Dr. Schumock is a graduate from Washington State University (BPharm), the University of Washington (PharmD), and the University of Illinois at Chicago (MBA, PhD). He also completed a residency and a research fellowship. Currently, Dr. Schumock is professor and Head of the Department of Pharmacy Systems, Outcomes and Policy at the University of Illinois at Chicago (UIC). He teaches courses on pharmacy management, pharmacoeconomics, and business planning for pharmacy services. He has published over 200 articles, book chapters, and books. He is on the editorial boards of the journals Pharmacotherapy and PharmacoEconomics, and is Associate Editor of the Journal of Comparative Effectiveness Research.
JoAnn Stubbings is Assistant Director, Specialty Pharmacy Services, in the Ambulatory Care Pharmacy Department at UIC, and is clinical associate professor in the Department of Pharmacy Practice and in the Department of Pharmacy Systems, Outcomes and Policy. She also has an appointment in the UIC Center for Pharmacoepidemiology and Pharmacoeconomic Research. She received a BS in pharmacy from the Ohio State University and Masters in Health Care Administration from the University of Mississippi. Professor Stubbings is responsible for leading a growing specialty pharmacy operation, and managing and communicating pharmaceutical policy issues that pertain to outpatient pharmacy services especially to underserved populations. She teaches courses and publishes in specialty pharmacy, business planning, justification and payment for clinical pharmacy services, risk evaluation and mitigation strategies, and Medicare Part D.
After completing this chapter, readers should be able to
Describe the purpose of “business plan” planning.
Discuss the important components of a business plan.
Review important aspects of communicating and implementing a business plan.
Highlight examples of business plan planning within pharmacy organizations.
Understand how to write a business plan for a pharmacy organization.
The scenario begun in Chapter 4 continues here. In brief, Ted Thompson is a clinical pharmacist at a medium sized community hospital that is planning to become part of an accountable care organization (ACO). Ted has just finished participating in the process of developing a strategic plan for the pharmacy department. Included in the 5-year plan is a goal for the department to develop and implement specific clinical pharmacy services that help to deliver care, improve patient outcomes, and reduce spending.
After his first year at the hospital, Ted has formulated several ideas for new clinical pharmacy services that the department could offer which might improve patient outcomes, reduce spending, and generate revenue. During his annual performance evaluation, he discusses these ideas with his boss, the Director of Pharmacy (DOP), who is happy that Ted has come forward with his ideas and encourages him to investigate these options further. One idea that is of particular interest is to develop an outpatient specialty medication management service for patients with complex or chronic diseases who are prescribed specialty medications. As a clinical ...