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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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Steve Boone has over 30 years’ experience in the insurance industry and is currently the pharmacy insurance practice leader at Heffernan Insurance Brokers of Chesterfield, Missouri. The Heffernan Brokerage works with a range of insurance carriers to provide customized coverage to pharmacists across the country. Steve has presented pharmacy insurance webinars to pharmacist audiences throughout the United States and is endorsed by Pharmacy Development Service, Inc., as a pharmacy insurance expert. Currently Steve is working with Intuitive Captive Solutions in the design, structuring, and formation of an 831(b) micro captive pharmacy insurance company that will be another tool for pharmacy owners to better insure their businesses.

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LEARNING OBJECTIVES

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LEARNING OBJECTIVES

After completing this chapter, readers should be able to

  1. Describe the role of risk management in pharmacy practice.

  2. Identify critical components that constitute pure risk.

  3. Describe the criteria for determining an insurable risk.

  4. Discuss how risk management techniques can be used to manage emerging risks that may pose a threat to community pharmacy practice.

  5. Describe how increased reliance on information technology and automation may exacerbate certain risks.

  6. Describe the factors that affect performance risk of an information technology system used in pharmacies.

  7. Characterize the risk of loss associated with the use of information technology in pharmacy operations.

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SCENARIO

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Bill Halsey, PharmD, has spent the past 2 years since graduating from pharmacy school working as a staff pharmacist for a well-respected community pharmacy to refine his skills as a clinically oriented community pharmacist. Bill’s dream is to someday return to his hometown and purchase the pharmacy that had inspired him to pursue this career. That day seemed to arise even sooner than Bill expected when he learned that Mr. Simmons, the long-time owner of Corner Drug in his hometown, had suffered a minor heart attack. Mr. Simmons would like to sell Corner Drug and move to a retirement village. Bill quickly scheduled a trip back home to visit with Mr. Simmons and inspect the pharmacy to see what it might be worth. He also evaluated the current state of the pharmacy for providing specialized services in diabetes and geriatrics. Bill was somewhat surprised to see that the pharmacy was essentially in the same condition that ...

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