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Find Business Opportunity in Home Infusion

Posted on in Growth Strategies

By Kelly Heth, VGM Marketing HomeInfusion “The Home Infusion market is growing and an opportunity you don’t want to miss,” said Frank Geiger, director of VGM Home Infusion, during his Heartland Conference educational session on June 16. Every year, the home infusion market generates between $9 billion and $11 billion dollars a year, and the industry is projected to double in the next four years. Why?

  • The world of customized medication is growing. Niche drugs are being developed to address specific disease states.
  • Acute care facilities are looking for cost-containment opportunities. Hospitals see a 92 percent savings from home infusion over hospitalized infusion. Infection rates are reduced in the home setting, saving facilities 20 to 40 percent.
  • The Affordable Healthcare Act prevents insurance companies from dropping patients with preexisting conditions.
Geiger then introduced a multistep step plan to enter the market.
  1. Obtain monetary backing: This is very important as you enter the market, because it takes six months to collect money. Monetary backing also helps as you begin to take on expenses to enter the market such as initial drug costs, computers, salaries, etc.
  2. Find and prepare a location. This is key because a location is required in order to receive a license.
  3. Hire qualified nursing, pharmacy and courier staff.
  4. Develop a policies and procedures manual.
  5. Identify and contract with drug and equipment resources.
  6. Develop a marketing strategy and sales team.
  7. Network, go after business and establish a list of payer contracts.
  8. Setup up your warehouse and develop a pick and pack setup for distribution.
“The time is now to get into the home infusion market,” said Frank Geiger. To learn more about home infusion and how you can enter the market contact Frank Geiger at 877-290-7969 or [email protected].

 

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