Drug Topics - January 2009 - (Page 48) VIEWPOINT Who said we cannot form group practices? third was an integrated pharmacy practice within a large medical practice providing chemotherapy, institutional, and outpatient services. Though very different practices, all are in essence groups. All leveraged the different talents of the pharmacists in the group. Each pharmacist had a specialty and was able to cover at least one other specialty as the need arose. Because these organizations were multidimensional in the provision of services, multiple revenue streams limited the financial risk. Two of these organizations still exist and are expanding their practice; the other was bought by a larger company. Michael J. Schuh, BS, PharmD, MBA Suppose 10 pharmacists form an “S” corporation. Each provides $10,000 in startup capital, ie, 10 percent of the business, whether it is a group practice owning With the growth of large pharmacy orgaan independent retail pharmacy or a group of nizations, such as hospitals and chain pharmacists contracting out verifying orders drugstores, pharmacists have largely Long-term-care for a small rural hospital. Each “owner” assumed an employee mindset. If we work pharmacists could buy a larger stake in the compafor a retail chain operation, we worry ny or sell shares to others either in about schedules, bonuses, time off, Institutional Retail the company or wanting to join. and distance to work and back. pharmacists pharmacists As the practice grows, equity We worry about whether we grows. Business opportunities will have enough technician help next week. We plan our vacations two years in advance can be addressed as they come up, using the pooled talent because we work at least every other weekend and don’t and resources provided by the owner-pharmacists. Practice models could include retail, long-term-care, and dare ask for time off during the holiday season — the “busy” time of the year. This may be fine for some pharmacists, but institutional pharmacists in any combination. Models exist in law and medicine — even in pharmacy. To limit financial it is not fine for others. If we work in a hospital, long-term care, or home-infusion risk, group members can work part-time while working partpharmacy, we may worry about what shift we work, wheth- time with a chain or local hospital. As the company grows, er our position will be sent back to the basement (central those members who wish can devote more time to the group pharmacy), and whether there will be enough pharmacists practice. In time, all within the group might find a niche that available to help with the afternoon avalanche of medication is professionally and personally rewarding. If not, there are orders funneling into the pharmacy at the beginning of the always other alternatives … see above. What happens if the venture is unsuccessful? First of second shift or late Friday afternoon. Again, this may be fine all, increasing medication use and changing demographics for some pharmacists, but it is not fine for others. If we don’t like an unvarying environment, we can al- should be obvious to all pharmacists; there is a demand for ways work for an agency and work somewhere different our services. How many new pharmacy schools have recentevery day, if we wish. Show up for work, get paid, find a ly been created to help satisfy the demand for pharmacists? place we like, leave the agency for our favored contracted Second, risk is inherent in everything we do. With ownership of a pharmacy practice, at least the possibility exists that the workplace … and then … see above. Is there an alternative for those pharmacists wanting investment can grow. It also gives one some control over more? Are there pharmacists willing to take a risk and try an- one’s profession and work environment. Smaller groups, though at a capital disadvantage compared other practice structure? Many pharmacists work in a group practice and don’t know it because it’s not called a “group.” to large organizations, are more nimble and can exploit gaps A group practice is “an association of healthcare professionals in the market the big entities either miss or are ill-equipped who share premises and other resources.” Many pharmacists to take on. Every successful group I have been associated with or have observed has been able exploit these gaps by already practice this way, but informally. I have had experience with three successful examples fulfilling unrecognized demand for pharmacy services. With increasing patient-care responsibilities and armed of group practice. The first was a combination format with four pharmacists providing home infusion, durable medical with CPT (Current Procedural Terminology) codes, pracequipment, and outpatient pharmacy services. The second, tice models are limited only by our own imaginations. a long-term-care group, was devoted to nursing-home chart review and consultant services to nursing homes, assisted- Michael J. Schuh is an ambulatory pharmacist at the Mayo Clinic living facilities, and medical practices/surgical centers. The Department of Pharmacy, Jacksonville, Fla. DRUG TOPICS Januar y 2009 W W W.D R U GTO P I C S .C O M 48 http://WWW.DRUGTOPICS.COM
Table of Contents Feed for the Digital Edition of Drug Topics - January 2009 Drug Topics - January 2009 Contents Letters Up Front Up Front in Depth Community Practice Drug Pipeline: What to Watch in 2009 OTC Community-Aquired MRSA Infections New Products Viewpoint Drug Topics - January 2009 Drug Topics - January 2009 - Drug Topics - January 2009 (Page Cover1) Drug Topics - January 2009 - Drug Topics - January 2009 (Page Cover2) Drug Topics - January 2009 - Drug Topics - January 2009 (Page 1) Drug Topics - January 2009 - Drug Topics - January 2009 (Page 2) Drug Topics - January 2009 - Drug Topics - January 2009 (Page 3) Drug Topics - January 2009 - Contents (Page 4) Drug Topics - January 2009 - Contents (Page 5) Drug Topics - January 2009 - Contents (Page 6) Drug Topics - January 2009 - Contents (Page 7) Drug Topics - January 2009 - Contents (Page 8) Drug Topics - January 2009 - Contents (Page 9) Drug Topics - January 2009 - Contents (Page 10) Drug Topics - January 2009 - Contents (Page H1) Drug Topics - January 2009 - Contents (Page H2) Drug Topics - January 2009 - Contents (Page H1) Drug Topics - January 2009 - Contents (Page H2) Drug Topics - January 2009 - Contents (Page H3) Drug Topics - January 2009 - Contents (Page H4) Drug Topics - January 2009 - Contents (Page H5) Drug Topics - January 2009 - Contents (Page H6) Drug Topics - January 2009 - Contents (Page H7) Drug Topics - January 2009 - Contents (Page H8) Drug Topics - January 2009 - Contents (Page 13) Drug Topics - January 2009 - Up Front (Page 14) Drug Topics - January 2009 - Up Front (Page 15) Drug Topics - January 2009 - Up Front (Page 16) Drug Topics - January 2009 - Up Front (Page 17) Drug Topics - January 2009 - Up Front in Depth (Page 18) Drug Topics - January 2009 - Up Front in Depth (Page 19) Drug Topics - January 2009 - Community Practice (Page 20) Drug Topics - January 2009 - Community Practice (Page 20a) Drug Topics - January 2009 - Community Practice (Page 20b) Drug Topics - January 2009 - Community Practice (Page 21) Drug Topics - January 2009 - Drug Pipeline: What to Watch in 2009 (Page 22) Drug Topics - January 2009 - Drug Pipeline: What to Watch in 2009 (Page 23) Drug Topics - January 2009 - Drug Pipeline: What to Watch in 2009 (Page 24) Drug Topics - January 2009 - Drug Pipeline: What to Watch in 2009 (Page 25) Drug Topics - January 2009 - Drug Pipeline: What to Watch in 2009 (Page 26) Drug Topics - January 2009 - Drug Pipeline: What to Watch in 2009 (Page 27) Drug Topics - January 2009 - OTC (Page 28) Drug Topics - January 2009 - OTC (Page 29) Drug Topics - January 2009 - OTC (Page 30) Drug Topics - January 2009 - OTC (Page 31) Drug Topics - January 2009 - Community-Aquired MRSA Infections (Page 32) Drug Topics - January 2009 - Community-Aquired MRSA Infections (Page 33) Drug Topics - January 2009 - Community-Aquired MRSA Infections (Page 34) Drug Topics - January 2009 - Community-Aquired MRSA Infections (Page 35) Drug Topics - January 2009 - Community-Aquired MRSA Infections (Page 36) Drug Topics - January 2009 - Community-Aquired MRSA Infections (Page 37) Drug Topics - January 2009 - Community-Aquired MRSA Infections (Page 38) Drug Topics - January 2009 - Community-Aquired MRSA Infections (Page 39) Drug Topics - January 2009 - Community-Aquired MRSA Infections (Page 40) Drug Topics - January 2009 - Community-Aquired MRSA Infections (Page 41) Drug Topics - January 2009 - New Products (Page 42) Drug Topics - January 2009 - New Products (Page 43) Drug Topics - January 2009 - New Products (Page 44) Drug Topics - January 2009 - New Products (Page 45) Drug Topics - January 2009 - New Products (Page 46) Drug Topics - January 2009 - New Products (Page 47) Drug Topics - January 2009 - Viewpoint (Page 48) Drug Topics - January 2009 - Viewpoint (Page Cover3) Drug Topics - January 2009 - Viewpoint (Page Cover4)
For optimal viewing of this digital publication, please enable JavaScript and then refresh the page. If you would like to try to load the digital publication without using Flash Player detection, please click here.