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ABOUT THE AUTHORS

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Dr. Alston is an Associate Dean and professor - Savannah Campus, South University School of Pharmacy. He has over 30 years of experience in community pharmacy management, both as a chain-pharmacy administrator and an independent pharmacy owner. He earned a Doctor of Pharmacy degree from the University of the Pacific and has published two best-selling management books, The Bosshole Effect - Managing People Simplified and The Ten Things A New Manager Must Get Right From the Start. He teaches courses in pharmacy management, community health outreach and pharmacy communications skills. His main research interest is in quantifying and qualifying the processes required to create viable professional niche business models.

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Dr. Allen is director of pharmacy at NC MedAssist. He earned his Doctor of Pharmacy and Master’s in Business Administration concurrently at Wingate University. His background includes community pharmacy practice with an interest in workflow operations. Dr. Allen precepts Wingate University School of Pharmacy students in an advanced community pharmacy setting that focuses on patient counseling. His primary research interest is in strategy development and execution to maximize performance.

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LEARNING OBJECTIVES

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LEARNING OBJECTIVES

After completing this chapter, readers should be able to

  1. Describe how value is created.

  2. Describe the Relative Value Theorem.

  3. Describe the stakeholders in the health care marketplace.

  4. Apply the Relative Value Theorem to pharmacy practice.

  5. Apply the Relative Value Theorem to guide your personal life.

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SCENARIO

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James Deaux recently graduated with a Doctor of Pharmacy degree, earning a 3.9 GPA. He had leadership roles in Rho Chi and Phi Lambda Sigma and was actively involved in several other student organizations. James performed well in his experiential rotations and generally received high marks from his preceptors.

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James decided to apply for a clinical pharmacist position at The Ideal Hospital, located in the same city as his pharmacy school. He has crafted an impressive resume and was invited by Dr. Frank Stein, Director of Pharmacy, to interview for the position. After greetings and a few minutes of chitchat, Dr. Stein gets right to the point. “James you seem like a fine young man. Your credentials are impeccable. But we have had over 100 applicants for this position. In the interest of not wasting time and getting right to the point, I have only two questions to ask you. What do you have to offer me that the other 99 applicants do not? What are you going to do for me and The Ideal Hospital that should make me want to pay you $120,000 per year?”

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How should James respond to Dr. Stein in order to portray his value most appropriately?

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CHAPTER QUESTIONS

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  1. What is the current state of the health care marketplace?

  2. What is the status of the pharmacist job market? Why is postgraduate training (residencies, fellowships, and graduate ...

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