Financial performance of cofunded faculty pharmacist-provided services in an independently owned family medicine practice
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View abstract on PubMed
Summary
This summary is machine-generated.A cofunded faculty pharmacist model in family medicine generated a 246.3% return on investment (ROI). This financial performance, driven by wellness and chronic care management services, demonstrates a profitable collaboration between pharmacy schools and primary care practices.
Area Of Science
- Ambulatory care pharmacy practice
- Primary care practice management
- Health services research
Background
- Faculty pharmacist services can enhance patient care in primary care settings.
- The financial viability of cofunded pharmacist models requires evaluation.
- Independent family medicine practices seek to optimize revenue streams.
Purpose Of The Study
- To determine the financial performance of cofunded faculty pharmacist-provided services.
- To assess the return on investment (ROI) of a pharmacist embedded in a family medicine practice.
- To evaluate the profitability of specific pharmacist-led services.
Main Methods
- A 2-year retrospective study (2021-2023) evaluated a 0.5 FTE cofunded faculty pharmacist.
- Billable services included wellness visits, chronic care management (CCM), and evaluation and management (E/M) visits.
- Financial performance was assessed, with ROI as the primary outcome.
Main Results
- The pharmacist conducted 1,296 visits, generating $319,981.83 in gross revenue.
- Wellness visits accounted for 64.8% of revenue ($207,290.34).
- The study achieved a net profit of $227,576.55 and a 246.3% ROI.
Conclusions
- The cofunded faculty pharmacist model yielded a positive ROI, covering all associated costs.
- Pharmacist-led wellness visits alone demonstrated profitability and sustainability.
- This model offers a financially beneficial partnership for pharmacy schools and primary care practices, enhancing patient care and training opportunities.
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