CVSpharmacy

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CVS/pharmacy
Third Party Finance
Katie Bryer
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Introduction

• Katie Bryer
• Dresden, Maine
• Lasell College
• Accounting and Finance Double Major. Math Minor.
• Field Hockey Captain
• Math Tutor

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What is Third Party Finance?

• Deals with CVS Pharmacies, Government Programs
  and Insurance Agencies
• 75 of CVS Sales are through Third Party

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Assessing GM Errors

• Gross Margin Errors
• Selling Price Cost
• Selling Price
• Incorrect Script Prices and Quantities cause
  errors in the system.
• Pull daily CXP119J and CXP119D reports
• Call pharmacies that must change scripts in the
  system.

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Daily Audits

• Cash Reconciliation
• End of the Week
• Remittance
• ATB
• GL

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Line Fee Forecasting

• Invoices When CVS Receives invoices from the
  insurance agencies we record the amount that we
  are liable for in a detailed spreadsheet of past,
  present, and future (or forecast).
• Line Fee Forecasting The cost of submitting a
  claim to an agency on-line.
• Forecasting is setting a goal or a measurement
  of how much each claim will cost in the next
  week, month, or year.
• Deals with 27,000,000.00
• In payments

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Deposits

• Bank of America
• National City Bank
• Key Bank
• EFTs/Wire Transfers
• Template
• Monday Sales

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Month End Quarter End

• Most hectic time!!
• Deposit Forecast
• TP Sales, A/R, Deposits, DSO
• DSO
• Net Rec.
• Avg. Weekly Sales
• X 7 days

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Student Loans

• Before the Revco and Eckerd Acquisitions, both
  companies had a pharmacy student loan program.
• Since the acquisition, CVS has not been actively
  collecting loan payments.
• Third Party was given the job to clean up the
  account.

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My Experience

• Deposit spreadsheets
• Intensive work with Excel
• Forecasting
• Daily Audits
• Introduced to Mainframe and PeopleSoft
• Reacquainted with Access
• Positive Experience