Pharmacy Education - Profit Mastery University

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Turning Pills Into Profits

• PROFIT MASTERY FOR PHARMACISTS •

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

Profit Mastery online is accredited for 18 contact hours (1.8 CEUs) of Continuing Pharmacy Education.

Click here to register for Profit Mastery for Pharmacists

The fact is this: most pharmacy professionals cannot accurately identify their cost structure. The continuing margin compression in pharmacy — combined with ongoing economic uncertainty — may make this course the timeliest information you learn this year. This program is designed for pharmacy owners and managers.

The key financial management concepts taught in Profit Mastery can be the cornerstone of the business side of your pharmacy. You'll find new ways to become better, more informed, more successful pharmacy owners.

“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

Over the past 15 years, Profit Mastery has become the gold standard in performance management for owners, managers, and advisors of independent business. Steve LeFever has partnered with NCPA, 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.

"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

Identify the key areas in their pharmacy business needing management action.
Determine their pharmacy’s financial position in comparison to its own past performance and to other companies in their pharmacy network.
Identify the financial impact of management decisions and the causes of financial distress.
Apply the Break-Even Analysis tool gauging costs, volumes and pricing to promote future profitability for their pharmacy business.

“Picture M*A*S*H's Hawkeye Pearce 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.”
- NCPA (National Community Pharmacists Association), Washington, DC

Program Syllabus

Module #1: Introduction to Profit Mastery - Creating a Foundation for Change
ACPE #207-999-11-060-H04-P
Program time: 2.75 contact hours (0.275 CEUs)
Activity type: Application

Pharmacist Learning Objectives:
1. Apply the key drivers of success or failure in business to your pharmacy practice
2. Analyze key areas in your pharmacy practice that need management action to improve
3. Apply financial ratios to your pharmacy’s balance sheet information and analyze areas for improvement

Module #2: Financial Analysis Part I: Getting Your Arms Around the Numbers
ACPE #207-999-11-061-H04-P
Program time: 2.5 contact hours (0.25 CEUs)
Activity type: Application

Pharmacist Learning Objectives:
1. Evaluate the financial performance of your pharmacy using financial statements
2. Apply Financial information to create a business assessment for your pharmacy operation
3. Create a business scorecard to evaluate business efficiencies and opportunities
4. Calculate financial ratios using financial statements to assess business efficiencies for your pharmacy operation

Module #3: Financial Analysis Part II: Getting Your Arms Around the Numbers
ACPE #207-999-11-062-H04-P
Program Time: 3.5 contact hours (0.35 CEUs)
Activity type: Application

Pharmacist Learning Objectives:
1. Compare business ratios for your pharmacy business to industry averages for healthy businesses
2. Analyze financial statements for your pharmacy to assess problem areas in profitability and determine causes
3. Apply financial algorithms to business ratios and financial statements for your pharmacy to assess the causes of poor or declining performance measures
4. Evaluate the impact of pharmacy financial operations changes on financial ratios

Module #4: Price-Volume:-Costs: Using Break-Even to Grow Profits
ACPE #207-999-11-063-H04-P
Program Time: 3.0 contact hours (0.3 CEUs)
Activity type: Application

Pharmacist Learning Objectives:
1. 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
2. Create a profit and loss statement for planning in your pharmacy business
3. Calculate the contribution margin in your pharmacy business and assess its impact on your pricing structure

Module #5: Managing Cash Flow
ACPE #207-999-11-064-H04-P
Program Time: 2.5 contact hours (0.25 CEUs)
Activity type: Application

Pharmacist Learning Objectives:
1. Project the impact of seasonal sales variations to design a cash flow for your pharmacy business
2. Calculate a yearly cash budget for your pharmacy business
3. 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
4. Perform an annual customer satisfaction survey to discover what is most important to your best pharmacy customers

Module #6: Financial Gap Analysis
ACPE #207-999-11-065-H04-P
Program Time: 2.0 contact hours (0.2 CEUs)
Activity Type: Application

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

Module #7: Financial Planning and Planning for Transition
ACPE #207-999-11-066-H04-P
Program Time: 1.75 contact hours (0.175 CEUs)
Activity Type: Application

Pharmacist Learning Objectives:
1. Differentiate categories of debt in your pharmacy with appropriate
2. Create a plan for debt in your pharmacy business that matches the length of projected repayment with cash flow or profit
3. Create a loan proposal or financial business plan to present your pharmacy business needs to a bank.