Blog
6 Ways Home Infusion Pharmacies can Maximize Profitability by Putting Data to Work
Home infusion therapy is becoming an increasingly popular treatment option for patients who require medication administration outside of a hospital setting. As the demand for this service continues to grow across North America, infusion and specialty pharmacy providers face the challenge of maximizing profitability while maintaining the highest level of patient care. One effective approach to achieving this goal is to leverage data to drive decision-making. Explore a few ways that infusion and specialty pharmacy providers can use data analytics to improve their profitability.
- Identify cost-saving opportunities and optimize resource allocation
By utilizing data analytics, home infusion companies can identify cost-saving opportunities and optimize resource allocation. Leveraging digital health technologies such as electronic health records (EHRs) and telemedicine can help streamline data collection and sharing, while also improving patient outcomes. Additionally, data analytics can help home infusion companies optimize staffing levels and scheduling to ensure that resources are being used efficiently.
The timely and accurate collection and sharing of this data can be challenging due to a variety of factors, including privacy concerns, fragmented data systems, and varying data standards. However, addressing this gap is important for ensuring patient safety and improving the quality of healthcare.
- Monitor patient outcomes and adjust treatment plans accordingly
Patient outcomes are a critical metric for home infusion agencies, as they are closely linked to patient satisfaction and financial performance. Nurses are required to file post-injection or post-infusion reports manually on paper which is time-consuming and takes away from their patient care responsibilities. These reports are critical to patient care as they capture key clinical metrics such as adverse events, vitals, and patient-reported complaints.
The best software solutions can aggregate all the necessary information quickly and easily, identify areas for improvement, which allow nurses to adjust treatment plans accordingly and help free up nurses’ time and help agencies thrive.
- Identify high-cost patients and target resources to improve their outcomes
Documenting client visits electronically has clear benefits for home infusion. When it comes to patient care, some require more resources than others, which can significantly impact the cost of care. Using data and analytics, agencies can identify if a patient requires frequent hospital readmissions, allowing home infusion providers and sub-contracted nursing agencies to work with the patient’s healthcare provider to develop a more effective treatment plan that reduces the need for hospitalization.
- Monitor drug utilization and adjust supply chain processes
Drug utilization is a critical factor in the cost of care for home infusion patients. By monitoring drug utilization patterns, home infusion companies can identify opportunities to reduce waste and minimize costs. For example, if a particular medication is being over-prescribed, home infusion companies can work with healthcare providers to develop more appropriate prescribing guidelines.
- Track and manage referral sources
The goal when establishing a referral program is to generate frictionless cooperation between subcontracting nursing agencies and specialty pharmacies. Building relationships with healthcare providers and other referral sources is essential for home infusion companies to increase patient volume and revenue. Modern software systems offer the opportunity for a level of responsiveness that gets noticed. With increased access to information, like maps and travel times that make scheduling a breeze, you can take the initiative and respond to referrals in a timely manner – not only accepting them but setting them immediately in motion.
Download our 5 steps to become a leading referral source for specialty pharmacies guide
- Implement a robust data management system
Agencies can stand to gain huge efficiencies within their own operations by becoming more data-focused. To effectively leverage data, home infusion companies must have a robust data management system in place that can capture data through mobile apps, clinical documentation and caregiver notes, which helps coordinate care, improve patient well-being, reveal gaps in care, predicts busy times, and much more. Additionally, home infusion companies should invest in data visualization tools to help them interpret complex data sets and make informed decisions.
“It’s clear that, as the demand for home infusion rises, the need to ensure rigorous patient safety and high-quality care will be a key focus across the country,” says Adrian Schauer, Co-founder and CEO of AlayaCare. “To meet that demand, and to be a successful partner in industry benchmarking, providers would be best served to modernize and leverage technology that captures data accurately across all areas of operation.”
Maximizing profitability in infusion and specialty pharmacies requires a data-driven approach to decision-making. By utilizing data analytics, infusion and specialty pharmacy providers can identify cost-saving opportunities, monitor patient outcomes, target high-cost patients, optimize drug utilization, build relationships with referral sources, and implement a robust data management system. By doing so, infusion and specialty pharmacy providers can improve operational efficiency, reduce costs, and drive profitability. When looking for a home infusion software, ensure that it integrates with pharmacy management solutions, includes robust clinical documentation capabilities and handles referral management between you and infusion nursing agencies to boost efficiencies and increase capacity.
Learn how you can simplify your home infusion operations with AlayaCare.
