OBJECTIVE: To calculate the return on investment (ROI) for a targeted medication intervention program developed by corporate management of a community pharmacy. DESIGN: Retrospective analysis and cross-sectional survey. SETTING: Regional community pharmacy chain in North Carolina. PARTICIPANTS: Targeted medication interventions completed from February 1, 2010, to July 31, 2010, were included in the retrospective analysis. Community pharmacists employed by the pharmacy chain that completed the questionnaire were included in the cross-sectional analysis. INTERVENTION: Targeted medication intervention services were provided to the patient and documented by the pharmacist. MAIN OUTCOME MEASURE: The ROI for a community pharmacist-provided targeted medication intervention program. RESULTS: Of the 180 pharmacists, 69 completed the questionnaire (38% response rate). The average time to complete one targeted medication intervention was calculated to be 22.63 minutes. The total cost for providing a targeted medication intervention program during the study time frame was $15 760.86. Total revenue was $15 216.00; therefore, the program resulted in an ROI to the pharmacy chain of negative 3%. CONCLUSION: This 6-month study resulted in an ROI to the pharmacy chain of negative 3%. Under the current reimbursement model, for this program to break even, the average time to complete one targeted medication intervention must equal 21.85 minutes or less.
OBJECTIVE: To calculate the return on investment (ROI) for a targeted medication intervention program developed by corporate management of a community pharmacy. DESIGN: Retrospective analysis and cross-sectional survey. SETTING: Regional community pharmacy chain in North Carolina. PARTICIPANTS: Targeted medication interventions completed from February 1, 2010, to July 31, 2010, were included in the retrospective analysis. Community pharmacists employed by the pharmacy chain that completed the questionnaire were included in the cross-sectional analysis. INTERVENTION: Targeted medication intervention services were provided to the patient and documented by the pharmacist. MAIN OUTCOME MEASURE: The ROI for a community pharmacist-provided targeted medication intervention program. RESULTS: Of the 180 pharmacists, 69 completed the questionnaire (38% response rate). The average time to complete one targeted medication intervention was calculated to be 22.63 minutes. The total cost for providing a targeted medication intervention program during the study time frame was $15 760.86. Total revenue was $15 216.00; therefore, the program resulted in an ROI to the pharmacy chain of negative 3%. CONCLUSION: This 6-month study resulted in an ROI to the pharmacy chain of negative 3%. Under the current reimbursement model, for this program to break even, the average time to complete one targeted medication intervention must equal 21.85 minutes or less.
Entities:
Keywords:
community pharmacy; medication therapy management; pharmacists; return on investment; targeted medication intervention
Authors: Alice C Chang; Jutieh Lincoln; Wendy M Lantaff; Stephanie A Gernant; Heather A Jaynes; William Doucette; Margie E Snyder Journal: J Am Pharm Assoc (2003) Date: 2017-11-09