Rite Aid Corporation which ranks as the third largest retail drugstore chain in the United states, control about 2,380 drugstores in 28 states across professionals pharmacy service, a full selection of health and personal care products, an assortment of general products in the nation and in the District of Columbia ( Rite Aid, 2007 ). Rite Aid has a great management team to help them with their success their team includes Chairman, President and Chief Executive Officer, Special Advisor, Corporate Strategy ,Chief Operating Officer ,Chief Administrative Officer ,Executive Vice President – Pharmacy, Executive Vice President, Store Operations ,Executive Vice President and General Counsel( Rite Aid, 2007). Differentiate between management and leadership is very different for example, response to its huge losses, Rite Aid has said it expects to spend more than $94 million to reassess and restate its financial results for 1998 and 1999( ). Furthermore, that includes rerunning mainframe-based accounting systems and paying IT people overtime to work with internal and external accountants and auditors during the process. Still, Rite Aid does not plan to replace its combination homegrown Computer Corp. accounting system .Rite Aide challenged by the complication and lack of standard interfaces the finance and accounting functions support throughout the organization. Data is not formats or transported in standard border or structure. Manual work is required to fit data within budget codes and corporate formatting standards. This manual system is error prone and open for possible scam and abuse. Hardware, software, support and maintenance costs grow each year with multiple systems in each local region running different types of software and hardware. The application and hardware support teams are larger than could be possible with one integrated solution. Rite Aide has choices in the solution that our organization can implement to solve these financial systems integration issues. The main issue facing it’s Financing and Accounting department is the lack of standardized systems, which includes software, data interfaces, and processes. Here are some solutions, Solution 1: Maintain and Enhance Existing Systems, the organization has three very different Finance and Accounting functions that need to be consolidating to provide a seamless environment that is able to grow with the business. One option would be to continue focusing the attention of IT and Financial Services Divisions on maintaining and enhancing the existing systems. This would require no upfront capital expense, but does not meet our short or long-term business requirements.
Rite Aid had a major accounting scandal in the late 1990s that led to the departure (and subsequent jail time) of several top ranking executives, including the former CEO Martin Grass, former CFO Frank Bergonzi and former Vice Chairman Franklin Brown had conducted a wide-ranging accounting fraud scheme. Former CEO Martin Grass had plaid guilty and was sentenced to eight years in prison, fined $500,000, and given three years' probation for his role in a billion-dollar accounting fraud. (Grace) Former vice chairman Franklin C. Brown was the only defendant to go to trial; he was sentenced to serve 10-years in a medium-security facility and fined $21,000 with two years of probation. After serving six years in prison, Franklin C. Brown was released on January 18, 2010. (Deseret News) Former chief financial officer Franklyn M. Bergonzi was sentenced to 28 months in prison, former vice president Eric S. Sorkin received five months in jail and five months house arrest, and former vice president Philip Markovitz serve one month in jail, with five months house arrest.
The medical supplies that is sourced by Kaiser Permanente headquarters is handled by an governmental agency DME (Durable Medical Equipment) department which handles equipment and supplies that are for repeated use and it may also provide crutches, oxygen equipment, wheelchairs or blood testing strips for diabetics. The rest of the supplies are handled locally by hospitals. Clinical engineering department is responsible for handling the medical supply inventory. They can distinguish which equipment needs to be included in the inventory after following guidelines of some government
Walgreens is a substantial affluence in the United States, as it is one of the leading drugstore chains in the market. Recently, we have looked into bringing the company to Canada in hopes of attaining the same or greater level of success. Walgreens in Canada could be the perfect fit, as the 24 hour availability along with the “one stop shop” experience and convenient prices would be beneficial to the many people living there. The drugstore and pharmaceutical market, location, and culture are all taken into consideration in order to establish if the company would be successful in Canada.
Background: Merck & Co. is an American pharmaceutical company and one of the largest pharmaceutical companies in the world. In 1971 the United States approved the use of an MMR vaccine made by Merck, containing the Jeryl Lynn strain of mumps vaccine. In 1978 Merck introduced the MMR II, using a different strain of the rubella vaccine. In 1997 the FDA required Merck to conduct effectiveness testing of MMRII. Initially it was over 95%; to continue the license; Merck had to convince the FDA that the effectiveness stayed at a similar rate over the years.
The ability of a unit to survive is largely dependent upon the hospitals internal financial budgetary performance and the external needs within the community. Developing a financial budget is a process that should use teamwork to plan and implement in order to be effective. The budget sets perimeters for administrators to follow throughout the year, allowing the director to report variances while providing guidance to maintain a minimum variance and adjust when possible (Finkler & McHugh, 2008). By using all department managers in the planning process of the new budget, the nurse executive is able to develop effective strategies for all departments while investing in the goals. This eliminates many problems associated with budget and identifies areas that need improvement or expansion. Because of the competition, declining margins, and other economic pressures, nurse executives need to take steps to control costs and increase revenues for this unit. The overall goal of the financial performance within the organization is to meet the total budgetary needs of the unit to produce favorable outcomes. My focus will be to propose the expansion of a new Joint Replacement Unit (JRU) within the hospital, while identifying the major operating components of the budget for this organization. The importance of reviewing the budget for a newly developed unit is to allow the nurse executive and administrative team to manage the existing organizational programs within in the facility, plan for goal accomplishments for the new unit, while controlling costs.
Walgreens recently announce it’s intention to purchase Rite Aid, which is ranked number three behind CVS Caremark. Currently, CVS Health has 58% of the market, while Walgreens and Rite Aide have 31% and 10.3% respectively. If this acquisition goes through, Walgreens will have a combined entity worth $130 billion in annual sales. They will have 13,000 stores and will hold 41.3% of the pharmacy market share. This will consolidate the pharma retail industry with only two huge retail chains, thereby turning the US drugstore market into a duopoly. (Bells,
Denver-based Allgreens, a medical-marijuana dispensary, won an action in federal court recently that could pave the way for other cannabis-related business.
A situational factor is something that influences a consumer but is not a result of marketers or retailers. Marketers have to look at several different situational factors and try to market their product so that the most amounts of people will buy it, regardless of situational factors. This can be difficult because there are many situational factors that can affect a consumer’s buying behaviors. Situational factors can include a consumer’s education, family, social group, income, mood, or even the amount of time that a consumer has to shop.
Identify your industry and other industries that most directly affect or are affected by yours: The Industries that have a strong impacts on Walgreens Boots Alliance are as follows; the Pharmacy Industry, secondly, the insurance providers which are affected by a number of governmental regulations that must be met, as well as, retail division of the marketing industry (Walgreens Boots Alliance, 2018). Furthermore, all these in one form or interdependent and affecting each industries own economy (Nassar, 2007).
Ethics is a topic that is highly considered and viewed as a vital part of every decision making process for all companies, organizations and individuals. Ethics can be defined as a system of moral principles and a branch of philosophy which defines what is good for individuals and society (Ethics Guide, N.D.). If a company were to decide to show support for a controversial topic such as gay rights or not show support for women employment then they would increase their chance for public boycotting and rage towards their decisions not including how individual employees would feel. Furthermore, if a retail chain hired a vast higher percentage of one ethnicity then society could view this as a racism and further damage the
BestMed Medical Supplies Corporation is looking for an alternative communication tool in which all 500 employees have a way to communicate more efficiently. Having a unified communication system could greatly improve their company. Examples could include customer relations, inventory, and scheduling. Currently the team is using instant messenger, emails, texts and call on their person cell phones.
Hoffman Estates, Illinois-based Sears Holdings Corporation was formed as a result of Kmart Holdings Corporation’s acquisition of Sears & Roebuck Company. It was incorporated on November 23, 2004. It is an integrated retailer and holdings company to a variety of well-known, highly-quality consumer brands.
The popularity of computers and LANs grew to the point that some organisations recognised the need to account for the cost of assets and time spent on support. Industry analysts, using Total Cost of Ownership (TCO) techniques, have studied the real costs and found that they are around 6-7 times the initial purchase price over the lifetime of the technology.
For large industries, and businesses we keep a handful number of representatives, consultants, and field-based system engineers, who build up long-term relation ships and develop specific tailored solutions for them throughout the world. Our support programs especially cater multinational customers across global regions, and have access to central purchasing facilities. Our main source of advertising is the television and the internet, as well as direct mail of marketing publications such as catalogs, promotions, and newsletters. (1)
Ferris Healthcare, Inc recognizes that their growth as organization was depending on their rapid implementation of project management. Their line managers have been performing as project managers, which most of the times resulted on delayed and over budget projects. All employees agree that a project management methodology is necessary in the organization.