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Direct costs
Not incurred if the activity were not performed
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Indirect costs
Incurred even if the activity were not performed
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Internal standards
- Compare the pharmacy's COD to that calculated in previous reporting periods
- Trend analysis
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External standards
- Compare the pharmacy's COD to that of other, similar pharmacies
- Benchmarking
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Acquisition cost
The price the pharmacy actually pays for the product (after discounts)
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Procurement costs
Costs of checking inventory, placing orders, receiving and stocking, and paying invoices
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Carrying costs
Storage, handling, insurance and the opportunity costs of capital
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Out-of-stock costs
Frustration, inconvenience, lost sales, and lost customers
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Visual
Designated person monitors shelves and ordres when needed
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Periodic
Physical count is done at predetermined intervals
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Perpetual
Continuous, monitoring, often via point-of-sale technology with automated ordering when on-hand quantities drop below pre-defined minimum levels
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Cost-consequence Analysis
No direct calculations or comparison between measured costs and measured outcomes
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Cost-of-Illness Analysis
Attempt to quantify the full economic burden of a particular disease, illness or condition
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Cost-effectiveness Analysis
Measures costs in dollars and outcomes in natural health units that indicate an improvement in health
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Efficacy
- Outcomes of a tx under ideal conditions
- This is what the FDA requires for NDA approval
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Effectiveness
- Outcomes under real-world conditions
- This is what we are usually interested in assessing
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Costs
Value of resource inputs incurred to create specified outputs or outcomes
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Opportunity costs
Value forgone as a result of dedicating resources in a partciular way
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Price
The amount that is charged to a payer by a producer or provider
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Allowable Charge/Reimbursed
The amount actually paid to the producer or provider after "adjustments by the payer
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Perspective
Specified whose costs are relevant to the analysis
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Time-based Cost Adjustments
Updating past costs to present values to account for inflation
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Cost Utility Analysis
Measures outcomes uring patient preferences
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Quality-adjusted life year
Incorporates both quality and quantity of life
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Cost Benefit Analysis
Compares both costs and outcomes in monetary units
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Human Capital
Assumes that the value of health benefits equals the economic productivity of affected persons
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Willingness-to-pay
- Contingent valuation
- The value of health benefits equals how much people are willing to pay to reduce the chance of an adverse health outcome
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Net benefit
Difference between total costs and benefits
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Benefit-to-Cost Ratio
compares the relative values of each
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Internal Rate of Return
Compares the present value of benefits with the present value of costs and determines the rate of return required to make benefits and costs equal then comapres this rate to a "hurdle rate"
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Responsiveness
Sensitivity of an instrument to changes in health status and clinical relevance of small changes
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Validity
Accuracy of measurement
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