Three-year financial analysis of pharmacy services at an independent community pharmacy

Doucette, William R.; McDonough, Randal P.; Mormann, Megan M.; Vaschevici, Renata; Urmie, Julie M.; Patterson, Brandon J.

doi:10.1331/japha.2012.11207

Cited by 42 publications

(36 citation statements)

References 16 publications

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“…23 When examining the costs of immunization programs in individual pharmacies, studies show more variability. The maintenance of pharmacy services were largely cost-effective for influenza 74,75 and herpes zoster vaccination programs. 63,69,75 One study cited a net loss for pneumococcal vaccinations at a single independent pharmacy.…”

Section: Acceptabilitymentioning

confidence: 99%

“…The maintenance of pharmacy services were largely cost-effective for influenza 74,75 and herpes zoster vaccination programs. 63,69,75 One study cited a net loss for pneumococcal vaccinations at a single independent pharmacy. 75 Prosser et al (2008) determined that pharmacies were more cost-effective sites of vaccination than physicians' offices due to decreased time spent waiting and lower operation costs.…”

Section: Acceptabilitymentioning

confidence: 99%

“…63,69,75 One study cited a net loss for pneumococcal vaccinations at a single independent pharmacy. 75 Prosser et al (2008) determined that pharmacies were more cost-effective sites of vaccination than physicians' offices due to decreased time spent waiting and lower operation costs. 74 PBIS are uniquely positioned to improve access to vaccines through non-traditional service offerings.…”

Section: Acceptabilitymentioning

confidence: 99%

See 2 more Smart Citations

Community pharmacies as sites of adult vaccination: A systematic review

Burson

Buttenheim

Armstrong

et al. 2016

Human Vaccines & Immunotherapeutics

131

116

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Vaccine-preventable deaths among adults remain a major public health concern, despite continued efforts to increase vaccination rates in this population. Alternative approaches to immunization delivery may help address under-vaccination among adults. This systematic review assesses the feasibility, acceptability, and effectiveness of community pharmacies as sites for adult vaccination. We searched 5 electronic databases (PubMed, EMBASE, Scopus, Cochrane, LILACS) for studies published prior to June 2016 and identified 47 relevant articles. We found that pharmacy-based immunization services (PBIS) have been facilitated by state regulatory changes and training programs that allow pharmacists to directly provide vaccinations. These services are widely accepted by both patients and pharmacy staff, and are capable of improving access and increasing vaccination rates. However, political and organizational barriers limit the feasibility and effectiveness of vaccine delivery in pharmacies. These studies provide evidence to inform policy and organizational efforts that promote the efficacy and sustainability of PBIS.

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Section: Acceptabilitymentioning

confidence: 99%

Section: Acceptabilitymentioning

confidence: 99%

Section: Acceptabilitymentioning

confidence: 99%

See 1 more Smart Citation

Community pharmacies as sites of adult vaccination: A systematic review

Burson

Buttenheim

Armstrong

et al. 2016

Human Vaccines & Immunotherapeutics

131

116

View full text Add to dashboard Cite

show abstract

“…On the other hand, a low gross profit margin ratio gives an indication that the community pharmacy generates a low level of revenue to pay for operating expenses and net profit. Such situation signifies that either the business is unable to control production and inventory costs or that prices have been set too low [15].…”

Section: Gross Profit Margin Ratiomentioning

confidence: 99%

Impact of new healthcare legislation and price policy on healthcare services provider at the time of financial crisis. A 10 years study

Malovecka

Papargyris

Mináriková

et al. 2015

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Monitoring, calculation and assessment of healthcare services prosperity in the community pharmacy with the help of financial analysis indicators for the years 2003-2012, using financial statements was conducted, with respect to profitability, debt, liquidity, working capital, and efficiency parameters. These ratios reflect various changes that hold between years 2003 and 2012. Under the time of financial crisis, recession and serious socio-economic changes the profitability parameter Gross Profit ranged from 2003-2011 = 16.12-22.79% (average = 19.20%; mean = 19.78%; σ = 2.41), but in 2012 decreased on 14.35%. Net Profit ranged 2003-2011 = 10.96-18.3% (average = 14.62%; mean = 16.62%; σ = 4.92), while in 2012 reached only 2.29%. Debt ratio ranged from 2003-2012= 2.33-4.81 (average = 3.44; mean = 3.07; σ = 0.82). Liquidity parameters Current Ratio spread between 2003-2012 = 1.13-1.71 (average = 1.43; mean = 1.46; σ = 0.15) and Quick Ratio spread between 2003-2012 = 0.72-1.27 (average = 1.07; mean = 1.09; σ = 0.15). Working Capital Ratio ranged from 2003-2012 = 2.66-12.94 (average = 9.58; mean = 10.06; σ = 3.1) and efficiency ratios were measured either. All changes that have taken place in the society had an impact on community pharmacy finance by worsening its profitability, liquidity, working capital and some of efficiency parameters. Therefore the stability of community pharmacy may be threatened and may affect its future performance.

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“…Also it is important to understand and track the current financial health of the community pharmacy business without solely relying on accountant. Some basic financial analysis could include making comparisons of actual financial performance with forecast targets, performance in past years, and industry averages (business benchmarks) (Doucette et al, 2012). Profit and Loss Statement is a summary of the financial performance of community pharmacy business over time (monthly, quarterly or annually).…”

mentioning

confidence: 99%

New Types of Assessments of Community Pharmacy Technology Business and Their Contribution Towards Prosperity of the Community Pharmacy

Malovecká¹,

Mináriková²,

Lehocka³

et al. 2013

Acta Facultatis Pharmaceuticae Universitatis Comenianae

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The Community pharmacy as a direct provider of medicines and pharmaceutical services to patients, have an important role in the health status of a society. At the time of financial crisis with general economic slow-down, reduced retail growth, decreased margins is having a very difficult time. It faces financial stress every day. The new participants enter developed health care market where revenues are limited. It makes a pressure on community pharmacy which is daily confronted with accelerated competition. To moderate these problems, the role of the pharmacist is gradually changing. New assessments of community pharmacy technology business approach to maximize effectiveness of the community pharmacy to maintain and survive at the upcoming time. New approach towards community pharmacy business assessment is by better knowledge of the organizational system that company figures (Tootilian et al., 2012). The organizational system of community pharmacy introduces manager or owner of the community pharmacy with financial literacy and improves their essential skill for running a successful business. There are some important financial statements which help the community pharmacy provide a summary of all the relevant financial information about health care business. Financial analysis is performed on these statements and provides management with a more detailed understanding of the figures. Manager or owner of the community pharmacy use the information provided in the financial statements to make key decisions that affect the ongoing operation of an organization business. There are two basic financial relevant statements profit and loss statement, which reports on a business's income, expenses, and profits over a period of time and balance sheet, NEW TYPES OF ASSESSMENTS OF COMMUNITY PHARMACY TECHNOLOGY BUSINESS AND THEIR CONTRIBUTION TOWARDS PROSPERITY OF THE COMMUNITY PHARMACY NOVÉ PRÍSTUPY K POSUDZOVANIU PODNIKANIA VO VEREJNEJ LEKÁRNI A ICH PRÍNOSMalovecká, I. , Mináriková, D., Lehocká, Ľ. , Foltán, V.The new approach how to assess community pharmacy business by monitoring indicators of financial analysis, contributes to a positive economic development in the community pharmacy business. The better is understanding and analysis of the financial statements in the community pharmacy business, the better will be improvement in managing and controlling finances. Financial analysis enable the community pharmacy to make more informed decisions, comparisons of actual financial performance with forecast targets, performances in past years and comparisons to industry averages. The most important analysed financial statements are balance sheet and profit and loss statement. The outcomes of the financial analysis are debt, efficiency, profitability, liquidity ratios and working capital ratio. They are compared to recommended values and the suggestions are made to improve community pharmacy´s efficiency and prosperity. The result of the new approach to assessment community pharmacy technology business will contribute to positiv...

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Three-year financial analysis of pharmacy services at an independent community pharmacy

Cited by 42 publications

References 16 publications

Community pharmacies as sites of adult vaccination: A systematic review

Community pharmacies as sites of adult vaccination: A systematic review

Impact of new healthcare legislation and price policy on healthcare services provider at the time of financial crisis. A 10 years study

New Types of Assessments of Community Pharmacy Technology Business and Their Contribution Towards Prosperity of the Community Pharmacy

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