management exam 3
describe DCTA
allows for manufacturers to advertise directly to the customer; empowers the patient and enhances adherence but may lead patients to pressure prescribers
examples of clinical pharmacy services
antibiotic stewardship, anticoagulation consultation, dosing adjustments, medication reconciliation, medication use protocol development, patient/family education, pharmacogenomic consultation, PK consultation, TPN consultation, specialty population patient care
what pharmacist patient care services are need in managed care/physician clinic
anticoagulation, MTM, chronic condition management, medication adherence
reasons to budget
get out of debt; stay out of debt; achieve your goals
define clinical pharmacy
health science discipline in which pharmacists provide patient care optimize medication therapy and promotes health, wellness, and disease prevention
describe the pharmacy practice model
how all pharmacy practice is conducted within that organization and how resources are utilized
what are the common qualifications and credentials for pharmacist that may be requirements when hiring new pharmacy personnel
*minimum training and experience requirements *residency and or board certified *certification from other health care professions
what % of overall pharmacy business expense will be COGS
75%
what are the 7 baby steps of financial peace
1. save $1000 for starter emergency fund 2. pay off all debt using snowball method 3. save 3-6 months expenses for full emergency fund 4. invest 15% of income into retirement 5. save for kids college 6. pay off your home early 7. build wealth and give
what are the 5 key resource related issues that must be addressed when developing a new clinical pharmacy service
1. staffing 2. space 3. equipment 4. office supplies 5. finances
what are the three basic questions of needs assessment
1. what is the patient need or problem to be addressed? 2. How large is this problem and what are the trends? 3. How well is the patient need currently being addressed? 4. What will your services do to reduce or eliminate the problem? 5. what are the outcomes measures and are these outcomes considered valuable to stakeholders?
how many months of an emergency fund should you have saved up
3-6
describe the 50/30/20 rule
50%- Needs 30%-Wants 20%- Savings
define market niche
A narrow segment of the population that needs specialized goods or services
what pharmacist patient care services are seen in ambulatory or community setting
MTM services, chronic disease state management, anticoagulation, medication reconciliation and adherence
what pharmacist patient care services are seen in hospital/health system
ICU services, antimicrobial stewardship, PK monitoring, IV to PO conversions, anticoagulation, ER services, Med reconciliation, nutritional support, ADE monitoring, Preventative care, pharmacy residency programs
Describe the "4 Ps" of marketing
Product, Price, Place, Promotion
components of inventory carrying cost
capital cost, storage cost, cost of risk
what is a needs assessment?
clearly define the need that is being addressed by the proposed service to determine if a market exists and if the services can be justified
what are potential needs to be addressed by needs assessments
disease prevention or management, medication and pharmacy service access
what pharmacist patient care services are seen in long term care
drug regimen review, preventative care, immunizations, fall risk
describe ECHO model
economic: monetary value of the program Clinical: health status Humanistic: patient satisfaction outcomes
what are the aspects of SWOT analysis
evaluate internal STRENGTHS of organization, understand internal areas of WEAKNESS, identify external OPPORTUNITIES that will allow service growth, understand external THREATS that may put service at risk
4 rules of ynab
every dollar gets a job, embrace your true expenses, roll with the punches, age your money
describe patient centered integrated or decentralized model
focuses on patients needs (can be clinical or distributive)
describe the zero based budget
income-expense=0 plan every dollar in budget treat savings as expenses
examples of secondary research
literature reviews, internet searches, info from CE, database reviews
tips to reduce my student loan payment
minimize the amount of loans you take pay your interest now make prinicpal payments now
what are the key components of service planning
mission: purpose of the program vision: defines what the program wants to achieve program and reporting structure policies and procedures collaborative practice agreements staffing documentation program evaluation
describe primary research data sources
original research conducted to answer specific question
emerging models of payment
patient centered medical home Accountable care organization
describe clinical pharmacist centered pharmacy practice model
pharmacist is engaged in clinical activities but has little to no involvement in distribution of medication
describe comprehensive pharmacy practice model
pharmacy generalist and specialist working together
how do you identify what is the patient need to be addressed for needs assessment?
primary or secondary research
what is the value of branding in a pharmacy setting
promotes customer loyalty
what is the difference between publicity and advertising
publicizing is not paid for or controlled like advertising; more credible but difficult to control
marketing is about
putting the right product in the right place on the right price at the right time
describe secondary research data sources
research already conducted for another purpose and publicly available
what are the purchasing objectives
right products in the right quality at the right time and price from the right vendor
describe reverse budgeting
savings focused; sum/percentage towards savings first; great for building up savings
define market
social arrangement that allows buyers and sellers to discover information and carry out a voluntary exchange of goods and services
describe periodic inventory
stock counts at specific intervals; allows for limited analysis; may require more personnel time; measures only a single point in time
define market segment
subgroup of people that share similarities which can be used for more efficient seller/buyer relationships
describe direct billings
submit bill directly to patient or third party; pharmacist is provider; depends on patients or payers willingness to pay; commonly used in outpatient settings; patient should be informed of fee and terms of payment prior to receiving services
describe indirect billing
submit bill to medicare part B indirectly; physician is paid and they give pharmacist an agreed upon amount; used in medical clinical, outpatient clinics, and physician office suites; documentation is key
examples of primary research
surveys, interviews, observations, patient records, find who the MTM payers in the area are
Describe break-even analysis
total revenue=total costs
describe perpetual inventory
uses technology, generate a report at any time; more accurate and comprehensive
what are the three components of relationship marketing
using databases to manage current and potential customers; delivering differentiated messages to various market segments; tracking customer behavior to analyze the value of acquiring and maintaining various customer segments
a plan for a implementing new clinical pharmacy services should include
vision, mission, values, SWOT analysis, long term goals, action plan, monitoring and evaluation of the plan
describe collaborative practice agreement
voluntary agreement where a prescriber authorizes a pharmacist to perform certain patient care activities under his/her authority