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ABOUT THE AUTHORS

Dr. Alston is an Associate Dean and professor at 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 (PharmD) degree from the University of the Pacific and has published three best-selling management books, The Bosshole Effect—Managing People Simplified, The Ten Things A New Manager Must Get Right From the Start, and Own Your Value—The Real Future of Pharmacy Practice. His passion lies in teaching the next generation of pharmacists how to create value for the stakeholders they serve.

Dr. Bulatao is an Associate Professor at Savannah Campus, South University School of Pharmacy. Dr. Bulatao received his BS degree in Pharmacy from Duquesne University, MS degree in Pharmacy from the University of Texas at Austin, MMAS from the Command and General Staff College, and PharmD from the University of Minnesota at Minneapolis. He completed an ASHP-accredited PGY1 residency and is dually board certified in Pharmacotherapy and in Ambulatory Care. Dr. Bulatao has approximately 30 years of experience in health system pharmacy management, serving in ambulatory, inpatient, and clinical supervisory positions, in addition to having been a pharmacy director and regional pharmacy consultant. His research interests range from clinical practice to operational management and strategic planning.

LEARNING OBJECTIVES

LEARNING OBJECTIVES

After completing this chapter, readers should be able to

  1. Describe how value is created.

  2. Describe the relative value theorem (RVT).

  3. Describe the stakeholders in the health care marketplace.

  4. Apply the RVT to pharmacy practice.

  5. Apply the RVT to guide your personal life.

SCENARIO

James Deaux recently graduated with a PharmD degree, earning a 3.90 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.

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, 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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