09 keyterms

  1. Acquisition Cost - the net cash equivalent amount paid or to be paid for the asset

  2. alternative medicine - health care practices and products used in place of conventional medicine

  3. AWP (Average Wholesale Price) - The average price at which drugs are purchased at the wholesale level. It is mainly used to determine third-party reimbursement.

  4. Cost-benefit analysis spreadsheet - an extensive table that itemize the costs of business versus the income generated for the same time period

  5. 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

  6. DME - durable medical equipment

  7. End of day report - a tally of the day's sales receipts and prescriptions filled that is generated at the end of the business day

  8. glucometer - a blood sugar measuring device

  9. Gross Profit - the accumulation of all sales receipts before deducting expenses

  10. herbal - a plant used for medicinal purposes

  11. holistic health - the concept of "treating the whole person" - body, mind and spirit

  12. homeopathy - a system of therapeutics in which diseases are treated by administering minute doses of drugs that, in healthy patients, are capable of producing symptoms like those of the disease being treated

  13. integrative medicine - when conventional treatments are combined with alternative medicine

  14. inventory - the entire stock of products on hand for sale at a given time

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

  16. Inventory Turnover rate - number of times per year that inventory is purchased, consumed, and replaced

  17. inventory value - the total value of the entire stock of products on hand for sale on a given day

  18. Markup - the difference between the acquisition cost and the selling price

  19. Markup rate - the ratio by which the acquisition price is marked up for customer sale to secure a gross profit

  20. Mark-up Percentage - the percentage by which the acquisition price is marked up to secure a gross profit

  21. MDI - metered dose inhaler

  22. net profit - Gross Profit - Expenses

  23. out of stock - not available

  24. PBM - Pharmacy Benefit Manager

  25. probiotic - live microorganisms that are intended to have health benefits when consumed or applied to the body

  26. reconcile - to match cash, credit card, checks, coupons, rebates from each cash register

  27. Smurfing - when someone pays others to purchase restricted otc medications

  28. Spacer device - used in asthmatic patients, a spacer between the mouth and medication device to allow the person to inhale slowly and deeply for 10 seconds

  29. succussion - a process whereby active ingredients are serially diluted and shaken and diluted again in water or alcohol in a series of steps to develop a less intense solution for homeopathic drug administration

  30. Totes - plastic container to pack medication