CostBenefit Study Team 9 Ashkan Zafaranian Amy Broadwater

Cost-Benefit Study Team 9: Ashkan Zafaranian, Amy Broadwater, Michael Carulli, Tigris Haran, Maria Ngo, and Tina Lavadia

CASE You are the DM of a large chain community pharmacy, and you want to improve efficiency and workflow in the pharmacy in order to save money. You are tasked to find a way to do this, determine the cost-benefit analysis of the intervention, implement the changes, and track improvements.

CASE After weeks of researching, you find an amazing way to meet all your needs: switch from prescription bins to hanging bags. Studies have shown that this transition will help the pharmacy by saving time, eliminating error, and facilitating customer service. Current chains, such as Kroger, have proven that this system saves over 25% of retrieval time when compared to current bin or drawer systems.

OBJECTIVES • Define cost-benefit analysis (CBA) • Discuss the importance of a CBA • Determine the CBA for the case • Discuss the methods, results, and conclusions of the case

WHAT IS IT? • Cost-benefit analysis o Estimates the strengths & weaknesses of alternatives that satisfy different aspects of a business. • Importance o Determine if it is a good investment & decision o Provides a basis for comparing projects

COSTS • Know what you need, and how much • Get quotes, price check! • Pick the most cost-effective option • Need vs. Want • Over vs. Underestimate

COSTS

METHODS Q: How will we find the cost-benefit analysis for our new pharmacy system? A: Comparison against the Baseline & Measurement

RESULTS • Case o Projected benefits exceed estimated costs • Impact o Outweigh service provided vs. economic cost

CONCLUSION • Success! o Significant reduction in med errors o Increased patient satisfaction § Decrease in check out-related customer complaints • CBA proved an important benefit to the company o Total Costs < Total Benefits o Pros > cons

REFERENCES https: //rxshelving. com/catxdisplay_part. cgi? partkey=118 http: //drugpackage. com/productcatalogs/prescription-hang-up-bags/ http: //drugpackage. com/wpcontent/uploads/Pharmacy-Retrieval-System. pdf http: //www. psrc. org/assets/2127/BCA_Methods_ Report_Mar 2010 update. pdf? processed=true

Questions?