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Dr. Farmer is Professor of Pharmacy Administration at the University of Oklahoma Health Sciences Center College of Pharmacy. He received a B.S. in pharmacy and Ph.D. in pharmaceutical sciences from the University of Missouri–Kansas City. Dr. Farmer has experience in community and hospital pharmacy practice settings and marketing research in the pharmaceutical industry. He teaches courses in US health care systems and policy, financial management, and pharmaceutical marketing. Dr. Farmer's research is focused on issues related to medication adherence and health and economic consequences of health and medication health care policies.

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Dr. Harrison is Associate Professor of Pharmacy Administration at the University of Oklahoma Health Sciences Center College of Pharmacy. He received a B.S. in pharmacy from the University of Missouri—Kansas City. He received an M.S. in pharmacy and a Ph.D. in pharmaceutical sciences from the University of Arizona. Dr. Harrison has experience in many areas of pharmacy operations—community, institutional, and research. Dr. Harrison teaches courses in research design, biostatistics, and pharmacoeconomics. Dr. Harrison's research interests are in the economic analyses of pharmaceutical services, outcomes research, and strategic planning by pharmacy institutions and businesses.

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After completing this chapter, readers should be able to

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  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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Bill Halsey, Pharm.D., 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 it was when he worked there during high school. Mr. Simmons had always enjoyed chatting with his customers, so the pharmacy counter was very small with wide openings on both sides so that he and his employees could easily move in and out of the pharmacy department to ...

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