Presentation

Pharmacy Income Plan Annual General Membership Meeting

May 19, 2004

Agenda

PIP GENERAL MEMBERS MEETING

• Review/Approval: Previous Minutes Shane Greene

• PIP Refresher Course David Watson

• “State of the PIP” David Watson

• Where to find PIP information Shane Greene

• Election of Officers Shane Greene

• Other Items Shane Greene

What is the Pharmacy Income Plan?

The PIP is a separate fiscal plan for managing the professional income of Pharmacy faculty.

Why does the SOP have a Pharmacy Income Plan?

PIP provides a mechanism where the SOP may charge organizations for the patient care services provided by SOP faculty.

Enables the SOP to enhance compensation for School of Pharmacy faculty involved in providing patient care

services.

Provides additional source of revenue that has proven

critical for the maintenance of the SOP’s operations.

What can I use my PIP Funds for?

• Augmentation of members' salaries.• General maintenance, operation, and purchase and/or replacement of equipment

used in education, research, and patient care.• Ordinary and necessary business expenses incurred by a member in generating

professional income, in accordance with IRS guidelines for business expenses.• Travel and other expenses, including registration fees and tuition, incidental to

attendance at professional meetings, as well as the support of education, research, and patient care.

• Professional society memberships.• Salary or partial salary for faculty and/or staff (within accepted salary ranges

and classification including required school benefits) with written approval of the Dean.

• Group medical, life, disability, supplemental retirement, dental, and vision benefit insurance, and any other insurance benefit deemed appropriate. The departmental Chair, with the approval of the Dean, may individually establish these benefits.

• Texas State Board of Pharmacy annual license fee.• Related educational aids such as books, journals, slides, audio and videotapes.

About your PIP statement?

Each Member receives a statement which:

• Accounts for expenses for a fiscal year• Includes a starting balance• Lists all revenue earned by the PIP member• Lists all disbursements • Shows remaining balance.

More about your PIP statement?

Acrobat Document

Agenda








TOTAL REVENUE

Estimated vs Anticipated FY04 Revenue

$0

$100,000

$200,000

$300,000

$400,000

$500,000

Estimated FY04Revenue (6/1/03)

$254,270 $398,078 $107,520 $310,640

Anticipated FY04Revenue

$236,755 $405,838 $107,520 $225,240

Amarillo Dallas El Paso Lubbock

PIP Program Support Budgeted for FY04

$611,804Unallocated

$1,070,407TOTAL

$1,000 Pharm. Sciences MOT

$1,000 Lubbock Regional

$1,000 Dallas Regional

$2,800 Professional Affairs

$5,000 Research Office

$16,576 Experiential Programs

$21,410 President/Chancellor

$53,525 School Development

$176,746 PIP Members

$179,646 Pharm. Practice

Additional Allocations

$342,500TOTAL

$180,000For LC/MS-MS

$162,500For Dallas Building

Why do we retain so much funds in unallocated?

The SOP’s pharmacies are included in the SOP PIP plan. Funds are held in reserve to offset the debt service (interest) related to the startup expenses for these pharmacies.

Unallocated funds are held in reserve for other academic purchases approved by the Dean.

SOP Pharmacies

• End of FY03 debt: $912,847 plus inventory

• Current Debt: $984,987 plus inventory

Growth of the PIP over time

$-

$100,000.00

$200,000.00

$300,000.00

$400,000.00

$500,000.00

$600,000.00

FY98 FY99 FY00 FY01 FY02 FY03 FY04

PIP Income FY98 to FY04

Growth of the PIP over time

$-

$500,000.00

$1,000,000.00

$1,500,000.00

$2,000,000.00

$2,500,000.00

$3,000,000.00

$3,500,000.00

FY98 FY99 FY00 FY01 FY02 FY03 FY04

PIP Income FY98 to FY04

Pharmacy Revenue

Clinical Patient Care

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Where to find more PIP information

PIP Bylaws and Explanation and operation of PIP are currently located on the SOP web site at

http://pharmacy.ama.ttuhsc.edu/Administration/Finance/policies/index.htm

General Members meeting minutes and PRN template is located at

http://pharmacy.ama.ttuhsc.edu/Administration/Finance/

New PIP Website

• Will be active within the next few weeks• It will organize ALL PIP information• Available information on the Website:

– Officers– PIP Bylaws– Explanation & Operation of the PIP– General Meeting Minutes– Contract Template – Frequently Asked Questions (FAQs)

• Future communication with the Membership– Website and Email Notifications

Most frequently asked questions

Q: How do I set up a member negotiated agreement?

A: Once a PIP member locates an organization ready purchase patient care services, they should negotiate the rates and service to be provided. I can assist by providing template agreement to a designated point of contact.

Most frequently asked questions

Q: If I buy a PDA, or other personal equipment, with my personal PIP funds, why is it considered TTUHSC property?

A: In order for anything to be considered personal property, it must be purchased with personal income. Personal income is only that income which has been taxed by the Federal Government. Anything purchased with PIP would be considered an institutional purchase. PIP offers you the opportunity to control ‘institutional funds’.

Agenda








Elections

• President-Elect (2 yr)– 1 year as President-Elect– 1 year as President

• Member at Large (2 yr)

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Thank you to the Current Policy

Committee Members

• President-Elect– Angela Treadway

• Members at Large– Venita Bowie (Pharm Practice)– Sachin Shah (Pharm Practice)– David Allen (Pharm Sci)

• Cindy Raehl• Dean Nelson• David Watson

Special Thank you!

• Janette Marek

• Shawn Morton

Meeting Adjourned

Presentation

Health & Medicine

Transcript of Presentation