Hospital pharmacies financial reports

Describe the basic financial reports used in hospital pharmacy practice. 

How do financial reports in hospital pharmacy practice differ in the type and scope of information they contain from the financial reports of a community pharmacy ... 

Finally, the director of pharmacy pays special attention to external financial reports. Professional associations such as the American Hospital Association and the American Society for Health-System Pharmacists publish reports that show the national trends in pharmaceutical expenditures and labor productivity in hospitals (American Hospital Association, 2007 Hoffman et ah, 2005). Pharmacy managers can gauge the efficiency of their operations by comparing their financial ratios and other indicators with national averages. 

Most hospital pharmacy budgets contain three major components (1) salary and wage expense, (2) drugs, supplies, and equipment expense, and (3) revenue. Every hospital will have its own format of financial reporting and budgetary summary. Table 34-2 is a hypothetical income and expense report compared with a budget for a 6-month period. 

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