Mix Flashcards
Training investment %
1-2 %
Veterinary/staff Ratio
2:1
2 staff per vet
Active income/passive income
50/50
70/20/10
70% on the job training
20% coaching
10% formal courses , lectures
Bonding Rate of clients
70% if tenured doctor , 25 % for new doctors
Staff meetings should be how long ?
45 minutes
IRS Taxable Fringe Benefits
Employee discount more than 20% on services
AR should be no higher _____% of gross revenue; over _____%warrants focus to correct
1.5%
3%
Time frame to provide employee copy of their employment records?
2-5 business days
File Retention for:
Personnel File, per Title VII
1 year
File Retention for:
I-9 , test results , anything pertaining FMLA
3 years after termination
File Retention for:
Tax records , payroll , pension payments ,
4 years
File Retention for:
Work related injuries
5 years
File Retention for:
Dosimetry Reports , toxic exposure , medical exam findings , blood borne pathogen
30 years
Employee accounts should NOT exceed how much ?
$100
Embezzlement accounts for ____% of gross revenue in small businesses: ____% of practices have been victims
5%
67.8
—% —% of revue should be for advertising retail products
1-3%
To push the envelope for profitability, pricing should have —-%——% resistance
15-20%
Shopper Calls: ___% are directly concerned about price , __%are looking for the best veterinarian to take care of pets
13%
87%
New lost clients ➡️ lost includes records sent elsewhere , deceased pets etc
6:1=
Significant growth
New lost clients ➡️ lost includes records sent elsewhere , deceased pets etc
5:1 - 4:1=
Needs investigation for the reason for the lost clients or slow growth of new clients
New lost clients ➡️ lost includes records sent elsewhere , deceased pets etc
3:1 - 1:1=
Indicates poor growth and needs more to be aggressively researched and improvement
Answer phone calls by the ___ ring?
3rd
Client determines like ability of the hospital within how many seconds ?
90
Practice should retain ____% -___% of clients over 3 years
70-75%
Average of % clients lost per year
10-15 %
Inventory holding cost range ___% of true total cost
8-15%
Combined ordering and holding cost= ____% of total true cost
23-35%
Practice Profitability should be ___% per the reading
12%
Pareto’s 80/20 Rule
___% of items account for __% of revenue
20%
80%
Pareto’s 80/20 Rule
__% of costs exist in ____% of items
80%
20%
Pareto’s 80/20 Rule
____% of profit comes from __% of products sold
80%
20%
How often should new software be implemented if going paper records to digital
Over 6-12 months
Known zoonotic diseases exist
1400
5 Key Factors to evaluate hiring:
A. Veterinary/staff ratio, veterinary production, team members production, Hospital flow, staff payroll percentages
B. Veterinary supplies, Veterinary/staff ratio, veterinary production, team members production, Hospital flow
C. Incentives, veterinary production, team members production, Hospital flow, staff payroll percentages
D. Veterinary/staff ratio, veterinary production, hospital supplies, Hospital flow, staff payroll percentages
A
5 types of interviews
A. Initiative, motivational, attitude, personal, Self esteem
B. Initiative, motivational, attitude, personal, management
C. Plan Ahead, motivational, attitude, personal, management
D. Initiative, motivational, attitude, Honest, management
B
4 C’s of successful onboarding
A. compliance, clarification, culture, connection
B. Conscious , clarification, culture, connection
C. compliance, clarification, culture, control
D. compliance, clarification, compassion, connection
A
EASE
A.  Encouragement, align, solve, ease
B. Engage, align, solve, end distractiona
C. Encouragement, align, solve, end distractionan
D. Encouragement, align, stay, end distractionan
C
3 most common reasons staff leave
A. Lack of positive feedback, lack of training opportunities, failure of management to include them in strategic vision of hospital
B. Lack of training , burnout , no flexibility.
C. Lack of training , compassion fatigue, lack of positive feed back
D. Lack of annual reviews , lack of training , lack of work life balance
A
9 ways to enhance Employee development & productivity
- Shared purpose
2.Tools to do the job
3.Standard operation procedures (SOP) - Performance standards
- Engage in in power
- Recognize and reward
- Physical fitness
- Personal focus
- Team focus
2 goals of appointment scheduling
A. Eliminate client wait time. Maximize efficiency of doctors, support staff, and the facility (eliminate downtime).
B. 4 new clients per day and keep staff motivated
C. Eliminate down time and increase appointment times.
D. Add more employees to keep steady flow and eliminate wait time
A
2 keys to a successful veterinary practice
A. Accountability and Empowerment
B. Delegation and Empowerment
C. Profitability and Delegation
D. Profitability and Client Engagement
B
S.M.A.R.T Management of daily work assignments
A. Specific , measurable, agreed, realistic, time bound
B. Specific, measurable, achievable, realistic , time dependent
A
3 common types of employee reviews
- 360 degree peer review
- Self review
- Job satisfaction survey
3 approaches to employee
Formal. Coaching. Corrective
- Formal Performance reviews
- Coaching conversations
- Corrective Action discussions
4 DISCIPLINES Necessary for effective performance reviewsd
Hold. Teach .Align . Design/Build
- Hold employees accountable
- Teach employees to identify, deploy, develop strengths
- Align performance appraisals and review systems around developing employee strengths
- Design and build each role to create world-class performers
4 ELEMENTS of successful employee performance review programs
Feedback . Goals . Action plan .”big picture
- Regular and formal feedback by supervisors
- Performance goals set by employee and supervisor
- Action plans to address performance problems
- Formal reviews that document the big picture
Rule of 3 re corrective action discussions
Enough to catch . Start a pattern . Warrants conservation
- If the situation is enough to catch your attention , take note
- The 2nd occurrence, take note to determine if start to a pattern
- 3rd occurrence warrants a conversation
ABCDEF formula for corrective action discussion
Awareness
Behavioral
Consequences
Decision Confirmed
Employee involvement
Follow up
Top 3 reason issues the cause conflict at work
A. Lack of training, lack of engagement, lack of conflict
B. Lack of continuing education, gossip , lack of communication
C. Gossip, lack of training, lack of communication
D. Gossip, poor management , lack of growth
C
Exceptions to At-Will Employment
- Collective bargaining agreements
- Contracts with specific length of employment
- Dismissal based on on race , sex color etc
- Dismissal based on age if over 40
- Dismissal based on on personal bankruptcy
- Dismissal based on refusal to work in unsafe condition
- Dismissal based on pregnancy
- Dismissal because of jury duty
3 Types of Health coverage
- Fee for service
- Managed Care (hmo, ppo, pos)
- Section 125 plans (hsa, fsa)
Types of retirement plans (regulated by ERISA= Employee Retirement Income Security Act)
A. HMO, PPO, POS
B. HSA, FSA, HMO
C.IRA, 401k, HMO
D. Simple IRA, 401K, SEP(simple employment pension plan)
D
3 Content of job description
Position. Summary . List
- Position title
- Summary of job including goals/objectives
- List of duties and responsibilities
3 purposes of Manuals
Reference . Training . Accountable
- Reference tool for standards of care and practice guidelines
- Training and instruction
- Define standard to which employees can be held accountable
3 Primary Functions of Patient and Procedure Logs
- Allow convenient storage of important data
- Improve quality of patient care and client service
- Facilite charge capture and auditing processes
3 types of patient and procedure logs
- Hybrid
- Patient
3 . Procedure
4 conditions for compounding medications
- Vet believes there is legitimate need to alter the approved drug to adequately medicate patient
- Current VCPR
- Patient has a medical condition that requires prescribed medication
- Vet determines that a compounded drug is needed
3 types of Ethics
- Social
- Personal
- Professional
4 branches of veterinary ethics
A. Descriptive , official , administrative, normative
B. Official, formal , informal , consent
C. Administrative, corrective, consent , official
D. Attitude, professional , behavior , study
A
4 types of moral problems in vet med
A. Animals, clients , community , doctors
B. Management, doctors , peers , animals
C. Compassion , sympathy, animals , clients
D. Peers, clients, animals , society
D
Elements of informed consent
- Consent given freely
-  treatment and diagnosis explained in understandable terms
- Risks, benefits, prognosis, must be stated if treatment/ diagnoses proceed
- Prognosis if not treatment selected must be stated
- Alternative treatments, incl risks, benefits, costs discussed
- The extent of emergency care require to stabilize the patient was reasonable
4 elements to consider applying law of Unjust Enrichment
- More valuable animal= greater chance of financial recovery
- More emergent needs = more leeway to provide emergency care
- That attempted to reach owner prior to medical care
- The extent of emergency care required to stabilize the patient was reasonable
The 4 A’s to rise above moral distress
Ask
Affirm
Assess
Act
If struggling the 4 A’s consider the for R’s which are
Relevance
Risk
Rewards
Roadblocks
2 types of law
Civil
Criminal
Civil laws
Tort law
Contract law
3 or 4 Elements of a contract
A. None
B. Offer, discuss, approve , sign
C. Offer, acceptance, consideration, intent
D. Offer, acceptance, consideration, inform
C
3 situations that may question capacity to contract
- Minors
- Mental disability
- Intoxication/substance abuse
Employee Federal poster requires
- Covid
- FSLA
- EEOC
- FMLA
- OSHA
- Polygraph Act
7 Uniformed Services - Right to join unions
- State required posters
Accounting Methodologies
- Cash-based
- Accrual-based
- Hybrid of both
True or False
Accrual base accounting is more accurate ?
True
3 steps to analyze P & L
- Compare %
- Ask questions of the %
- Implement change
Key Financial statements
Income statement aka p & l
Balance sheet
Cash flow sheet
Financial Reporting elements 4
- Timeless
- Accuracy
- Simplicity
- Sufficiently Detailed
- Analytical
Financial Analysis Perspectives
- Safeguarding assets
- Pricing fee/structure
- Cost evaluation
- Procurement of capital
- Incremental performance
- Accountability
- Profitability
- Return on capital analysis
3 Payroll methods
- Manual payroll
- Automated in-house processing
- Third party payroll services
Common KPIs
- Total revenue, total transactions by month
- Average transaction charge by month
- New clients and loss clients per month
- Revenue, transactions, and every transaction charge per DVM per month
- Revenue by category
- Accounts receivable by aging classification (30, 60, 90+ days )
Requirements for wage / Tax reporting
- Obtain EIN
- Obtain I-9 for each employee
- Confirm each employee completed a W-4
- Calculate and deduct employees income tax
- File form 941(Employer quarterly federal tax return)
- File form 940 (Employee annual federal unemployment tax return)
- Make require deposits of withheld taxes
- Prepare and distribute W-2 by January 31
- Prepare W3 (transmittal of wage and tax statement) To file with W-2 to IRS.
- All taxes should be automatically deducted from the practice checking account to ensure payments are on time
Information to provide to collection agency
- Clients full name, address, and telephone numbers
- Total balance due on account
- Clients occupation if known
- Clients employment address
- Clients drivers license number
Copy of clients information sheet and signature of client guaranteeing payment
Information to gather for Budgeting
- Last three years of P & L and productivity statements
- All lease and loan documents
- Fee schedule
- List of operational changes expected in the next few years and potential effects on revenue/expenses
- List of major capital expense is expected in next few years
- Employee roster and recent years W-2s
4 stages of business cycles
A. Property, taxes, peers , regulations
B. Budget, expansion, revenue, fee schedule
C. Health insurance, staff , doctors , building
D. Expansion, prosperity, contraction, recession
D
6 steps of budgeting
- Determine desired financial results
- Analysis of financial statements
- Normalizing the revenue and expenses
- Budgeting revenue
- Budgeting expense
- Combining budgeted revenue and expense and making adjustments
4 Expense categories
A. Staff , utility bills , rent , vaccines
B. Personnel, variable, occupancy, fixed
C. Doctor salary, rent, building, hospital supplies
B
Steps to normalize revenue and expenses
- Remove any one-time, non-recurring items from the financials used to create the budget.
- Use an average of the last 3 years to normalize non-recurring expenses
Budget revenue considerations
Patient volume 🐾
Fee schedule 💰
ATC
Budgeting expense by adding the last 3 years growth rate to base expense figure; only works if:
- Practice is established
- Expenses were stable over past 3 years
- Practice will continue to operate similarly in the following year.
Adjustment to being profit closer to target
A. Increase revenue, decrease expenses, lower targeted profits
B. Decrease revenue , increase expense, start targeted profits
C. There’s only 2 increase revenue and decrease expenses.
D. None
A
4 (5) P’s of Marketing
A. Plan, Process , product, price,
5-package
B. Product, penalty , policy , place, 5-price
C. Product, place, price, promotion, 5-position
D. None
C
Redefined Marketing Elements
A. Emotion, value, virtual,
exceed expectations, experience
B. Location, internet , social media , price, clarity
C. Virtual , emotion, location, price, place
D. None
A
Smart goal MARKETING
A. Specific , measurable, agreed, realistic, time bound
B. Specific, measurable, achievable, realistic , time dependent
B
Pricing Advantage Strategies
A. Virtual, volume, base, place
B. Place , price, promotion , product
C. Not listed here
D. Unique, value-added, value-based, volume
D
Managing online reviews
- Take time to investigate complaint, talk to staff, and create planned response
- Response should include empathy, invitation to discuss, attempt to reach client
- Promote positive reviews
- Create positive culture that helps avoid client experiences that cause negative reviews to begin with
SWOT Analysis
A. Strength, will, options , thoughts
B. Strengths, weakness, opportunities, threats
C. Salary , wage, OT, timecard
D. None
B
Successful marketing plan
- Gather data (swot)
- Define goal
- Implement a strategy
- Create a written action plan
- Execute the plan and measure results
6 C’s of Client Relationship Management
A. Consistency, compassion, customer service, convenience, competence, cost
B. Consistency, compassion , clients, convenience, competence, cost
A
3 R’s of client retention
A. Recall, reappointment, reminder
B. Reminder , relate, retry
A
Roles of inventory management
- Inventory manager
- Inventory researcher
- Inventory purchaser
- Department lead
- Inventory receiver
- Inventory documenter and tracker
- Inventory counter
- Bookkeeper
5 steps to get inventory under control
- Print your code or product list and edit(Delete inactive, update classifications, remove duplicates)
- Reprint the list double check again
- Create a list of on consolidated products and consolidate inventory (e.g Only carry one or two products of the same time such as to heartworm preventatives)
- Count inventory
- Begin to enter/receive inventory efficiently and accurately as it is delivered to clinic

Inventory Variance evaluation
- Add beginning and ordered/received quantity for the selected item
- From # 1, Subtract a # souls in the same.
- Compare the number to the physical inventory count at the end of that period
- Those numbers should match
- If they don’t match, the difference is the variance
- Any variance is an indication of weakness or problem, although 8–4% variance on high turn items is acceptable
POMR
A. Problem , oriented, medical , records
B. Plan , order, medical , record
A
SOMR
A. Subject, oriented, medical , records
B. Source, oriented, medical, records
B
2 types of insurance for business
- Liability
- Property
4 elements for malpractice suit
- Establish duty to practice within standard of care (established vcpr)
- Breach duty-Failure to act in accordance with standard
- Proximate cause-Connection between negligent act of practitioner and harm to the patient
- Damages- Harm to patient or client as a direct result of negligent act 
Scenarios in which a vet can discontinue treatment
- Animal recovers
- Practitioner completes all agreed-upon treatment
- Animal dies
- Client terminates VCPR
- Responsibility for treatment was transferred to another practitioner with client consent
Phases of the business life cycle
- Introductory ) Vision, innovation, energy)
- Growth (Efficiency, discipline, talent development critical)
- Maturity (Manage risk, problem solved, search for growth opportunity)
- Decline (Decrease demand for services, revisit strategic plan for revitalizing practice)
4 Phases of strategic planning
A. Fórmula, plan, decisión, implement.
B. Implement , written , training , formula
C. Formulation, development,implementation, evaluations
D. None
C
Law of agency
Involves a person who has an authorized to act on behalf of another
Statue of frauds
Requires production of a written memo before court will enforce certain types of contracts
