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CVPM > Mix > Flashcards

Mix Flashcards

1
Q

Training investment %

A

1-2 %

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2
Q

Veterinary/staff Ratio

A

2:1
2 staff per vet

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3
Q

Active income/passive income

A

50/50

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4
Q

70/20/10

A

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

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5
Q

Bonding Rate of clients

A

70% if tenured doctor , 25 % for new doctors

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6
Q

Staff meetings should be how long ?

A

45 minutes

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7
Q

IRS Taxable Fringe Benefits

A

Employee discount more than 20% on services

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8
Q

AR should be no higher _____% of gross revenue; over _____%warrants focus to correct

A

1.5%
3%

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9
Q

Time frame to provide employee copy of their employment records?

A

2-5 business days

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10
Q

File Retention for:
Personnel File, per Title VII

A

1 year

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11
Q

File Retention for:
I-9 , test results , anything pertaining FMLA

A

3 years after termination

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12
Q

File Retention for:
Tax records , payroll , pension payments ,

A

4 years

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13
Q

File Retention for:
Work related injuries

A

5 years

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14
Q

File Retention for:
Dosimetry Reports , toxic exposure , medical exam findings , blood borne pathogen

A

30 years

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15
Q

Employee accounts should NOT exceed how much ?

A

$100

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16
Q

Embezzlement accounts for ____% of gross revenue in small businesses: ____% of practices have been victims

A

5%
67.8

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17
Q

—% —% of revue should be for advertising retail products

A

1-3%

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18
Q

To push the envelope for profitability, pricing should have —-%——% resistance

A

15-20%

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19
Q

Shopper Calls: ___% are directly concerned about price , __%are looking for the best veterinarian to take care of pets

A

13%
87%

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20
Q

New lost clients ➡️ lost includes records sent elsewhere , deceased pets etc

6:1=

A

Significant growth

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21
Q

New lost clients ➡️ lost includes records sent elsewhere , deceased pets etc

5:1 - 4:1=

A

Needs investigation for the reason for the lost clients or slow growth of new clients

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22
Q

New lost clients ➡️ lost includes records sent elsewhere , deceased pets etc

3:1 - 1:1=

A

Indicates poor growth and needs more to be aggressively researched and improvement

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23
Q

Answer phone calls by the ___ ring?

A

3rd

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24
Q

Client determines like ability of the hospital within how many seconds ?

A

90

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25
Q

Practice should retain ____% -___% of clients over 3 years

A

70-75%

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26
Q

Average of % clients lost per year

A

10-15 %

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27
Q

Inventory holding cost range ___% of true total cost

A

8-15%

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28
Q

Combined ordering and holding cost= ____% of total true cost

A

23-35%

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29
Q

Practice Profitability should be ___% per the reading

A

12%

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30
Q

Pareto’s 80/20 Rule

___% of items account for __% of revenue

A

20%
80%

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31
Q

Pareto’s 80/20 Rule

__% of costs exist in ____% of items

A

80%
20%

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32
Q

Pareto’s 80/20 Rule
____% of profit comes from __% of products sold

A

80%
20%

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33
Q

How often should new software be implemented if going paper records to digital

A

Over 6-12 months

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34
Q

Known zoonotic diseases exist

A

1400

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35
Q

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

A

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36
Q

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

A

B

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37
Q

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

A

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38
Q

EASE

A.  Encouragement, align, solve, ease
B. Engage, align, solve, end distractiona
C. Encouragement, align, solve, end distractionan
D. Encouragement, align, stay, end distractionan

A

C

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39
Q

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

A

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40
Q

9 ways to enhance Employee development & productivity

A
  1. Shared purpose
    2.Tools to do the job
    3.Standard operation procedures (SOP)
  2. Performance standards
  3. Engage in in power
  4. Recognize and reward
  5. Physical fitness
  6. Personal focus
  7. Team focus
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41
Q

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

A

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42
Q

2 keys to a successful veterinary practice

A. Accountability and Empowerment

B. Delegation and Empowerment

C. Profitability and Delegation

D. Profitability and Client Engagement

A

B

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43
Q

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

A

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44
Q

3 common types of employee reviews

A
  1. 360 degree peer review
  2. Self review
  3. Job satisfaction survey
45
Q

3 approaches to employee

A

Formal. Coaching. Corrective

  1. Formal Performance reviews
  2. Coaching conversations
  3. Corrective Action discussions
46
Q

4 DISCIPLINES Necessary for effective performance reviewsd

A

Hold. Teach .Align . Design/Build

  1. Hold employees accountable
  2. Teach employees to identify, deploy, develop strengths
  3. Align performance appraisals and review systems around developing employee strengths
  4. Design and build each role to create world-class performers
47
Q

4 ELEMENTS of successful employee performance review programs

A

Feedback . Goals . Action plan .”big picture

  1. Regular and formal feedback by supervisors
  2. Performance goals set by employee and supervisor
  3. Action plans to address performance problems
  4. Formal reviews that document the big picture
48
Q

Rule of 3 re corrective action discussions

A

Enough to catch . Start a pattern . Warrants conservation

  1. If the situation is enough to catch your attention , take note
  2. The 2nd occurrence, take note to determine if start to a pattern
  3. 3rd occurrence warrants a conversation
49
Q

ABCDEF formula for corrective action discussion

A

Awareness
Behavioral
Consequences
Decision Confirmed
Employee involvement
Follow up

50
Q

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

A

C

51
Q

Exceptions to At-Will Employment

A
  1. Collective bargaining agreements
  2. Contracts with specific length of employment
  3. Dismissal based on on race , sex color etc
  4. Dismissal based on age if over 40
  5. Dismissal based on on personal bankruptcy
  6. Dismissal based on refusal to work in unsafe condition
  7. Dismissal based on pregnancy
  8. Dismissal because of jury duty
52
Q

3 Types of Health coverage

A
  1. Fee for service
  2. Managed Care (hmo, ppo, pos)
  3. Section 125 plans (hsa, fsa)
53
Q

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)

A

D

54
Q

3 Content of job description

A

Position. Summary . List

  1. Position title
  2. Summary of job including goals/objectives
  3. List of duties and responsibilities
55
Q

3 purposes of Manuals

A

Reference . Training . Accountable

  1. Reference tool for standards of care and practice guidelines
  2. Training and instruction
  3. Define standard to which employees can be held accountable
56
Q

3 Primary Functions of Patient and Procedure Logs

A
  1. Allow convenient storage of important data
  2. Improve quality of patient care and client service
  3. Facilite charge capture and auditing processes
57
Q

3 types of patient and procedure logs

A
  1. Hybrid
  2. Patient
    3 . Procedure
58
Q

4 conditions for compounding medications

A
  1. Vet believes there is legitimate need to alter the approved drug to adequately medicate patient
  2. Current VCPR
  3. Patient has a medical condition that requires prescribed medication
  4. Vet determines that a compounded drug is needed
59
Q

3 types of Ethics

A
  1. Social
  2. Personal
  3. Professional
60
Q

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

A

61
Q

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

A

D

62
Q

Elements of informed consent

A
  1. Consent given freely
  2.  treatment and diagnosis explained in understandable terms
  3. Risks, benefits, prognosis, must be stated if treatment/ diagnoses proceed
  4. Prognosis if not treatment selected must be stated
  5. Alternative treatments, incl risks, benefits, costs discussed
  6. The extent of emergency care require to stabilize the patient was reasonable
63
Q

4 elements to consider applying law of Unjust Enrichment

A
  1. More valuable animal= greater chance of financial recovery
  2. More emergent needs = more leeway to provide emergency care
  3. That attempted to reach owner prior to medical care
  4. The extent of emergency care required to stabilize the patient was reasonable
64
Q

The 4 A’s to rise above moral distress

A

Ask
Affirm
Assess
Act

65
Q

If struggling the 4 A’s consider the for R’s which are

A

Relevance
Risk
Rewards
Roadblocks

66
Q

2 types of law

A

Civil
Criminal

67
Q

Civil laws

A

Tort law
Contract law

68
Q

3 or 4 Elements of a contract

A. None
B. Offer, discuss, approve , sign
C. Offer, acceptance, consideration, intent
D. Offer, acceptance, consideration, inform

A

C

69
Q

3 situations that may question capacity to contract

A
  1. Minors
  2. Mental disability
  3. Intoxication/substance abuse
70
Q

Employee Federal poster requires

A
  1. Covid
  2. FSLA
  3. EEOC
  4. FMLA
  5. OSHA
  6. Polygraph Act
    7 Uniformed Services
  7. Right to join unions
  8. State required posters
71
Q

Accounting Methodologies

A
  1. Cash-based
  2. Accrual-based
  3. Hybrid of both
72
Q

True or False

Accrual base accounting is more accurate ?

A

True

73
Q

3 steps to analyze P & L

A
  1. Compare %
  2. Ask questions of the %
  3. Implement change
74
Q

Key Financial statements

A

Income statement aka p & l
Balance sheet
Cash flow sheet

75
Q

Financial Reporting elements 4

A
  1. Timeless
  2. Accuracy
  3. Simplicity
  4. Sufficiently Detailed
  5. Analytical
76
Q

Financial Analysis Perspectives

A
  1. Safeguarding assets
  2. Pricing fee/structure
  3. Cost evaluation
  4. Procurement of capital
  5. Incremental performance
  6. Accountability
  7. Profitability
  8. Return on capital analysis
77
Q

3 Payroll methods

A
  1. Manual payroll
  2. Automated in-house processing
  3. Third party payroll services
78
Q

Common KPIs

A
  1. Total revenue, total transactions by month
  2. Average transaction charge by month
  3. New clients and loss clients per month
  4. Revenue, transactions, and every transaction charge per DVM per month
  5. Revenue by category
  6. Accounts receivable by aging classification (30, 60, 90+ days )
79
Q

Requirements for wage / Tax reporting

A
  1. Obtain EIN
  2. Obtain I-9 for each employee
  3. Confirm each employee completed a W-4
  4. Calculate and deduct employees income tax
  5. File form 941(Employer quarterly federal tax return)
  6. File form 940 (Employee annual federal unemployment tax return)
  7. Make require deposits of withheld taxes
  8. Prepare and distribute W-2 by January 31
  9. Prepare W3 (transmittal of wage and tax statement) To file with W-2 to IRS.
  10. All taxes should be automatically deducted from the practice checking account to ensure payments are on time
80
Q

Information to provide to collection agency

A
  1. Clients full name, address, and telephone numbers
  2. Total balance due on account
  3. Clients occupation if known
  4. Clients employment address
  5. Clients drivers license number
    Copy of clients information sheet and signature of client guaranteeing payment
81
Q

Information to gather for Budgeting

A
  1. Last three years of P & L and productivity statements
  2. All lease and loan documents
  3. Fee schedule
  4. List of operational changes expected in the next few years and potential effects on revenue/expenses
  5. List of major capital expense is expected in next few years
  6. Employee roster and recent years W-2s
82
Q

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

A

D

83
Q

6 steps of budgeting

A
  1. Determine desired financial results
  2. Analysis of financial statements
  3. Normalizing the revenue and expenses
  4. Budgeting revenue
  5. Budgeting expense
  6. Combining budgeted revenue and expense and making adjustments
84
Q

4 Expense categories

A. Staff , utility bills , rent , vaccines
B. Personnel, variable, occupancy, fixed
C. Doctor salary, rent, building, hospital supplies

A

B

85
Q

Steps to normalize revenue and expenses

A
  1. Remove any one-time, non-recurring items from the financials used to create the budget.
  2. Use an average of the last 3 years to normalize non-recurring expenses
86
Q

Budget revenue considerations

A

Patient volume 🐾
Fee schedule 💰
ATC

87
Q

Budgeting expense by adding the last 3 years growth rate to base expense figure; only works if:

A
  1. Practice is established
  2. Expenses were stable over past 3 years
  3. Practice will continue to operate similarly in the following year.
88
Q

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

A

89
Q

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

A

C

90
Q

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

A

91
Q

Smart goal MARKETING

A. Specific , measurable, agreed, realistic, time bound
B. Specific, measurable, achievable, realistic , time dependent

A

B

92
Q

Pricing Advantage Strategies

A. Virtual, volume, base, place
B. Place , price, promotion , product
C. Not listed here
D. Unique, value-added, value-based, volume

A

D

93
Q

Managing online reviews

A
  1. Take time to investigate complaint, talk to staff, and create planned response
  2. Response should include empathy, invitation to discuss, attempt to reach client
  3. Promote positive reviews
  4. Create positive culture that helps avoid client experiences that cause negative reviews to begin with
94
Q

SWOT Analysis

A. Strength, will, options , thoughts
B. Strengths, weakness, opportunities, threats
C. Salary , wage, OT, timecard
D. None

A

B

95
Q

Successful marketing plan

A
  1. Gather data (swot)
  2. Define goal
  3. Implement a strategy
  4. Create a written action plan
  5. Execute the plan and measure results
96
Q

6 C’s of Client Relationship Management

A. Consistency, compassion, customer service, convenience, competence, cost

B. Consistency, compassion , clients, convenience, competence, cost

A

A

97
Q

3 R’s of client retention

A. Recall, reappointment, reminder

B. Reminder , relate, retry

A

A

98
Q

Roles of inventory management

A
  1. Inventory manager
  2. Inventory researcher
  3. Inventory purchaser
  4. Department lead
  5. Inventory receiver
  6. Inventory documenter and tracker
  7. Inventory counter
  8. Bookkeeper
99
Q

5 steps to get inventory under control

A
  1. Print your code or product list and edit(Delete inactive, update classifications, remove duplicates)
  2. Reprint the list double check again
  3. 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)
  4. Count inventory
  5. Begin to enter/receive inventory efficiently and accurately as it is delivered to clinic



100
Q

Inventory Variance evaluation

A
  1. Add beginning and ordered/received quantity for the selected item
  2. From # 1, Subtract a # souls in the same.
  3. Compare the number to the physical inventory count at the end of that period
  4. Those numbers should match
  5. If they don’t match, the difference is the variance
  6. Any variance is an indication of weakness or problem, although 8–4% variance on high turn items is acceptable
101
Q

POMR

A. Problem , oriented, medical , records

B. Plan , order, medical , record

A

A

102
Q

SOMR

A. Subject, oriented, medical , records

B. Source, oriented, medical, records

A

B

103
Q

2 types of insurance for business

A
  1. Liability
  2. Property
104
Q

4 elements for malpractice suit

A
  1. Establish duty to practice within standard of care (established vcpr)
  2. Breach duty-Failure to act in accordance with standard
  3. Proximate cause-Connection between negligent act of practitioner and harm to the patient
  4. Damages- Harm to patient or client as a direct result of negligent act 
105
Q

Scenarios in which a vet can discontinue treatment

A
  1. Animal recovers
  2. Practitioner completes all agreed-upon treatment
  3. Animal dies
  4. Client terminates VCPR
  5. Responsibility for treatment was transferred to another practitioner with client consent
106
Q

Phases of the business life cycle

A
  1. Introductory ) Vision, innovation, energy)
  2. Growth (Efficiency, discipline, talent development critical)
  3. Maturity (Manage risk, problem solved, search for growth opportunity)
  4. Decline (Decrease demand for services, revisit strategic plan for revitalizing practice)
107
Q

4 Phases of strategic planning

A. Fórmula, plan, decisión, implement.
B. Implement , written , training , formula
C. Formulation, development,implementation, evaluations
D. None

A

C

108
Q

Law of agency

A

Involves a person who has an authorized to act on behalf of another

109
Q

Statue of frauds

A

Requires production of a written memo before court will enforce certain types of contracts

CVPM (3 decks)

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