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Toolkit: Business Plan and Components

Developing a Business Plan for a Clinical Service is the key tool to getting your service off the ground.  The Business Plan is your road map and there are many components for developing this business plan.  Below are several great resources to begin this endeavor. 


Re-engineer Your Pharmacy Practice Boot Camp

NCPA has an intense two day workshop planned this August for Alexandria, VA focusing on new opportunities for independent pharmacies. Shortages of primary care physicians and new interest in value-based networks have put pharmacy owners in a strong position to expand their pharmacies into profitable health care destinations and create new partnerships with other providers. Pharmacy owners who have successfully grown their practice and profits through clinical expansion are ready help you join the evolution. Get the tools you need to plan, execute and thrive at this peer-to-peer program.  Discover how to:

  • Enhance clinical services and get reimbursed properly.
  • Better collaborate with physician practices.
  • Utilize pharmacy staff to optimize workflow.
  • Document clinical encounters with technology.

 Click on this link to learn more!

Components of a Business Plan

  • Cover and Title Page
  • Executive Summary
  • Table of Contents
  • Business Description
  • Service Description
  • Marketing Plan (market analysis and marketing strategy)
  • Financial Plan (Financial Statements and projections)
  • Management Team
  • Operations
  • Appendices

APhA Dynamics of Pharmaceutical Care: “Writing a Business Plan for a New Pharmacy Services"

This article provides an overview of the key components required for writing a business plan for implementing a new pharmacy clinical service.  The core objectives of this article are to provide additional resources for a pharmacist to assist in writing a business plan, discuss the key steps to begin this process, and the use of a business plan after it is written.  In addition, marketing and financial strategies for development of a clinical service are also reviewed in this article.

The American Pharmacists Association. Writing a business plan for a new pharmacy service.  In: The dynamics of pharmaceutical care: enriching patients' health. Washington D.C. 2007.

View this article here. 


Building the Business Model for Medication Therapy Management Services

This article discusses specific elements needed for Medication Therapy Management Services (MTMs) to be a successful business model in the pharmacy world.  The article provides insight to the following key components needed for a successful business model: (1) fair compensation, (2.)business plan rules, (3) program development, (4) payment for MTM services, (5) barriers to implementation, (6)MTM marketing, (7)MTM outcomes, and most importantly (8) financial viability.

Chater RW, Moczygemba LR, Lawson KA, et al. Building the business model for medication therapy management services. J Am Pharm Assoc (2003). 2008 Jan-Feb;48(1):16-22.

View this article here.

APhA- How to Start a MTM Practice- A Guidebook for Pharmacists (Develop a MTM Business Plan)

A tool to explore the first steps of integrating MTM into your practice business model.  It is a guidebook that focuses on how to begin determining the operational and business aspects of a MTM service.  This guidebook is deigned to help set up an outline to ask key questions to investigate the feasibility of creating a MTM service for your practice.

APhA - How to Start a MTM Practice- A Guidebook for Pharmacists (Develop a MTM Business Plan)

View this guidebook here.


Stepwise Approach to Implementing Ambulatory Clinical Pharmacy Services

This article specifically focuses on the stepwise approaches to implementing an ambulatory clinical pharmacy service within a health system network.  Steps discussed in this article include the following: (1.) Performing a needs assessment (2)  Developing a justification of services (3.) Determination of scope of services to provide (4.) Identification of key stakeholders (5.) Identification of quality standards (6.) Protocol development (7.) Development of competency programs (8) Measurement of outcomes (9) Development of methods for reimbursement.

Epplen K, Dusing-Wiest M, Freedlund J, et al. Stepwise approach to implementing ambulatory clinical pharmacy services. Am J Health Syst Pharm.  2007 May 1;64(9):945-51.
View this article here.


How to Develop a Business Plan for Pharmacy Services 

This book is a valuable resource for planning, developing, launching and evaluating business services for the pharmacy field.  The materials presented in this book are applicable to pharmacy services in hospitals, community pharmacy, managed care organizations, and ambulatory care clinics.  Included in this book are the steps to develop a business plan, sample business plans and a CD-ROM with financial spreadsheet models.  In addition, this book provides key questions to ask for a business plan in workbook format.

Schumock GT, and Stubbings J.  How to develop a business plan for pharmacy services. 1st ed. Lenexa, KS: American College of Clinical Pharmacy; 2007.

View this book here.


APhA Resource Page- Getting Your MTM Business Started

This page has the building blocks for starting an MTM practice at your pharmacy.  Information includes Billing, Business Development Tools, Business Model, and Marketing and Promotion.

Visit this page here.


Sample Clinical Business Plan.

Please click here to see a sample business plan.

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