Pharmacy Business Plan Instructions

Pharmacy Business Plan Instructions - The Dynamics...

Info iconThis preview shows pages 1–3. Sign up to view the full content.

View Full Document Right Arrow Icon
Monograph 23 ENRICHING PATIENTS’ HEALTH The Dynamics Pharmaceutical Care: of A Continuing Education Series supported by an educational grant from Writing a Business Plan for a New Pharmacy Service
Background image of page 1

Info iconThis preview has intentionally blurred sections. Sign up to view the full version.

View Full DocumentRight Arrow Icon
2 The Dynamics of Pharmaceutical Care: Enriching Patients’ Health Writing a Business Plan for a New Pharmacy Service Reviewed by Randy McDonough By putting their plans in writing before implementing new services, pharmacists are more likely to attain long-range goals and achieve success. A business owner who fails to plan, plans to fail. Covello and Hazelgren 1 In the past decade, pharmacists have begun offering an expanding array of patient care services, from self-care coun- seling and medication therapy management (MTM) to spe- cialized services, such as diabetes education and immuniza- tion programs. 2-4 Having identified a compelling area for a new patient care service, many pharmacists are understand- ably eager to leap ahead to implement it. However, before moving forward with service delivery, pharmacists are advised to engage in an essential but often overlooked preparatory step: developing a business plan. A business plan is a formal document that fleshes out the details of a business idea—in this case, a new or expanded pharmacy service. It specifies the components of a business strategy, including the mission statement, external and inter- nal environments, and opportunities and threats to the prac- tice. A business plan has been likened to a “current and futuristic x-ray of the business.” 5 It gives readers a picture of the pharmacy’s current practice and operations, then articu- lates a vision for the future. A well-constructed plan precisely defines the proposed pharmacy service, states its exact mis- sion and goals, and provides a clear but flexible road map for implementation and evaluation. It is wise to develop a formal business plan before a new venture is started or a major new initiative is launched. A thoughtful business plan serves several important func- tions—it is a communication tool, a management tool, and a planning tool. If a bank loan will be needed to finance a new pharmacy service, a business plan usually is required to demonstrate the financial feasibility and merits of the ven- ture. However, even when external investors are not needed, a business plan offers many benefits. During the process of writing the plan, the pharmacist-author must clearly formu- late the concept and implementation of the new service to foresee possible roadblocks—and devise routes around them—before start-up. A business plan is a powerful communication tool. It can be used to convey the goals, mission, and operating plan for the pharmacy service with employees and senior manage- ment. The plan also can be used to help develop partner- ships with external stakeholders, such as physicians who are considering a collaborative relationship with the pharmacy as well as employers who may want to purchase pharmacy ser- vices as a health benefit for workers. This article provides an overview of the key steps in
Background image of page 2
Image of page 3
This is the end of the preview. Sign up to access the rest of the document.

This note was uploaded on 03/26/2012 for the course BUS GM560 taught by Professor Fields during the Summer '10 term at Keller Graduate School of Management.

Page1 / 13

Pharmacy Business Plan Instructions - The Dynamics...

This preview shows document pages 1 - 3. Sign up to view the full document.

View Full Document Right Arrow Icon
Ask a homework question - tutors are online