Management Final

Front 1

CORE VALUES (10)

Back 1

1. Positive Environment
2. Empowerment
3. Individual Dignity
4. Personal Integrity
5. Personal growth
6. Continual improvement/learning
7. Teamwork
8. Resource Conservation
9. Commitment to excellence
10. Patient advocacy

Front 2

Interview Mistakes (8)

Back 2

1. Arriving Late
2. Dressing inappropriately
3. Poor body language
4. Arrogance
5. Self serving questions
6. Ignorance about the organization
7. Irritating speech patterns
8. Failing to answer questions asked

Front 3

Reasons Why Employees Fail (8)

Back 3

1. Don’t know what to do
2. Don’t know why
3. Don’t know how
4. Thinks something else is more important
5. No positives for doing it
6. Punish for not doing it
7. Not capable
8. Personal problems

Front 4

Feedback (5)

Back 4

1. Day to day
2. Staff meetings
3. Individual meetings
4. Adhoc performance reviews
5. Annual performance reviews

Front 5

Discipline 1(a-d), 2

Back 5

1. Progressive, face to face communication
a. Verbal
b. Written
c. Suspension
d. Termination
2. Document, document, document

Front 6

Unity of command (DFN)

Back 6

individual reporting to one boss

Front 7

Matrix management (DFN)

Back 7

project management: a project where individuals are assigned a role and report back to someone who is not a part of the organization during the project.

Front 8

Characteristics of Technology (8)

Back 8

1. Accurate
2. Reliable
3. Current
4. Complete
5. Readily accessible
6. Relevant
7. Organized
8. Secure

Front 9

Dangers with Automated Dispensing Cabinets (5)

Back 9

1. No profiling system
2. Select wrong drug or wrong patient
3. Pharmacy restocks incorrectly
4. Overrides even with profiling
5. RN may select an extra dose

Front 10

National Patient Safety Goals (5)

Back 10

1. Improve the accuracy of patient ID
2. Improve communication among caregivers
3. Improve safety of using medication
4. Infection control
5. Medication reconciliation

Front 11

Purposes of a BUDGET (6)

Back 11

1. Planning tool
2. Communication tool
3. Facilitates assigning resources
4. Assesses performance
5. Used to confer rewards
6. Bench marking (establish baseline)

Front 12

Potential Negatives of a BUDGET (6)

Back 12

1. Prepared in a “vacuum”
2. Used as a “hammer”
3. Loss of resources
4. Not realistic but held accountable
5. Used as an excuse to cut cost
6. Causes decision making without regard for quality

Front 13

BALANCE SHEET (DFN)

Back 13

contains a summary of information that reflects the solvency goals of any business and reflects the monetary value of what is owned or controlled (assets and liabilities). Shows the value of the company.

Front 14

Assets (3)

Back 14

Current, Longterm, Other

Front 15

Current Assets (3)

Back 15

Cash
A/R
Inventory

Front 16

Long Term Assets (2)

Back 16

Net Fixtures
Equipment

Front 17

Other Assets

Back 17

Prepaid Expenses

Front 18

Liabilities (2)

Back 18

Current, Longterm

Front 19

Current liabilities (3)

Back 19

- A/P
- Notes payable (<1yr)
- Accrued Expenses

Front 20

Long-term liabilities (1)

Back 20

Notes Payable (>1yr)

Front 21

Net Worth

Back 21

Total assests - Total liabilities

Front 22

Retained Earnings (DFN)

Back 22

profitability that is retained in the company and not distributed to the shareholders

Front 23

Cash Flow (DFN)

Back 23

inflow and outflow of cash in a business

Front 24

Turnover (DFN)

Back 24

The number of times inventory is replaced in a given period of time.

Front 25

HIPAA (DFN)

Back 25

(Health Insurance Portability and Accountability Act): Protection of medication information; gives only certain authorized people access to the information

Front 26

OBRA90 (DFN + 3)

Back 26

(Omnibus Budget Reconciliation Act): Law that states that Medicaid set standards for drug product safety:
- maintaining proper patient records
- prospective drug use review
- patient counseling

Front 27

Ten GOLDEN Rules

Back 27

1. Aim
2. Plan and Analyze
3. Set priorities
4. Bundle activities
5. Shield
6. Delegate
7. Simplify
8. Be considerate
9. Ask questions
10. Celebrate Success!

Front 28

Medication Use Process (5)

Back 28

1. Order
2. Prepare
3. Dispense
4. Administer
5. Monitor

Front 29

Medication Use System (4)

Back 29

1. All of Med Use Process plus
2. Procure
3. Store
4. Educate

Front 30

Good Medication Use System Char.s (5)

Back 30

1. Safe
2. appropriate
3. effective
4. efficient use of the med sys

Front 31

1. Profit + Loss vs. 2. Balance Sheet

Back 31

1. Shows if the organization is profitable at the moment

2. Shows the true value of the organization

Front 32

AWP

Back 32

(avg wholesale price) a list price of what drug wholesalers charge pharmacies

Front 33

WAC

Back 33

(wholesaler acquisition cost): a list price of what pharmaceutical manufacturers charge drug wholesalers.

Front 34

AAC

Back 34

Actual Acquisition Cost: The price that pharmacy pays drug wholesaler or manufacturer to obtain drug product

Front 35

EAC

Back 35

(Estimated Acquisition Cost)—Third party’s estimate of what pharmacy pays drug wholesaler or manufacturer

Front 36

MAC

Back 36

(Maximum Allowable Cost)—Maximum cost that third party will pay for a multisource drug; typically is avg of generic drug price from several manufacturers
Reimbursement—amt money that is reimbursed to pharmacy/hospital based on contractual agreement

Front 37

Gross Margin vs Net Margin

Back 37

Gross: A company's total sales revenue minus its cost of goods sold, divided by the total sales revenue, expressed as a percentage. The gross margin represents the percent of total sales revenue that the company retains after incurring the direct costs associated with producing the goods and services sold by a company
Net: Net profit divided by net revenues

Front 38

P & L statement

Back 38

(profit and losses, income statement):financial report that combines all the sales and expenses of the business over a period of time into one convenient document which shows profitability and how the business is run.

Front 39

Net worth

Back 39

assets - liabilities. reflects what company owns.

Front 40

direct expenses

Back 40

expenses directly incurred from producing a product

Ex: employees' salary, benefit, materials

Front 41

indirect expenses

Back 41

Expenses which do not have direct relation with production, but has to be incurred to keep the business in living condition.

Ex: building depreciation, telephone lines

Front 42

COGS

Back 42

(cost of goods sold): how much of the goods cost pharmacy in order to sell the goods to the customers

Front 43

Turnover

Back 43

the number of times an asset is replaced during a financial period

Front 44

Due diligence

Back 44

review the business by doing research and analysis

Front 45

Horizontal Analysis

Back 45

A procedure in fundamental analysis in which an analyst compares ratios or line items in a company's financial statements over a certain period of time
Ex: Revenues increased by 10% this past quarter

Front 46

Failures of manage

Back 46

micromanagement
don’t give people freedom to achieve

Front 47

Staffing Processes (4)

Back 47

1. Recruiting
2. Interviewing
3. Selecting
4. Training

Front 48

Some Hiring Tips (8)

Back 48

• Complimentary skills
• Demonstrated experience
• Independent thinker
• Strong desire to accomplish
• Willing to collaborate
• Decisive….not a “hip shooter”
• Respect for others
• Trustworthy and dependable

Front 49

Performance Appraisals (Evals)
Formal (4) + PRN (3)

Back 49

Formal according to organization policy
o Occurs consistently
o Standard format
o Supervisor s/b present
o Employee participates in discussion
Occurs when there is a need
o Also called counseling
o Must be documented
o Employee must understand consequences

Front 50

Ways to create Job enrichment

Back 50

o Skill variety: Good to provide people with different experiences at the job
o Task identity
o Task significance
o Autonomy
o Allow them to do their thing allow them to grow
o Opposite is micromanagement
o Feedback

Front 51

Technology in the Workplace (Community Pharmacy)

Back 51

o Computerized billing and A/R (accounts receivable – money that you bring in)
o Pharmacy System
o PBM Interfaces
o Intervention (Clinical) Documentation
o Drug Information

Front 52

Technology in the Workplace (Hospital Pharmacy)

Back 52

o ADT (admission, discharge, transfer – know where the patient is in the process)
o Computerized Billing and A/R
o CPOE (Computerized Physician Order Entry)
o Pharmacy System
o Intervention (Clinical) Documentation
o e-MAR’s (electronic Medication Administration Record)
o Automated Dispensing Cabinets
o Pharmacist must verify physician’s order before the nurse can access the medication
o Drug Information

Front 53

Uses of Technology (9)

Back 53

o MUE’s (Medication Utilization Evaluation)
o Allergy screening
o Clinical Documentation
o Drug Interactions
o Pharmacology, Toxicities
o Populate Nursing Records
o Automatic Billing
o Department Statistics (including financial)
o Remote Dispensing (Telepharmacy)

Front 54

Reasonable accommodations for struggling employees (4)

Back 54

Job Redesign or Restructuring
Modifying or Providing Special Equip
Providing Readers or Interpreters
Modifying Training or Examinations

Front 55

5 Types of Difficult Bosses

Back 55

Micromanager
Procrastinator
Idiot
Dictator
Abuser

Front 56

Some ways to defuse the “Boss” (9)

Back 56

Acknowledge what is said
Collaborate on new ideas
Build a relationship
Understand how to fit in
Learn “pet” peeves
Anticipate needs
Think one level up
Be open to new ideas
Be engaged in your work

Front 57

Some Reasons for Med Errors

Back 57

1. Poor Communication
2. System is Broken (didn’t follow or know procedure)
3. Dangerous Abbreviations
4. Inexperience or Lack of Knowledge
5. Look-a-Like, Sound-a-Like Drugs
6. Poor work environment
7. Poor Staffing or Lack of Available Staff
8. Poor/Lack of Technology
9. Lack of checking in dispensing or compounding process
10. Poor in-service education/patient counseling
11. Lack of focus on quality
12. Poor training
13. Illegible handwriting

Front 58

Methods to Reduce Med Errors

Back 58

1. Reporting medication errors and how they were resolved.
2. Monitor and assess “misses”.
3. Perform medication reconciliation.
4. Eliminate use of dangerous abbreviations.
5. Use of validated technology (computers, bar coding, e-MAR’s)
6. Decentralizing pharmacists.
7. Creating medications safety officers.
8. Forming a medication safety committee.
9. Applying CQI processes.
10. Standardization (protocols, PPO’s).
11. Establishing max doses for high risk medications.

Front 59

Automated Medication System Features to Prevent Med Errors (10)

Back 59

1. Comprehensiveness
2. Focus: accommodate all dosage forms
3. Unit Dose Dispensing
4. Signals to nurse when to admin
5. Labeling
6. Machine IDs individual
7. Controlled access
8. Capture Dose Admin
9. Drug Use Information
10. Controls

Front 60

Real value of cash flow analysis is...

Back 60

to determine if you are spending more than you are receiving.

Front 61

Adjusted Patient Days (APD) =

Back 61

I/P + O/P Revenue X I/P Days
I/P Revenue

Front 62

Manager/Leader Styles (3)

Back 62

Autocratic
Democratic
Laissez-Fare

Front 63

Some Things to Look for Before Accepting a Position in a Hospital (8)

Back 63

1. Formulary and formulary process.
2. Pharmacy org chart.
3. Pharmacy layout & environment (work flow, attitude of employees).
4. Centralized or decentralized.
5. Services provided (verify).
6. Extent and type of automation.
7. Pharmacy mission statement.
8. Pharmacy core values.

Front 64

Visions create the opportunity to change
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Back 64

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Front 65

“None of us is as smart as all of us.”
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Back 65

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Front 66

Power is the ability to absorb uncertainty.
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Back 66

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Front 67

Distinctions between a manager and leader as identified by Benis (8)

Back 67

1. Managers administrate, Leaders Motivate
2. Managers ask how/when, Leaders ask what/why
3. Managers Focus on Systems, Leader Focus on people
4. Managers do things right, Leaders do the right thing
5. Managers Maintain, Leaders develop
6. Managers Rely on Control, Leaders inspire trust
7. Managers have short-term perspectve, leaders have long-term perspective
8. Managers Accept the status quo, Leaders challenge the status quo