Profit Mastery® for Pharmacists

Differentiate Your Bank & Build Client Relationships Through Education-Based Marketing with Profit Mastery®

This is the meat and potatoes of pharmacy finance.
Every pharmacist should see this presentation
at least twice!
— J.D. Fain, Giddings Drug, Giddings, TX
 
IMPROVE BANKABILITY
IMPROVE CLIENT CASH FLOW
IMPROVE PROFITABILITY
ACCREDITED CONTINUING PHARMACY EDUCATION
IMPROVE FINANCIAL CONTROL
 
 

Do you want to make more profit?
Improve your cash flow? 
It all starts with
smart money management.

The key financial management concepts taught in Profit Mastery's® online streaming video course will be the cornerstone of the business side of your pharmacy. You'll find new ways to become better, more informed, more successful pharmacy owners. Since 1984, Profit Mastery® has become the gold standard in performance management for owners, managers, and advisors of independent business.

Steve LeFever, CEO and Founder of Profit Mastery®, has partnered with WSPA, PCCA, NWDA, and NACDS and worked with dozens of wholesalers, buying groups, and state associations. Steve has also worked with the Pharmacy Guild and Sigma Pharmaceuticals in Australia/New Zealand, and is an adjunct professor in the pharmacy school at the University of Washington. 

Picture M*A*S*H’s Hawkeye Pierce as a financial consultant instead of a surgeon and you’ll have some idea why laughter rang through the walls for an hour and a half outside a Tuesday workshop on pharmacy cash flow.
— Quote from NCPA (National Community Pharmacists Association) Washington, DC
 
The material was excellent and the presentation too. This can help in our business performance and Profit.
— Luis Peres, Farmacia El BP - San Juan, Puerto Rico
 

Profit Mastery® is being taught at leading Pharmacy Universities to address the
“business side” of being a successful Pharmacist.

 
 
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This CE activity has a total of 6 modules (see below) that must be completed in order to receive the 17 credits (1.7 CEUs). Washington State Pharmacy Association (WSPA) is accredited by the Accreditation Council for Pharmacy Education as a provider of continuing pharmacy education. Profit Mastery® is co-sponsoring with WSPA.

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order Profit mastery for Pharmacists today!

After taking time to take this seminar, I have to ask myself how have I survived for 15 years as an independent pharmacy owner without a good understanding of financial management. I look forward to taking my new-found knowledge back to my business and using it to increase my success and decrease my stress.
— Tammy Gray, Lamar Plaza Drug Store, Austin, Texas
 

Practical Tools for Financial Control, Survival and Success 

Profit Mastery® University (Home Study)
Practical Tools for Financial Control, Survival, and Success 
Faculty: Steve LeFever, Chairman and Founder, Profit Mastery®
Target Audience: Pharmacist and Technicians that are Pharmacy Business Owners and Managers 
ACPE# 0130-9999-17-022-H04-P&T | Learning Type: Application | Initial Release Date: 2/21/2017
Expiration Date: 2/21/2020 | Activity Length: 17 hours or 1.7 CEUs 
Faculty Disclosure: Owner of Profit Mastery®

Module #1: Introduction to Profit Mastery® — Creating a Foundation for Change
Pharmacist Learning Objectives:

  • Apply the key drivers of success or failure in business to your pharmacy practice

  • Analyze key areas in your pharmacy practice that need management action to improve

  • Apply financial ratios to your pharmacy’s balance sheet information and analyze areas for improvement

Module #2: Financial Analysis — Getting Your Arms Around the Numbers
Pharmacist Learning Objectives:

  • Evaluate the financial performance of your pharmacy using financial statements

  • Apply Financial information to create a business assessment for your pharmacy operation

  • Create a business scorecard to evaluate business efficiencies and opportunities

  • Calculate financial ratios using financial statements to assess business efficiencies for your pharmacy operation

  • Compare business ratios for your pharmacy business to industry averages for healthy businesses

  • Analyze financial statements for your pharmacy to assess problem areas in profitability and determine causes

  • Apply financial algorithms to business ratios and financial statements for your pharmacy to assess the causes of poor or declining performance measures

  • Evaluate the impact of pharmacy financial operations changes on financial ratios

 
The Profit Mastery series of lectures is invaluable to every business owner. I wish everyone could take these courses. The Road Map will be an invaluable tool when making financial decisions
for my pharmacy.
— Quote from Cardinal Health pharmacy program attendee
 

Module #3: Price-Volume-Costs — Using Break-Even to Grow Profits
Pharmacist Learning Objectives:

  • Classify costs in your pharmacy based on their effect on the income statement as fixed or variable and calculate a break-even point for the business

  • Create a profit and loss statement for planning in your pharmacy business

  • Calculate the contribution margin in your pharmacy business and assess its impact on your pricing structure

Module #4: Managing Cash Flow
Pharmacist Learning Objectives:

  • Project the impact of seasonal sales variations to design a cash flow for your pharmacy business

  • Calculate a yearly cash budget for your pharmacy business

  • Prepare a twelve-month cash budget to determine short-term financing needs and negotiate with your bank for the amount of line of credit you will need for an entire year

  • Perform an annual customer satisfaction survey to discover what is most important to your best pharmacy customers

Module #5: Financial Gap Analysis
Pharmacist Learning Objectives:

  • Create a forecast of the resources that your pharmacy business will require to grow

  • Develop budgets that reflect projected borrowing for business growth and timelines for repayment

  • Evaluate the effect of changes to the business to assess their potential impact on the cash budget to develop a growth plan

Module #6: Financial Planning and Planning for Transition
Pharmacist Learning Objectives:

  • Differentiate categories of debt in your pharmacy with appropriate with appropriate structuring and maturities

  • Create a plan for debt in your pharmacy business that matches the length of projected repayment with cash flow or profit

  • Create a loan proposal or financial business plan to present your pharmacy business needs to a bank

 
For the first time I feel as though I’m in control. I have the information I need, when I need it, in the format I need to proactively manage the performance of my business – and I’ve seen improvement from day one.
— Janet Kusler, Kusler's Pharmacy, Snohomish, WA

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