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CVPM Exam By Book > *Blackwell’s 5 Min Vet Practice Manual > Flashcards

*Blackwell’s 5 Min Vet Practice Manual Flashcards

1
Q

What is an item that is interchangeable and the price is reflected by supply and demand?

A

Commodity

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2
Q

What is the reduction in cost per unit that results with increased production?

A

Economy of Scale

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3
Q

Define: Full Time Equivalent

A

method of comparing practices based on a full time schedule of 40hrs/wk

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4
Q

Define: Mom and Pop

A

term for small business where owners also run the business

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5
Q

What is the term for a vet practice affiliated with a retail entity?

A

Retail Anchored Practice

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6
Q

What part of the hospital tends to be the profit-driver?

A

Exam rooms

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7
Q

Define: Information Glutted, Knowledge Starved

A

knowledge of vets has been battered by the internet

the internet tends to provide lots of info while muddying the waters for clients

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8
Q

Define: Debt:Income Ratio

A

Total debt / annual income

Measure of financial stability

Tends to be extremely high for veterarians

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9
Q

Define: Cost-Value Disconnect

A

disconnect between perceived value and services/products and the cost to the client

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10
Q

Vets require ___ staff compared to human doctors and oftentimes ___ get to utilize their skills

A

More, Don’t

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11
Q

What are the top two highest costs to running a practice?

A

Payroll
Inventory

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12
Q

What are some of the challenges in maintaining a profitable inventory?

A

Storage, shrinkage, online pharmacies, unsold product, duplicate products

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13
Q

What portion of vet school grads pursue specialties?

A

40%

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14
Q

Term for process of 2+ businesses fighting for the same market?

A

Competition

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15
Q

Define: Consolidation

A

Acquisition of smaller company into larger company

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16
Q

Define: Differentiation

A

creating competitive advantage by offering unique product/service

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17
Q

Define: Disintermediation

A

giving client direct access they’d otherwise need a mediator for

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18
Q

Term for: Offering a new product/services to gain increased sales

A

Diversification

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19
Q

Define: Generational Wealth

A

development of financial stability which can be passed down to future generations

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20
Q

Define: Humanization of Pets

A

society trend of treating pets like human family members

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21
Q

Term for: helps investors establish goals for investments and measures success

A

Investment Thesis

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22
Q

What do mature markets include?

A

Competition, differentiation, and diversification

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23
Q

Define: Recurring Revenue

A

portion of company’s revenue that is highly likely to continue in the future

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24
Q

Define: Roll Up Merger

A

occurs when company buys another company in the same market and merges them together

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25
Q

Define: Contracted Management

A

management company manages business operation for a fee

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26
Q

Term for: Management structure that allows for benefits of economies of scale in purchasing decisions

A

Group Purchasing Organizations (GPOs)

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27
Q

Define: Peer Groups

A

helps with general business knowledge for owner

may operate as GPO

focus on collaboration between practices

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28
Q

Define: Cooperatively Owned

A

Group of local vets own and operate practices

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29
Q

Define: Condo Model

A

Multiple practices operate under same roof

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30
Q

Term for: Management structure where group of separate practices are located in close proximity to create medical campus affect

A

Clustered Model

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31
Q

Define: Trade Area

A

geographic area where company gets most of clients from and also where penetration market is highest

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32
Q

What are three ways to determine trade area?

A

Zip Code Counts

Drive Time

Address Mapping

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33
Q

Define: Medicalization

A

% of animals seen by vet at least once in 12 month period

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34
Q

Define: Psychographics

A

research that explains people’s behavior

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35
Q

Define: Adoptive Learning

A

Memorizing facts rather than applying concepts

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36
Q

Today’s client expects ______-centered care where client has voice in decision making

A

Relationship

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37
Q

Define: VIRMP

A

Veterinary Internship and Residency Matching Program

established by AAVC to pair interns with programs

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38
Q

Define: Internship

A

one-year postgrad education program

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39
Q

Define: Residency

A

2-3 year training to qualify for specialty

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40
Q

What does NAVTA stand for?

A

National Association of Veterinary Technicians in America

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41
Q

Define: CVTS

A

Committee on Veterinary Technician Specialties

Provides guidance to vet tech organizations for form specialty organizations

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42
Q

Define: AVECCT

A

Academy of Veterinary Emergency and Critical Care Techs

First specialty to gain recognition

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43
Q

Define: Skill-based Compensation

A

System of wages and raises based on achievement in different skill blocks

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44
Q

Term for: Written protocols regarding patient care, customer service, and team professionalism

A

Standards of Performance

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45
Q

Define: Total Quality Management

A

Consistent performance, expectations, and consequences

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46
Q

What are the 5 traits of Emotional Intelligence?

A

Self awareness
Self regulation
Self motivation
Empathy
Effective relationships

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47
Q

Define: Stay Interview

A

interview team member to see what keeps them at your practice

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48
Q

Define: Exit Interview

A

interview terminated team member to learn why they’re leaving

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49
Q

What are the 9 golden rules for effective team meetings?

A

Schedule meetings in advance with posted agendas

Rotate meeting leader and note taker to develop ownership

Prep meeting room in advance (include refreshments)

Prepare audio/visual aids in advance

Start and end on time

Create relaxed environment

End with consensus, conclusion, and summary

Provide clear follow up action plans in writing

Start and end with motivating message

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50
Q

Define: Absenteeism

A

Regularly missing work without good reason

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51
Q

Define: Presenteeism

A

Be present at work but not fully functioning because of illness or other medical condition

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52
Q

Define: Onboarding

A

teaching new hire skills they need

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53
Q

What type of leader adjusts their leadership style to the person?

A

Adaptive Leader

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54
Q

What is the most reliable method of personality profiling?

A

Myers-Briggs Personality Types

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55
Q

Term for: paths a manager might take to satisfy their clients

A

Value Disciplines

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56
Q

What are the three types of Value Disciplines?

A

Operational Excellence

Product Leadership

Customer Intimacy

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57
Q

Define: Operational Excellence

A

highly efficient workflow

pleases the masses

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58
Q

Define: Product Leadership

A

value discipline where there is constant innovation

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59
Q

Define: Customer Intimacy

A

Type of value discipline where there are strong relationships with clients, focuses on the individual

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60
Q

Name three stakeholders in vet med

A

Pharmaceutical companies
Manufacturers
Distributors
Labs
Referral and emergency practices
Breeders
Groomers
Boarding facilities
Pet stores

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61
Q

Term for: relationships between businesses in which parties work cooperatively in a business effort with a shared goal

A

Strategic Partnership and Alliances

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62
Q

Define: Compassion Fatigue

A

AKA Secondary Traumatic Stress Disorder

gradual loss of compassion by people who work with individuals thar are ill, suffering, or victims of trauma

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63
Q

What are the two factors that affect the HAB?

A

owner attachment

owner commitment

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64
Q

When is the HAB most commonly hurt?

A

When the owner has certain expectations of the relationship with their pet but the pet shows undesirable behaviors

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65
Q

What are some ways to enable the HAB in the vet clinic?

A

staff training
encourage staff to interact with pets
photos of new pets to the clinic
photos of staff with their own pets
client education about pets’ needs
puppy/kitten classes

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66
Q

What are some ways to enable the HAB in the exam room?

A

give pet time to become familiar with the exam room
fear free handling
match your level of care to the level of attachment the owner has with the pet
ask about behavior at every consult
minimize stress in euthanasia procedures
palliative/pain-relief care

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67
Q

Define: Aquisition

A

act of one entity gaining control of another

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68
Q

Term for: Difference between asset’s purchase price and selling price

A

Capital Gains

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69
Q

Define: Merger

A

several practices combining

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70
Q

What practice valuation method looks at net cash flow over last 3-5 years with greater emphasis on the current year?

A

Single Period Capitalization

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71
Q

What practice valuation method takes into account the company’s asset values as well as discounts expected cash flow?

A

Excess Earnings Method

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72
Q

Define: Equity Sale

A

owner sells their share of the practice and buyer assumes asset and liability

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73
Q

Specialty and emergency practices reflect the importance of ___ because they are a true reflection of a pet owner’s desire for 24-hour access to high-quality medicine and surgery.

A

HAB

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74
Q

Specialty and emergency practice are fed by what two factors?

A

general practice referrals

public’s desire for advanced care

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75
Q

Define: After Hours Emergency Practice

A

Practice that is open outside of GP practice normal business hours

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76
Q

Define: Central Hospital

A

combination of multiple specialty hospitals

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77
Q

Term for: a facility that is open 24/7 and can handle emergencies

A

Critical Care Facility

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78
Q

It typically takes a minimum of ___ GP vets within 30-45 minutes for an emergency practice to have enough client base.

A

25

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79
Q

What does SWOT stand for?

A

Strengths, weaknesses, opportunities, threats

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80
Q

What two committees need to be formed to support an emergency hospital?

A

Operational

Facility

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81
Q

In emergency hospitals, a deposit of ___-___% should be collected prior to services rendered.

A

50-75

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82
Q

Term for: Specialty practice that…
- more common in smaller markets
- “beta testing” for the referral industry

A

Single Specialist Standalone Practices

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83
Q

What kind of specialty practice houses multiple specialties under one roof and owned by a few individuals?

A

Mega Practice

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84
Q

What production rate do specialists typically make?

A

21-23%

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85
Q

What are the two types of equine practices?

A

ambulatory & hospital

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86
Q

What’s another term for a hospital equine practice?

A

Haul-in practice

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87
Q

Define: Accounts Receivable

A

money owed to the business by the client

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88
Q

Define: Associate Vet

A

employed vet who doesn’t have ownership in company

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89
Q

Term for: rate of return needed to attract capital to the practice

AKA the rate of return a buyer would expect for investing in the practice

A

Capitalization Rate

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90
Q

Term for: written document outlining amount owed, dates, amounts for expected payments, consequences of failing to make payments on time, and client signature

A

Deferred Payment Plan

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91
Q

Define: Finance charges

A

amount of money charged for payments that extend beyond an agreed-upon time limit

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92
Q

Define: Inventory Turns

A

frequency that you use inventory items

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93
Q

How is Net Cash Flow calculated?

A

revenue minus expenses plus non-cash expenses

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94
Q

What are the three ways to compensate an associate dvm?

A

flat salary
pro-sal
production

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95
Q

What are the five most common benefits offered to associate dvms?

A

CE expenses
annual leave
health insurance
liability insurance
CE leave

96
Q

What are the five business entity models?

A

Sole proprietorship
Partnership
C Corp
S Corp
LLC

97
Q

What is the fundamental difference in food animal practices?

A

They must be economical

98
Q

What federal law allows vets with a VCPR to prescribe and dispense meds in an extra-label manner to food animals

A

Animal Medicinal Drug Use Clarification Act of 1994 (AMDUCA)

99
Q

Define: Veterinary Medicine Mobility Act

A

federal law that allows ambulatory vets with DEA registration to transport controlled drugs to treat patients in the field

100
Q

T/F: Food vets are often compensated better than other vets.

A

true

101
Q

Food vets have increased ethical responsibilities due to the role they play in ___.

A

Food safety

102
Q

What does ELDU mean?

A

Extra-Label Drug Use

103
Q

Term for: The reduction in cost per unit that results when operational efficiencies allow increased production

A

Economy of Scale

104
Q

Term for: The reduction in costs of operations when a company enters two or more markets where the operations in one market can be used to make operations in another more efficient

A

Economy of Scope

105
Q

Define: Holacracy

A

Flat organization structure where decision making is done by teams rather than a management hierarchy

106
Q

Define: Open Book Management

A

Transparency of business success to employees better understand the efforts that impact success

107
Q

Define: Profit Center

A

Area of practice that can be assessed by it’s revenue and expenses

108
Q

What is the current business model in the U.S.?

A

Many small practices serving the community with similar services

109
Q

Term for: Collective ownership or overseers of the practice

A

Board of Directors

110
Q

Define: Floor Workers

A

Team members who do the hands-on work

111
Q

Hierarchy charts should be shared with the team. What is something you can do when presenting the chart so as not to appear to dictate who is “over/under” who?

A

Flip the chart to be horizontal

112
Q

Term for: A collection of documents outlining hospital protocol

A

Standard Operating Procedure

AKA SOP

113
Q

What are the three components of a spoken message?

A

Verbal, paraverbal, and nonverbal

114
Q

Term for: When members are uncertain about rules, roles, and expectations

A

Forming

115
Q

What is the difference between horizontal vs vertical organization?

A

Vertical: nonteam environment
Horizontal: team environment

116
Q

Define: Norming

A

Phase of team development where working styles are agreed to and system are in place

117
Q

What phase of team development is when teams work positively, creatively, and productively together

A

Performing

118
Q

Define: Outer Leadership Qualities and give some examples

A

outer qualities a leader must have to show they can be a good leader

communication skills, visibility, teamwork, attentiveness, commitment

119
Q

Define: Storming

A

stage of team development where team members disagree on goals/personalities

120
Q

What is the difference between Task Objective and Team Objective?

A
121
Q

What are the stages of team development?

A

Forming
Storming
Norming
Performing

122
Q

Define: Engaged Employee

A

Employee who is actively involved in their work and highly committed to duties

123
Q

Term for: Theory that motivation is increased when employees believe that increased effort leads to desired results

A

Expectancy Theory

124
Q

Define: Herzberg’s Motivator-Hygiene Theory

A

The theory that meeting basic needs results in motivation and increased performance

125
Q

Term form: Pyramid of needs. When a lower tier is met, the next level is the motivating factor.

A

Maslow’s Hierachy of Needs

126
Q

What are some ways to provide the physiological needs of your team?

A

Equipment, training, manpower

127
Q

What are some ways to provide the safety needs of your team?

A

Meet OSHA requirements, job security, open-book management, regular feedback

128
Q

What are some ways to provide the relationship needs of your team?

A

Community involvement, acknowledge great work, team-building exercises

129
Q

What are some ways to provide the esteem needs of your team?

A

Consider your team’s ideas

130
Q

What are some ways to provide the self-actualization needs of your team?

A

Support certification programs, introduce career mapping

131
Q

Define: Talent Management

A

process of attracting, selecting, training, developing, and promoting employees

132
Q

Term for: the obligation to be responsible and act in the best interest of the organization and it’s mission

A

Accountability

133
Q

Define: Apathy

A

lack of feeling

134
Q

Term for: exhaustion due to stress, the demands of being empathetic to others who are suffering

A

Compassion Fatigue

135
Q

Define: Compassion Satisfaction

A

derived pleasure from helping others

136
Q

Term for: Ability to share another person’s emotions

A

Empathy

137
Q

Term for: Particular stress that derives from working in a certain occupation

A

Occupational Stress

138
Q

Term for: An indirect exposure to trauma through firsthand account or narrative of a traumatic event

A

Secondary Traumatic Stress

139
Q

Define: Vicarious Trauma

A

disturbances that result from helping trauma survivors often resulting from using controlled empathy

140
Q

List three symptoms of Compassion Fatigue.

A

bottled-up emotions
impulsively rescuing animals
isolation from others
sadness and apathy
excessive complaining
lack of interest in self-care practices
reoccurring nightmares and flashbacks
persistent physical illness
difficulty concentrating
metal fatigue
proneness to accidents

141
Q

What are the four A’s related to moral stress?

A

Ask
Affirm
Assess
Act

142
Q

What is the American Association of Critical-Care Nurses?

A

nonprofit organization that offer professional and personal support with goal of best patient care

143
Q

Define: Ethics Exhaustion

A

fatigue, emotional distress, and lack of will to behave in a way that is in line with your ethical beliefs

144
Q

Term for: When you know the ethical action to take but are unable to act on it, and you on in a manner contrary to your professional/personal values which undermines integrity and authenticity.

A

Moral Distress

145
Q

What is the first A in the four A’s of Moral Distress?

A

“Ask”

Ask yourself if you feel moral distress.

146
Q

What is the second A in the four A’s of Moral Distress?

A

“Affirm”

Commit to addressing your moral distress.

147
Q

What is the third A in the four A’s of Moral Distress?

A

“Assess”

Evaluate your moral distress.

148
Q

What is the fourth A in the four A’s of Moral Distress?

A

“Act”

Take action to resolve your moral distress

149
Q

Define: Compromise Fatigue

A

Sense of stress associated with repeated compromising of patient’s medical care

150
Q

Term for: tendency if individual to return to a stable level of happiness despite major position/negative life events

Often leads to shift in expectations

Example: DVM becomes so accustomed to clients refusing their first recommendation due to finances - DVM stops recommending based on best medicine and instead based on what they think the client can afford

A

Hedonic Adaptation

151
Q

Term for: sense of stress associated with managing expectations regarding policy/procedure

A

Leadership Fatigue

152
Q

What are the top three stressors for DVMs?

A

Time management
Difficult clients
Clients’ inability to pay

153
Q

Define: Agenda

A

List of meeting topics to be covered

154
Q

How do you calculate the cost of a meeting?

A

(attendees’ hourly wage x length of meeting in hours) + cost of any food/drinks provided + lost revenue

155
Q

T/F: Meeting should not start until all participants are present.

A

False

156
Q

What are the five commitments of leaders?

A

challenge the process

inspire a shared vision

enable others to act

set the example

celebrate accomplishments

157
Q

What are the four areas of focus in regards to achieving a practice’s vision?

A

Finances

Client

Workflow

Growth

158
Q

Term for: ability to recognize one’s own and others emotions, to discriminate between them and label them, and use this info to guide thinking and behavior

A

Emotional Intelligence

159
Q

Define: Human Capital

A

Value of skills, knowledge, and experience a person has

160
Q

Term for: the collective standard of behavior that is understood and appreciated by everyone in a team

A

Teamship

161
Q

Define: The Action Centered Leadership Theory

A

Leader accomplished goals through actions of the team

162
Q

What three elements do leaders need to create to motivate employees?

A

Autonomy (allow team members to take action without micromanaging)

Mastery (give tools for growth and learning)

Purpose

163
Q

Define: Critical Path

A

Succession of connected tasks in a project that will take the longest

164
Q

What are the four areas of a project that must be planned for and managed?

A

Scope
Resources
Time
Cost

165
Q

Term for: Scheduled progression of responsibilities that help an employee achieve a higher position.

A

Career Pathing

166
Q

Define: Job Enlargement

A

Assigning new tasks that build off tasks an employee already knows

167
Q

Term for: Unanticipated harm that was induced by appropriate care

A

Adverse Outcome

168
Q

Define: Cognitive Limitations

A

Mistakes that happen from being absent-minded or distracted

169
Q

Term for: unintentional harm caused by inappropriate care

A

Veterinary Medical Error

170
Q

Define: Change Agent

A

Individual who works to create change in organization

171
Q

Term for: the values and behaviors that contribute to the unique social environment within and organization

A

Organizational Behavior

172
Q

What are the six momentum points? Describe them.

A

Interest - all parties are interested in creating change

Novelty Momentum - lots of excitement about the change

Effort Awareness - the realization that change is hard; momentum starts to fade

Decision Point - when we decide to move forward with change or abandon it

True Change - when we start seeing successful change

Sustainable Momentum - when we’ve created a new normal

173
Q

Define: Salary and Benefit Summary Statement

A

Breaks down dollar value of salary and all provided benefits

174
Q

What are the four C’s of Onboarding?

A

Compliance
Clarification
Culture
Connection

175
Q

How much of the hospital’s annual revenue should be budgeted for new hire training?

A

1-2%

176
Q

Define: Expectancy Theory

A

employee behavior is based on the outcomes that they value

177
Q

Define: National Labor Relations Act (NLRA)

A

federal law that gives employee’s rights to organize and bargain collectively with employers (unionize)

178
Q

What federal law protects employees over 40 years old from discrimination in employment practices based on an employee’s age?

A

Age Discrimination in Employment Act

179
Q

What federal law prohibits discrimination in employment practices based on an employee’s disability?

A

Americans with Disabilities Act

180
Q

What federal law established minimum wage, overtime pay, record keeping, and child labor standards?

A

Fair Labor Standards Act

181
Q

Define: Title VII of the 1964 Civil Rights Act

A

federal law that prohibits discrimination in the workplace

182
Q

Define: Defections

A

Clients who leave a practice during a certain time period

183
Q

Define: Autonomic Shift

A

physical reaction due to emotion (i.e. blushing)

184
Q

Define: Kinesics

A

communications through body language

185
Q

Define: Proxemics

A

spatial relationship between individuals in conversation

186
Q

Define: Paralanguage

A

tone and rhythm of voice

187
Q

Define: Marketing

A

matching product to consumer needs

188
Q

Term for: Developing effective involvement in public activity and guiding an organization on public expectations

A

Public Affairs

189
Q

What are the five components of marketing?

A

product/service attributes
marketing communications
market research
customer service
sales management

190
Q

What are the 6 C’s of client relationship management?

A

consistency
compassion
client service
convenience
competence
cost

191
Q

If you are to increase prices on services OR products, which should you do and why?

A

Services - purchasing products from the vet hospital is about convenience, so theses prices should stay competitive with other sources. Services are a professional service that can be charged at a premium.

192
Q

Term for: splitting up of audience for marketing purposes

A

Segmentation

193
Q

Define: prospect

A

Potential client that can be targeted for business

194
Q

Define: attrition rate

A

rate of loss of clients

195
Q

Term for: a piece or part of the overall market that shares similarities in its demographic traits, attitudes, or views that lead it to experience similar needs or desires

A

market segment

196
Q

What are the four P’s of marketing?

A

product
price
promotion
place

197
Q

term for: promoting new products to new markets

A

diversification

198
Q

term for: promoting existing products to new markets

A

market development

199
Q

term for: the extent of sales of existing products and services to existing clients

A

market penetration

200
Q

Your trade area is the area in which what percentage of your clients is located?

A

80%

201
Q

What are the 6 steps to perform a market potential analysis?

A
  1. define the practice’s market
  2. collect data on the area
  3. estimate the demand for services
  4. estimate the current supply within the trade area
  5. calculate market potential
  6. final assessment
202
Q

What is the formula for estimating the demand for your services?

A

population / 2.53 people/household x % of households with pet

% of households with pets can be found in U.S. Pet Ownership and Demographic Sourcebook

203
Q

How do you calculate the current supply within a trade area (or Effective Influence)?

A
  1. compile list of all practices in and around a trade area
  2. define each practice’s trade area and see what overlaps with yours
  3. estimate amount of overlap
  4. for each practice, # of FTE DVMs * % overlap = Effective Influence
204
Q

Formula for Share of Aggregate Household Income

A

= aggregate household income/trade area FTE DVMs

205
Q

Formula for Potential Clients per DVM

A

= # of pet households/trade area FTE DVMs

206
Q

Formula for Potential Revenue per DVM

A

= # of pet households/trade area FTE DVMs * % clients seen * ave. client sales

207
Q

Formula for Potential Revenue per DVM

A

household pets/ trade area FTE DVM x % clients seen x average client sales

208
Q

Pull vs Push Marketing

A

push marketing uses strong ads, pull marketing reaches to specific needs of clients with hope of engagement

209
Q

Define: Omnichannel consumer

A

someone looking for consistent marketing message

210
Q

What % of revenue should be allocated to marketing?

A

3-6%

211
Q

Term for: monetary value if some defined investment at some point in the future given a specified rate of return

A

Future value

212
Q

Term for: calculated rate of return given the cost and future value of investment

A

Internal rate of return

213
Q

Term for: net return on a project given all costs and revenues

A

Net present value

214
Q

Term for: current monetary value of some defined investment return given a specific rate of return

A

Present value

215
Q

Term for: amount an investment appreciates or depreciates over time

A

Rate of return

216
Q

Term for: method used to estimate time it would take for investment to double in value

A

Rule of 72

217
Q

Formula for: net present value

A

= pv of all revenue - pv of all costs

218
Q

Formula for: future value

A

= pv x (1+r)^t

219
Q

Formula for: rule of 72

A

=72/interest rate

220
Q

What are the three methods of accounting?

A

Cash
Accrual
Hybrid

221
Q

What is the cash method of accounting?

A

Income recorded when received, not when earned

222
Q

What is the accrual method of accounting?

A

Income recorded when earned, not even received

223
Q

What is the hybrid method of accounting?

A

Combo of cash and accrual methods

224
Q

What does a P&L using the accrual method have that the cash method doesn’t?

A

AR and AP info

225
Q

What is the basic accounting equation that all accounting systems are based on?

A

Assets = liabilities + owner’s equity

226
Q

Formula for: AR Turnover

A

sales on account / average net AR

227
Q

Formula for: Acid Test Ratio

A

(Cash + receivables + marketable securities) / liabilities

228
Q

Define: Horizontal analysis

A

comparison of a measure within two different periods

229
Q

Define: Vertical Analysis

A

comparison of a specific account in a period to the total within that period

230
Q

What is the difference between Current Ratio and Acid Test Ratio?

A

Current ratio is total assets and liabilities

Acid test ratio is just quickly liquid assets to respond to sudden demands

231
Q

Formula for: Lost clients per year

A

active clients last year + new clients this year - active clients this year

232
Q

What are the five steps of benchmarking?

A

identify areas to benchmark
collect data
analyze data
implement change
evaluate results

233
Q

What are the four stages of the business life cycle?

A

startup
growth
plateau
decline

234
Q

Term form: process of seeking small improvements to improve efficiency and quality

A

Continuous Quality Improvement

235
Q

What is VTE and how does it apply to support staff?

A

Veterinary Time Equivalent = # of veterinary hours

Support staff VTE = support staff pay/vet pay

236
Q

It it takes an RVT and vet assistant 5 minutes to place an IVC, how much should be charged for labor if the following is true:

RVT pay = 1/3 vet pay
VA pay = 1/4 vet pay
Vet must produce $5 per minute to meet salary

A

(for RVT) … $5 * 1/3 VTE = $1.67 * 5 = $8.35
(for VA) … $5 * 1/4 VTE = $1.25 * 5 = $6.25

$8.35 + $6.25 = $14.60 to place an IVC

237
Q

Define: pro forma

A

projection of income and expenses based on a set of assumptions

CVPM Exam By Book (10 decks)

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