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Pharmacy Management: Exam #1

Terms in this set (26)

-Is concerned with description and analysis of the production and distribution of goods and services
-Assists with determining optimal mix of capital and other resources to produce prescription goods and services
Economics
What concept can help us answer questions like "Should I purchase this new robotics system to assist in the dispensing process?" or "What might be the result on consumer demand if I raise the price of gift cards and sundries by 10%?"
Economics
-Deals with the study of investments, and more broadly how people and businesses acquire, generate, and use money
-Aims to price assets based on their risk level and their expected rate of return
-Personal finance for an individual or family unit informs budgeting, saving, and spending monetary resources, taking into account various financial risks and future life events
Finance
What concept can help us answer questions like "Should I take the offer from the large chain to sell them my pharmacy" or "How should I invest the profits I am generating from operating my pharmacy?"
Finance
What are the 5 pharmacy care practice domains?
1) Risk management
2) Patient-Centered Care Delivery (Patient medical home)
3) Disease and Medication Therapy Management
4) Pharmacy Care Services Marketing
5) Business Management
Leaders OR Managers:
-Innovate (ask what and why, focus on people, do "the right thing", develop & inspire trust, long-term perspective)
-Challenge the status quo (eye on the horizon)
-Originate (their own person)
Leaders ("pull")
Leaders OR Managers:
-Administer
-Ask how and when
-Focus on systems "do things right"
-Rely on control
-Short-term perspective
-Accept the status quo
-Eye on the bottom line
-Imitate
-Emulate the "classic good soldier"
Managers ("push")
Individuals with a formal leadership position
Big L
Individuals who provide leadership without a formal leadership position
Little L
What are the 4 domains of leadership and effective teamwork?
1) Trust
2) Attention to results
3) Engaging in productive conflict
4) Enhanced commitment & shared accountability
What are the 4 needs for well-functioning team leadership?
1) Trust
2) Attention to results
3) Productive conflict
4) Commitment to and accountability for results
What does an effective pharmacy leader need to be?
A facilitator and visionary
Ranges from strategic planning to services
Planning
How will the pharmacy go about meeting its obligations
Organizing
Ensuring the parts of the pharmacy work in the way they were planned to
Leading/directing
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