09 keyterms

Acquisition Cost

The net cash equivalent amount paid or to be paid for the asset.

Alternative Medicine

Health care practices and products used in place of conventional medicine.

AWP (Average Wholesale Price)

The average price at which drugs are purchased at the wholesale level, used to determine third-party reimbursement.

Cost-benefit Analysis Spreadsheet

An extensive table that itemizes the costs of business versus the income generated for the same time period.

Drug Recall

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.

DME

Durable medical equipment.

End of Day Report

A tally of the day's sales receipts and prescriptions filled generated at the end of the business day.

Glucometer

A blood sugar measuring device.

Gross Profit

The accumulation of all sales receipts before deducting expenses.

Herbal

A plant used for medicinal purposes.

Holistic Health

The concept of "treating the whole person" - body, mind, and spirit.

Homeopathy

A system of therapeutics in which diseases are treated by administering minute doses of drugs that produce symptoms like those of the disease being treated.

Integrative Medicine

When conventional treatments are combined with alternative medicine.

Inventory

The entire stock of products on hand for sale at a given time.

Inventory Range

A maximum and minimum number of stock units of each product to have on hand in the inventory.

Inventory Turnover Rate

The number of times per year that inventory is purchased, consumed, and replaced.

Inventory Value

The total value of the entire stock of products on hand for sale on a given day.

Markup

The difference between the acquisition cost and the selling price.

Markup Rate

The ratio by which the acquisition price is marked up for customer sale to secure a gross profit.

Mark-up Percentage

The percentage by which the acquisition price is marked up to secure a gross profit.

MDI

Metered dose inhaler.

Net Profit

Gross Profit minus Expenses.

Out of Stock

Not available.

PBM

Pharmacy Benefit Manager.

Probiotic

Live microorganisms intended to have health benefits when consumed or applied to the body.

Reconcile

To match cash, credit card, checks, coupons, and rebates from each cash register.

Smurfing

When someone pays others to purchase restricted OTC medications.

Spacer Device

Used in asthmatic patients, a spacer between the mouth and medication device to allow inhalation slowly and deeply for 10 seconds.

Succussion

A process of serially diluting and shaking active ingredients in water or alcohol to develop a less intense solution for homeopathic drug administration.

Totes

Plastic containers used to pack medication.