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Stack #127770
| types of pharmacoceconomic met | Definition |
|---|---|
| cost-minimization analysis | used to asses cost of alternatives. examines costs associated with each intervention |
| cost-benefit analysis | compares benefits vs. cost. results presented as benefit to cost ratio (benefit/cost) if >1 program is good |
| cost-effectiveness analysis | cost vs. health improvement created. results presented as cost/specific outcome. A version of opportunity cost. the most effective treatement is not always least expensive |
| cost-utility analysis | cost vs. quantity and quality of life of pt. after treatment. results |
| cost-of-illness evaluation (important for new therapies) | determines humanistic impact and economic cost of a disease if a treatment is not available |
| what are four general measures that can be used to acces QOL | SF-36, nottingham health profile, quality of well being, scale of sickness impact profile. subjective self measure of a person's health and wellbeing |
| three ways to access health related quality of life | a person's subjective assesment o their health and wellbeing, by a health profile, or a health index |
| which finacial decision area is concerned with what the money is being used for | investment |
| which finacial decision area is concerned with contribution of operation to practice | operations |
| which finacial decision area is concerned with where the money is coming from | financing |
| what uses last 3 years of balance sheets and income statements | financial ratio analysis |
| what uses 2 balance sheets and most current income statement to determine what has happend in the company | funds flow statement |
| what use the income statement to focus on COGS. how they are managed, how they can be reduced | margin management. because margin dictates expense, influenced by salaries, rent |
| what use balance sheet, current vs. fixed assets | assess management. looks at current and fixed assets seperately to determine how they are being used or how accounts receivalbe is being collected |
| what does the funds flow statement examine | the life cycle of business |
| profits have the potential to increase/decrease by 15% for every ___% change in COGS | 1% |
| what is the largest investment in the pharmacy | inventory |
| what controls the total dollar investment in inventory | open to buy purchase budget |
| what type of supplier has an arrangement with the pharmacy manager to stock and maintain a specifid assortment of goods in a fixture located in the pharmacy | rack jobbers |
| which type of supplier has the purpose of pooling the buying power of independent pharmacies together in order to obtain better prices and discounts from suppliers | central purchasing groups, (pharmacy buying groups, cooperatives) |
| what are the four components of the marketing mix | product, price, place, and promotion |
| what is assortment of goods and services that must be maintained in order to meet patient needs | product mix |
| A service CAN BE | created in advance, instantly delivered, or held in readiness |
| A service cannot be | centrally produced, inspected, stockpiled, demonstrated, sampled, recalled, repeated, or warehoused |
| how does quality assurance happen differently in service than as prodcut | quality assurance must happen before production rather than after prodcution as in the case of products |
| a product is defined as | the benefits or postive results (outcomes) that your patients derive out of dealing with you and using the services you offer them |
| what is the new paradigm of pharmacist | a therapeutic agent |
| price is defined as | the costs or negative effects that patient must bear in order to do business with you, using your services in the way that you offer them |
| what are the three ways that items or services are priced | cost-based, demand based, competitive based |
| which pricing strategy is based on the patient's wilingnexx to pay | demand-based pricing |
| the hours, location, and physical characteristics that make it possible, easy or difficult for patients to use your products and services | place |
| what is the most important of the P's | promotion |
| why do we advertise | to attract attentinon, induce interest, develop the deseire to buy and activate the sale |
| which type of advertisting(institutional or merchandising) focus on the pharmacy's services | institutional |
| which type of advertising emphasize products and services (institutional or merchandising) | merchandising |
| what is defined as the sum total of its product, price, place, and promotional activities | position |
| what are some influencers of quality assessment | reliability, tangibles, responsiveness, assurance, empathy |
| what is teh least expensive consulting you can get | complaints |
| who is more likely to do business again with the company that upset them (complainer or non complainers | complainers\ |
| if a customer has a complaint with a company, how many people out of ten will the person tell | 9 out of 10 poor soles have to listen |
| true or false. the average business never hears from 96 percent of its unhappy customers | True |
| a methodical analysis of the operations, tactics, and strategies used in marketing. also a self-examination | market audit |
| what is a good way to achieve patient satisfaction and your satisfaction | marketing |
| the amount the pharmacy pays for the product | acuisition cost |
| the cost of not having product on the shelf when a patients needs or wants it | stock out cost |
| the cost that refers to the storage, handling insurance, and the cost of capital to finance the inventory | carrying costs |
| the costs required in placing orders, receiving them, stocking, the shelves, and processing the accounts payable | procurement costs |
| the practice of planning, organizing, and controlling inventory so that it contributes to the business' profitability | inventory management |
| total inventory costs is calculated how | acquisition costs+ stock-out costs+ carrying costs+ procurement costs |
| what is three reasons to hold inventory | guard against fluctuation isn demand, late deliveries, and to take advantage of bulk discounts/sales |
| what are the two goals of inventory mangement | minimize total investment in inventory (minimize carrying and procurement costs) AND to carry the right mix products to satisfy patient demand (balancing supply and demand CASH FLOW AND INVENTORY TURNOVER RATE |
| what are two advantages of increasin ITOR | if you reduce investment in inventory that frees money for other profit making ventures and it iwll increase return on investment in inventory |
| inventory return on investment is calculated by | netprofit/ average inventory times 100 to get % return on investment |
| to get a high return on investment for next quarter one could do what | increase the ITOR by decreasing inventory. this allows everage inventory to go down. since average inventory is in denomenator this produces an increase in the ratio of returnon investment |
| high turnover rates reflect (higher or lower) total sales | higher total sales |
Created by:
lainylaina