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About the Authors: 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, he is Professor and Dean of the College of Pharmacy at the University of Illinois at Chicago (UIC). Dr. Schumock has taught 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.
Dr. Donnelly is a graduate from the University of Illinois at the Medical Center (BPharm) and the University of Illinois at Chicago (MBA, PharmD). Dr. Donnelly is currently Director of Pharmacy Services at the University of Illinois Hospital & Health Sciences System and Clinical Professor and Assistant Dean for Clinical Affairs at the University of Illinois at Chicago. He is responsible for planning, organizing, and directing the activities of the pharmacy department. Dr. Donnelly’s areas of interest include pharmacy administration as well as technology and automation as it relates to the medication use process. He is a Fellow of the American Society of Health-System Pharmacists.
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 6 continues here. In brief, Ted Thompson is a clinical pharmacist at a medium sized community hospital. 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 pharmacist services that help to deliver care, improve patient outcomes, and reduce spending, which aligns with the American Society of Health-System Pharmacists (ASHP) Practice Alignment Initiative (PAI).
After his first year at the hospital, Ted has formulated several ideas for new clinical pharmacist 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 medication management service for patients with complex or chronic diseases who are prescribed high-cost and complex specialty medications. As a ...