Managing Your Pharmacy: Module 3 – Financial Management

This 3-part module covers aspects of interpreting and analyzing financial statements, as understanding the third-party payer market.

$120.00

Description

Description

Description:

This course is Module 3 of the Managing Your Pharmacy: The Business Essentials program.

Learning Objectives:

Identify the purpose and primary users of financial statements
Describe, in general terms, the key important accounting concepts relevant to pharmacy
Distinguish between three different types of accountants’ letters: auditor’s report, review engagement report, notice to reader
Describe, in general terms, how to interpret an income statement
Describe the various elements of the balance sheet
Define and provide examples of assets and liabilities and equity
Discuss the value and importance of the cash flow statement
Discuss the importance of the notes to the financial statements
Define and differentiate between key financial ratios
Calculate the ratios from a pharmacy’s income statement and balance sheet
Interpret key ratios by comparing their values to budgets, previous-year results and industry averages
Understand who the stakeholders are in the third-party provision of drug plan benefits, their roles and their business models
Understand how drug benefit plans are structured in Canada for private payers
Understand why drug plan cost containment has become a consistent theme for plan sponsors (employers)
Highlight trends in drug plan management within third-party payer plans in Canada
Outline threats and opportunities for pharmacists, and the profession of pharmacy, as they relate to third-party payers

Course Outline:

Part 1:

Financial Statements and Analysis
Part 2:

Analysis of Financial Statements
Part 3:

Third-Party Payer Market

Course at a Glance:

3 hours to complete
Course expiry date: December 31, 2025
Online
This course is not accredited
Completion requirement: Complete each module then complete the multiple-choice exam and achieve a score of 70 % or more within a maximum of 2 attempts.

Intended Audience:

This program is excellent for practising pharmacists, international pharmacy graduates, pharmacy students, pharmacy owners and managers who are interested in or intending to open, operate or manage a community pharmacy or who are already doing so and wish to improve their management and operation skills.

Development Team:

• David Cunningham, CPA, CA, CMA, LPA, BMath (Hons), Partner through a corporation, BDO Canada LLP

Our Commitment:

OPA is committed to providing high-quality, accurate, and unbiased educational content, tools, and resources for healthcare professionals and patients. Learn more about our process for content development and our firm commitment to maintaining content integrity here.

Cancellation Policy:

Please refer to OPA’s Terms and Conditions of Purchase for cancellation policies.