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Pharmacy Management (P1 Spring) > Managing Risk 1- Syed > Flashcards

Managing Risk 1- Syed Flashcards

1
Q

_______ is anything that threatens the ability of a person or a organization to accomplish its mission.

A

Risk

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2
Q

T/F?
Within RISK there is some degree of probability that exposure to a hazard will lead to a negative outcome or consequence.

A

True

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3
Q

Speculative Risk

A

a chance of GAIN or benefit as well as LOSS

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4
Q

Pure Risk

A

ONLY the opportunity of SUSTAINING a LOSS; there is NO opportunity for gain

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5
Q

Name the type of RISK?

A break-in to your pharmacy in which half of your assets are stolen.

A

INSURABLE (pure) RISK

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6
Q

What is the criteria for insurable risk (6)

A
  • The loss must be MEASURABLE in dollar figures, easy to measure, and result in substantial loss
  • The loss must have a DEFINED TIME AND PLACE
  • The loss must be ACCIDENTAL for the insured
  • The PROBABILITY of the event occurring in a population can be ACCURATELY CALCULATED
  • The insured must have an INSURABLE INTEREST
  • The insurance PREMIUM must be available for a REASONABLE COST
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7
Q

Developing a RISK Management Strategy involves what 4 things?

A
  • ANALYZE and IDENTIFY strategies to MANAGE THREATS
  • ASSESS the THREAT POTENTIAL
  • make DECISIONS on MANAGING the risks
  • PROTECT the VITAL ASSETS of a pharmacy
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8
Q

What are the 5 steps in the Risk Management Process?

A
  • Establish the CONTEXT
  • IDENTIFY and ANALYZE risk
  • EVALUATE and PRIORITIZE the risk
  • Select an APPROPRIATE risk management STRATEGY and IMPLEMENT the technique
  • MONITOR DECISIONS and UPDATE the program
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9
Q

Name the 4 techniques for managing RISK.

A

APAS

  1. Risk AVOIDANCE
  2. Risk PREVENTION /modification
  3. Risk ABSORPTION/retention
  4. Risk SHARING or transfer
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10
Q

T/F?

MOST instances of RISK MANAGEMENT will use a combination of risk PREVENTION, ABSORPTION, and SHARING TRANSFER

A

True

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11
Q

Name the 7 types of PHARMACY INSURANCE.

A
  • Property Insurance
  • Liability Insurance
  • Business Owner’s Policy
  • Individual Professional Liability Insurance
  • Key Person Insurance
  • Umbrella or Excess Liability
  • Worker’s Compensation
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12
Q

What type of pharmacy insurance protects the property and physical assets?

A

Property Insurance

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13
Q

T/F?

PROPERTY INSURANCE is also called Causality Insurance.

A

False

-LIABILITY INSURANCE

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14
Q

______ insurance protects against claims when it is sued for damages or injuries caused by negligence of the business or its employees and is also called CAUSALITY INSURANCE.

A

Liability Insurance

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15
Q

What type of pharmacy insurance is composed of a BUNDLE of PROPERTY and LIABILITY insurance for small business owners (less than 100 employees)

A

Business Owner’s Policy

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16
Q

T/F?

Business Owner’s Policies are for small business owners with employees

A

TRUE

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17
Q

What type of pharmacy insurance protects individual against claims emanating from actual or alleged errors of omissions, including negligence, in the course of professional duties or activities?

A

Individual Professional Liability Insurance

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18
Q

________ insurance protects a business from financial loss if key individuals were to die or experience a disability.

A

Key Person Insurance

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19
Q

________ Liability covers the DIFFERENCE between the BASE LIABILITY and the JUDGEMENT amount.

A

Umbrella or Excess Liability

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20
Q

Medical expenses, disability incomes, and death benefits to dependents of an employee whose accident, illness or death is job-related describes what type of pharmacy insurance?

A

Worker’s Compenstation

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21
Q

T/F?
Worker’s Compensation is always required when a small business has it’s own employees and is usually regulated by the state.

A

True

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22
Q

T/F?

Small business that staff via a temp agency MUST provide Worker’s Compensation.

A

False

- the temp agency is responsible for Worker’s Compensation

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23
Q

T/F?

If all pharmacy staff are OWNER’S, Workers Compensation is NOT required.

A

True

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24
Q

Name the 4 emerging risks associated with modern pharmacy practice.

A
  • OBRA 1990
  • HIPPA 1996
  • Information Technology (Related/Digital Risk)
  • Electronic Medical Records and e-Prescribing
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25
Q

The Omnibus Budget Reconciliation Act of 1990 (OBRA 1990)- 3

A
  • Previous duty to warn resided with the prescribing physician
  • Prospective DUR and patient counseling
  • 9% of pharmacy claims are drug review claims
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26
Q

The Health Insurance Portability and Accountability Act of 1996 (HIPPA 1996)- 3

A
  • Conducts risk assessments
  • Appoints security and privacy officers (compliance officers)
  • Implement policies and procedures
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27
Q

T/F?

OBRA 1990 Protects all “individually identifiable health information”.

A

False

HIPPA 1996

28
Q

T/F?

If there is an URGENT need then an exception to HIPPA can be made. i.e. POLICE INVESTIGATIONS

A

True

29
Q

What 4 types of risk are associated with INFORMATION TECHNOLOGY.

A
  • STRATEGIC RISK
  • PERFORMANCE RISK
    - System requirements
    - Modularity
  • OPERATIONAL RISK
  • PSYCHOLOGICAL RISK
30
Q

All of the following are examples of ______ Risk (Information technology)

  • Internal fraud
  • External fraud
  • Computer homicide
  • Digital veil
  • The human–automation trade-off
  • System failures
A

Operational Risk

31
Q

T/F?

Risk is defined as a negative outcome or the CAUSE for a negative outcome.

A

True

32
Q

What 2 ways can RISK be assessed?

A
  • Quantitatively

- Qualitatively

33
Q

Quantitative Approach (2)

A
  • Doesn’t divide events into causes and outcomes explicitly

- Probability is assigned to each possible relationship whose development is undesirable

34
Q

Qualitative Approach (3)

A
  • Provides a better understanding of both cause and outcome
  • Identification of causes and predictions of outcomes is better
  • Identification of outcomes and predicting causes to minimize risk is harder
35
Q

Standards for pharmacist are derived from _____ and _____ standards and values.

A

LAWS and PROFESSIONAL

36
Q

T/F?

Violations of pharmacist standards can affect the licensure status of pharmacies and pharmacist.

A

True

37
Q

Violations from laws and professional standards and values can result in what 2 things?

A
  • Litigation (an action in court to enforce a particular right)
  • Criminal prosecution
38
Q

Laws and professional standards and values consist of what 2 things?

A
  • statues and regulations

- professional codes of ethics

39
Q

T/F?

Authority to regulate foods and drugs sold in interstate commerce was given by the STATE

A

False

-US Constitution

40
Q

Drug Importation Act of 1848 (2)

A
  • Was the only federal law regulating drugs until the 20th century
  • Empowered the US Customs Service to prevent the importation of adulterated drugs from other countries
41
Q

What was prompted by the publication of The Jungle?

A

Pure Food and Drug Act of 1906

42
Q

Purpose of the food and Drug Act of 1906

A

“for preventing the manufacture, sale or transportation of adulterated or mis-branded or poisonous or deleterious foods, drugs, medicines, liquors, and for regulating traffic therein”

43
Q

________ required foods and drugs to be HYGIENIC, ACCURATELY LABELED, but DID NOT require drugs to be SAFE.

A

The Pure Food and Drug Act of 1906

44
Q

_____ was preceded by the Elixir Sulfanilamide tragedy of 1937 and required PREMARKETING SAFETY testing.

A

The Food, Drug and Cosmetic Act of 1938 and Amendments

45
Q

1951 Durham-Humphrey Amendment (2)

A

created 2 categories:

  • RX only category
  • OTC drugs
46
Q

1962 Kefauver-Harris Amendments (3)

A
  • Preceded by the Thalidomide tragedy of the 1960s
  • Testing both SAFETY and PROOF OF EFFICACY
  • Well-controlled clinical trials.
47
Q

What ACT says that pharmacies may not stock, possess, or sell any prescription drug samples?

A

Prescription Drug Marketing Act of 1987 (prohibits the diversion of rx drug samples into the retail market sector)

48
Q

OBRA 1990

In order to receive federal monies, states participating in Medicaid had to establish standards for what 3 things?

A
  • Maintaining proper patient records
  • Prospective drug use review (pro-DUR)
  • Patient counseling
49
Q

T/F Employee training programs, education, and established policies and procedures are essential to manage risk.

A

TRUE

50
Q

the scope (extent) of protection provided under an insurance contract

A

coverage

51
Q

a provision that requires the insured party to share some of the costs of covered services/losses on a fixed percentage basis

A

coinsurance

52
Q

a type of health insurance that provides MONTHLY INCOME to the policy holder if s/he become unable to work b/c of an illness or accident

A

disability insurance

53
Q

individual responsibility for causing injury to another person or damage to another’s property through negligence

A

liability

54
Q

failure to use reasonable care

A

negligence

55
Q

insurance terminology for risk, possible cause of injury, or event causing damage or loss

A

peril

56
Q

term used to describe a document that amends or changes the original policy

A

rider

57
Q

a form of insurance protection in excess of the amount covers by other liability insurance policies

A

umbrella liability (covers the difference between the BASE LIABILITY and the JUDGMENT AMOUNT)

58
Q

______ was the first state in 1870 to enact a state pharmacy practice act

A

Rhode Island

59
Q

What did the state pharmacy practice act establish? (2)

A
  • conduct of pharmacies and ancillary staff

- physical facilities licensed as pharmacies

60
Q

T/F Most states extended standards to benefit ALL patients, not just Medicaid

A

TRUE

61
Q

HIPAA is an amendment to what act?

A

Social Security Act

62
Q

T/F The prescription drug marketing act of 1987 Restricts the annual distribution of prescription drugs by pharmacies to other pharmacies to no more than 5% of the annual dollar value of prescription drug sales for the distributing pharmacy.

A

TRUE

63
Q

State Prescription Drug Monitoring Programs are used to help….

A

curb the practice of “doctor shopping”

64
Q

Collect information on controlled substances and “drugs of concern” dispensed within the state and maintain an electronic database of the information

A

State Prescription Drug Monitoring Program

65
Q

based on precedent established by the outcomes of previous civl cases

A

case law

66
Q

deals with how to reduce and manage exposure to risk

A

risk management

67
Q

T/F One approach to ensure minimum legal standards are met is by setting up programs to foster performance improvement

A

TRUE

Pharmacy Management (P1 Spring) (11 decks)

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