Global Home Infusion Industry Expected to Reach $31.9 Billion by 2022: Are You Prepared?
According to a recent report from Radiant Insights, Inc., the global home infusion therapy market is expected to reach $31.9 billion in the next 7 years.1 That’s a significant jump from a 2014 estimate of $27.5 billion.2
Radiant Insight’s data indicates that the growth will likely be due to multiple factors, including the rising occurrence of chronic disorders that need to be treated in outpatient settings, the growing geriatric population worldwide, and the increasingly accepted belief that home treatments are safer than hospital stays due to hospital-acquired infections. Is your home infusion business prepared to meet this expected demand?
As more patients require specialized treatments, providers will need to look internally at their staff and processes to assess how their workflows and current technology can scale to meet changing demands. Provided below is a checklist that you can use to determine areas that may need adjustment, so you can prepare your business for a successful future.
- Workflow—Does your business currently have a workflow process in place that can adjust for growing numbers of patients? Timeliness is always key, so determine how long orders take to get through your system and delivered to the patient. If you are not automating your workflow and tracking specific work as it comes in, how will you be able to respond to excess orders in a timely fashion?
- Documentation—Are your clinical staff relying on paper and manual processes to locate patient information? The days of using this method are gone, and in order to quickly respond to audits, locate documentation, and even send clean claims to payers, you will need a paperless process.
- Inventory—As more supplies are needed to fulfill patient requests, you will need to expedite the process of locating inventory items and ensuring that correct items are shipped to patients on time. If you are using a manual tracking system to account for your inventory, you are more likely to have errors and will waste time finding items. You are even at risk for sending incorrect products to patients.
See how CareTend can successfully take your business into the future with a complete infusion management system.
Home Infusion Therapy Market Analysis By Product; Radiant Insights; April 2015; http://www.radiantinsights.com/research/home-infusion-therapy-market-analysis-by-product-infusion-pumps-intravenous-sets-iv-cannulas-needleless-connectors-by-application-anti-infective-hydration-therapy-chemotherapy-enteral-nutrition-parenteral-nutrition-specialty-pharmaceuticals-and-segment-forecasts-to-2022
2014 global valued calculated based on Radiant Insights’ report that the U.S. market composes 40% of the global market and the estimated 2014 U.S. market value of $11 billion reported by Harris Williams & Co.; Home Infusion Industry Overview; Harris Williams & Co.; June 2014; http://www.harriswilliams.com/sites/default/files/industry_reports/2014.6.12_home_infusion_industry_overview.pdf