Macroeconomic Policy & Implications Paper

Business Plan

Introduction:

Frank Drug Store is a newly opened medicine store which specializes in OTC and Prescription Drugs. It aims at providing comprehensive medication therapy management services that will help to reduce drug therapy issues and provide efficient education and knowledge to the patient on their medications and disease states. The focus will be on working mutually with the patient in order to succeed in managing their chronic condition. (Campbell R.McConnell, Stanley L. Brue, 2008).

The growing demand of Medicaid and its services also demands for availability of actual and real medications at the required rates. Patients are seen to get cheated and theft by many drug houses which has led to discrepancies and issues among individuals. It becomes increasingly important to plan and schedule each and every resource and set prices of the medicines that attract more number of customers keeping into account the quality and performance.

Pharmacist possessing a current license is liable to practice pharmacy and did not need to have experience in practice and are eligible to apply for the post. But the pharmacist should be inclined towards community pharmacy practice residency and have Certified Disease Manager credentials in some common diseases like diabetes, asthma, dyslipidemia, and anticoagulation.

Evaluation of the practice will be done by measuring the percentage of patients visiting the store and the amount of satisfaction achieved. IT application software’s will be used for record keeping and billing. Automated software’s will be installed to retrieve and track data related to patient records. The firm will also conduct a feedback session of Patients twice a year to take their ideas and implement changes accordingly to promote improvement. (Campbell R.McConnell, Stanley L. Brue, 2008).

Pharmacists who will be hired should be members of both state based and national based pharmacy organizations so that they have hands on magazines and periodicals that ensure up-to-date knowledge to build skills. The Pharmacist should also be familiar with the national guidelines of major disease states which will help provide patient treatment based on medicines as per national guidelines. (Wendy Stark Jay Laudato, 2012).

Standard of care:

Patients will receive a comprehensive medication history, including OTC and herbal preparations and the process will help to identify any drug therapy problems that need to be assessed. Chronic disease will be taken into consideration to assess the present level of knowledge of the disease. Therefore, patients and providers will mutually work to achieve targeted goals.

Communications provided:

The main reason behind the shortage of providers and increased demand for capable medicine providers is due to lack in proper achieving proper levels of communicability. These will include interactivity with the patient and will comprise with a list of medications with indications and providers to be kept in the wallet that will be shown to the medical providers.

Communications made to the prescriber will be a brief summary of the visits produced by the record keeping software. It will include the medicine lists and will also address the drug therapy issues that need to be resolved by the prescriber. The prescriber will be further informed about the medicines provided. This process will require information from the patients’ medical chart and the medicines that the prescriber will order next. (Wendy Stark, Jay Laudato, 2012).

Goals:

As far as goals are concerned present time practices will take place for 80 hours per week. Patients will be supplied with medications and the store will remain open for 14 hours a day. Later, when the store will start working at full flow, then the hours can be extended and more pharmacists would be hired for providing 24*7 services to individuals.

Frank Drug Store plans to have a contract agreement to utilize their physical space in the pharmacy. Under this agreement, the present pharmacy agrees to provide internet access for documentation and billing claims. Frank Drug Store will then agree to provide professional liability insurance. The software vendors will be hired who will help to provide information to forecast the potential revenue and the amount of expenditure required for its functioning. Frank Drug Store will thus retain all rights to the patient records generated from this practice.

References available and required. (Campbell R.McConnell, Stanley L. Brue, 2008).

Currently, Frank Drug Store has a PDA loaded with special drug information, software, along with identifying-drug software and pharmacists’ letter. Internet access will need to be installed as this will provide access to many references which will include the latest national guidelines for most common disease. Frank Drug Store will also pay for membership charges that linked with national and state pharmacy associations. Further additional references will also get added if required for practice growth. (Wendy Stark Jay Laudato, 2012).

Appointment scheduling:

The firm will also provide a choice of appointments and the patients taking an appointment will be issued a book that will be present in the pharmacy with any of the pharmacy staff who will handle the patient on the proposed schedule. Any unscheduled time will be used to serve all patients according to their arrivals and will be provided will the medicines they require.

Finance

Appointments will generate billable events that will be billed to the individuals or the patients. In special cases the store can also provide extra facilities to the patients and five certain medicines free of cost to help the person in need. The firm will aim at selling a number of units possible to increase the rate of sales and incur profits and revenues in the upcoming years. Achieving ability to pay $100 per hour for the employees and increase time devoted per week will be the future targets. Long term goal comprises practicing the current criteria’s for 60% of the time and 40% of the time for conducting dispensing.

Costs are estimates of costs incurred by the firm in establishing and maintaining the business have been provided, with the details of salary and contract terms needs to do with vendor companies. (Covello and Hazelgren, 2007).

Costs to deliver the service:

i. Advanced Education for pharmacists: $800

ii. Software’s: $250 annually

iii. Drug index: $40 annually

iv. National Pharmacy Association membership: $300 annually

v. State Pharmacy Association membership: $300 annually

vi. Pharmacist’s letter: $60 annually

vii. Consultants: $60 annually

viii. Laptop: $1100

ix. Pharmacist license: $140 annually

x. Preceptor license: $90 for every 3 years

xi. $40 for documentation and billing software

xii. High-speed internet service: $600 per month

Conclusion:

The paper addresses the functionalities and steps to be implemented by the firm depending on the prevailing market conditions. In conclusion, I would like to state that the country is in a great position to deliver services according to the requirements. Therefore the following practices will help yield best results if implemented properly. (Covello and Hazelgren, 2007).

i. Planning innovative practice that can market to patients and prospective pharmacists

ii. Increase in front store sales

iii. Ability to attract and RETAIN new pharmacists

iv. Increase patient satisfaction which can be done by analyzing patient surveys

v. Increases pharmacist’s job satisfaction and motivate them to deliver their best according to their knowledge so as to help patients cure diseases and promote diversity

vi. The firm will take risks to explore new sources of revenue without harming the firm through incorporating low financial risks

vii. Finally become a national and worldwide leader in the health care industry, giving Tuff competitions to the competitors by delivering optimum levels of services of pharmacy care

Reference:

1. Campbell R.McConnell, Stanley L. Brue Copyright (c) the McGraw-Hill Companies, (2008). Economics, 17eEconomics, 17eISBN: 9780073126630

2. Wendy Stark, Jay Laudato, (2012). Establishing On-Site Pharmacy Services in a Community Health Center: A Case Study. Retrieved from: http://nyshealthfoundation.org/uploads/resources/pharmacy-services-community-health-center-case-study-march-2012.pdf

3. Covello and Hazelgren, (2007). Writing a Business Plan for a New Pharmacy Service. Retrieved from: https://www.pharmacist.com/sites/default/files/files/mtm_writing_business_plan.pdf