Profit Mastery for Pharmacists

Profit Mastery:  Practical Tools for Financial Control, Survival and Success

Core Benefits

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    Accredited Continuing
    Pharmacy Education
  • testimonial-imgImprove
    Cash Flow 
  • testimonial-imgImprove
    Profitability
  • course-imgImprove
    Financial Control
  • financial-imgImprove
    Bankability

This is the meat and potatoes of pharmacy finance. Every pharmacist should see this presentation at least twice!

J.D. Fain, Giddings Drug, Giddings, TX

Do you want to make more profit? Improve your cash flow?
It all starts with smart money management.

The key financial management concepts taught in Profit Mastery's online streaming video course will be the cornerstone of the business side of your pharmacy. You'll find new ways to become better, more informed, more successful pharmacy owners. Since 1984, Profit Mastery has become the gold standard in performance management for owners, managers, and advisors of independent business.

Steve LeFever, CEO and Founder of Profit Mastery, has partnered with WSPA, PCCA, NWDA, and NACDS and worked with dozens of wholesalers, buying groups, and state associations. Steve has also worked with the Pharmacy Guild and Sigma Pharmaceuticals in Australia/New Zealand, and is an adjunct professor in the pharmacy school at the University of Washington. 

Profit Mastery is being taught at leading Pharmacy Universities
to address the “business side” of being a successful Pharmacist.
  


This CE activity has a total of 6 modules (see below) that must be completed in order to receive the 17 credits (1.7 CEUs)
. Washington State Pharmacy Association (WSPA) is accredited by the Accreditation Council for Pharmacy Education as a provider of continuing pharmacy education. Profit Mastery is co-sponsoring with WSPA.



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Picture M*A*S*H's Hawkeye Pierce as a financial consultant instead of a surgeon and you'll have some idea why laughter rang through the walls for an hour and a half outside a Tuesday workshop on pharmacy cash flow.
Quote from NCPA (National Community Pharmacists Association) Washington, DC


  • Analyze the key areas in your pharmacy business that need management action to improve
  • Create a “scorecard” for a business using ratios and pharmacy industry benchmarks, identifying strengths, weaknesses, and areas of opportunity
  • Create a profit and loss statement for planning in your pharmacy business
  • Calculate a yearly cash budget for your pharmacy business
  • Prepare a twelve-month cash budget to determine short-term financing needs and negotiate with your bank for the amount of line of credit you will need for an entire year
  • Profit Mastery is very interesting and easy to understand. Most importantly, it is relevant to the business of pharmacy. The most valuable part of Profit Mastery was everything that happened after showing up.
    Quote from Cardinal Health pharmacy program attendee

  • Perform an annual customer satisfaction survey to discover what is most important to your best pharmacy customers
  • Demonstrate the effect of increased inventory turns in terms of growth capital required
  • Identify the primary "driver" of asset increases in an expanding pharmacy
  • Evaluate the effect of changes to the business to assess their potential impact on the cash budget to develop a growth plan
  • Create a forecast of the resources that your pharmacy business will require to grow
  • Create a loan proposal or financial business plan to present your pharmacy business needs to bank
  • Create a plan for debt in your pharmacy business that matches the length of projected repayment with cash flow or profit
  • Describe how to find resources for transition planning and business valuation

Engaging, insightful, and very, very useful. Walking out of this room was like leaving behind a gold mine. Speaker was very well prepared and a lot of fun. He made a rather mundane topic very interesting and two hours seemed to go by in 20 minutes.
Quote from Cardinal Health pharmacy program attendee

 

Practical Tools for Financial Control, Survival and Success 

Faculty: Steve LeFever, Chairman and Founder, Profit Mastery
ACPE# 0130-9999-14-023-H04-P&T | Learning Type: Application
Initial Release Date: 2/20/2014 | Expiration Date: 2/20/2017 | Activity Length: 17 credits (1.7 CEUs)
Faculty Disclosure: Owner of Profit Mastery

Module #1: Introduction to Profit Mastery - Creating a Foundation for Change


Pharmacist Learning Objectives:

  • Apply the key drivers of success or failure in business to your pharmacy practice
  • Analyze key areas in your pharmacy practice that need management action to improve
  • Apply financial ratios to your pharmacy's balance sheet information and analyze areas for improvement

Module #2: Financial Analysis: Getting Your Arms Around the Numbers

Pharmacist Learning Objectives:

  • Evaluate the financial performance of your pharmacy using financial statements
  • Apply Financial information to create a business assessment for your pharmacy operation
  • Create a business scorecard to evaluate business efficiencies and opportunities
  • Calculate financial ratios using financial statements to assess business efficiencies for your pharmacy operation
  • Compare business ratios for your pharmacy business to industry averages for healthy businesses
  • Analyze financial statements for your pharmacy to assess problem areas in profitability and determine causes
  • Apply financial algorithms to business ratios and financial statements for your pharmacy to assess the causes of poor or declining performance measures
  • Evaluate the impact of pharmacy financial operations changes on financial ratios

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    The Profit Mastery series of lectures is invaluable to every business owner. I wish everyone could take these courses. The Road Map will be an invaluable tool when making financial decisions for my pharmacy.
    Quote from Cardinal Health pharmacy program attendee



Module #3: Price-Volume:-Costs: Using Break-Even to Grow Profits

Pharmacist Learning Objectives:

  • Classify costs in your pharmacy based on their affect on the income statement as fixed or variable and calculate a break-even point for the business
  • Create a profit and loss statement for planning in your pharmacy business
  • Calculate the contribution margin in your pharmacy business and assess its impact on your pricing structure

Module #4: Managing Cash Flow

Pharmacist Learning Objectives:

  • Project the impact of seasonal sales variations to design a cash flow for your pharmacy business
  • Calculate a yearly cash budget for your pharmacy business
  • Prepare a twelve-month cash budget to determine short-term financing needs and negotiate with your bank for the amount of line of credit you will need for an entire year
  • Perform an annual customer satisfaction survey to discover what is most important to your best pharmacy customers

Module #5: Financial Gap Analysis

Pharmacist Learning Objectives:

  • Create a forecast of the resources that your pharmacy business will require to grow
  • Develop budgets that reflect projected borrowing for business growth and timelines for repayment
  • Evaluate the effect of changes to the business to assess their potential impact on the cash budget to develop a growth plan

Module #6: Financial Planning and Planning for Transition

Pharmacist Learning Objectives:

  • Differentiate categories of debt in your pharmacy with appropriate with appropriate structuring and maturities
  • Create a plan for debt in your pharmacy business that matches the length of projected repayment with cash flow or profit
  • Create a loan proposal or financial business plan to present your pharmacy business needs to a bank

For the first time I feel as though I'm in control. I have the information I need, when I need it, in the format I need to proactively manage the performance of my business – and I've seen improvement from day one.
- Janet Kusler, Kusler's Pharmacy, Snohomish, WA


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