Introduction to financial management.pdf

Introduction to financial management.pdf - Introduction to...

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Introduction to Financial Management
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Chapter Objectives After completing this chapter, the students should be able to: 1. Discuss the importance of financial management to pharmacists 2. Explain the goals of financial management and why they are relevant for pharmacist. 3. List and briefly describe the four most common financial statements. 4. Discuss the limitations of financial managements.
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The Pharmacist as a Manager Managers are responsible for planning, organizing and controlling resources Pharmacy Managers 1. Owners of drugstores 2. Directors of hospital pharmacies 3. Managers of chain drugstores 4. Clinical coordinators 5. Sales district managers 6. Plant Managers
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The Pharmacist as a Manager • Changes in the profession of pharmacy- increase need for pharmacy managers who will coordinate and direct the activities of hospital pharmacies, managed-care pharmacies, and chain pharmacies. • Pharmacy managers are to supervise increasing number of technicians and manage use of dispensing technology. Pharmacists have also found management and ownership positions in home health care, long term care consulting organization, disease management companies, pharmacy benefit managers, insurance companies and pharmaceutical care training companies.
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Financial Management • Managers make decisions including financial decisions • Need for skills to make intelligent financial decisions • Financial management focuses on making wise decisions about obtaining and using financial resources. • Financial resources include invested capital and borrowed funds-
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Financial Management Financial decisions confronted by pharmacist 1. How much inventory to carry 2. Which sources of supply to use 3. How to set prices 4. Rent or buy an equipment 5. To avail of discount or buy in cash
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Goals of Financial Management • Financial management is necessary and appropriate for both non-profit and for profit making firms.
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