BioScrip trims costs with two-part initiative

ELMSFORD, N.Y. — Specialty pharmacy provider BioScrip hopes to save $15 million through a cost-reduction and streamlining plan, the company said Monday.

Much of the two-part initiative will be implemented this year and completed by next year. Savings will mostly come from overhead, reduction of spending and restructuring of employee-benefit programs.

“Our leadership team has been undertaking an in-depth review of our organization to improve margins and increase operating cash flow,” president and CEO Richard Smith said. “While we are in the midst of this process and the early stages of implementing our plan, we believe there are additional areas for operational improvement and cost savings.”

In other news, the company appointed Mary Jane Graves as interim CFO, effective immediately, following the resignation of David Froesel as CFO, EVP and treasurer. Graves is the former CFO of Critical Homecare Solutions, which BioScrip acquired last year.

BioScrip said Froesel’s departure was for personal reasons and not due to any dispute with the company.