Financial performance of cofunded faculty pharmacist-provided services in an independently owned family medicine...

To determine the financial performance of cofunded faculty pharmacist-provided services in an independently owned family medicine practice.

A retrospective study assessing the financial performance of a cofunded faculty pharmacist providing billable services in an independently owned family medicine clinic (0.5 full-time equivalent) was conducted for the 2-year period from October 1, 2021, through September 30, 2023. Billable services included wellness visits, pharmacist-led chronic care management (CCM), and other medication management visits billed under evaluation and management (E/M) codes. Payor mix was 90% Medicare and 10% commercial insurance. Return on investment (ROI) was the primary outcome. Secondary outcomes included the number and types of visits completed, number of patients enrolled in CCM, and number of billed CCM encounters.

The faculty pharmacist conducted 1,296 visits during the 2-year study period. Wellness visit reimbursement was $207,290.34 (64.8% of gross revenue). Reimbursement for E/M visits accounted for $18,039.97 (5.6%). CCM services generated the remaining $94,651.52 (29.6%). Overall gross revenue generated for the practice was $319,981.83, resulting in a net profit of $227,576.55 and ROI of 246.3%.

The cofunded faculty model resulted in a positive ROI after covering the costs of both faculty compensation and the software used for CCM services. ROI from wellness visits alone was also positive, demonstrating the sustainability of profits from pharmacist-led wellness visits. The cofunded faculty model is a viable avenue for a financially beneficial relationship between schools of pharmacy and physician-owned primary care practices to increase profits, improve patient care, and provide pharmacy students and residents exposure to sustainable ambulatory care pharmacy practice models.