Inventory

Question 1

Inventory Control is defined as the process whereby the need to maintain sufficient inventory to meet ________ is weighed against the monetary cost of carrying the inventory.

Answer 1

Operating demands

Question 2

Combined ordering and holding costs account for approximately what percent of total true cost?

Answer 2

25-35%

Question 3

When items received are immediately added to the inventory record, and items sold are immediately subtracted from the inventory record, it is called a ___________ Inventory System.

Answer 3

perpetual

Question 4

What are the two main benefits of using a Central Supply Inventory System?

Answer 4

reduce theft
better organize and track products

Question 5

define the ABC inventory Analysis in 5 steps,

Answer 5

Create a spreadsheet
Annual Use Volume calculated
Cumulative Annual Usage Volume calc
Cumulative percentage of annual usage volume
Annual usage distribution calculated
Group items into class A/B/C

Question 6

What is the formula for the Average Inventory on Hand (AI)

Answer 6

B1+E1/2

Question 7

What mathematical formula, that recognizes three specific costs including unit cost, ordering cost, and holding cost, allows calculation of ideal inventory ordering?

Answer 7

Economic Order Quantity

Question 8

Economic Order Quantity

Answer 8

mathematical formula, that recognizes three specific costs including unit cost, ordering cost, and holding cost, allows calculation of ideal inventory ordering?

Question 9

Regarding Mark-up and Margin pricing structures, which is a useful strategy to use where there are large differences in the end resulting price based on the size of the patient?

Answer 9

Margin pricing method.

Question 10

Which category of drugs is likely to have a higher mark-up; competitive drugs or drugs used to treat chronic conditions?

Answer 10

Drugs used to treat chronic conditions

Question 11

Itemizing the various fees potentially associated with dispensing medication (labeling, dispensing, minimum, etc.) on the client invoice helps improve perceived value of the medication. True or False?

Answer 11

False

Question 12

What benefits and disadvantages may be involved in Just In Time ordering?

Answer 12

Adv- Low holding costs, no exp product
Disadv-higher price, stockouts and back orders

Question 13

What are the two main inventory organizational techniques?

Answer 13

Zoning & Central Supply

Question 14

What are the four steps to Inventory Budgeting?

Answer 14

Project Revenue
Project COGS
Project COG subsection expenses
Share the budget and communicate expectations

Question 15

A running capitol inventory list should contain what information about the equipment?

Answer 15

Equipment Name
Manufacturer
Model/serial number
Purchase date, amount paid, purchase location

Question 16

What is the most significant drawback to paper medical records and why?

Answer 16

poor legibility - which can lead to patient care mistakes and confusion. Illegible records will also likely work against the practice if ever needed in a court case.

Question 17

How do you make a typo or mistake correction on a paper medical record?

Answer 17

Cross it out, leaving it legible, Write the correction and initial

Question 18

Electronic medical records should have an automatic ________ time frame after back-up has been completed and any following entries to the record will be documented as an addendum.

Answer 18

lock out

Question 19

Name three examples of license board violations regarding medical records.

Answer 19

1. Lack of complete patient and client identification.
2. Lack of complete system-by-system description with annotated exam notes.
3. Lack of tentative diagnosis.
4. Lack of prognosis.
5. Lack of treatment specified and especially lack of clients waiver or denial of recommendations for a specific treatment or procedure.
6. Illegible entries.
7. Alterations or deletions of record after a reasonable contemporaneous period.

Question 20

Illegible medical records are equal to what?

Answer 20

admission of professional incompetence & implies sub standard care

Question 21

Can a veterinarian still be cited for medical record violation even if the client complaint did not concern medical records and the veterinarian was acquitted of the client complaints?

Answer 21

Yes! Records are investigated to rule out the complain and you can be cited for a violation outside of client complaint for those records.

Question 22

In the medical record, only abnormal results are recommended to be documented in the patient medical record. True or False?

Answer 22

False

Question 23

Medical documentation must include; name of medication, ________, dose given, and route administered.

Answer 23

Medication documentation must include; name of medication, strength, dose given, and route administered

Question 24

Name at least three elements that should be accounted for in the auditing of medical records.

Answer 24

1. Date of entry
2. Initials of all team members writing in the record
3. A complete SOAP format
4. All authorization forms signed by the client
5. Missed charges
6. Recheck and recall compliance
7. Compliance with practice medical standards
8. Medical services compliance

Question 25

Define Source Oriented Medical Records

Answer 25

Source Oriented Medical Records (SOMR) – data is entered in the medical record and then grouped by the information source and then organized chronologically by date of patient encounter.

Question 26

List at least 4 potential applications of technology in veterinary practice.

Answer 26

Online CE
Computerized PMS (appts)
Consults with specialists/experts
Digital diagnostics
CC processing
Email reminders
EMR
Online SOPs
Supply purchasing
Web design/maintenance

Question 27

What purchases will have the greatest ROI of all capital expenses & why?

Answer 27

Hardware/software and efficiency in all areas

Question 28

In reference to disease transmission; fleas, ticks and mosquitos are considered vectors. True or false?

Answer 28

True

Question 29

Vector

Answer 29

Helps with transmission

Question 30

Host

Answer 30

se/parasite/etc lives for maintenance but not necessary to survival

Question 31

Reservoir

Answer 31

Where disease/parasite/etc survives and replicates

Question 32

In regards to gas anesthesia, what are the three types of gas scavenger systems, and which provides the best protection for employees?

Answer 32

Active scavenger (best protection)
Passive system
Absorptive system

Question 33

What 2 things should a pregnant woman do around anesthetic gases?

Answer 33

Where anesthetic monitoring device
Proper PPE

Question 34

Once a VCPR is established treatment must continue until (five answers);

Answer 34

Pet recovers
Treatment is complete
Owner leaves
Care is transferred
Animal Dies

Question 35

five strategies to reducing the potential of a malpractice lawsuit

Answer 35

Medical Records
Informed consent
Continuing education
staff training
referrals

Question 36

Risk Assessment Equation

Answer 36

Hazards + Vulnerabilities = Risk

Question 37

What are the four priorities of general emergency management

Answer 37

Mitigation
Preparation
Response
Recovery

Question 38

What are the phases of strategic planning?

Answer 38

Formulation
Implementation
Evaluation
Modification

Question 39

According to Practice Made Perfect; applying Pareto’s 80/20 rule to inventory helps in;

Answer 39

Prioritizing inventory time investment

Question 40

What percent of gross should plan to use for equipment replacement?

Answer 40

1%

Question 41

How long does it take to prepare a team member for a leadership position?

Answer 41

12-36 months

Question 42

What does ABC stand for in inventory control

Answer 42

A- expensive inventory that needs strict control TOP 20%
B- moderate value/moderate control middle 30%
C- low value, minimum control, bottom 50%