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Chapter 19
Pharmacy Management and Inventory Control
| Question | Answer |
|---|---|
| Average cost of inventory on hand | Average cost of inventory on hand is determined by adding the year’s beginning inventory to the year’s ending inventory and dividing by two. |
| DEA form | An official federal government DEA changed to non-carbon-copy form in 2020. form from the Drug Enforcement Administration used for ordering controlled substances. |
| Delayed billing | A benefit that some companies offer to the buyer who is purchasing increased amounts of merchandise. The date the statement must be paid is usually longer than 30–60 days away. |
| FIFO | Acronym for “first in, first out.” |
| FOB destination | Title of possession passes from the pharmaceutic company to the buyer (i.e., the purchaser) when the shipment is delivered to the buyer’s business destination (i.e., the veterinary facility). |
| FOB shipping point | Title passes from the pharmaceutic company to the purchaser when the vendor places the goods in the possession of the carrier (e.g., United Parcel Service, Federal Express, Averitt Express). |
| Full-Service companies | A pharmaceutic company that offers full service (e.g., the company employs sales representatives [reps] who visit veterinary facilities), usually with a limited number of products. |
| Inventory | The quantity of goods or assets that a veterinary facility possesses, requiring proactive control to keep supplies stable and current. |
| Inventory control manager (ICM) | A person (many times a licensed veterinary medical technician [LVMT]) responsible for monitoring, ordering, and maintaining inventory in a veterinary facility. |
| Invoice | A form generated by a company that documents the quantity and price of each item ordered by the inventory control manager. |
| Mail order discount house | A company that accepts orders from the buyer by telephone; a good source for ordering items such as gauze, cotton, isopropyl alcohol, or paper towels. |
| Margin | The actual profit a practice makes on each sale. |
| Markup | The amount of money over cost for which a product sells. Markup percentages vary from practice to practice, but all markups reflect a retail value over wholesale value. |
| Packing slip | A document supplied by the vendor that accompanies a purchase. A packing slip generally reflects quantities ordered, not prices. |
| Statement | A document generated by the vendor that details the quantity and pricing of all goods purchased (usually in 1 month) by the buyer. The total balance is generally expected to be paid in full within 30 days. |
| Total cost | A measure that includes the cost of an item plus tax. |
| Turnover | The number of times a product is sold or used up in a veterinary facility. The minimum turnover rate should be established at four times a year. |
| Veterinary supply distributor | An intermediate company (i.e., not full service, not mail order) that generally stocks a large inventory and employs sales representatives who visit veterinary facilities. |
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