BioScrip views infusion as ‘growth engine’
ELMSFORD, N.Y. – BioScrip saw double-digit growth in its home infusion business in 2014 and it expects that to continue in 2015, says President and CEO Rick Smith.
“As we plan for 2015, I am confident in the platform we are building,” said Smith during a March 2 earnings call. “We are a clinically respected provider with strong hospital and customer relationships, and a significant pipeline of opportunity.”
BioScrip reported revenues of $239.5 million for its home infusion business for the fourth quarter ended Dec. 31, 2014, an increase of 13% over the same period in 2013. Total revenues for the quarter were $253.7 million.
BioScrip reported revenues of $922.7 million for the home infusion business for the year, compared to $696.9 million for 2013.
“We view infusion services as our growth engine,” said Smith.
BioScrip’s PBM business, by contrast, generated $14.2 million in revenues for the fourth quarter and $61.4 million in revenues for the year.
As part of efforts to streamline, BioScrip has closed four underperforming locations, restructured staff, and better aligned its management and sales teams to improve focus and accountability, said Smith.
During the call, company executives also touted process improvements in productivity and cash collection. At the start of 2014, 26% of pending claims waited more than 14 days to be billed; by year’s end, it was 11%. Cash collected per day increased 43%, from $1.2 million to $4 million.
“We believe these and other improvements in speed and quality of intake will allow us to reduce bad debt and generate higher opportunities for cash flow,” said Tom Pettit, senior vice president and COO.