017

Infusion Center Business Plan

Having an infusion center business plan is a required step in making the right decision for your practice. If you’re a Infusion Center Business Planphysician 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.

Financial Analysis

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.

Project Timetable

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.

How to Open an Infusion Center

How to open an infusion center is one of the most frequently asked questions we hear. If you’re like most physicians How to Open an Infusion Centerlooking for a competitive edge in the ever-changing landscape of patient care, you may be considering the addition of an infusion center to your practice or medical facility.

While the benefits of an infusion center are plentiful, the process of opening one can certainly be daunting. Don’t worry. We’ve designed this blueprint to guide you through the requisite steps to establish a successful, sustainable, and a profitable infusion center.

How to Open an Infusion Center

Step 1: Understand Your Why

Determine why you want to open an infusion center. An infusion center can yield a host of favorable outcomes for both you and your patients, but identifying the specific motives and intentions driving your decision to open one is the critical first step in framing the planning process.

Clarify your short- and long-term goals and outline your anticipated deliverables. For some physicians, profitability and increased revenue stream is the key objective. For others, an infusion center provides an unparalleled level of convenience and accessibility for patients. Perhaps opening an infusion center is simply a way of bolstering the overall quality of patient care that your practice provides. Whatever your reasons may be, a concrete purpose of action must be determined before subsequent developments can materialize.

Step 2: Know Your Target Audience

Once you establish your purpose, the next step is to identify and hone in on your target market. “Target market” is often a nebulous term in the healthcare industry when considering how many influencers and individuals play key roles in driving business. The first cohort that should be included is your existing patient base.

Next, think about both traditional and nontraditional customers that are aligned with your reasons for opening the infusion center. For example, if profit is your motive, maybe it makes sense for you to target insurance companies or establish partnerships with key companies. On the other hand, if your motive is to expand and grow your patient base, you may want to target case managers, referral coordinators, and other physicians who regard your center as a more appropriate treatment site than the standard hospital-like setting.

Step 3: Determine How You Will Reach Your Target Market

 

With a target market established, it’s time to meet your customers where they are. Take a multifaceted approach, and employ a variety of outreach methods. For example, establish and maintain strong rapport with both patients and other physicians, and communicate to them the value and impact of referrals. Additionally, identify appropriate websites and other online channels like Facebook to market your infusion center. Traditional print advertising such as newspapers, journals, and information boards are also effective ways to gain exposure if you target the right audience.

Dollars and Sense

Step 4: Create a Financial Analysis

Performing an in-depth financial analysis of operating costs is a must. Simply put – you can’t open the doors to your infusion center without first opening your books and crunching numbers. From overhead and inventory to monthly budgets, risk assessment, and projected growth, a detailed financial picture of the entire operation must be clearly established from the beginning.

Step 5: Design Your Center

Gone are the days of cold, sterile patient settings. The ambiance of your infusion center is what patients will remember, with comfort and inclusion serving as key features. Your infusion center should represent the culture of your practice while fostering safety, warmth, and physical and emotional wellbeing–not only for your patients, but for their family, friends, and caretakers as well.

Step 6: Assess Staff and Operational Components

When it comes to a fully operational infusion center, there are a lot of moving parts, and each one plays an integral role. Identify staffing needs from infusion nurses to management personnel to billing professionals. Make sure to define their unique functions and expected contributions.

Step 7: Inventory

You’ll need to ensure that you have the right medical equipment and medication on hand. Work with a provider that negotiates the best prices and can deliver what you need when you need it. At Corinthian, we can help you identify the medications that may be costing you more to administer than what you’re bringing in. We can also help you identify areas where you can improve your return on medication.

The Optimal Solution

When it comes to opening up your infusion center, a turnkey solution can take the guesswork and grunt work off your busy plate. A turnkey healthcare service provider manages all facets of the process – operational, staffing, and financial. It allows you to direct your focus where it belongs: on your patients and practice.

From providing equipment, software, and décor to assessing managed care contracts, performing audits, and facilitating purchases, a turnkey model is the only solution that takes work off your plate.

If you would like more information and pointed guidance on how to open an infusion center, contact us today to get started.