Inventory Flashcards
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.
Operating demands
Combined ordering and holding costs account for approximately what percent of total true cost?
25-35%
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.
perpetual
What are the two main benefits of using a Central Supply Inventory System?
reduce theft
better organize and track products
define the ABC inventory Analysis in 5 steps,
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
What is the formula for the Average Inventory on Hand (AI)
B1+E1/2
What mathematical formula, that recognizes three specific costs including unit cost, ordering cost, and holding cost, allows calculation of ideal inventory ordering?
Economic Order Quantity
Economic Order Quantity
mathematical formula, that recognizes three specific costs including unit cost, ordering cost, and holding cost, allows calculation of ideal inventory ordering?
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?
Margin pricing method.
Which category of drugs is likely to have a higher mark-up; competitive drugs or drugs used to treat chronic conditions?
Drugs used to treat chronic conditions
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?
False
What benefits and disadvantages may be involved in Just In Time ordering?
Adv- Low holding costs, no exp product
Disadv-higher price, stockouts and back orders
What are the two main inventory organizational techniques?
Zoning & Central Supply
What are the four steps to Inventory Budgeting?
Project Revenue
Project COGS
Project COG subsection expenses
Share the budget and communicate expectations
A running capitol inventory list should contain what information about the equipment?
Equipment Name
Manufacturer
Model/serial number
Purchase date, amount paid, purchase location
What is the most significant drawback to paper medical records and why?
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.
How do you make a typo or mistake correction on a paper medical record?
Cross it out, leaving it legible, Write the correction and initial
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.
lock out
Name three examples of license board violations regarding medical records.
- Lack of complete patient and client identification.
- Lack of complete system-by-system description with annotated exam notes.
- Lack of tentative diagnosis.
- Lack of prognosis.
- Lack of treatment specified and especially lack of clients waiver or denial of recommendations for a specific treatment or procedure.
- Illegible entries.
- Alterations or deletions of record after a reasonable contemporaneous period.
Illegible medical records are equal to what?
admission of professional incompetence & implies sub standard care
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?
Yes! Records are investigated to rule out the complain and you can be cited for a violation outside of client complaint for those records.
In the medical record, only abnormal results are recommended to be documented in the patient medical record. True or False?
False
Medical documentation must include; name of medication, ________, dose given, and route administered.
Medication documentation must include; name of medication, strength, dose given, and route administered
Name at least three elements that should be accounted for in the auditing of medical records.
- Date of entry
- Initials of all team members writing in the record
- A complete SOAP format
- All authorization forms signed by the client
- Missed charges
- Recheck and recall compliance
- Compliance with practice medical standards
- Medical services compliance
