FINANCIAL MANAGEMENT SKILLS

To foster the systematic and ongoing development of management skills for the pharmacy workforce in the areas of (1) health-system economics, (2) business plan development, (3) financial analysis, (4) metrics for clinical and distributive services, (5) pharmacoeconomic analysis, (6) diversified pharmacy services, (7) compensation for pharmacists' patient-care services, and (8) revenue cycle compliance and management; further,

To encourage colleges of pharmacy to incorporate these management areas in course work, electives (e.g., financial and managerial accounting), and experiential education; further,

To promote the growth of dual PharmD/MBA degree programs, postgraduate training, and other degree programs focused on financial management, and similar certificates or concentrations; further,

To encourage financial management skills development in pharmacy residency training programs; further,

To provide education for new practitioners and student pharmacists on foundational skills for business administration and personal financial management; further,

To promote education on financial management for other members of the pharmacy workforce (e.g., pharmacy technicians, data scientists, inventory specialists, department business managers). 

Rationale

Revenue cycle compliance and management represent an increasingly important aspect of the business operations of hospitals and health systems. Pharmacy leaders must exert leadership in managing medication-related revenue cycle compliance in order to ensure financial success of the healthcare enterprise. The development of foundational skills in financial literacy and business management is critical for many members of the pharmacy workforce (e.g., residents, new practitioners, student pharmacists, pharmacy technicians, and support staff such as data scientists, inventory specialists, or department business managers) to gain perspectives on contemporary management techniques and fiscal solvency. Some ways to achieve this are through (1) college of pharmacy curriculum (e.g., dual Pharm.D./M.B.A. degree or similar programs) or experiential program requirements; (2) degree programs with a concentration in financial management; (3) during residency training as incorporated projects; or (4) as a certificate program for student pharmacists, residents, and new practitioners. Pharmacy leaders must also develop and maintain knowledge in this area to sharpen skills in planning, forecasting, decision-making, and implementation.