Pharmacy

Through a collaboration with the UGA College of Pharmacy, the UGA SBDC offers high quality, confidential, consulting services to independent pharmacy owners geared to improving efficiencies and profitability. There is no charge for the consulting, which depending on the needs of the pharmacy, can focus on any of the following areas:

• Financial Analysis/Industry Comparisons
• Business Plan Development
• Buying/Selling a Pharmacy
• Management
• Marketing and Advertising

Pharmacy Management Rotation

Many services are expanded through the UGA College of Pharmacy Independent Pharmacy Management rotation with 4^th year PharmD students. This rotation provides 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.

This unique opportunity is offered to independent pharmacy owners at no cost, other than travel expenses. Owners with sincere interest in improving their pharmacies and helping educate the next generation of pharmacists can participate in the rotation. All information through this rotation is kept strictly confidential.

Contact:

For more information on pharmacy practice consulting, please contact:

MATT LASTINGER, Director of Entrepreneurial Innovation Program

382 E. Broad St., Athens, GA 30602
Email: [email protected]

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. Services typically offered include:

• Health Check: Assessment comparing the pharmacy’s financial data to national benchmarks and to other comparable pharmacies. NCPA and comp data is used.
• Pharmacy Observations: Students observe the patient experience to provide customer service and counseling feedback. Additionally, students assess the pharmacy’s look and feel to identify improvement opportunities in marketing, retailing, cleanliness, etc.
• Strategic Marketing Assessments: This tool reviews the marketing and patient building practices of an independent pharmacy. Assessment evaluates the consistency of pharmacy’s messages in patient care, patient relationships, branding, employee culture and marketing systems.
• Pharmacy Valuation: The tool provides a financial analysis of the independent pharmacy and uses six different valuation methods. The valuation model demonstrates ways to transition ownership to associates or for a pharmacist who wants to buy the entire pharmacy.
• Fee/Cost of Dispensing Analysis: The template evaluates a pharmacy’s cost of dispensing prescriptions or providing any other pharmacy services (ex. MTM). Specifically, this tool uses labor, facility, equipment, expendable, and overhead costs to determine cost of services in comparison with fees charged.
• Other: As the needs arise for pharmacy issues, students may find and use other tools that will help a pharmacy’s performance (i.e., workflow observations, equipment break-even analysis, inventory management, tech utilization, scheduling, and market research).