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Strategies to improve compensation for pharmaceutical care services
1Ohio State University (OSU) of Pharmacy, Columbus, USA.
Journal of the American Pharmaceutical Association (Washington, D.C. : 1996)
|December 9, 2000
Summary
Pharmacists should prioritize compensation for patient care services to increase profitability. Focusing on pharmaceutical care services offers higher net profits compared to traditional product dispensing.
Area of Science:
- Pharmacy Practice
- Health Economics
Background:
- The pharmacy profession has expanded patient care services over the last decade.
- Increased focus on service-based revenue is crucial for long-term success.
Purpose of the Study:
- To highlight the financial benefits of pharmaceutical care services over product dispensing.
- To advocate for improved reimbursement strategies for pharmacy services.
Main Methods:
- Analysis of revenue streams from pharmaceutical care versus product sales.
- Review of existing literature on pharmacy service compensation.
Main Results:
- Pharmaceutical care services yield higher profit margins for pharmacies compared to dispensing.
- Pharmacies retain 100% of revenue from services versus 29% from products.
Conclusions:
- Pharmacists must actively pursue reimbursement for patient care services.
- Exploring new markets and improving third-party payer reimbursement can enhance pharmacy revenue.