CONNECTORx CORNERx: 033 - 2025-05-27

CONNECTORx CORNERx Pharmacy Strategy & Career Development Newsletter: Financial Acumen, Financial Reports, Kids School Activities 

PHARMACY STRATEGY: Financial Acumen 

Financial acumen is crucial for pharmacists, especially those in health-system settings, to effectively manage resources, optimize operations, and ensure the sustainability of their services. Here are some key areas where financial acumen is particularly important for pharmacists: 

Budget Management: The oversight and control of pharmacy budgets to align expenses with revenue and financial goals. This includes monitoring of performance and explanation of variance through expense tracking, cost containment strategies, and variance analysis. . 

Revenue Cycle Management: The administration of financial transactions from patient intake to final payment, including billing, coding, claims processing, reimbursement processes, and revenue collection. This includes prior authorizations, charge description master (CDM), and denials management.  

Supply Chain Management: The coordination of procurement, storage, and distribution to ensure availability, cost-effectiveness, and compliance with regulations. This includes contract management, relationship management (i.e., Group Purchasing Organizations [GPOs], Wholesale, Dropship, etc.), vendor selection, demand forecasting, and automated inventory replenishment systems.  

Data Analytics: The use of data-driven insights to improve pharmacy operations, patient outcomes, and financial performance. This includes predictive analytics for medication adherence, prescription trend analysis, cost-saving analytics in formulary management, and the use of artificial intelligence. 

How is your financial acumen?  Want to assess and provide your feedback? Complete this self-assessment and survey. 

CAREER DEVELOPMENT: Financial Reports

I am currently engaged in a lot of financial planning and management, between budget builds and the Masters in Pharmacy Leadership course I am teaching at the University of Cincinnati this summer.  

It reminded me how important finance is but how often it is overlooked in our training and management time.  

My favorite book on competencies, For Your Improvement, lists these characteristics of someone skilled in Financial Acumen. 

• Understands the meaning and implications of key financial indicators.  

• Uses financial analysis to generate, evaluate, and act on strategic options and opportunities.   

• Integrates quantitative and qualitative information to draw accurate conclusions 

A director of pharmacy recently shared that they have monthly meetings with the extended leadership team to review their financial reports and do topic discussions related to various finance topics.  

So, regardless of your role, get some training and ask to be involved in your department or organizations financial reporting.  

Two books that I recommend and use in the course are:  Financial Management for Health System Pharmacists and Financial Management for Pharmacists: A Decision-Making Approach. 

REPLY - How have you developed your acumen around financial management? 

FUN & JOY: Kids School Activities 

As a pharmacist and business owner, I understand the value of giving back, and one of the most rewarding ways to do that is by volunteering at local schools. Whether it's helping with science fairs, reading days, or wellness events, your time and presence can make a lasting impact on children's lives. Volunteering not only supports educators but also brings joy, connection, and a sense of purpose to everyone involved.   

Don't overhelm yourself by saying yes to everything, but pick a few activities that mean the most to you.  

Last Month - I volunteered to support the kids back stage for their musical. I'm not sure that I kept them quiet between sets, but it was a blast and it was neat to see the behind the scenes. 

Last Week - I volunteered at the 6th-grade Olympics day, where all the elementary schools in town competed against each other. I did this for my older son and was glad to do it again with my twins.  

Next Week - I am volunteering at the middle school career day to share insights on my path to pharmacy and career journey.   

Let’s inspire the next generation by showing up with heart and enthusiasm! 

Share what kids' school activities you have or plan to volunteer for.