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Financial indicators utilization among community pharmacists: A comprehensive study for pharmacy management
Mohammad Abu Assab1, Hisham E Hasan1, Hamza Alhamad1
1Department of Clinical Pharmacy, Faculty of Pharmacy, Zarqa University, Zarqa, Jordan.
Plos One
|March 1, 2024
Summary
Community pharmacists show good awareness and positive perceptions of financial indicators, crucial for effective business management. Tailored financial training is recommended to enhance their financial practices and improve healthcare services.
Area of Science:
- Pharmacy Management
- Healthcare Economics
- Business Administration
Background:
- Financial management is vital for community pharmacies, blending healthcare provision with business operations.
- Pharmacists' understanding of financial indicators is key to effective management, yet research in this area is limited.
- This study addresses the gap by examining financial indicator awareness, perceptions, and practices among Jordanian community pharmacists.
Purpose of the Study:
- To assess community pharmacists' perceptions and utilization of financial indicators in Jordan.
- To identify demographic and contextual factors influencing pharmacists' financial practices.
- To provide insights for improving financial management in community pharmacies.
Main Methods:
- A cross-sectional survey was administered to 353 community pharmacists across Jordan.
- The validated survey collected data on demographics, financial indicator awareness, perceptions, and utilization.
- Descriptive and analytical statistics were employed to analyze the collected data.
Main Results:
- Most pharmacists demonstrated awareness of financial indicators, particularly profitability and liquidity.
- Pharmacists generally perceived financial indicators as important for daily practice.
- Key financial practices included monitoring payables/receivables, revenue changes, and income statements.
- Utilization and perception varied significantly based on pharmacy ownership, location, age, and experience.
Conclusions:
- A positive correlation exists between the utilization and perception of financial indicators among pharmacists.
- Enhanced financial indicator awareness and tailored training programs are crucial for pharmacists.
- Understanding regional and contextual factors is essential for optimizing financial management in community pharmacies.
- Improved financial management can lead to enhanced healthcare services delivery.
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