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Retrospective financial analysis of medication therapy management services from the pharmacy's perspective.
- Source :
- Journal of the American Pharmacists Association: JAPhA; Jan/Feb2010, Vol. 50 Issue 1, p62-66, 5p
- Publication Year :
- 2010
-
Abstract
- Objective: To determine the net financial gain or loss for medication therapy management (MTM) services provided to patients by an independent community pharmacy during 16 months of operation. Design: Retrospective study. Setting: Independent community pharmacy in Iowa City, IA, from September 1, 2006, to December 31, 2007. Patients: Patients receiving MTM services during the specified period who had proper documentation of reimbursement for the services. Intervention: MTM services were provided to the patient and documented by the pharmacist or student pharmacist. Main outcome measure: Net Financial gains or losses for providing MTM services. Sensitivity analyses included costs that might be incurred under various conditions of operation. Results: 103 initial and 88 follow-up MTM visits were conducted during a 16-month time period. The total cost for these services to the pharmacy was $11,191.72. Total revenue from these services was $11,195.00; therefore, the pharmacy experienced a net financial gain of $3.28. Sensitivity analyses were conducted, revealing the net gain/loss to the pharmacy if a student pharmacist was used and the net gain/loss if the pharmacist needed extra training to provide the services. Using a student pharmacist resulted in a net gain of $6,308.48, while extra training for the pharmacist resulted in a net loss of $1,602.72. Conclusion: The MTM service programs showed a positive financial gain after 16 months of operation, which should encourage pharmacists to incorporate these services into their practice. [ABSTRACT FROM AUTHOR]
Details
- Language :
- English
- ISSN :
- 15443191
- Volume :
- 50
- Issue :
- 1
- Database :
- Supplemental Index
- Journal :
- Journal of the American Pharmacists Association: JAPhA
- Publication Type :
- Academic Journal
- Accession number :
- 48003596
- Full Text :
- https://doi.org/10.1331/JAPhA.2010.08154