Insurance covers a loss up to a pre-agreed total amount. Automobile insurance covers up to the total value of your car. Home insurance maxes out at the total value of the home. Life insurance pays out at a pre-agreed amount. Both the insured and the insurer know at the outset what the maximum payout can be. This cannot be done with healthcare
The more I read, hear, and see, the more I realize that the technology available to us can indeed have consequences we did not anticipate.
Not only do baby-tracking apps make it easy to capture every aspects of baby’s life, they also make it extremely easy to share baby’s data with all caregivers. In fact, it is automatic. Once you set your first caregiver account on one of these apps, you can then invite and authorize additional caregivers.
A recent Wall Street Journal article by Heather Haddon described how “Grocers Imagine the Store of the Future.” It was an excellent article outlining how technology will improve the customer experience by customizing ads, deploying staff to cash registers based upon store traffic monitored via infrared sensors, and apps that take recipes and populate grocery shopping lists. Undoubtedly there is applicability to retail pharmacy management.
What can you learn about how you should manage your pharmacy from observing where others are having success? My answer is that you should learn how to manage it as if you are going to sell your business tomorrow. The implication is that you want to sell your business for the best price you can get. You get the best price if you have created the most value. You should be working every day to create the most value that you possibly can.
The financial management of healthcare is a fascinating subject that affects each of us in many ways and deeply impacts the health of our country’s economy, as well as its people.