Community Pharmacy Ownership Elective

Start and End Dates Spring 2024: Jan. 9, 2024 – May 5, 2024 OR Summer 2024: May 15, 2024 – Aug. 11, 2024
Registration Deadline Spring: Jan. 4, 2024//Summer: May 10, 2024
Tuition Payment Deadline Spring: Jan. 6, 2024//Summer: May 12, 2024
Cost $1,000.
Credits 2 semester hours

To Register:

Non-Mercer Pharmacy Students – Begin the registration process here.

Mercer Pharmacy Students – PHA 505 is offered to Mercer student pharmacists at no cost in the fall  semester of each year. Registration procedures are listed in the Atlanta Campus Catalog. The spring and/or summer section(s) of PHA 505 are only available to non-Mercer pharmacy students.

Course Description
This course is designed to provide the student with the information necessary to become a community pharmacy owner either through the establishment of a new pharmacy or the purchase of an existing pharmacy practice.The knowledge necessary for efficient and profitable management in layout and design, location analysis, evaluation of third party plans, and promotion are emphasized as well as the financial aspects of the development and implementation of innovative clinical services in the community setting.

Course Format
This online course is delivered through the Canvas courseware system. Each week the student completes an educational module consisting of the following:

• Audio presentation of approximately one hour in length
• Printable slides
• Supplemental materials such as tables, charts and readings
• Educational objectives
• Self-assessment questions
• Application activity/ active learning exercise (for credit)

Students take two examinations (mid-term and final). These are multiple choice and administered online through Canvas. Students will take the examinations from their own computers. Students will receive specific instructions related to this prior to the examinations.

Grading

Grading Scale
90-100% A
88-89%   B+
80-87%   B
78-79%   C+
70-77%   C
< 70%      F

Course Topics

Entrepreneurship: What it means to be your own boss: advantages of ownership and buying versus establishing a new pharmacy.

Current Status of Independent Pharmacy: A financial photograph of independent pharmacy today. Current NCPA Digest data is presented.

Essential Accounting for Community Practice: Description of the accounting cycle from transaction to financial statement preparation for a community pharmacy.

Establishing a New Pharmacy/Business Plan: How to write a loan package and loan package to to finance a new pharmacy with an example plan.

Development of pro forma Financial Statements: The development of the financial material for the loan package, i.e., pro formas

Owner Financing: How to buy a store with no money up front through the establishment of a junior partnership.

Legal Considerations: All the legal documents associated with the establishment of a new pharmacy or transfer of ownership are described with examples.

Advice and Counsel: How to choose and use advisers like bankers, accountants, attorneys, etc.

Location Analysis: How to perform a complete and thorough location analysis for establishing a new community pharmacy, a pivotal component of the business plan.

Marketing a Community Pharmacy Practice: How to select services to initiate in a community pharmacy practice, price these services, and use promotional media to advertise and promote the pharmacy and its clinical services.

Financial Analysis and Planning: How to analyze financial statements, find problems, determine remedies and budget for the future.

Fair Employment Practices: Coverage of the Fair labor Standards Act, Equal Pay Act, Occupational Safety and Health Act, anti-discrimination legislation and Family Medical Leave Act and their application to independent community pharmacy practice.

Interviewing and Hiring for an Independent Pharmacy Practice: How to conduct the interview and hiring process for staffing an independent community pharmacy.

Managing Human Resources in an Independent Pharmacy Practice: Guidelines for managing the staff of a community pharmacy including techniques for motivating, when and how to use progressive discipline, and documentation to maintain.

Evaluating Third Party Prescription Programs: How to identify third party programs that are not beneficial in terms of amount and time of payment and determine cost of dispensing.

Establishing a Compounding Specialty Pharmacy: A comparison of a compounding specialty pharmacy with a traditional pharmacy with business plan and marketing plan descriptions.

Investing in the Future: How to plan your personal financial future with advice from a certified financial planner.