Option Care Health

Overview

Option Care Health is the largest independent home and alternate-site infusion services provider in the United States. Formed through the 2019 merger of Option Care Enterprises (formerly Walgreens Infusion Services) and BioScrip, the combined company operates 197+ locations with 750+ infusion suite chairs and 50-state licensure. (Source: raw/research/option-care-health.pplx.md)

In FY2025, Option Care Health generated $5.65B in revenue (+13% year-over-year), served 315,000+ patients, and administered 2.5M+ infusion events. The company holds approximately 20% of the $22B U.S. home infusion market. Its Naven Health subsidiary provides clinical nursing services with 1,600+ nurses and 160,000+ patient visits per year.

Option Care Health’s scale, national footprint, and therapy breadth create a significant moat in a market where the October 2024 CVS Coram exit removed the #2 independent player and created a massive market share opportunity.

Services & Capabilities

Home & Alternate-Site Infusion

Core infusion services spanning 600+ products across acute and chronic therapies:

• Acute therapies: IV antibiotics, total parenteral nutrition (TPN), hydration
• Chronic therapies: Immunoglobulin (IG), neurology, autoimmune, oncology, rare disease
• Immunoglobulin leadership: 80,000+ IVIg treatments annually — the single largest therapy category
• Infusion suites: 750+ chairs across 197+ locations for patients who prefer or require supervised administration
• Home infusion: Full in-home nursing-administered infusion with remote monitoring

Clinical Nursing — Naven Health

Wholly-owned subsidiary providing:

• 1,600+ nurses nationwide
• 160,000+ patient visits per year
• Clinical nursing for infusion, injection training, and patient education
• Supports both Option Care patients and third-party contracts

Advanced Practitioner Model

• 25+ sites with nurse practitioner (NP) and physician assistant (PA) staffing
• Advanced practitioner visit volume grew 20%+ in Q4 2025
• Enables clinical escalation, medication management, and care plan adjustments at the point of infusion
• Differentiator vs smaller home infusion providers that lack clinical depth

Specialty Pharmacy

Limited specialty pharmacy services focused on self-injectable and oral specialty drugs that complement the infusion business (e.g., subcutaneous IG, oral oncolytics adjacent to IV oncology).

Competitive Position

Option Care Health’s competitive position strengthened dramatically following the CVS Coram exit:

• Market share opportunity: CVS Coram’s October 2024 exit released 15%+ of the home infusion market ($3.8B in annual volume). Option Care Health is the primary beneficiary given its national scale and payer relationships.
• Scale advantages: 197+ locations, 50-state licensure, and 2.5M+ annual infusion events create operational leverage that smaller regional players cannot match.
• Therapy breadth: 600+ products vs regional competitors typically offering 50-100.
• Payer positioning: National contracts with all major health plans and PBMs. CMS Stars 4+ health plan redirection requirements structurally favor large-scale, quality-certified providers.

Key competitors: BrightSpring/Amerita (~6% home infusion market share), PharMerica/BrightSpring (LTC infusion), regional independents, and hospital outpatient infusion departments.

Recent Developments

• October 2024: CVS Health announced exit from home infusion (Coram), creating a 15%+ market share opportunity worth approximately $3.8B in annual revenue that is redistributing across the market. Option Care Health is the primary scale beneficiary.
• January 2025: Acquired Intramed Plus for approximately $120M, expanding geographic coverage and specialty infusion capabilities.
• FY2025 results: $5.65B revenue (+13%), with strong organic growth supplemented by Coram patient transitions.
• Palantir AI partnership: Deployed Palantir’s AI platform achieving 40% auto-adjudication of claims and nurse scheduling optimization — a meaningful operational efficiency gain.
• Stelara biosimilar headwind: Biosimilar entry for Stelara (infliximab) created an estimated 160 basis point revenue headwind as branded-to-biosimilar conversion compressed average revenue per infusion event.
• $1.0B share repurchase authorization: Signaling capital return confidence and balance sheet strength.

Client & Partner Ecosystem

Payer Relationships

National contracts spanning all major commercial health plans, Medicare Advantage plans, and PBMs. CMS Stars quality requirements increasingly directing patients to high-quality, accredited infusion providers — a structural tailwind for Option Care Health.

Health System Relationships

Referral relationships with major health systems and oncology networks. Hospital-to-home transitions are a core referral channel — especially as hospitals seek to reduce inpatient days for infusion-eligible patients.

Technology Partners

• Palantir: AI-driven claims adjudication (40% auto-rate) and nurse scheduling optimization
• Internal pharmacy management and logistics systems supporting 50-state operations

Manufacturer Relationships

600+ products across all major infusion drug manufacturers. Key relationships in oncology, immunology, and rare disease where new infused therapies are driving volume growth.

Technology Platform

• Palantir AI integration: Claims auto-adjudication (40% rate), predictive nurse scheduling, and operational analytics
• Electronic health records: Integrated clinical documentation across 197+ sites
• Patient portal: Digital scheduling, therapy tracking, and communication
• Supply chain: Cold chain logistics and just-in-time drug inventory management across national footprint
• Remote patient monitoring: Emerging capability for home infusion patients

Therapeutic Focus

Option Care Health’s therapeutic mix spans the full infusion spectrum:

• Immunoglobulin (IG): 80,000+ annual treatments; largest single therapy category. Both IVIg and SCIg for primary immunodeficiency, CIDP, myasthenia gravis.
• Oncology: IV chemotherapy, immunotherapy, supportive care. Growing as biosimilar infusion volume increases.
• Autoimmune/Inflammatory: Infliximab, vedolizumab, and related biologics for IBD, RA, psoriasis.
• Neurology: Ocrevus (MS), Vyepti (migraine), emerging neurology infusion therapies.
• Rare disease: Enzyme replacement therapies (ERT), complement inhibitors.
• Anti-infectives: IV antibiotics for OPAT (outpatient parenteral antibiotic therapy) — high-volume, shorter-duration.
• Nutrition: TPN for patients with GI failure, short bowel syndrome.

Sources

• Option Care Health research