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Mode III Prac Ch. 7

Webster

QuestionAnswer
Average Wholesale Price(AWP) The average price that wholesalers charge the pharmacy for a drug.
Co-insurance A percentage-based insurance plan whereby the patient must pay a certain percentage of the prescription price.
Days Supply The duration of time (number of days) a dispensed medication will last the patient and often required on drug claims submitted for insurance billing.
Discount A reduced price.
Flex Card A medical and prescription insurance credit card.
Inventory The entire stock of products on hand for sale at a given time.
Just-In-Time (JIT) Purchasing Involves frequent purchasing in quantities that just meet supply needs until the next ordering time.
Medicaid A state government health insurance program for low-income and disabled citizens.
Online Adjudication Real-time insurance claims processing via wireless telecommunications.
Prior Authorization (PA) Approval for coverage of a high-cost medication or a medication not on the insurer's approved formulary.
Purchasing The ordering of products for use or sale by the pharmacy.
Schedule V Drug A medication with a low potential for abuse and a limited potential for creating physical or psychological dependence; available in most states without a prescription.
Tricare A federal government health insurance program for active and retired military and their dependents.
Workers' Compensation Insurance provided for a patient with a medical injury from a job-related accident.
Created by: NWebster
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