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19 FALL- Financial Management > Test 1 > Flashcards

Test 1 Flashcards

1
Q

factors affecting the delivery of pharmacy goods and services

A
  1. patient demographics
  2. patient attitudes and belief systems
  3. third-party payers and coverage issues
  4. competitive markets
  5. technology
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2
Q

patient demographics

A

age, ethnic composition, education, economic status

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3
Q

patient attitudes and belief

A

beliefs about disease, sick role, and taking meds, trust or lack of trust in the healthcare delivery system, direct-to-consumer advertising of prescription drugs

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4
Q

third-party payers and coverage issues

A

complexity and differences among payers’ policies and formularies, limited access for some patients, patients’ lack of knowledge

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5
Q

competitive markets

A

diminished margins (lessening profits), increased diversity in the types of providers offering products and services

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6
Q

technology

A

software, use of automated dispensing technology

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7
Q

accounting

A

recording financial transactions, preparing financial statements, analysis of profitability, determination of business strengths and weaknesses, computation of tax liability

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8
Q

finance

A

determine financial needs, identify sources of capital, develop operating budgets, invest profits, manage assets

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9
Q

economics

A

determine the optimal mix of labor and capital, determine optimal output, determine optimal hours business operation, determine levels of investment into risk management

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10
Q

human resources management

A

conduct job analyses, hire personnel, orient and train personnel, appraise personnel performance, terminate employment

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11
Q

marketing

A

identify and implement competitive advantages, identify target markets, implement and evaluate promotional strategies, select proper mix of merchandise, properly arrange and display merchandise and products, price goods and services

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12
Q

operations management

A

design workflow, control purchasing and inventory, perform continuous quality improvement initiatives

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13
Q

management

A

process which brings together resources and unites them in such a way that, collectively they achieve goals or objectives in the most efficient manner possible, organization and efficient utilization of resources.

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14
Q

leader

A

ability to inspire and direct others. leader does not have to be a manager and a manager does not require acting as a leader

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15
Q

fayol’s five management functions

A

forcast and plan, organize, command, coordinate, control

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16
Q

resources managers manage

A

money, people, time, materials, information

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17
Q

levels of manager impact

A

individual (self), interpersonal (one person), organizational (groups of people)

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18
Q

planning

A

predetermining a course of action based upon an organization’s goals and objectives

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19
Q

organizing

A

arranging activities and resources necessary for the effective accomplishment of goals and/or objectives

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20
Q

leading/directing

A

bringing about purposeful action to achieve the desired goals/objectives or outcomes

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21
Q

controlling/evaluating

A

reviewing the progress that has been made toward the objectives that were set out in the plan, then making appropriate changes or effectively seeking remedy

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22
Q

innovation

A

change where new ideas lead to radical breakthroughs that transform practice enivroments or incremental improvements in existing products, processes or services

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23
Q

entrepreneurship

A

practice of organizing, managing, and assuming the risk of business, creating a focused change in an organization’s social or economic potential

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24
Q

key characteristics of entrepreneurship

A

creates its own corporate hierarchy, build own support network, locate and obtain resources for the new venture, faces personal financial risk, image and reputation must be created over time

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25
Q

intrapreneurship

A

works within an existing corporate hierarchy, has an existing support network, relies on existing organizational funds/resources, faces career risk, organization lends its name and reputation to venture

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26
Q

micro view of entrepreneuriship

A

focuses on internal characteristics associated with success (those within the actual control or direction of the entrepreneur)

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27
Q

Entrepreneurial traits:

A

achievement, creativity, determination, technical knowledge

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28
Q

Venture opportunity

A

seeking resources to obtain, develop, and implement products, processes, or services that are entirely novel or improvements of existing innovations

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29
Q

Strategic formulation:

A

planning for entrepreneurial effectiveness, involving leveraging specific resources to be used explicitly for entrepreneurial functions

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30
Q

Macro view of entrepreneurship

A

focuses on external components associated with entrepreneurial effectiveness (those beyond the immediate control or direction of the entrepreneur)

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31
Q

Environmental:

A

aspects of institutions including values and norms that create infrastructure from which the entrepreneur operates

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32
Q

Financial/capital:

A

analyzing and acquiring external monetary sources to fund entrepreneurial activity

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33
Q

Displacement:

A

an event or circumstance that is related to being prevented, redirected, or displaced from conducting activities may be a factor in the choice to be an entrepreneur

34
Q

Four distinct events associated with effective entrepreneurial activities:

A

innovation, triggering events, implementation, and growth

35
Q

Four distinct events associated with effective entrepreneurial activities influenced by

A

personal, sociological, organizational, and environmental factors.

36
Q

Entrepreneurial Assessment Approach

A

Emphasizes the importance of making several assessments such as qualitative, quantitative, strategic, and ethical that inform the selection or implementation of entrepreneurial activities

37
Q

methods to stimulate innovation within organizations

A

Feedback that motivates and promotes those who behave in an innovative manner, Continuous learning, studying, and facilitating open dialogue promotes skills development and identification of shortcomings in existing products, processes, and services within an organization, Candidness on the part of the leader or manager about actual issues, goals, and strategies

38
Q

four categories of risk incurred by entrepreneurs

A

financial, career, social, physiological

39
Q

financial entrepreneur risk

A

loss of personal funds or accumulation of debt that may be difficult to repay if the venture fails

40
Q

career entrepreneur risk

A

venture failure may change standing within the industry or organization or make it harder to pursue future ventures, find other work, or return to previous work

41
Q

Social entrepreneur risk

A

increased commitments required to innovate might take away from family, friendships, or social experiences

42
Q

Psychological entrepreneur risk

A

stress, anxiety, and depression are possible when navigating a venture or the failure of a venture

43
Q

A strategic plan involves

A

where the organization wants to go
how it can get there
what it needs to watch out for
what it is likely to cost

44
Q

Steps of Strategic Planning

A
  1. Organizing team, including key stakeholders
  2. Identifying organization’s strategic direction
  3. Conducting a strategic analysis
  4. Defining major goals
  5. Developing an action plan
  6. Developing a monitoring and evaluation system
  7. Communicating the plan to others
45
Q

mission statement

A

concise explanation of the organization’s reason for existence

46
Q

vision statement

A

inspirational and aspiration statement that creates a mental image of the ideal state that the organization wishes to achieve

47
Q

SWOT analysis

A

valuable tool in the early strategic planning process used to critically assess and analyze the internal and external factors that may affect the organization, the strategic plan, and the plan’s target market

48
Q

Internal SWOT factors

A

Strengths: positive tangible and intangible attributes internal to an organization
Weaknesses: factors within an organization’s control that detract from its ability to attain the core goal

49
Q

External SWOT factors

A

Opportunities: attractive factors that represent the reason for an organization to exist and develop
Threats: factors beyond an organization’s control that could place the organization mission or operation at risk

50
Q

Determine the elements of a monitoring and evaluation plan

A

(1) Determining monitoring strategies, (2) establishing measures or metrics, (3) setting a schedule for evaluations

51
Q

Make recommendations to improve communication of a strategic plan.

A

Use simple, straightforward language with a clear, concrete description of the actions to be taken, a timeline to complete the plan, the outcomes expected, and the resources available. Be prepared. Tell the truth
Make sure the person receiving the communication understands the message. Be consistent. Be brief

52
Q

benefits of strategic planning

A

Promotes employee morale, motivation, and commitment
Enhances organizational processes and financial performance
Facilitates better comprehension of organizational goals

53
Q

Criticisms of strategic planning

A

Practiced too rigidly
Hinders creativity and innovation in response to a changing environment
Fails to influence the overall direction of the organization

54
Q

business plan

A

formal document that contains background information about the intended opportunity and key participating members and describes and details supporting information concerning attaining goals.

55
Q

business plan Executive Summary

A

brief summary of the highlights of the plan

56
Q

business plan business profile

A

define and describe the intended business and explain how goals will be achieved

57
Q

business plan products/services

A

define which products and/or services will be offered by the business

58
Q

business plan operations and management

A

describe the intended organizational structure and operations (functioning business), including assigned responsibilities and tasks, workflow, and required resources and expenses (including technology); also address staffing/personnel plans, gaps, or needs

59
Q

business plan financials/economic

A

complete assessment of the economic environment in which the business will operate including a one-year cash flow assessment, what could go wrong, and how you will address problems

60
Q

business plan summary and conclusion

A

highlight critical points of the proposal

61
Q

business plan appendices

A

supporting documents

62
Q

sources of funding for a business

A

SBA (Small Business Administration) loans [does not loan directly but helps a business receive a loan from a bank or lender]

Angel Investors and Venture Capitalists
Credit Cards
Bank Loans
Home Equity Loans

63
Q

List the five C’s, or characteristics, of credit

A

Character, capacity, capital, collateral, and conditions

64
Q

Proprietorship

A

One owner
o Liability: unlimited, personal liability
o Taxes: owner pays tax on personal returns
o Can deduct losses on personal returns
o Ownership: totally transferable

65
Q

Partnership

A

Two or more owners
o Liability: unlimited, all partner jointly liable for actions of the other partners
o Taxes: profits divided among partners and each must individually pay tax on personal returns
o Can deduct losses on personal returns
o Ownership: may need consent of other partners to transfer

66
Q

Corporation (3 types)

A

“C” Corporation, “S” Corporation, Limited Liability Corporation (LLC)

67
Q

“C” Corporation

A

Unlimited owners
§ Liability: personal liability limited to the amount invested to the limit of assets of the company
§ Taxes: corporation pays taxes on profit and shareholders pay tax on dividends on personal returns
§ CANNOT deduct losses on personal returns
§ Ownership: totally transferable

68
Q

“S” Corporation

A

§ No more than 75 shareholders
§ Liability: personal liability limited to the amount invested to the limit of assets of the company
§ Taxes: profits flow to shareholders and each must individually pay tax on personal returns
§ Can deduct losses on personal returns
§ Ownership: transfers may be limited in order to preserve S status

69
Q

Limited Liability Corporation (LLC)

A

Unlimited owners; single owner permitted in most states
§ Liability: personal liability limited to the amount invested
§ Taxes: flexible; profits flow to members and individuals pay tax on personal returns
§ Can deduct losses on personal returns
§ Ownership: generally need consent of all owners to transfer

70
Q

job analysis

A

process used to collect information about the duties, responsibilities, necessary skills, outcomes, and work environment of a particular job.

71
Q

skills inventory

A

tool utilized by job seekers and employers to determine necessary attributes to fulfill expectations developed in the job analysis.

72
Q

Professional competence components include

A 
Pharmaceutical, pharmacotherapy, and pharmacy-specific knowledge and skills
o   Cognitive aspects
o   Technical skills
o   Integration of reasoning, judgement, and knowledge
o   Understanding of context
o   Management of relationships
o   Emotional intelligence
o   Cultural competence
73
Q

Cultural competence

A 
Awareness (of one’s own cultural view)
o   Attitude (toward cultural differences)
o   Knowledge (of different cultural practices)
o   Skills (cross-cultural)
74
Q

Internal stakeholders

A

directly involved in day-to-day operations such as managers and employees. They have a strong grasp of what may or may not be needed.

75
Q

External stakeholders

A

include patients, vendors, lenders, and community/government leaders. They tend to contribute unique perspectives and valuable input due to their position outside the organization

76
Q

SMARTER goals

A

Specific, Measurable, Acceptable, Realistic, Time-based, Extending, and Rewarding

77
Q

What are the four P’s of marketing

A

Product, price, promotion, and place

78
Q

key actions to ensure successful communication of a strategic plan

A

Communicate both verbally and in writing
Use simple, straightforward language to describe the actions to be taken, the timeline to complete the plan, outcomes expected, and available resources.
Be prepared
Tell the truth
Make sure the person receiving the communication understands the message
Be consistent
Be brief

79
Q

four requirements for effective strategic plan execution

A

Realistic expectations of outcomes
Sound judgement of those executing the plan
Implementing the monitoring and evaluation plan
Promoting high employee performance

80
Q

Donabedian’s structure-process-outcome framework used when constructing an action plan

A 
Structure = physical setting
Process = the service that will be provided
Outcome = the result of the service
81
Q

value of an organizational SWOT analysis

A

It may serve as a complement to a market analysis.

82
Q

Porter’s five forces framework used to conduct a market analysis

A
  1. Threat of entry or new competition
  2. Threat of substitute products/services
  3. Bargaining power of consumers
  4. Bargaining power of suppliers
  5. Intensity of competitive rivalry

19 FALL- Financial Management (3 decks)

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