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Practice Ch 7 Terms

Pharmacy Practice

QuestionAnswer
average wholesale price (AWP) the average price that wholesalers charge the pharmacy for a drug
co-payment (co-pay) the amount that the patient is to pay for each prescription
days supply the duration (number of days) a dispensed medication will last the patient and often required on drug claims submitted for insurance billing
deductible an amount that must be paid by the insured before the insurance company considers paying its portion of a medical or drug cost
discount a reduced price
doughnut hole insurance coverage gap in Medicare Part D programs by which the patient must pay 100% of the cost of the medication
health insurance coverage of incurred medical costs such as physician visits, laboratory costs, and hospitalization
inventory the entire stock of products on hand for sale at a given time
markup the difference betweem the purchase price and the selling price; also called gross profit
Medicaid a state government health insurance program for low-income and disabled citizens
Medicare Part D a voluntary insurance program that provides partial coverage of prescriptions for patients who are eligible for Medicare
Over-the-counter (OTC) a medication that the FDA has approved for sale without a prescription
purchasing the ordering of products for use or sale by the pharmacy
receipt a printout that is a proof of purchase
receiving a series of procedures for accepting the deliery of products to the pharmacy
tiered co-pay an escalating cost or co-pay for a generic drug, a preferred brand name drug, and a nonpreferred brand name drug
Tricare a federal goverment health insurance program for active and retired military and their dependents
wholesaler purchasing the ordering of drugs and supplies from a local vendor who delivers the product to the pharmacy on a daily basis
Created by: Stephanie.Sloas
 

 



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