Ideal ratios, Values, Etc

Question 1

Veterinary / staff ratio =

Answer 1

2:1 (2 staff per vet)

Question 2

Active income / passive income =

Answer 2

50/50

Question 3

Breakeven markup for clinics = 

Answer 3

40%

Question 4

Training investment annually =

Answer 4

1-2% of Hospital revenue

Question 5

70/20/10 learning and development =

Answer 5

70% on the job training
20% coaching
10% formal courses, lectures

Question 6

Bonding rate of clients =

Answer 6

70% if tenured doctor

25% for new doctors

Question 7

Staff meetings should be no longer than…

Answer 7

45 minutes

Question 8

IRS taxable fringe benefits =

Answer 8

Discount amount provided to employee more than 20% on services

Question 9

AR should be no higher than ____% of gross revenue.

Over __% warrants focus to correct

Answer 9

1.5%

3%

Question 10

Timeframe to provide employee copy of their employment records =

Answer 10

2-5 Business days

Question 11

File retention times
___ yr: Personnel file records, per Title VII
___ yrs: Employee info such as I-9, hiring records, test results, employment actions, anything pertaining to FMLA
___ yrs: tax records, payroll records such as SSN, pay rate, pension payments, etc.
___ yrs: work-related illnesses and injuries
___ yrs: medical exam findings, dosimetry reports, toxic exposure records, blood-borne pathogen records

Answer 11

1
3
4
5
30

Question 12

Employee accounts balances should not exceed…

Answer 12

$100

Question 13

Embezzlement accounts for __%+ of gross revenue and small businesses.

____% of practices have been victims

Answer 13

5%+

67.8%

Question 14

What percentage of revenue should be for advertising retail products?

Answer 14

1-3%

Question 15

To push the envelope for profitability, pricing should have ___ to ___% resistance

Answer 15

15-20%

Question 16

Shopper calls:
___% are directly concerned about price

___% are looking for the best veterinarian to take care of pets

Answer 16

13%

87%

Question 17

New:Lost clients monthly

(Lost includes rec or sent elsewhere, deceased pets, etc.)

Answer 17

6: 1 = significant growth
5: 1 - 4:1 = Needs investigation for the reason for the lost clients or slow growth of new clients
3: 1 - 1:1 = indicates poor growth and needs to be aggressively researched and improved

Question 18

Answer phone calls by the ___ ring

Answer 18

3rd

Question 19

Client determines likeability of hospital within ____ seconds

Answer 19

90

Question 20

Follow up calls should happen within ___ hours of visit.

Answer 20

48

Question 21

A practice should retain __-__% of clients over 3 years with an average of __-__% clients lost per year.

Answer 21

70-75%

10-15%

Question 22

Clients retain __% of what they are told, __% of what they read

Answer 22

20%

30%

Question 23

The average person needs to hear about something how many times before they purchase?

Answer 23

5 times

Question 24

Inventory holding cost typically range from __-__% of true total cost

Answer 24

8-15%

Question 25

Combined ordering and holding costs =

Answer 25

25-35% of true total cost

Question 26

Practice profitability should be __%

Answer 26

12%

Question 27

Pareto’s 80/20 Rule:

Answer 27

20% of items account for 80% of revenue; 80% of cost exist in 20% of items, 80% of profit comes from 20% of products sold

Question 28

Implement new software over how many months if going from paper records to digital?

Answer 28

6-12 months

Question 29

How many known zoonotic diseases exist?

Answer 29

1400