Objective: To determine the net financial gain or loss for medication therapy management (MTM) services provided to patients by an independent community pharmacy during 16 months of operation.
Design: Retrospective study.
Setting: Independent community pharmacy in Iowa City, IA, from September 1, 2006, to December 31, 2007.
Patients: Patients receiving MTM services during the specified period who had proper documentation of reimbursement for the services.
Intervention: MTM services were provided to the patient and documented by the pharmacist or student pharmacist.
Main outcome measure: Net financial gains or losses for providing MTM services. Sensitivity analyses included costs that might be incurred under various conditions of operation.
Results: 103 initial and 88 follow-up MTM visits were conducted during a 16-month time period. The total cost for these services to the pharmacy was $11,191.72. Total revenue from these services was $11,195.00; therefore, the pharmacy experienced a net financial gain of $3.28. Sensitivity analyses were conducted, revealing the net gain/loss to the pharmacy if a student pharmacist was used and the net gain/loss if the pharmacist needed extra training to provide the services. Using a student pharmacist resulted in a net gain of $6,308.48, while extra training for the pharmacist resulted in a net loss of $1,602.72.
Conclusion: The MTM service programs showed a positive financial gain after 16 months of operation, which should encourage pharmacists to incorporate these services into their practice.