Pharmacy Management- Exam 1

Front 1

#1 complaint of employers concerning graduates lacking these skills and knowledge

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Management Skills

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To control the movement or behavior of, to lead or direct, or to succeed in accomplishing

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Management

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“Process which brings together resources and unites them in such a way that, collectively, they achieve goals or objectives in the most efficient manner”

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Management

Front 4

Determines the amount of liability the owners have on behalf of the business

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Business Structure

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The type of entity to conduct the legal pursuits of the business

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Legal Entity - Business Structure

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Hierarchical concept of subordination of entities that collaborate and contribute to serve one common aim

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Organizational Structure

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Below is an example of _____________.

Staff> Manager or PIC> Director or District Manager/ Supervisor> Regional>VP or CEO

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Organizational Structure

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Risk takers/Future leaders in business

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Entrepreneurship

Front 9

Financial health of the pharmacy

Income statement

Most important evaluator of performance

Report which represents a period of time

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Profit and Loss Statement

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What things are included in profit and loss statment?

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Sales driving force ( say in interview)
Beginning Inventory
Ending Inventory
Cost of Goods Sold- cost of merchandise
Gross profit
Controllable expenses - #1 payroll
Non-Controllable expenses
Net income-bottom line of what you made

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Who handles all personnel issues?

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Human Resources

Front 12

People capabilities that drive organizational performance

Experts on recruiting, hiring, termination

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Human Resources

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Development of a competitive strategy that sets the long-term direction of the organization

All things equal, the organization that plans best will perform the best

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Strategic Planning

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Employees’ wages for pharmacists, technicians, cashiers, and other support staff

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Payroll

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Largest controllable expense

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Payroll

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Process or technique of promoting, selling, and distributing a product or service

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Marketing

Front 17

Revenue from selling prescriptions, OTC products, and services such as MTM, immunizations

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Sales

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1st line item on P&L

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Sales

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Cost of doing business- can be controllable or non-controllable

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Expenses

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Controllable or Non-Controllable?

Wages

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C

Front 21

Controllable or Non-Controllable?

Rent

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NC

Front 22

Controllable or Non-Controllable?

Taxes

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NC

Front 23

Controllable or Non-Controllable?

Advertising

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C

Front 24

Controllable or Non-Controllable?

Vacation Pay

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C

Front 25

Controllable or Non-Controllable?

Supplies and Training

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C

Front 26

Controllable or Non-Controllable?

Telephone

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C

Front 27

Controllable or Non-Controllable?

Equipment Rentals

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NC

Front 28

Controllable or Non-Controllable?

Employee Discounts

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NC

Front 29

Controllable or Non-Controllable?

Depriciation

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NC

Front 30

Controllable or Non-Controllable?

Licenses and Fees

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NC

Front 31

Controllable or Non-Controllable?

Maintenance and Repairs

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NC

Front 32

Controllable or Non-Controllable?

Misc

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C

Front 33

Most asked question from leadership in regards to business proposal before taking action

Opening additional pharmacy in an area

Hiring additional pharmacist

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Return on Investment

Front 34

Evaluations to assess employee performance

Annual or 90 days

Formal or informal

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Performance Appraisal

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refers to any “thing” (tangible or not) that is capable of having value

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Asset

Front 36

refers to any responsibility of a company, its owners, or employees

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liablity

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specific form of liability

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negligence

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Process, procedures, and policies for conducting business

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SOP

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Program to minimize errors, accidents

Compliance officers

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Risk Managment

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program to assure quality

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Quality assurance

Front 41

Sales promotion as a comprehensive function including market research, development of new products, coordination of manufacture and marketing, and effective advertising and selling

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Merchandising

Front 42

An itemized list of current assets

Assets include rx or OTC products on hand for sale

Conducted annually

Control substance inventory-different process

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Inventory

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Conformity in fulfilling official requirements

HIPAA, CIA( corporate integrity agreement)

State rules and regulations

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Compliance

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What they are about, what they do, what are there needs-

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Mission Statment

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Gives direction, purpose, and perspective to the organization including management, staff, clients, and prospects

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Mission Statement

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What they are striving for, their future goal

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Vision Statement

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States where the company wants to be in the future, long term, usually three to five years into the future

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Vision Statement

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Sequence of business processes and activities from suppliers through customers

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Supply chain

Front 49

Manufacturer (Pfizer, JNJ, Proctor & Gamble), wholesaler, hospital or retailer
are all examples of _____________.

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Supply chain

Front 50

Act or an instance of diverting from a course, activity, or use

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Diversion

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Theft and illegally written prescriptions are examples of _____________.

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Diversion

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Systematic process of improvement in all aspects of pharmacy

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Continuous Quality Improvement

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Inclusion of diverse people (as people of different races or cultures) in a group or organization

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Diversity

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Valuing differences in employees because it is the right thing to do but mainly due to the importance for business

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Diversity

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Movement (as of goods or people) into, through, and out of a place

Ability to retain employees

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Turnover

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RPh turnover has ___________ in the recent years.

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declined

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Usually refers to monetary benefits such as salary, stock options, bonus, relocation

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Compensation

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Process for developing employees

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Career Planning

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To calculate or predict (some future event or condition) usually as a result of study and analysis of available pertinent data

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Forecasting

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List the stages of a "Life Cycle"

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Introduction phase
Growth stage
Maturity stage
Decline stage

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Generally a way of measuring an employees quantity of work in a specific area

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Full Time Equivalent

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A service (as health insurance) or right (as to take vacation time) provided by an employer in addition to wages or salary

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Benefits

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Medical, dental, vision, life insurance, PTO (vacation or sick), disability, FMLA, educational assistance, 401K or pensions are all examples of _______________.

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Benefits

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Sales minus expenses

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Net Profit

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Bottom line of how much money was made for a specified time period

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Net Profit

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An evaluation of a person, organization, system, process, enterprise, project or product

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Audits

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inventory, controlled substances are an example of __________ audits

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internal

Front 68

third party plans are an example of ___________ audits

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external