Pharmacy Financial

Card Set Information

Author:
vickizhu92
ID:
89606
Filename:
Pharmacy Financial
Updated:
2011-06-07 07:51:27
Tags:
pharmacy exam technician
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Description:
financial aspect of pharmacies
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  1. accounts payable ledger
    a record of what a pharmacy owes its suppliers and other creditors
  2. accounts receivable ledger
    a record of what is wed to the pharmacy by patients, insurance companies, government agencies, and managed-care contractors
  3. asset
    anything that is owned by the pharmacy
  4. average wholesale price (AWP)
    the average price at which a wholesaler sells a drug to pharmacies
  5. balance sheet
    • statement of the financial condition of the business at a given time
    • assets = liabilities + net worth
  6. capitatation
    • a fixed fee paid to a pharmacy by an insurance company to provide medications to a patient.
    • pharmacy doesn't get additional fees if the patient's prescriptions cost more than what has been reimbursed
  7. cash disbursements journal
    a record of pharmacy expenditures (payments)
  8. cash flow statement
    • a record of cash receipts and disbursements
    • out and in
  9. cash receipts journal
    a record of cash that comes into the business
  10. income statement
    a record of profit or loss that shows the financial transactions that have occurred over a specified time period
  11. invoice
    a document showing items purchased at one time from a specific supplier
  12. liability
    what is owed to a creditor
  13. maximum allowable cost (MAC)
    the maximum amount a pharmacy will be reimbursed for a prescription drug
  14. net worth
    the value of the business that belongs to the owner
  15. overhead
    • the ongoing cost of running the business.
    • includes utilities, rent, etc.

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