Infusion Care – operating an infusion pharmacy business – is a directly related industry that can pay off in a big way.
If you want to grow your medical practice, the standard advice would be: build strong relationships, network in your community, invest in the right tools, and so on. But if you’ve built a successful practice, you’ve already done that.
Why not continue to capitalize on your relationships and networking in a parallel industry? If you want to grow your medical practice, invest in an infusion pharmacy.
Right now, you’re probably thinking, “Infusion pharmacy? I have no experience in pharmacy.”
The truth is that the link between medical practice and an infusion pharmacy are far closer than you might realize. Both are consultative, patient-focused businesses that involve helping patients heal and improve, while working as a collaborative member of a patient care team.
It’s fair to say that right now, your medical practice network is relying on some sort of infusion pharmacy. Infusion drugs, and the chronic diseases they typically treat, are on the rise. By not adding an infusion pharmacy to your investment portfolio, you are leaving money on the table, and your local connections are sending their patients somewhere else.
The relationships you’ve cultivated with your local community are valuable for not only growing your medical practice, but also other health-related businesses. An infusion pharmacy gives you the chance to become a knowledgeable resource to your community on a subject matter where a trusted provider makes an enormous difference.
But Can Doctors Own and Operate Infusion Pharmacies?
While medical practices are usually profitable businesses, the reality is that many medical practices aren’t as profitable as you would expect. Especially considering the effects of 2020 on medical practices as seen in this report from the Medical Group Management Association (MGMA).
“On average, practices report a 55% decrease in revenue and 60% decrease in patient volume since the beginning of the Covid-19 crisis,” the report from MGMA states.
The hard work you’ve put in to acquire the skills necessary to open a medical practice are more valuable than you realize. You can take the same skills that work in your medical practice and leverage them into an infusion pharmacy that serves patients with high-quality infusion care.
Before we go further, let’s discuss what infusion pharmacies do:
While infusion drugs used to be given primarily at hospitals, home and alternate-site infusion therapy is rapidly becoming a preferred choice among patients. According to the Home Infusion Therapy market report published by Global Market Insights, the home infusion therapy market is expected to reach $43.7 billion by 2026.
As a medical provider, the reasons patients choose infusion care providers will sound familiar. Things like compassionate and effective care, high quality patient support and patient-provider trust are the same things patients want in an infusion care provider.
An Infusion Pharmacy is Essential in a Post-Pandemic Economy
If you were in business during the pandemic, one thing was made clear: a business that provides essential care is not only recession-resistant, but also thrives during uncertain, unstable times.
Some of the changes made to prevent viruses from spreading will stay with us for the foreseeable future. Nowhere is this more evident than in the need to reduce hospital stays, allowing important space for quarantined patients. Patients will continue to look for ways to avoid hospital stays in a post-pandemic world, saving them in costly hospital stays, as well as helping them to feel safer.
Vital Care is the brand that patients would recommend to their friends and loved ones for infusion care. As one of the leading brands in the rapidly growing infusion pharmacy segment, Vital Care stands out by delivering a compassionate, multi-disciplinary approach to infusion care that lowers patient infusion bills, increases patient satisfaction, as well as provides collaborative consultations for patient therapies. In these uncertain days, having an infusion pharmacy that provides 24/7 support in a compassionate manner, is something that patients and referrers are going to need.
Why Investing in a Vital Care Franchise is a Wise Choice
Vital Care Infusion Services began as a way to help bring infusion care to underserved markets and provide high quality, compassionate infusion care. We offer state-of-the-art infusion care; but more importantly, we act as a collaborative member of every patient’s care team, monitoring their infusion care to prevent problems and eliminate negative patient experiences. We’re not just the people that referrers call when they need a simple infusion referral; we are healthcare partners who provide guidance and access to infusion drugs that can improve our patients quality of life.
“Our sweet spot, and where we do well, is in working with the patients that are looking for a personal, collaborative infusion pharmacy that provides support 24/7,” says Logan Davis, PharmD, Director of Franchise Development with Vital Care.
“We are able to provide highly responsive, state-of-the-art care that is locally owned and operated, while our biggest competitors lack the support patients and referrers need from an infusion pharmacy.”
According to our most recent Franchise Disclosure Document, the average Vital Care franchise owners generated almost $4.7 million in average gross revenues. This is why many current Vital Care franchise owners chose to reinvest and open multiple Vital Care infusion pharmacies.
“The key is don’t be scared,” says Steven Brindley, multi-unit Vital Care franchise owner from Alabama. “If you’re looking for a way to provide another revenue stream, this would definitely be a rabbit hole that I would chase, for sure.”
Infusion Pharmacy Business Operations Requires Skills You've Already Honed
As a Vital Care franchise owner, you will run your business like a CEO. This means that you will hire the best pharmacist and staff in your market to handle the pharmacy operations, while you focus on high-level strategies such as sales, networking and managing your team.
The success of a Vital Care infusion pharmacy requires the skills you already have and continue to perfect:
Strong leadership skills
High-level management skills
High-level consultative and/or selling skills
Ability to develop relationships
Ability to explain complex concepts
Ability to collaborate and problem solve
Vital Care is in the patient satisfaction business. What makes Vital Care franchise owners successful is that we provide state-of-the-art patient support with our state-of-the-art infusion care. By choosing us as their infusion care provider, we give patients the peace of mind necessary to focus on getting better, knowing they have someone who is watching out for their best interests.