Managing Your Pharmacy: Module 3 – Financial Management
This 3-part module covers aspects of interpreting and analyzing financial statements, as understanding the third-party payer market.
$120.00
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Description
Description:
This course is Module 3 of the Managing Your Pharmacy: The Business Essentials program.
Learning objectives:
- Identify the purpose and primary users of financial statements
- Describe, in general terms, the key important accounting concepts relevant to pharmacy
- Distinguish between three different types of accountants’ letters: auditor’s report, review engagement report, notice to reader
- Describe, in general terms, how to interpret an income statement
- Describe the various elements of the balance sheet
- Define and provide examples of assets and liabilities and equity
- Discuss the value and importance of the cash flow statement
- Discuss the importance of the notes to the financial statements
- Define and differentiate between key financial ratios
- Calculate the ratios from a pharmacy’s income statement and balance sheet
- Interpret key ratios by comparing their values to budgets, previous-year results and industry averages
- Understand who the stakeholders are in the third-party provision of drug plan benefits, their roles and their business models
- Understand how drug benefit plans are structured in Canada for private payers
- Understand why drug plan cost containment has become a consistent theme for plan sponsors (employers)
- Highlight trends in drug plan management within third-party payer plans in Canada
- Outline threats and opportunities for pharmacists, and the profession of pharmacy, as they relate to third-party payers
Course outline:
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Part 1:Financial Statements and Analysis
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Part 2:Analysis of Financial Statements
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Part 3:Third-Party Payer Market
Course at a glance:
Who should take this course:
This program is excellent for practising pharmacists, international pharmacy graduates, pharmacy students, pharmacy owners and managers who are interested in or intending to open, operate or manage a community pharmacy or who are already doing so and wish to improve their management and operation skills.
