Organization of the Practice Flashcards
A process for prioritizing or ranking inventory items based on annual usage value, so that inventory management systems can be structured to selectively control prioritized categories of items based on that value.
ABC analysis
Annual demand (volume) multiplied by cost.
Annual usage value
The condition or state of normal and acceptable pet conduct that enhances the human-animal bond and the pet’s quality of life.
Behavior wellness
The planned attention to a pet’s conduct and active integration of behavior wellness programs into the delivery of pet-related services, including routine veterinary medical care.
Behavior wellness care
Protocols, procedures, services, and systems to educate pet owners and professionals about factors that constitute a behaviorally healthy pet; promote behavior wellness through positive proaction, behavior assessments, early intervention, and timely referrals; and decrease unrealistic human expectations and interpretations of pet behavior that can lead to neglect, euthanasia, or relinquishment
Behavior wellness programs
A wide range of medicinal products, such as vaccines, blood and blood components, allergenics, gene therapies, and tissues, that are created by biological processes, as distinguished from chemistry.
Biologics
A method of evaluating fatness and giving a grade on a point scale. A tool for managing body weight and one aspect of monitoring an animal’s health and overall condition.
Body condition score (BCS)
An organized collection of specified details that pertain to a particular subject or area of interest, resulting in a database that can be sorted by any of the defined details.
Defined database
A representative of a company that provides supplies to a veterinary practice, often called “sales representatives” or “sales reps” for short.
Details-person (or drug detail-person)
In health care, a method for classifying diseases, disorders, clinical signs, and other medical conditions through the use of standardized naming conventions otherwise called “nomenclatures.”
Diagnostic code
A technology standard established to ensure that medical image data files would include patient information that could not accidently be separated from the patient image, and that would allow images to be universally shared easily among devices that create, transmit, and view them.
DICOM (Digital Imaging and Communications in Medicine)
One of several possible etiologies or causes of observed health conditions identified by signs, symptoms, examination, and laboratory findings. Listing these helps in the process of choosing tests to narrow possibilities to a definitive cause.
Differential diagnosis
Computer technology that allows images to be made, stored, transmitted between computers, and re-created for viewing.
Digital image technology
Notations made by the veterinarian in the patient record describing physical examination findings, patient assessment, treatment plans, surgical procedures, and other aspects of patient care.
Doctor medical notes
Generally, the euthanasia of a healthy animal that an owner cannot or will not support financially or of an animal with a medical condition that the client chooses not to treat.
Economic euthanasia
A mathematical formula that allows calculation of optimal order quantities.
Economic order quantity (EOQ) formula
A business consolidation concept that suggests that increased profits can be realized through better use of underutilized assets, such as equipment or skilled employees, by combining disparate economic units (e.g., separately owned but similar types of veterinary practices) to create more transactional volume over a given period of time. Increased profits occur by reducing the fixed cost per transaction.
Economies of scale
A strategic planning activity that involves analysis of the practice in relation to its external environment and how various factors such as competition and regulations might develop in the future to affect the practice.
Environmental scan
The study of the physical aspects of work.
Ergonomics
A written summary report, usually in checklist format, of the veterinarian’s findings during patient physical examination. The report findings are usually grouped according to bodily systems or areas examined (such as oral cavity, eyes, skin, musculoskeletal system, skin and hair, etc.).
Exam-room report cards
A strategic planning activity described by Michael Porter of Harvard Business School that organizes the practice’s evaluation of the external environment and its opportunities and threats.
Five-force analysis
A list of medicines used for animal treatment, generally including clinical information such as dosages, side effects, and contraindications.
Formulary
Describes typical points in transfer of ownership title from a vendor to the purchaser.
Freight on board (FOB)
A cost analysis that not only considers the directly assignable costs of the product or service, but also matches other overhead costs of operation (e.g., utilities, rent, administrative and personnel costs) with the units of product or service.
Full absorption analysis or costing
A term describing the hours worked by one person working full time to fulfill the requirements of a particular job position for one year.
Full-time equivalency (FTE)
A standard adopted by the Occupational Safety and Health Administration that requires all employers to develop prescribed programs to ensure that all employees are aware of the existence of hazardous materials in their workplace and are trained in their use.
Hazardous Communication Standard
The cumulative costs of owning and keeping inventory on the premises in anticipation of its future use during service provision or its sale to clients.
Holding cost
Part of the value chain framework for strategic and tactical planning, these are the operational activities related to the mechanics of establishing appointments and admitting clients and patents to the hospital.
Inbound processes
A patient receiving medical care within the hospital.
Inpatient
All measures, systems, and protocols used by a business to prevent errors, waste, and fraud; to ensure the reliability of accounting data; and to promote compliance with all company policies.
Internal controls
All goods owned and held for sale or use in the regular course of business.
Inventory
A method of pricing that adjusts the sales price of an item as contemporaneously as possible to the sale, based on its most current replacement acquisition cost and regardless of how much was originally paid for that item.
Just-in-time pricing
An industry jargon term for any metric or measurement that is deemed important to monitor for evaluation of the practice’s success in meeting objectives and goals.
Key performance indicator (KPI)
The loss of a practice employee or owner whose role in the practice unit is so important that the loss causes prolonged financial detriment to the practice.
Key person loss
The time between ordering and receiving a particular inventory SKU, also known as delivery time.
Lead time
A training or light educational event, usually held over the lunch hour for about forty-five minutes,
Lunch and learn
Past and current information about a patient that is useful in formulating a diagnosis and in planning and providing medical care, both from a preventive standpoint and from the perspective of treating diagnosed abnormal conditions.
Medical history
An inspiring description of the practice’s purpose and primary objectives that defines key measures of the practice’s success, directed primarily to guide the practice’s leadership in the decisions they make in their service to shareholders, employees, and clients.
Mission statement
The cumulative costs of negotiating for and obtaining inventories of various supplies required for practice operations, not including the actual cost of the supplies themselves.
Ordering cost
A patient being treated at home or at a farm or stable after examination and diagnosis is made by the doctor, generally in the hospital.
Outpatient
A medical imaging technology which provides economical storage of, and access to, digital images from different sources and machine types, such as digital radiography, ultrasonography, and magnetic resonance imaging.
PACS (picture archiving and communication system)
A record of all information pertaining to the medical history, diagnostic processes, and treatment provided to a single animal.
Patient record
A type of commercially available pet health record that is given to the client to keep track of the animal’s vaccination history, parasite-control medications, surgery dates and events, and so forth.
Patient-health pocket records
Inventory system that can provide accurate, up-to-date detail at any time because items are added to inventory records as soon as they are received and are subtracted from inventory records as soon as they are sold or used.
Perpetual inventory
The accounting for all items of inventory on hand at a given time, accomplished by performing an actual count of each item.
Physical inventory
In the context of veterinary practice, the location a sales transaction is completed, such as the receptionist-cashier’s checkout desk.
Point of sale (POS)
An electronic device that provides an interface between the practice cashier and the Internet for processing client payments.
POS terminal
A part of the medical record that summarizes each patient abnormality identified by professional staff (e.g., not eating; diarrhea; weight loss; discharge, right eye; overgrown toenails).
Problem list
A record that is chronologically ordered according to each identified health problem.
Problem-oriented medical records (POMR)
The planned acquisition of appropriate goods and/or services at the optimum total cost of ownership to meet the needs of the practice in terms of quality, quantity, time, and location.
Procurement
The form issued by the purchasing department to document and order inventory items from a supplier, including supplies, merchandise, equipment, or any other purchased item.
Purchase order
A program for the systematic monitoring and evaluation of the various aspects of a project, service, or facility to ensure that preestablished standards of quality are being met.
Quality assurance
An aggregate of activities (such as design and system analysis and inspection for defects) designed to ensure adequate quality of services offered and provided to clients and patients.
Quality control
The time at which the purchasing manager places a restock order with the vendor.
Reorder point (ROP)
The form used by employees for requesting purchase of a supply, pharmacologic agent, equipment item, or service, such as maintenance or repair.
Requisition order
Tracking and identification technology using radio waves.
RFID Radio-frequency identification
An up-to-date, cumulative tally of services provided to and supplies consumed by a hospitalized patient. Given this convenient record of current charges, the client is better able to make informed decisions about electing additional procedures and care.
Running charge
The minimum quantity of an inventory SKU that is held as a protection against shortages due to higher than expected use between placing an order and receiving it.
Safety stock
Abbreviated practice jargon to describe the writing of a prescription for a drug or medication that the client will purchase elsewhere.
Script out
A materials management system that methodically ranks the importance and value of items used by business processes to enable application of different levels of control (time and money).
Selective inventory control
The segment of all industry primarily involved in providing services rather than products to clients.
Service industry
Vendor document included with ordered items shipped to the veterinary practice.
Shipping document
Inventory loss, usually unexplained or difficult to isolate.
Shrinkage
A safe with a deposit slot. When the safe is locked, items can be deposited through the slot, but they cannot be removed. Usually locked with a key, combination, or pass card.
Slotted safe
In health care, a comprehensive system for classifying diseases, disorders, clinical signs, and other medical conditions through the use of standardized naming conventions otherwise called nomenclatures.
SNOMED (Systematized Nomenclature of Medicine)
Certification in advanced veterinary medical knowledge.
Specialization (or specialty)
An item of inventory or stock that is completely specified as to function, style, size, color, and usually location and assigned a unique code or number for purposes of inventory tracking and management.
Stock-keeping unit (SKU)
The event of running out of a supply item before the next order arrives.
Stock-out `
The formalized process of defining a practice’s vision, mission, and future course of action and aligning resources such as money, equipment, and people to achieve these purposes and objectives.
Strategic planning
A printed list of coded services and products that provides a way of identifying completed services and dispensed items when preparing the invoice.
Tracking sheet
The amount paid to a vendor for an item of inventory, including applicable sales taxes and shipping costs, divided by the quantity of the item ordered.
Unit cost
A difference between the physical count of an item and the count as calculated from the records maintained for that item.
Variance
A document sent by a supplying vendor to the practice describing the products or services provided and listing the cost per item, quantity, and other information.
Vendor invoice
A document sent once a month by a vendor to the practice that lists all of the invoices that have been completed during that month.
Vendor statement
Generally speaking, a facility with overnight hospitalization provisions is a hospital; one without these provisions is a clinic.
Veterinary hospital vs. veterinary clinic
The network of computer hardware, human interface devices, operating systems, and software written specifically for running the veterinary practice operations, including client invoicing, patient reminder notifications, and medical records functions
Veterinary practice information management system (VPIMS)
A management processes tool adapted by Marsha L Heinke, CPA, Inc., based on concepts entailed in the balance scorecard methods widely published starting in the early 1990s.
Veterinary practice scorecard (VPS)
An inspiring description of the underlying human values of the practice’s mission that serves to guide beliefs and energize behaviors about how the practice team goes about its day-to-day activities.
Vision statement
Computer software that allows a computer to recognize speech and convert it into a written format or perform specific actions in response to speech commands.
Voice recognition software
The amount of time between the prearranged appointment time and the time the appointment actually begins; the amount of time the client has to wait to see the veterinarian or other veterinary professional.
Wait time
Loss of supplies and other purchased inventory items through waste or misuse.
Wastage
An insurance or prepaid service plan that pays for veterinary care provided to an animal for those services generally considered to be necessary to prevent disease and/or promote a healthy life. Most plans include vaccinations, periodic examinations, neutering, parasite management, and possibly dentistry.
Wellness plan
A patient appointment that centers on preventive health care and early detection of impending health problems, usually through complete physical examination and laboratory testing.
Wellness visit
A Healthcare service provider that supports the work of the primary physician.
Ancillary service provider
An order placed for a product that is temporarily out of stock.
Backorder
A standard for the the Short-Range wireless interconnection of cellular phones, computers, and other electronic devices.
Bluetooth.
The procedure for making extra copies of data in case the original is lost or damaged.
Backup
A strategic planning process designed to evaluate veterinary practices.
Business Assessment Report Kard. (BARK)
Insurance that protects the company and/or Business owner in the event of a formal lawsuit or other third party claim.
Business Liability Insurance.
Property of any kind held by an assessee, whether connected with their business or profession or not connected with their business or profession. It includes all kinds of property, movable or immovable, tangible or intangible, fixed or circulating.
Capital Asset.
An electronic gateway to a collection of digital files, services, and information accessible over the internet through a web browser.
Client Portals
The process of identification, analysis and either acceptance or mitigation of uncertainty in client decision-making.
Client risk management.
A veterinarian that uses healing practices and products that work in conjunction with traditional medicine.
Complementary Practitioner.
Measure of whether pets actually receive the care that has been recommended by their veterinarian.
Compliance
Restricting the dissemination of information.
Confidentiality.
A form signed by a client prior to a medical procedure to confirm that he or she agrees to the procedure and is aware of any risks that might be involved.
Consent form.
Any drug or therapeutic agent commonly understood to include narcotics, with a potential for abuse or addition, which is held under strict government control.
Controlled Drugs
A figure on the income statement that reflects the cost of products sold to consumers in the primary business activity of the practice.
Cost of Goods Sold. (COGS)
A good that is unfit or reduced in value for it’s intended use due to damage of some sort.
Damaged goods.
Strategies and procedures put in place to protect confidential data from unauthorized access.
Data breach risk management.
Systemic allocation of the cost of a tangible asset over time.
Depreciation.
A clause or statement that tries to prevent the creation of a warranty or contract.
Disclaimer.
The most economical quantity of a product to order, factoring in both holding and operating costs.
Economic Order Quantity (EOQ)
The identification, assessment, and prioritization of financial risks followed by coordinated and economical application of resources to minimize, monitor, and control the probability of said risk.
Economic risk management
Ratios used to analyze how well a company uses its assets and liabilities internally.
Efficiency Ratio for Accounts Payable to Sales.
Inventory that has reached the end of its useful life, and cannot be sold as a finished good.
Expired inventory.
A system (Hardware, software or a combination) on your local intranet network that is designed to prevent unauthorized access to or from the network.
Firewall.
The Principle by which the oldest inventory items are recorded as sold first, but do not necessarily mean that the exact oldest physical object has been tracked and sold.
First in - First Out (FIFO)
A strategic planning activity that organizes the practice’s evaluation of the external environment and its opportunities and threats.
Five-Force Analysis.
The physical equipment used in a computer system.
Hardware.
Assistance for technical problems with electronic devices or computer software applications. The technical support team is composed of individuals that are familiar with the ins and outs of a device and/or software application.
Hardware/software support.
Operations such as record-keeping or maintenance in an organization, or a computer that make work possible but does not directly constitute its performance.
Housekeeping.
Having a process by which your organization identifies and understands the risks to which you are exposed when it comes to human resources activities. It also means having deliberately evaluated the risks and have a strategy in place to remove the risks altogether, reduce the likelihood of the risk happening or minimize harm in the event that something happens.
Human resource risk management.
To put into effect.
Implementation.
Careful examination or scrutiny.
Inspection. A practice may be inspected by various agencies such as the DEA, OSHA, local fire department, etc. A manager should be aware of the laws and standards necessary to pass those inspections.
A person Employed to sell insurance policies.
Insurance Agent.
The Process of bringing together the component subsystems into one system and ensuring that the subsystems function together as a system.
Integrating systems.
Refers to the inclusive practice of removing barriers that prevent interaction with, or access to websites.
Internet accessibility.
An accounting procedure used to keep track of products and merchandise.
Inventory Audit
The relationship between expense of total items sold and the inventory value, computed by dividing the costs of the drugs and the dispensed items by the average inventory value.
Inventory Turnover.
A computer network that links devices within a building or group of adjacent buildings.
Local Area Network (LAN)
The amount added to the cost price of goods to cover overhead and profit.
Mark-up.
Methodical review and examination of practice records to assess accuracy and completeness.
Medical record audit.
Written reports by veterinarians on the animals he or she treats,
Medical Records.
Language that is used to accurately describe the patient’s body and associated components, conditions, processes, and procedures in a science-based manner.
Medical Terminology.
The action of reducing the Severity, seriousness, or painfulness of something.
Mitigation.
A Pharmacy that operates over the internet and sends the orders to customers through the mail or shipping companies.
Online Pharmacy.
A document that describes in detail the processes and systems that a company uses to produce its goods and provide its services.
Operations manual.
A supply or quantity in excess of demand or requirements.
Overstock.
Products that are available by ordinary retail purchase, with no need for a prescription or license.
Over-The-Counter (OTC) Products.
A term or phrase used to describe a practice that no longer uses physical medical charts, and relies primarily on electronic medical records.
Paperless/ Paper light.
A set of requirements designed to ensure that ALL companies that process, store or transmit credit card information maintain a secure environment.
PCI Compliance. Payment Card Industry Data Security Standard. (PCI DSS)
A framework using four factors to help scan the external macro environment in which the practice operates; Political, Economic, Sociocultural and Technological.
PEST Analysis.
A veterinary medical record model designed to organize patient information by the presenting problem. The record includes the patient database, problem list, plan of care, and progress notes in an accessible format.
Problem Oriented Veterinary Medical Record (POVMIR)
Documents used to ensure that tasks have been completed in a specific manner.
Procedural Logs.
A guarantee that a manufacturer or similar party makes regarding the condition of work and outputs.
Product Warranty
The Health of the population as a whole, especially as monitored, regulated, and promoted by the state.
Public Health.
Total number of inventory units currently in stock.
Quantity on Hand (QOH)
The transfer of the legal and physical custody of permanent records.
Records Transfer.
Generally defined as the risk of having the ‘License to operate’ withdrawn by a regulator, or having conditions applied (retrospectively or prospectively) that adversely impact the economic value of a practice.
Regulatory risk management.
The Identification, assessment, and prioritization of risks followed by coordinated and economical application of resources to minimize, monitor, and control the probability of said risk.
Risk Management.
Utilizes a Secure Sockets Layer (SSL) to encrypt the username and password before passing them to the mail server so that anything that might me intercepted are in an encrypted are in an encrypted format that will be unreadable.
Secure Login
A set of administrative, physical and technical actions to protect the confidentiality, availability and integrity of information or data.
Security Standards
A computer on the network that manages network resources, and provides functionality for other computers on the network.
Server.
A guarantee or promise which provides assurance by one party to the other party that specific facts or conditions are true or will happen.
Warranty
Inventory loss, usually unexplained or difficult to isolate.
Shrinkage
SMART Goals.
Specific Measurable, Attainable, Relevant, Timebound. Useful acronym to remember when establishing inspirational objectives for the practice team.
Programs or applications that run on computers.
Software
Patient medications or food that is ordered by a client, typically because it is not kept in stock on a regular basis.
Special Orders.
An individual or group with an interest in a particular business; the individual or group usually has something at risk.
Stakeholders.
Statements of what a practice believes in and recommends for its patients.
Standards
A plan or action to achieve a specific end, typically within a long timeframe.
Strategy
A tool used that analyzes the practice’s strengths, weaknesses, opportunities and threats when making a plan.
SWOT Analysis.
A systemic method used when writing out medical records that includes: Subjective, Objective, Assessment, and Plan for patient care.
Subjective/Objective/Assessment/Plan (SOAP)
A set of detailed methods, procedures and routines created to carry out a specific activity, perform a duty, or solve a problem.
Systems
A plan or action to achieve a specific end, typically within a short time frame
Tactic.
Analysis tool for strategic planning and goal setting that describes a series of activities, with each stage adding value to the final product or service outcome.
Value Chain Analysis
Description of the value that a product, service, or process will provide to the pet owner, hospital, and staff.
Value Proposition.
A management process tool that assists in identifying and targeting measurable performance goals in operational quadrants; client perspective, patient perspective, learning and growth perspective and financial perspective.
Veterinary Practice Scorecard (VPS)
The Act of purchasing goods in multiple units or in large quantities, usually with a financial incentive for doing so.
Volume Purchasing.
A form that is signed by the owner/agent of a pet stating that they decline to accept the veterinarian’s recommendations or advice.
Waiver.
A defined time frame that a product or service is guaranteed.
Warranty Period.
According to Practice Made Perfect; applying Pareto’s 80/20 rule to inventory helps in;
a. Making organizational decisions about inventory.
b. Prioritizing inventory time investment. Since 20 % of our products bring in 80% of our produce revenue, we should concentrate the lion’s share of our efforts on that top 20%.
c. Creating a marketing strategy regarding inventory.
d. Making budget decisions regarding inventory.
b. Prioritizing inventory time investment. Since 20 % of our products bring in 80% of our produce revenue, we should concentrate the lion’s share of our efforts on that top 20%.
Ideally, the top 20% of inventory items should be ordered;
a. Monthly b. Weekly c. When stock is down to 1-3 units. d. When stock is no lower than 10 – 12 units.
a. Monthly
To maintain tight internal controls the role of Inventory Purchaser should always be a separate individual from (multiple choice)
a. The Inventory Receiver b. The Inventory Counter c. The Inventory Documenter and Tracker d. The Inventory Researcher
a. The Inventory Receiver
And
c. The Inventory Documenter and Tracker
The Tax Act of 2003 provided what increased benefits to small business owners (Multiple Choice);
a. Significantly increased the amount of eligible property that can be written off in the first year.
b. Gave an additional deduction of 50% of the remaining balance of the equipment purchased that is above the $139,000.
c. The remainder of the purchases can also be depreciated on a straight line depreciation schedule.
All of the above
Practices should plan to reinvest around ___% of gross revenue for replacing or acquiring equipment annually.
a. 5%
b. 3%
c. 1%
c. 1%
Is the digital radiography unit in your practice considered Capital Inventory?
a. If it is valued at $1,500 or higher.
b. If it is valued at $15,000 or higher.
c. Yes, if it is in useable condition.
c. Yes, if it is in useable condition.
4) Which details below are considered a benefit of using logs in veterinary medicine? (Multiple Choice)
a. To comply with legal requirements such as controlled substances log.
b. Provide evidence in the event of a malpractice claim.
c. Convenient for quick data analysis and auditing.
All of the above
5) The state Veterinary Practice Act defines minimum medical record documentation for each state. What other entity defines minimal requirements of veterinary medical records?
a. The AVMA Principles of Veterinary Medical Ethics.
b. Both the DEA and The AVMA Principles of Veterinary Medical Ethics
c. The AVMA Principles of Veterinary Medical Ethics and AAHA (American Animal Hospital Association)
a. The AVMA Principles of Veterinary Medical Ethics.
The most common medical record format is;
a. Problem Oriented Medical Record (POMR)
b. Source Oriented Medical Records (SOMR)
a. Problem Oriented Medical Record (POMR)
Software and Hardware purchases will show greater return on investment than any other capital expense in veterinary medicine due to increased efficiency in every department.
a. True
b. False
a. True
Hardware and software of both examples of Information Systems.
a. True
b. False
a. True
Ideally no less than _____ of on-site training should accompany any major software conversion.
a. 2 days
b. 1 day
c. ½ day
c. ½ day
Regarding financial statements which is more detailed and provides the greatest level of assurance?
a. Compiled
b. Audited.
c. Reviewed
b. Audited.
As it relates to tax planning, what is Safe Harbor?
a. A system of calculating this year’s projected tax based off of last year’s tax.
b. A system created by the IRS that will hold businesses harmless for low level tax miscalculation.
c. Safe Harbor refers to retirement vesting schedules and income tax deferral.
a. A system of calculating this year’s projected tax based off of last year’s tax.
A liaison is a broad term that refers to the person who maintains communications with any other entity involved with the business of running the practice.
a. True
b. False
a. True
How many diseases are currently known to be zoonotic?
a. 780.
b. 1,400
c. 4,200
d. Over 5,000
b. 1,400
What is the first step in creating a business contingency plan?
a. The formation of the recovery team.
b. Back up all available data.
c. A risk assessment.
c. A risk assessment.
In regards to a medical malpractice lawsuit; if a client fails to confine a dog after surgery, or there is proof of any degree of medical negligence by the client, it may eliminate financial recovery for the client in a lawsuit. What term supports this theory?
a. Duty Negligence
b. Contributory Negligence
c. Negligent Forbearance
b. Contributory Negligence
Which of the four phases of Strategic Planning is focused on how the practice will get from point A (now) to point B (the future)?
e. Formulation.
f. Development.
g. Implementation.
h. Evaluation.
f. Development.
Leadership Fatigue can be experienced by both owners and managers and usually results from a lack of communication, lack of delineation of job duties, and feeling that they are constantly haggling with the team to carry out policies and procedures. Which element of the strategic plan addresses this dynamic?
a. Organizational Development.
b. Organizational Design.
c. Organizational Learning.
b. Organizational Design.
How long can it take to prepare a team member for a leadership position?
a. 6 – 12 months.
b. 12 – 24 months.
c. 12 – 36 months.
d. 24 – 36 months.
c. 12 – 36 months.
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.
a. operating demands
List four inventory control goals.
Products are available to treat patients when needed.
Quantities are controlled to minimize expenses.
Clients can conveniently obtain refills.
Regular evaluation of preferred pharmaceuticals and supplies to avoid redundancy, streamline storage, ordering and training.
Employees can efficiently order, stock and dispense needed items.
Controlled drugs are properly maintained.
Appropriate security, systems, and safeguards exist to ensure proper use.
Employees are well versed in communicating the value of products dispensed at the practice and can also confidently field client inquiries regarding on-line pharmacies or big box stores.
Fees are adjusted regularly
Profit margins are set and accomplished.
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.
Define gross profit on product.
The difference between the price of a product to the client and the cost of that product to the practice.
What are the two main benefits of using a Central Supply Inventory System?
Reduce theft and waste, and better organization and tracking of products.
The ABC Inventory Analysis contains multiple steps and can be somewhat complex – if you had to define the ABC Analysis in 5 steps, what would those steps be?
Create spreadsheet and calculate Annual Usage Volume.
Then calculate cumulative Annual Usage Volume.
Then calculate the Cumulative Percentage of Annual Usage Volume.
Then calculate the Annual Usage Distribution.
Group items into classes A, B, C
The sum of the beginning inventory (BI) and the ending inventory (EI) divided by 2 is the calculation to determine what metric (BI + EI) / 2?
Average Inventory on Hand (AI)
The higher the inventory turnover ratio, the ___________ the inventory control.
Tighter
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 (EOQ)
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. Clients do not have a complete understanding or appreciation of the costs associated with dispensing medications.
Calculate the inventory variance using the following data; Beginning quantity = 250 Amount ordered and received = 1000 Amount sold = 942 Physical count of quantity on hand = 298 Variance = \_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_.
(10)
What benefits and disadvantages may be involved in Just In Time ordering?
Benefits – low holding costs, no expired product.
Disadvantages – high ordering costs, stock outs and back orders.
What are the two main inventory organizational techniques?
Zoning
Central Supply
What are the four steps to Inventory Budgeting?
1 – Project Revenue
2 – Project COG Expenses
3 – Project COG Subsection Expenses
4 – 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, and purchase location.
Using the metrics below; what is the break-even number for a potential Laser machine purchase;
Purchase price $25,000
Client cost $65
Technician time to perform the service $15
A - 500 invoiced uses to break-even.
The practice purchased a digital radiology unit for $35,000. Shipping charges were $2,525. Installation and training costs were $2,750. The practice is planning on the equipment serving them for a minimum of 10 years. Using the formula for calculating equipment expense for profit center use, what is the estimated monthly expense you can subtract from the profit center? $731.25 $602.50 $4,027 $335.62
$335.62
What is the most significant drawback to paper medical records and why?
Most significant drawback is 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?
In the case of a written mistake, correction fluid cannot be used on any medical record, release or authorization form. A correction should consist of a one line strike through with the author’s initials.
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.
Software should have an automatic lock out time frame after a backup has been completed. Entries post back-up will be documented as an addendum.
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?
An incomplete, illegible record can be considered an admission of professional incompetence and imply that the care provided was sub-standard.
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?
Although a client complaint is rarely about records, it is the records that the board will investigate to rule on the complaint.
Even if the veterinarian is acquitted of a client’s complaint, they could still be cited for medical record violations if they do not meet the minimum standards.
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
Define SOAP.
S – Subjective
O– Objective
A – Assessment
P - Plan
Name at least three elements that should be included in the auditing of medical records.
All records should be audited for:
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
Define Source Oriented Medical Records
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.
List at least 4 potential applications of technology in veterinary practice.
On-line continuing education Computerized appointment system Consultation with specialists and experts Digital photographs and digital radiographs Credit card processing E-mail reminders Electronic medical records Online office procedural manuals Supply purchases Webpage design and maintenance
The system or program the computer follows is called __________.
Software
_________ and __________ purchases will show greater return on investment than any other capital expense. Why will these things show such returns?
Software and Hardware purchases will show greater return on investment than any other capital expense in veterinary medicine due to increased efficiency in every department.
When considering new software for the practice, if you have employees who lack experience or comfort with technology, what might be an important element when considering the various software benefits?
Training provided by the company should be a strong consideration with new software, especially if you have employees less comfortable with computers.
In reference to disease transmission; fleas, ticks and mosquitos are considered vectors. True or false?
True
Why is it recommended to have a steady and ongoing relationship with an attorney?
This strategy avoids the urgent and crisis oriented circumstances and maintains more of a preventative relationship for the practice.
The role of Liaison for a practice manager involves more than relationships with vendors, what are some examples?
The role of liaison is a full time responsibility involving staff, vendors, authorities, professional peers and advisors, independent contractors, clients, practice owners or stock holders, consultants to the practice, and any other relationship involving the practice.
What separates CPAs from bookkeepers or accountants?
A CPA is a college trained accounting professional who has attained certification via a comprehensive exam, and maintains the certification with continuous continuing education.
List 5 considerations when choosing an accounting professional.
Expect to interview several candidates and do your research about the candidates and their firm.
Check on-line reviews and standing with the IRS and state boards.
Do they have veterinary experience, and how do they stay abreast of veterinary trends. Do they belong to or follow any veterinary associations or periodicals.
Check licenses and credentials on-line.
Match people whose philosophies and personalities that are compatible with the practice.
Obtain referrals from at least two of their long term clients.
Make sure the candidates experience, education and interests match the role you’re seeking to fill. For example; don’t hire a bookkeeper to fulfill duties of a CPA.
Beware of a large ego that can get in the way of good service. No one knows everything.
Choose an advisor who is busy, they are busy for a reason.
How do they structure their fees?
Avoid a firm that is too small, in the event of illness or death a small firm may not be able to continue service uninterrupted.
To get the most efficiency from a CPA at tax time, it is best to have obtained their services for tax planning prior to the end of the calendar year and to have all accounting records (QuickBooks or other software reports) to the CPA by when?
The third or last week of January.
Name two potential benefits of maintaining healthy relationships with vendors?
- Vendors are typically highly educated and well trained by their companies and can often provide you with the most cutting edge information available as to new products, client/owner concerns, and upcoming backorders.
- Vendors have a wide range of experience inside various practices and can offer valuable feedback in how you’re doing, and/or share some good ideas from other practices.
- Vendors have a wide network within the veterinary community and may know when a practice is coming up for sale, employees who may be looking for work, and may also offer employee training.
When implementing control methods for zoonotic disease, treatment or programs are generally focused on reservoirs and hosts. Define Reservoirs and hosts in this context.
Reservoir – a place where an infectious organism survives and replicates.
Host – the living organism that provides the environment for the maintenance of the organism but may not be necessary for the organism’s survival.
What is the most common bacteria present in dog and cat bites?
Pasteurella
When treating a patient with chemotherapeutic drugs, why is it critical to have detailed and thorough communication with the client?
Some chemotherapeutic agents are eliminated in the urine and feces of the pet and can potentially expose family members.
In regards to gas anesthesia, what are the three types of gas scavenger systems, and which provides the best protection for employees?
Active scavenger system provides the best protection.
Passive system.
Absorption system.
Name two steps that should be taken anytime a pregnant woman is working around anesthetic gases.
Wear an anesthetic monitoring badge
Proper PPE
Once a VCPR is established treatment must continue until (four answers);
The animal recovers.
The practitioner has agreed to all the treatment that was agreed upon.
The animal dies.
The client terminates the VCPR.
The responsibility for treatment is transferred to another practitioner with the consent of the client.
There are five strategies to reducing the potential of a malpractice lawsuit and they include continuing education, maintaining thorough medical records, practicing informed consent and what two others?
Staff Training
Referrals
What is the Risk Assessment Equation?
Hazards + Vulnerabilities = Risk
What are the four priorities of general emergency management and what is the brief definition of each?
Mitigation - strategies and actions that reduce the likelihood and impact of a threat
Preparation - planning and training action steps that develop the capacity to respond to threats.
Response - actions taken in the face of an emergency situation
Recovery - the process of returning to normal after an emergency event. This could be a lengthy process.
A relationship centered practice is defined as utilizing empowered veterinary team members who share veterinary knowledge to develop long-lasting relationships with clients and patients. Which element of strategic planning best addresses this dynamic?
Organizational Design
Lack of follow through from management, “Push” form of learning verses “Pull”, and negative peer pressure from team members who have plateaued, are all common reasons for what?
Resistance to learning
Which phase of strategic planning includes the development of the Mission, Vision, and Values, and why are they so important?
The Formulation Phase. The MVVs are critical because they represent the goals of the organization and every decision made for the business, employees, clients, or patients must support the goals, and there for the MVVs.
