Checking your own performance
Benchmarking program enters new phase
There is still time to get in on the Intercompany Benchmarking Project for Infusion Therapy. Developed by the National Home Infusion Association (NHIA) and funded by a grant from B. Braun McGaw (Bethlehem, PA), the IOB project recently changed its time format from semi-annually to quarterly.
Designed by providers for providers, the program measured cost of goods sold, inventory value, net revenue, net receivables, and core pharmacy payroll at 84 sites during its first phase. Demographics such as therapy mix, payer mix, territory radius, and treatment setting are also analyzed. Participating providers receive confidential reports that benchmark their performance against that of other participants. While some providers engage in benchmarking within their own companies, and others participate in proprietary systems, most of the infusion therapy provider community is not involved in intercompany benchmarking.
NHIA key benchmarks
The key benchmarks for the infusion therapy industry according to NHIA are:
- improving operational processes;
- enhancing profitability;
- developing best-demonstrated practices for infusion therapy;
- creating a data foundation for advancement of infusion therapy practice;
- developing appropriate performance measures for staff and management.
Inclusion in the IOB project is voluntary and free of charge. Target enrollment is 200 sites of service. "Through the IOB project, home infusion providers across the nation will be able to review their operational performances in relation to those of other providers," says NHIA vice president Tony Powers, PharmD.
The project’s aggregated data is available to NHIA and the broader infusion community, but all data submitted will be kept in strictest confidence. A respondent identifier code is used to "blind" the process so that respondents can identify their own responses and compare them with those of others without being able to identify who the others are. The University of Texas College of Pharmacy is handling the blinded data and administering the program.
Home infusion therapy providers interested in participating in the project should contact NHIA at (703) 549-3740 for an application form.
Need More Information?
Ken Lawson, University of Texas College of Pharmacy. Telephone: (512) 471-5609.
Dan Rice, Director of Continuing Care Marketing, B. Braun/McGaw. Telephone: (800) 523-9676, ext. 4566.
NHIA, 205 Dangerfield Road, Alexandria, VA 22314. Telephone: (703) 549-3740. Fax: (703) 683-1484.