Hill Fellow Award - Jeff Sanford (3 min)
Through a collaboration with the UGA College of Pharmacy, the GA SBDC Network provides high quality, confidential, consulting services to independent pharmacy owners. Many services are expanded through independent pharmacy management rotations with 4th year PharmD. students. This rotation will provide an exciting and motivating “entrepreneurial” educational experience that gives students in-depth exposure to the essential business skills needed to manage a successful pharmacy. Not only will pharmacy students learn how to observe and implement core business principles through their “one-to-one” interactions and observations, participating owners will also gain insight into their pharmacies and identify opportunities for improvement, efficiencies, or growth. The good news is that at no cost to you (except travel expenses), just your time and sincere interest, your pharmacy(s) can participate in these pharmacy management rotations. Additionally, these rotations are confidential; students cannot discuss your pharmacy to anyone unless with written permission. It is anticipated that pharmacy students will spend 80+ hours working on each pharmacy project. These services would typically be valued at $2,000-$5,000. Here is a short list of the services the rotation can provide:
·Financial Health Check: Students compare pharmacy’s financial data to national and regional comparisons. Data from NCPA, FRA and RMA is used. This service also includes a revenue analysis, inventory turnover analysis, break-even analysis and pharmacy cash-flow analysis.
·Pharmacy Valuation (What is it worth?): According to AIP, the average age of an independent pharmacy owner is in their late fifties and mostly male. Considering the recent gender shift of pharmacy school graduates, it is imperative for independent pharmacy owners to have an exit strategy and strategically plan for the transition of ownership. In this rotation, students will help an owner with their exit strategy by conducting a “due diligence” investigation of the pharmacy. Through the due diligence process which includes a detailed financial analysis, students will provide owners with a “valuation” for the pharmacy.
·Cost of Dispensing/Fee Analysis: Evaluates a pharmacy’s cost in dispensing prescriptions or performing services such as vaccinations, MTM, and DME. Specifically, this tool analyzes labor, facility, equipment, expendable, and overhead costs to determine cost of services in comparison with fees charged.
·Strategic Marketing Assessments: Students review the marketing and relationship practices of an independent pharmacy. Assessment evaluates the consistency of pharmacy messages for patient care and branding the pharmacy. Students will also look how marketing systems attract, retain and grow customers/patients.
·Other: Just tell us what other needs you have and we will research and evaluate those needs find resources and solutions for your pharmacy (ex. In-store clinics, HR manuals, etc)
For more information on pharmacy practice consulting, please contact:
University of Georgia
Small Business Development Center
1180 E. Broad St.
Athens, GA 30602
706 583-0606 (Voice)
706 542-6803 (Fax)