Financial Impacts and Constraints
RUNNING HEAD: FINANCIAL IMPACTS AND CONSTRAINTS
Financial Impacts and Constraints – Pharmacy Operations
Lucia Dike
OPS/HC571
February 12, 2014
Patience McGee
Financial Impacts and Constraints – Pharmacy Operations The pharmacy is a crucial piece of healthcare delivery and operations. Its role and functions have evolved over time graduating from preparing and dispensing medications to delivering a wide range of patient-oriented services designed to promote wellness and recovery. The current economic climate has impacted pharmacies causing them to face challenges due rising costs of medications, insurance company burdens, employee shortage, and the drive to use technology to provide more efficient patient care services. The effects a pharmacy has on operations management, revenue and financial constraints, and the financial reports necessary for proper forecasting will be identified in discussed in this paper.
Pharmacy Effects on Operations Management Pharmacies sell tangible goods to patients in the way of medication, but also provide intangible services that ensure customers understand how the medications sold to them work, the short and long-term benefits, side effects, and safety techniques for administration and storage. Depending on the size and location of the hospital, pharmacies are either in one central location on campus or in several different locations. Like other areas of healthcare, customers (patients) drive pharmacy business. It is necessary to hire clinically competent pharmacy staff that are highly skilled in communicating with patients, and work together as a team for effective care delivery. Hiring “top clinical talent… (expands) the contributions of pharmacists to improve outcomes of…patient population “(Zellmer and Walling, 2012, p. 2086). The responsibility of the pharmacy is to deliver excellent customer service to all customers and maintain high efficiency with very little to no errors. Inventory
Financial Impacts and Constraints – Pharmacy Operations
Lucia Dike
OPS/HC571
February 12, 2014
Patience McGee
Financial Impacts and Constraints – Pharmacy Operations The pharmacy is a crucial piece of healthcare delivery and operations. Its role and functions have evolved over time graduating from preparing and dispensing medications to delivering a wide range of patient-oriented services designed to promote wellness and recovery. The current economic climate has impacted pharmacies causing them to face challenges due rising costs of medications, insurance company burdens, employee shortage, and the drive to use technology to provide more efficient patient care services. The effects a pharmacy has on operations management, revenue and financial constraints, and the financial reports necessary for proper forecasting will be identified in discussed in this paper.
Pharmacy Effects on Operations Management Pharmacies sell tangible goods to patients in the way of medication, but also provide intangible services that ensure customers understand how the medications sold to them work, the short and long-term benefits, side effects, and safety techniques for administration and storage. Depending on the size and location of the hospital, pharmacies are either in one central location on campus or in several different locations. Like other areas of healthcare, customers (patients) drive pharmacy business. It is necessary to hire clinically competent pharmacy staff that are highly skilled in communicating with patients, and work together as a team for effective care delivery. Hiring “top clinical talent… (expands) the contributions of pharmacists to improve outcomes of…patient population “(Zellmer and Walling, 2012, p. 2086). The responsibility of the pharmacy is to deliver excellent customer service to all customers and maintain high efficiency with very little to no errors. Inventory
References: Anonymous (2004). Pharmacy finance: Maximise your profit. (2004). Chemist & Druggist, 34. Retrieved from http://search.proquest.com/docview/274818801?accountid=458. Anonymous (2010). Driving value and containing costs in pharmacy operations. Healthcare Financial Management, 64(2), S1-S4. Retrieved from http://search.proquest.com/docview/196361101?accountid=458. Langabeer, J. R. (2008). Health care operations management: A quantitative approach to business and logistics. Sudbury, MA: Jones and Bartlett Publishers, Inc. Vertical Communications, Inc. (2003). Improving Community Pharmacy Operations. Retrieved from https://www.vertical.com/media/pdf/ImprovingPharmacy Ops5_9.pdf. Zellmer, W., & Walling, R. (2012). Pharmacy forecast 2013-2017: strategic planning advice for pharmacy departments in hospitals and health systems: executive summary of a trends report from the center for health-system pharmacy leadership, ASHP research and education foundation. American Journal Of Health-System Pharmacy: AJHP: Official Journal Of The American Society Of Health-System Pharmacists, 69(23), 2083-2087. Retrieved from http://av4kc7fg4g.search.serialssolutions.com.ezproxy.apollolibrary.com doi:10.2146/ajhp120488.