Inventory
The entire stock of products on hand for sale at a given time.
What is Inventory?
The accumulation of all sales receipts before deducting expenses.
What is Gross Profit?
A blood sugar measuring device
What is Glucometer?
The process of withdrawing a drug from the market by the FDA or the drug manufacturer for serious adverse effects or other defects in the product.
What is Drug Recall?
Natural dietary supplements made of medicinal plant matter.
What are herbals?
A situation in which the pharmacy does not have the prescribed drug in inventory
What is Out of Stock(OOS)?
The difference between the acquisition cost and the selling price; also called gross profit
What is Markup?
The use of medical products and practices that are not part of standard care.
What is Alternative Medicine?
The percentage by which the acquisition price is marked up to secure a gross profit
What is markup percentage?
A combination of conventional treatments with alternative medicine
What is Integrative Medicine?
The total value of the entire stock of products on hand for sale on a given day.
What is Inventory Value?
The average price that wholesalers charge the pharmacy for a drug, serving as the benchmark price to estimate reimbursement rates and retail price without insurance.
What is Average Wholesale Price(AWP)?
An extensive table that itemizes the costs of business versus the income generated for the same time period.
What is Cost-Benefit Analysis Spreadsheet?
A company that administers drug benefits for many insurance companies
What is Pharmacy Benefit Manager(PBM)?
A device used to administer a drug in the form of compressed gas through the mouth and into the lungs
What is MDI?
A maximum and minimum number of stock units of each product to have on hand in the inventory
What is Inventory Range?
The net price paid by the pharmacy to acquire a product from a wholesaler or supplier, including the adjustments such as discounts and rebates.
What is Acquisition Cost?
Medically necessary, reusable equipment such as nebulizers, hospital beds, wheelchairs, and walkers that may be purchased in a community pharmacy or billed to Medicare Part B.
What is Durable Medical Equipment(DME)?
To match the cash, credit card receipts, personal checks, coupons, rebates, voided sales, and patient charges with the tape printout from each cash register.
What is reconcile?
Live bacteria and yeasts that are good for a healthy digestive system; probiotic treatments are common after or during an antibiotic prescription; live acidophilus culture in yogurt is considered a probiotic
What is Probiotic?
The amount of time the average drug inventory will be replaced during a twelve month period; most pharmacies replace inventory every two to four weeks.
What is Inventory Turnover Rate?
The ratio by which the acquisition price is marked up for customer sale to secure a gross profit.
What is Markup Rate?
A tally of the day's sales receipts and prescriptions filled that is generated at the end of the business day.
What is End-of-the-day Report?
When someone pays others to purchase restricted OTC medications such as those containing pseudophedrine, for the purpose of making illegal drugs
What is Smurfing?
A device commonly prescribed for children and older adults to assist in the administration of drugs from MDIS. medication can be inhaled at will rather than through timed, coordinated breathing movements.
What is Spacer Device?