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Read This Before You Decide to Sell Your Pharmacy
Being a pharmacy owner can be a rewarding and profitable career. However, all careers must come to an end, and at some point, you will likely wish to sell your pharmacy. Pharmacy owners decide to sell for many reasons. The technology is ever-changing, and margins seem to become thinner with each year. However, the most common reason for the sale of a pharmacy is that the owner seeks to retire.
It is estimated that two-thirds of pharmacy owners are at or nearing retirement age. In the coming years, many pharmacies will experience a change in ownership. If you are looking to sell your pharmacy, there are a host of steps you can take to ease the process and to get top dollar for your business.
The selling process -- planning and executing the sale -- can take two to three years. In fact, many of the most successful sellers begin planning the sale when the pharmacy is bought. However, if you have a shorter timeline, many successful sales are prepared for in less time.
Ways to Prepare for Your PBM Audit
If you have received notice of an upcoming pharmacy benefit managers (PBM) audit, there are several things you can do to prepare. The consequences of a PBM audit are real and can be long-lasting. Going into an audit prepared is advisable.
Many clients find that adequate preparation can alleviate problems that can come up during an audit. A skilled PBM audit defense attorney can identify specific areas that you should focus on in the time before your pharmacy’s audit. However, typically you will benefit from taking the following steps:
- Review the written on-site audit notification. You want to pay close attention to the scope of the audit, including the date ranges that the audit will cover. The terms of the audit as stated in the letter should comply with your contract and will applicable laws. An attorney may be needed to determine compliance.
- Check the date of the proposed audit. This date should be a date when you and other needed personnel will be present. An audit should not be left to employees to handle.
What Does a License Revocation Hearing for a Professional Counselor Look Like?
If you have a professional counselor or clinical professional counselor license, you could be investigated at any time by the Illinois Department of Financial and Professional Regulation. Depending on the results of the investigation, your matter may go to a hearing where your professional license would be at stake.
This hearing must follow specific rules and format, and your license cannot be revoked, suspended, or placed on probationary status unless these laws are followed. Having an attorney represent you means that you will know if these procedural laws are followed and it means that your best case will be put forward.
If the Department plans on refusing to issue or renew a license or if plans on disciplining a licensee, it must do the following 30 days prior to the hearing date:
- Notify the applicant or licensee in writing of any charges. The time and place for the hearing on the charges must also be in the notice.
Tips for Defending Your Medical License
It’s a letter you may never thought you’d open: a letter from the Illinois Medical Board telling you that a patient has filed a complaint against you. Maybe you feel betrayed by a patient who would not bring his complaints to you directly or maybe you are worried about the implications of such a complaint on your career and your practice.
Whatever your initial reaction, it is important to quickly get caught up to speed about what it will take to defend your medical license and resolve this situation.
- Understand the scope of a complaint. The Federation of State Medical Boards reports that in 2012 in the United States, of 878,194 actively licensed physicians, 4,479 were disciplined. That number is less than 1 percent of all doctors in this country. In many circumstances simply having a complaint filed against you means that the state board will conduct an investigation, even if it is plain that the complaint is groundless.
Avoiding Burnout Is Key to Retaining Your Professional License
Provider burnout is real, and it can have serious implications for your career. Many people who are at risk of losing their professional license are also burned out. Remaining motivated in your job is crucial to your overall success as well as keeping you from facing your profession’s governing body.
Signs of Burnout
- Every day at work is a bad day;
- You are tired all the time;
- Your work becomes either overwhelming or very dull;
- You feel that your work goes unnoticed; and
- Caring about your job or home life seems like a waste of time.
How Can Burnout Affect Your Job
Burnout can lead to the following issues related to your career and license:
- Increased provider errors;
- Reduced empathy for patients;
How Failing to Pay Child Support Can Threaten Your Professional License
If you are part of a profession that requires a license and you have a child support obligation, you should be aware that failure to pay child support could mean that you will lose your professional license. Your professional license may be in jeopardy after only 30 days from when your child support payment becomes delinquent.
This only applies to court-ordered or court-approved child support payments. Informal agreements cannot be used as a basis for professional license suspension or revocation.
Other Licenses Could Also Be Revoked
Illinois also has the right to revoke other licenses for parents in child support arrears. Hunting, fishing and driver’s licenses belonging to an owing parent could be canceled or not renewed. While some may wish to let a hunting or fishing license expire, payor parents are less likely to let professional licenses or driver’s licenses expire.
Illinois Nursing Requirements for International Applicants
Studying to become a nurse at the international level can prove to be a challenging yet rewarding experience. Learning about different nursing policies from all around the world can be a very interesting way to learn about how different cultures practice nursing. In Illinois, there are different licensing requirements for international applicants who wish to pursue their nursing license.
The Process of Obtaining the Nursing License for International Applicants
There are several requirements for the international applicant to successfully obtain his or her nursing license. The applicant must provide proof of licensure in the country from which he or she has received education for the license.
The international applicant must also show proof that he or she has passed the National Council Licensure Examination (NCLEX). He or she must show proof of education equivalency and may choose from one of the following:
Difference between an RN and a BSN in Illinois
Obtaining your nursing education can be a very exciting accomplishment. All of the time that is spent studying and in clinicals will pay off in the end. When studying for your nursing license, there are different requirements for each type of nurse. The two most common job types in the nursing profession include registered nurses (RN’s) and nurses with their Bachelors of Science in Nursing (BSN’s), and there are certain requirements for each job type.
RN Requirements
If a nursing license applicant has become a registered nurse, he or she has passed the National Council Licensure Examination or the NCLEX. To take the NCLEX, the nursing license applicant must have earned either the Associates Degree in Nursing or a Bachelors of Science in Nursing.
To obtain the Associates Degree in Nursing, the license applicant must complete a 21-month program at a college that focuses mainly on careers. If the license applicant becomes an RN, he or she does not have to become a BSN.
Visiting Physician Permits in the State of Illinois
Working toward your physician’s license takes a lot of time and effort. There is a lot of schooling and experience required before ever obtaining the physician’s license. However, there are different requirements to become a visiting physician in the state of Illinois, and the experience is often different than becoming a fully licensed physician in the state.
What Is a Visiting Physician?
A visiting physician is anyone who is not licensed in Illinois to practice medicine, but who has been invited or appointed to study a certain medical, osteopathic, chiropractic or clinical subject or technique in a medical, osteopathic, or chiropractic school or hospital in Illinois. The visiting physician must hold a visiting physician permit issued by the Illinois Department of Financial and Professional Regulation, Division of Professional Regulation.
Impaired Nursing Licensees in the State of Illinois
Studying to become a nurse takes a lot of time and effort. There are many hours spent working toward the Bachelor’s degree in Nursing. After the degree has been received, then the graduate will need to apply for a nursing license to be able to practice in his or her chosen field. If the licensee is impaired for any reason, then there are steps that need to be taken to settle the situation.
Mandatory Reporting for the Impaired Nursing Licensee
If a licensed nurse is impaired on the job because of the use of alcohol or drugs, or if he or she unlawfully possesses, uses, or distributes drugs while on the job, then the institution that has knowledge of these actions may report the licensed nurse to the Illinois Department of Financial and Professional Regulation, Division of Professional Regulation. However, if the licensed nurse agrees to participate in a course of remedial professional counseling or substance abuse treatment, he or she may not need to be reported.
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