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PC_Terms_Chapters09

QuestionAnswer
assets properties, furnishings, inventory, supplies, and equipment owned by the pharmacy; may be put into two categories: current, or short-term, assets and long-term assets
average wholesale price (AWP) an average price at which drugs are purchased at the wholesale level, or the average value at which wholesalers sell a particular drug to pharmacies
base profit the amount of profit determined by subtracting the total pharmacy overhead amount from the pharmacy’s income
capitation fee a monthly fee paid by some insurance plans to a pharmacy under a specific prescription reimbursement plan
current percentage of profit the amount of profit that is determined by dividing the base profit by income and then multiplying that quotient by 100; often used to determine the desired percentage of profit
depreciation an allowance made to account for the decreasing value of a fixed asset; properties, furnishings, and equipment owned by the pharmacy are called fixed assets, or simply assets
desired percentage of profit the percentage of profit the pharmacy intends to make on the product after the overall cost is subtracted from the selling price
discount a price that is reduced from what is typically charged
discount rate the percent that the discounted price is reduced from the regular selling price
dispensing fee the amount that is charged over and above the pharmacy’s purchase price for a medication; this amount is meant to cover all costs related to filling a prescription, beyond the purchase price of the drug
disposal value the value of an item should it be sold or disposed of at the end of its useful life
flat rate a low pharmacy selling price for a certain amount of medication, a supply designed to last a specific number of days
gross profit the difference between the pharmacy’s selling price and purchase price
income the money or equivalent received from the sale of medications, supply items, or equipment
inventory a listing of all of the items that are available for sale in a business
inventory value the total value of all of the drugs and merchandise in stock on a given day
markup rate a percentage amount that is determined by subtracting the pharmacy’s purchase price for an item from the pharmacy’s selling price for that item
net profit the difference between the selling price and the overall cost
overall cost the sum of the cost to purchase the drug from the manufacturer (known as the pharmacy’s purchase price) and the cost to dispense the drug
overhead the pharmacy’s cost of doing business; this cost includes personnel salaries, equipment, and operating expenses such as rent, taxes, and utilities
par level an average inventory range for an item, which generally includes the minimum and maximum stock levels for the item
pharmacy benefits management (PBM) a large prescription processing service that contracts with insurance companies and pharmacies to process insurance reimbursement
profit the financial gain made when the amount earned is greater than the amount spent during a specified period
profit margin the difference between the cost of doing business (the pharmacy’s purchase price, overhead, and preparation costs) and the selling price of a drug or product
purchase price the cost to purchase the drug from the wholesaler or manufacturer
selling price the amount that the pharmacy charges for a particular drug or product; sometimes referred to as accounts receivable
turnover rate the number of times the amount of goods in inventory was sold during the year
wholesaler a company that sells and distributes a large number of goods such as medications and supply items to a pharmacy; a company that acts as a go-between for pharmacies and manufacturing companies such as drug manufacturers
Created by: softcrylic
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