Take the "Business Development" Assessment

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Business Development

  1. Which of the following characteristic(s) best describes you now as you are thinking about starting an independent pharmacy practice? Check all that apply.
  2. Calculated risks are acceptable.
    I don't know how to write a business plan.
    Although I want to start an independent practice, I have difficulty balancing the demands of work and my personal life.
    Finding customers to pay for my service seems hard.
  3. To have a successful practice, a pharmacist must satisfy either the needs of the practice environment OR the needs of the patient population to be served.
  4. True or False
  5. Several essential components of a community-based medication service include:
    1. Medication review
    2. Creating a pharmaceutical care plan
    3. Performing a physical assessment and reviewing lab data
    4. Documenting the patient encounter
    5. Providing a medication list to the patient
  6. Because a start-up practice generally has few staff members and grows slowly, HIPAA* requirements are not enforceable until the practice site has seen over 10 patients and/or has more than 3 staff members.
    * Health Insurance Portability and Accountability Act (HIPAA)
  7. True or False
  8. In a business plan, your value proposition identifies your specific products and services and explains why people should use your business.
  9. True or False
  10. Which of the following is FALSE regarding business models?
    1. In a sole proprietorship, profits are taxed at the individual's personal tax rate and the owner has 100% financial liability for all business performance.
    2. In a general partnership, the individual owners are liable for a percentage of default equal to their percentage of ownership in the business.
    3. In a limited partnership, 1 partner invests in the company but does not make any business decisions.
    4. In a corporation, business liability is limited to the assets of the business and never affects the assets of the individual shareholders.
  11. Which of the following is NOT a key to establishing long-term financial viability?
    1. Pricing your service according to market expectations
    2. Knowing your market potential
    3. Implementing an effective documentation system
    4. Knowing how your revenue can be captured
  12. Steve has been employed as a long-term care pharmacist for a number of years. During the past year or so, he has become friendly with one of the physicians at the nursing home. The other physicians in his group practice have become convinced that they need a pharmacist to enhance their service offerings as they move into the medical home mode. They want Steve to manage their high risk patients for them, starting out as a consultant to the practice for 20 hours a week. Steve is thrilled as he has been thinking about starting an independent community practice, so this opportunity would be a no-brainer! Steve tells the physician practice that he needs them to match his current hourly wage so he can work half time (20 hours) with them as an independent consultant and remain 20 hours with his current employer; Steve finally gets to start his independent practice! Did Steve charge the right price for his services to the physician group?
  13. Yes or No
  14. A business plan is only important at the startup phase of a business.
  15. True or False
  16. Which of the following is FALSE?
    1. Price is based on what the market will bear.
    2. Value is the amount of money you add or save.
    3. Price is the value placed on the exchange.
    4. Value is the improvement you provide.
  17. An accountable care organization (ACO) is a local network of pharmacists that can manage the full continuum of care for all patients within their provider network.
  18. True or False
  19. A proposal offering your business services to a potential client is the beginning of the sales process.
  20. True or False
  21. Which of the following is NOT an objective of marketing communications?
    1. To persuade
    2. To inform
    3. To analyze
    4. To remind
  22. Mary is a pharmacist working in Georgia in an independent practice. She has been managing medications for her patient Gladys for the last year, with good outcomes. Gladys has recently returned from a family visit in another state and now Mary has a request to provide medication management services to Gladys' out-of-state sister. Can Mary do this?
  23. Yes or No
  24. Mike has wanted to start his own community-based practice and unexpectedly is asked by the local senior center where his older neighbor Mike attends to do medication reviews at the center. Mike thinks this is the entre he has been waiting for and he will plan to work 1 day a week in independent practice and 4 days a week for his current employer. Currently he is working for a larger pharmacy organization that covers him for malpractice. Mike is going to get his own malpractice insurance now since he will be working independently from his employer for 1 day a week. Will all of Mike's insurance needs be met?
  25. Yes or No

All questions must be answered before the score can be calculated. Complete all of the questions and click the "Get Score" button.

Your Score

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0 0 11

Questions 1, 8, 14 and 15 either require more information or there is no incorrect answer. Therefore, they are not considered in the final score.

Incorrect answers highlighted red and correct answers highlighted blue.

Do you want to learn more about the business of starting an independent pharmacy practice? Visit ASCP's Professional Development CEnter to learn more.

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