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Practice Ch 7 Terms
Pharmacy Practice
| Question | Answer |
|---|---|
| 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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