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Pharmacy Management > Exam 1 > Flashcards

Exam 1 Flashcards

1
Q

Qualities of a good leader

A

Communication, accountability, emotional intelligence

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2
Q

Fastest growing healthcare spending category

A

Prescription drugs, mainly driven by specialty medications

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3
Q

What is the big L in leadership

A

Big Ls are a formal position of authority expected to lead

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4
Q

What is a little L in leadership

A

Little ls don’t have a formal position of authority yet they lead by example

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5
Q

List the elements of strategic planning

A

Vision, values, focus area, objectives, projects, KPIs

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6
Q

vision statement, focus area, project, strategic objective, values.

List in chronological order

A

Vision statement
Values
Focus area
Strategic objective
Project

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7
Q

What is a vision statement

A

Concise statement about future state of organization. It defines what an organization does and quantifiable factors

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8
Q

How does vision statement differ from mission statement

A

Mission statement is more specific and explains how vision will be achieved

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9
Q

Structure of a vision statement

A

3-5 focus areas with no more than 6 words each.

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10
Q

Strategic objective

A

Action + detail + deadline
Should align with focus area and includes 3-6 objectives

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11
Q

Design structure matrix

A

Shows how each element in the system relates to every other element.

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12
Q

Activity on node diagram

A

Provide a visual of networking logic. Each node indicates an activity and length reflects time.

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13
Q

Gantt Chart

A

Shows elements and timing simultaneously, most efficient method for project completion

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14
Q

Most well-known tool for strategic planning

A

Gantt chart, demonstrates timing and elements together

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15
Q

KPI stands for

A

Key performance indicator, show progress toward objectives

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16
Q

KPIs are used

A

to track, measure, analyze financial health of a company

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17
Q

Categories analyzed with key performance indicators (5)

A
  1. Profitability
  2. Liquidity: How assets can be converted to cash
  3. Solvency: Ability to pay debts
  4. Efficiency
  5. Valuation: Value of company
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18
Q

Where are KPIs often found

A

Located on balance sheets, income statements, cash flow statements, annual reports

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19
Q

True or False: Financial status of organizations dictate quality of their products

A

False

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20
Q

Non-financial KPIs are associated with

A

Indicators that correspond to future change. Supplement financial KPIs and are easier to incorporate into strategic planning

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21
Q

Non-financial measures

A

Customer satisfaction, timeliness, customer retention, new customers, productivity

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22
Q

Customer perspective of KPIs include

A

Length of stay in hospital

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23
Q

Example of internal process KPI

A

During the COVID-19 pandemic, ED visits decreased so staff was relocated to other services which made it difficult to supply meds during surges

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24
Q

Innovation and learning KPI involves

A

Bringing in new technology or education to continuously improve service

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25
Q

Internal process KPIs determine

A

how to use available resources most efficiently

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26
Q

What category is this: Use of a closed system transfer device for chemo compounding

A

Innovation and learning. Expensive but safer

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27
Q

HEDIS

A

Health Effectiveness Data and Information Set: ONe of most widely used performance improvement tools

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28
Q

What does HEDIS measure

A

Measures across 6 domains:
Effectiveness of Care
Access to care
Experience of care
Utilization
Health plan descriptive

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29
Q

What is the foundation for finance

A

Accounting

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30
Q

What is accounding

A

Develop financial statements to convey the financial performance of the company

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31
Q

What is a balance sheet

A

Financial statement reporting the company’s assets, liabilities, and shareholder equity

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32
Q

What are assets

A

Liabilities and equity, they are owned by a company and have a measurable value

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33
Q

Current vs. Noncurrent assets

A

Current: Have cash value within 1 year

Noncurrent: Not expected to be converted to cash within 1 year

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34
Q

Type of asset: Accounts receivable

A

Current asset

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35
Q

Type of asset: inventory

A

Current asset

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36
Q

Type of asset: Pre-Paid expenses

A

Current asset

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37
Q

Type of asset: cash

A

Noncurrent asset

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38
Q

Type of asset: property

A

noncurrent asset

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39
Q

Type of asset: Accounts receivable

A

noncurrent asset

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40
Q

Type of asset: debt

A

neither

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41
Q

Type of asset: employees

A

neither

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42
Q

Type of asset: accounts payable

A

neither

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43
Q

Liability

A

Something owed such as loans, accounts payable, mortgages, tax liabilities

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44
Q

What is equity

A

Shareholders ownership in company. Cash would be returned to shareholders if assets were liquidated and debts paid off

45
Q

Income statement

A

Focus on revenues and expenses during a period of time

46
Q

Operating revenues

A

Primary activities like selling products or services

47
Q

Nonoperating revenues

A

Secondary non-business activities such as interest, partnerships, royalties

48
Q

Gains

A

Money made from other activities such as sale of long-term assets from non-business activities

49
Q

What expenses are required for normal operations

A

Primary expenses such as cost of goods sold, selling, general expenses, research and development

50
Q

What are secondary expenses

A

From non-core business activities such as interest payments

51
Q

Cost of Goods Sold

A

Direct costs of Goods Sold (such as material and labor costs)

52
Q

True or false: Many large companies operate with a positive net income

A

False

53
Q

What is net income

A

(revenue + gains) - (expenses + losses)

54
Q

Income statement conveys

A

profitability and business activities of company to stakeholders relative to industry peers. They are used for comparison across different businesses and assist with decision-making

55
Q

Cash flow statement

A

Summarize movement of cash and equivalents. It measures how well the company generates cash to pay debt obligations

56
Q

3 activities included in cash flow statements

A

Operating (products/services)
Investing
Financing

57
Q

Shareholder equity statement

A

Shows owner’s claims after subtracting total liabilities from assets

58
Q

Positive shareholder equity statement means

A

Company has enough assets to cover liabilities

59
Q

GAAP

A

Generally accepted accounting principals, regulated by the US to improve communication of financial information.

60
Q

Ratio analysis is used for

A

Investing by evaluating the company’s overall financial performance

61
Q

what is a ratio analysis

A

Standardized ratios to trend performance over time or compared to others

62
Q

Ratio analysis does not always correlate with stock price/performance. TRUE OR FALSE

A

TRUE

63
Q

Liquidity ratios represent

A

Ability to pay off current debts with existing capital

64
Q

To cover short-term debt, what must you do with assets

A

Assets must be converted to cash quickly

65
Q

Profitability

A

A measure of an organization’s profits relative to its expenses

66
Q

Solvency

A

The ability of a company to meet its long-term debt. The ability to pay off long-term debts (usually longer than 1 year)

67
Q

Efficiency

A

Peak level of performance that uses least number of inputs to achieve the highest amount of output

68
Q

Valuation

A

Analytic process of determining the current (or projected) worth of an asset of a company

69
Q

Impact of Net Promotor Score

A

Can use it to determine which pharmacies can dispense their medications and how much it would cost

70
Q

Fixed productivity

A

Production is not reflective of outputs.

Example: Manager’s productivity measure is days worked, does not reflect what they did

71
Q

Variable productivity

A

Production directly reflect output

72
Q

Elements of a strategic plan: Vision

A

Short statement about the future and where you want to go

73
Q

Elements of a strategic plan: value

A

Enablers of the vision statement, how you’ll behave on the journey

74
Q

Elements of a strategic plan: objective

A

Action, detail, and deadline

75
Q

4 financial metrics

A

Profitability, liquidity, solvency, efficiency

76
Q

Non-financial performance initiatives (3)

A

customer, internal processes, innovation and learning

77
Q

Net income equation

A

(revenue + gain) - (expenses + losses)

78
Q

What are some situations that would increase productivity

A

More output with same input
OR
More output with less input

79
Q

Money in the present is worth [more/less] than the same amount of money in the future

A

more

80
Q

Inventory cycle

A

Amount of time it takes to produce and deliver an order. It takes into account usage rate, quantity on hand, and reorder points.

81
Q

Element of a good KPI

A

Must be aligned with a specific project and/or objective

82
Q

HEDIS domains (6)

A

Effectiveness of care, access of care, experience of care, utilization, health plan information, measures using electronic data system

83
Q

HEDIS financial implication

A

how much you get paid based on performance in 6 domains

84
Q

Future domains of HEDIS

A

Flexibility, accuracy, ease, insight, access

85
Q

Current ratio

A

Measures a company’s ability to pay its current liabilities with its total current assets. Higher ratio is better

86
Q

Debts to total assets ratio

A

Total amount of debt relative to assets owned. Higher is riskier

87
Q

Asset turnover ratio

A

Efficiency of assets generating revenue. Higher is better

88
Q

Accounts receivable turnover ratio

A

Evaluate efficiency of revenue collection. Measures how often a company collects money. Higher is better

89
Q

Inventory turnover ratio

A

Number of times an enterprise sells out of its stock of costs within a period. Higher needs more inventory, lower could result in expired products

90
Q

Profitability ratios

A

Used to assess a business’s ability to generate earnings relative to its revenue and costs

91
Q

Margin ratio

A

Looks at gross profit, compares profit to sales revenue

92
Q

Return ratios

A

Looks at return on assets and equity

93
Q

Productivity

A

Universal measurement of efficacy, looks at output and input

94
Q

Productivity equation

A

P = O/I

95
Q

Factors surrounding productivity

A

human, tech, managerial, economic, etc

96
Q

Gross Domestic Product

A

Single-best measure for global comparison. Labor productivity * Fraction of people in workforce

97
Q

What happens when supply > demand

A

Create waste, expensive

98
Q

What happens when supply < demand

A

Missed opportunities and dissatisfied customers

99
Q

What happens when supply = demand

A

Ideal

100
Q

Inventory Management: Purchasing

A

Buy inventory to sell for more money, do not have too much excess

101
Q

Inventory management: Impact on customers

A

Right quantity of right goods in right place at right time

102
Q

Buffer inventory

A

For emergency shortages

103
Q

Seasonal inventory

A

High demand at certain times of the year

104
Q

Safety inventory

A

Extra to prevent out of stock situation

105
Q

Cycle inventory

A

Inventory for minimum needed. Example: Whitfield only gets 1 Orlissa a month so we only keep 1 in stock

106
Q

Pipeline inventory

A

Products are on route

107
Q

Cost shifting

A

Occurs when a provider charges an insured patient more than they do an uninsured patients to cover financial loss from patients not paying insurance

108
Q

Cause of cost shifting

A

Medicare/Medicaid have decreased payments in the hospital over time

109
Q

Implications of cost shifting

A

Commercial insurance premiums increase yearly because we are paying for people that can’t pay for themselves

Pharmacy Management (1 decks)

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