Through a collaboration with the UGA College of Pharmacy, Medical Management Specialist, Matt Lastinger, works with 4th year Pharmacy students through independent pharmacy management rotations as part of the UGA SBDC’s Medical Practice Management Program (MP2).
The rotations provide an “entrepreneurial” educational experience that gives students in-depth exposure to the essential business skills needed to manage a successful pharmacy.
Taylor Mitchell, a 4th year Pharmacy student, says, “We’re not exposed to stuff like this in Pharmacy school. This is a great rotation for students interested in management or owning their own business.”
Mitchell enrolled in the course as part of Pharmacy Entrepreneurship Professional Certificate Program. The Professional Certificate in Pharmacy Entrepreneurship is designed to increase the knowledge, skills, and abilities of student pharmacists needed to take advantage of future entrepreneurial opportunities in the profession.
The Medical Practice Management Program not only teaches pharmacy students how to observe and implement core business principles through their “one-to-one” interactions and observations, but participating owners will also gain insight into their pharmacies and identify opportunities for improvement, efficiencies, or growth.
Morgan Freeman, a 4th year Pharmacy student and Double Dawg, currently works in the retail pharmacy industry. She enrolled into MP2 with the desire to learn more about Pharmacy management and possible business ownership.
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 for a Pharmacy to hire a private business consultant. The MP2 rotations provide a variety of education to both students and business owners:
- 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: Some practices have special requests. Students will research and evaluate those needs find resources and solutions. (ex. In-store clinics, HR manuals, etc)
For more information about the Medical Practice Management Program and how your Pharmacy would participate in the program, CLICK HERE.