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Practice Management > Overview > Flashcards

Overview Flashcards

1
Q

______ = owner is the business

A

sole proprietor

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2
Q

What type of tax schedule does a sole proprietor face?

A

personal level- 1040 Schedule C

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3
Q

Income for a sole proprietor is based on your _____. This is a(n) __________ (advantage or disadvantage?).

A

productivity and ability to collect

advantage

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4
Q

True or False: A sole proprietor faces unlimited exposure to personal liability.

A

True

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5
Q

True or False: A sole proprietor heads overhead expenses even when he/she is away from the practice (aka: it’s empty).

A

True = major disadvantage

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6
Q

True or False: Sole proprietors receive fringe benefit tax deduction.

A

False

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7
Q

______ = a form of co-ownership where expenses, office space, equipment and income may be shared

A

General Partnership

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8
Q

True or False: In a general partnership, all partners share equally in management and business decisions of partnership.

A

False, not ALWAYS

ex: partners with a majority (>50%)

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9
Q

True or False: Sole Proprietors have fewer fringe benefits than General Partnership owners.

A

False, SP> fringe benefits than GP

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10
Q

True or False: A general partnership must file a tax return.

A

True, information only

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11
Q

______ = a separate legal entity from the provider

A

Corporation

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12
Q

In a corporation there are more ______ formalities and possible ______ ______.

A

legal

double taxation

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13
Q

Which is better, a C Corporation or S Corporation?

A

S
“Yes for S”
“NoSiri for C”

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14
Q

___ Corporations maintain full deductibility of employee benefits.

A

C

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15
Q

In a C Corporation, the corporation _____ are taxed and then ______ are taxed = double taxation.

A

corporation PROFITS
…then…
shareholder’s dividends (payment to shareholder)

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16
Q

An “S” - aka _______ - Corporation maintains liability protection but owner(s) do not get ______ benefits.

A

subchapter

do not get tax deductible employee benefits

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17
Q

A _____ ____ _______ is very popular due to few administrative requirements, s-corp taxation characteristics, and great ______ protection.

A

Limited Liability Company (LLC)

liability

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18
Q

LLC’s are subject to ____ _____ tax.

A

self-employment

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19
Q

As a(n) _________, everything for your work is provided and fringe benefits are negotiated.

A

associate

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20
Q

As a(n) _________, you pay your own benefits, assume risk of doing business, and do NOT receive a W-2.

A

independent contractor

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21
Q

What is an “at will” employee?

A

no promised term of employment

contract can be terminated at any time

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22
Q

Who is more likely to be an “at will” employee?

A

STAFF employees

- not a good idea for dentist (employee) or dentist (employer) because patient care will suffer

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23
Q

Termination should be negotiated prior to contract signing. Termination notice is often ______ days but should be no less than _____ days.

A

45-60

no less than 30 days

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24
Q

What are three routes of termination?

A
  1. immediate termination for cause
  2. unilateral termination without cause
  3. breach by either party
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25
Q

What are three restrictive covenants? Are these enforced in Ohio?

A
  1. Non-Compete
  2. Non-Solicitation
  3. Non-Disclosure
    * *Yes they’re enforced**
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26
Q

______ = patients cannot be asked or enticed to follow you to your new location

A

non-solicitation clause

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27
Q

______ = business trade secrets are protected and cannot be divulged or transferred.

A

non-disclosure clause

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28
Q

_____ = limits the ability to practice a certain distance from the office after employment contract terminates

A

non-compete clause

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29
Q

Non-competes will have a time restriction of _____ years.

A

1 to 3 years

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30
Q

Urban practices may have a non-compete of ____ miles; Rural practices may have a non-compete of _____ miles.

A

few miles

10-15 miles

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31
Q

True or False: Practices with several offices can only enforce a non-compete clause for the location at which you worked.

A

False, distance around ALL offices

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32
Q

Non-solicitation agreements are usually good for ____ years.

A

2

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33
Q

Non-disclosure agreements are usually ____ years.

A

indefinite

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34
Q

What is “Right of First Refusal?”

A

right to purchase employer’s practice if a bona-fide purchase offer is made by a third party to the owner

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35
Q

In the event of a sale of the employer’s practice, he/she will want to retain the right to ______ of the employee contract to the buyer.

A

assignment

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36
Q

What is the “cash basis” reporting method?

A

income is reported based on collections only

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37
Q

Total Revenue - _________ = Net Profit

A

Total Expenses

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38
Q

What is revenue?

A

income received from sales or service

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39
Q

Expenses are classified as either ____ or ____.

A

Fixed

Variable

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40
Q

____ Expenses include rent and insurance

A

fixed (do not depend on the amount of business)

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41
Q

____ Expenses include wages, lab fees, and supplies.

A

variable (depend on the amount of business)

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42
Q

____ are “what your business owns”

A

assets

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43
Q

______ are “what your business owes”

A

liabilities

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44
Q

What is the stockholder equity?

A

the net value of business

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45
Q

What is the “first step” in practice planning?

A

develop core values (beliefs) the owner holds to be important

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46
Q

True or False: the Mission Statement is a vision that should be adjusted periodically.

A

True

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47
Q

The ______ at sba.gov can help to create a formal business plan.

A

Small Business Administration

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48
Q

What is the SWOT analysis?

A 
way to assess the environment inside and outside the practice:
Strengths
Weaknesses
Opportunities
Threats
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49
Q

Determine Strategies and Set ______. Then, Develop ______ and Measure ________.

A

set goal/objectives
develop methods
measure outcomes

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50
Q

Right out of school, new dentists should be able to produce _____ per hour. Experienced dentists should be able to produce _____ per hour.

A

$250

$750

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51
Q

What is the ratio of dentist/hygiene production that the average practice should seek?

A

70:30
Dentist:Hygiene

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52
Q

A high Dentist/Hygienist ratio indicates _____. A low ratio indicates _____.

A

high: weak hygiene program
low: few patients or high fee schedule

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53
Q

True or False: Aging practices typically have low ratios.

A

True

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54
Q

In general, hygienists should produce _____ times their compensation.

A

2.5 to 3 times (or 33-42% of hygiene revenue)

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55
Q

True or False: the exam fee is included in both the hygienist’s and doctor’s production number.

A

False, doc only

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56
Q

What is the average overhead in a typical office?

A

60-65% of gross revenue

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57
Q

Payroll accounts for ____ % of overhead.

A

25-28

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58
Q

Payroll taxes and benefits are ____ %.

A

3 to 5%

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59
Q

Lab related procedures should be _____times the lab fee.

A

5 to 7 times

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60
Q

As a general rule, a practice should hire one front desk person for every _____ of monthly production or _____patients seen per day.

A

$40,000

10

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61
Q

How should front desk duties be divided? Why?

A

Treatment Coordinators
Hygiene Coordinators
Collections/Insurance

filling the schedule or collecting money…they can’t do both simultaneously. Which one will suffer?

62
Q

True or False: Before adding another hygienist, add a dental assistant to help assist the current hygienist.

A

True, this is using good delegation strategies

63
Q

How might a practice increase productivity?

A 
extending hours
increase patients
utilize staff efficiently
increase fees
increase number of ops
64
Q

What are Accounts Receivable?

A

money owed to a company by debtors

65
Q

Accounts receivable should be _____ times the average monthly production.

A

1/2 to 1 times monthly production

66
Q

____ credit policies will lower the accounts receivable.

A

strict credit policies

67
Q

High percentage of insurance will have _____ AR. Why?

A

High

=waiting for insurance to process claims

68
Q

True or False: Paper claims will increase AR. Electronic claims will lower AR.

A

True

69
Q

For fixed prosthodontics, the patient’s fee should be ___ times the lab cost. Removable patient fees should be ____ times the lab fee.

A

fixed: 5-7 times
removable: 3 times

70
Q

True or False: RCT increases production without lab fees.

A

True

71
Q

Lab fees are a variable expense and are generally ____ % of revenue.

A

6-10%

72
Q

How many new patients per month do you need to maintain and see growth in a practice?

A

25 new patients per month

this is NET amount: normal rate of attrition in a practice is 12-18% each year or ~10 per month. Which means you actually need 35 new patients

73
Q

The average practice loses approximately ____% of its patient base each year.

A

12-18

74
Q

True or False: Marketing is a necessity for practice success.

A

True
(opinion?…. my OHIO project site averages 110 new patients per month with zero marketing; the area is in high need of dentists)

75
Q

____ marketing caters to existing patients.

A

internal

= entice them to refer new patients to the practice

76
Q

True or False: Patients that are only interested in the price of treatment are generally not reliable longterm patients.

A

True

77
Q

____ marketing involves advertising and promotional efforts outside the office to reach a new group of patients.

A

external

78
Q

Which type of marketing is more expensive?

A

external

79
Q

What is Branding?

A

the image of the practice presented to the marketplace. It is a way to set your practice apart from other providers in the area
ex: logo, office decor, ambiance, uniforms, website

80
Q

Advertising must be ____ and not claim _____.

A

factual

superiority

81
Q

True or False: Social Media should be avoided when creating an image for your practice.

A

False,

it can enhance a practices web presence and be used for marketing

82
Q

What is the main goal when properly terminating a dentist/patient relationship?

A

avoid patient abandonment by giving adequate notice and opportunity to obtain service from another dentist
health should NEVER be put in jeopardy

83
Q

True or False: It is a good idea to send termination notice via traceable and certified email.

A

True

84
Q

When terminating a patient, what is the acceptable time that emergency services should remain available?

A

30, 60, or 90 days

85
Q

True or False: Dental work in progress must be completed before the dentist/patient relationship can be terminated.

A

True, cannot be mid-treatment

86
Q

True or False: the dentist owns a patients record.

A

true

87
Q

True or False: You may charge a fee for a copy of a patients records if they are requested.

A

True

88
Q

How long should patient records be kept?

A

4 years

89
Q

What is the “Statute of Repose”?

A

a malpractice suit cannot be brought regarding dental care provided greater than four years have passed

90
Q

What is the exception to the statute of repose?

A

4 years EXCEPT for minors…. keep records until they are 18years old then add four years

91
Q

EHR should maintain the “chain of custody.” What does that mean?

A

records must define who has access to the record and is authorized to make changes to it. It must be documented properly.

92
Q

You must know all laws and regulations, _____ is not an excuse.

A

ignorance.

93
Q

What is the mission of the Ohio State Dental Board?

A

to protect the public- they are concerned with PATIENT safety

94
Q

True or False: OSDB investigators do not make appointments.

A

True

95
Q

Unannounced visits by the OSDB are random or _____ driven.

A

complaint

96
Q

Practice investigations often involve: complaints, ____of Care, ____ Control, posting of licenses, and _____ Documentation.

A

Standard of Care
Infection Control
Continuing Education

97
Q

Non compliance may lead to _____ or _____.

A

license suspension

license revocation

98
Q

What is OARRS?

A

Ohio Automated Rx Reporting System - a tool for Ohio prescribers to combat the opioid epidemic and help save live in Ohio

99
Q

Who monitors OARRS?

A

the Ohio State Board of Pharmacy

100
Q

True or False: If you prescribe controlled substances, you are required to register with OARRS.

A

True!

101
Q

Dentists must check with OARRS when:

  • they know or have a reason to believe that a patient may be abusing or diverting drugs
  • they prescribe an Opioid or _____ in excess of a ____ day supply
A

benzodiazepine

>7 days

102
Q

Non Compliance to OARRS standards may result in fines up to _____ per day per violation.

A

$1000

103
Q

What is OSHA?

A

Occupational and Safety Administration- concerned with EMPLOYEE safety

104
Q

What are common complaints reported to OSHA?

A
  • blood borne pathogens
  • hazards communication
  • general workplace safety
105
Q

Non-compliance to OSHA regulations could result in fines up to _____ but usually the fines are _____.

A

up to $70,000

usually $800-1200

106
Q

True or False: OSHA visits are rare nationwide.

A

True

107
Q

What is the Ohio EPA?

A

Environmental Protection Agency- concerned with infectious waste disposal

108
Q

Sharps containers must be properly ____, _____, and _____.

A

labeled
weighed
shipped

109
Q

True or False: You must identify, quantify and document all infectious waste

A

True

110
Q

If less than ___ pounds, infectious waste can be disposed of in the regular trash.

A

5 pounds

(gross!!)

111
Q

The EPA ______ make appointments. Visits are ____.

A

may or may not

very rare

112
Q

Fines from the EPA may lead to ____ per day per violation.

A

$1000

113
Q

What is the BWC?

A

Bureau of Workers Compensation- covers work place injuries by providing medical and compensation benefits

114
Q

The BWC provides workers comp insurance to about ____ of Ohio’s work force- with premiums paid by the employer.

A

Two-Thirds

115
Q

True or False: Dental Office employees must be insured through the BWC.

A

True

116
Q

How often must you renew your prescriber license? Who enforces this?

A

every three years

the Drug Enforcement Agency (DEA)

117
Q

True or False: Practitioners are only liable for their own professional malpractice when they are the business owner.

A

False, always liable for own malpractice

118
Q

Who will “make a promise to defend you in a medical malpractice lawsuit” and to pay if there is a judgement against you?

A

Insurance companies (malpractice insurer)

119
Q

Insurance covers practitioners for errors of ____ and errors of _____.

A

commission

omission

120
Q

What is an error of omission?

A

error from something you did not do; e.g. failure to diagnose or recognize a condition

121
Q

What is an error of commission?

A

error from something you did do; includes all procedures you are licensed to perform

122
Q

How long does it take for a malpractice lawsuit to be brought forward?

A

6 months to 1 year+

123
Q

Who is covered under malpractice insurance?

A
  • you

- your dental hygienists and assistants while practicing under you

124
Q

True or False: Malpractice insurance will cover general anesthesia.

A

False, unless you are an oral surgeon or have a special license

125
Q

Malpractice insurance will not cover _____.

A

fraud

126
Q

In a “$1million/$3million” or “$2million/$4million” contract, what would the first number cover? Second number?

A

First: per occurrence (single claim maximum)
Second: aggregate for the year (yearly total)

127
Q

What are the two basic malpractice insurance types?

A

occurrence

claims made

128
Q

With _____ coverage, it only matters that you had coverage when the incident occurred.

A

Occurrence

129
Q

With _____ coverage, it only matters that you have coverage in effect when the claim is filed.

A

Claims made

130
Q

If a claim is made today for an incident that occurred 5 years ago: which insurance coverage (5 years ago) would still protect you?

A

Occurrence ( you had it when the incident occurred)

131
Q

You’ve been practicing for 6 years. 1 year ago you bought malpractice insurance. If a claim is made today for an incident that occurred 5 years ago:, which insurance plan would protect you?

A

Claims made (you have the insurance now)

132
Q

Which malpractice insurance type would require tail coverage?

A

claims made (tail coverage is expensive)

133
Q

Which insurance type will gradually increase in cost?

A

Claims made- lower initially and then increase

134
Q

How much is occurrence coverage?

A

$1500, to $2000 annually

135
Q

What is the purpose of the State Insurance Insolvency Fund?

A

it provides coverage for you if your insurance company becomes insolvent (unable to pay debts owed to you)

136
Q

True or False: An EFDA can be a hygienist or an assistant

A

True

137
Q

True or False: EFDAs can place composite or amalgam.

A

True

138
Q

True or False: An EFDA can place desensitizer or fluoride.

A

True

139
Q

No more than ____ EFDAs can practice under the direct supervision of the same dentist.

A

2

140
Q

EFDA permits must be renewed every ____ years and must have current _____.

A

2

CPR training

141
Q

How often do hygienists have to renew their license? How many hours of CE must hygienists take?

A

Renew: every 2 years

24 hours CE every 2 years

142
Q

What are hygienists permitted to do?

A
  • remove calculus from crowns AND roots
  • perio SRP and soft tissue curettage
  • Sulcular placement of medicine
  • polishing of crowns or restorations
  • removal of sutures
  • pit and fissure sealants
  • radiographs
  • bleaching (except with lasers)
143
Q

What are the levels of supervision for a dental hygienist?

A

Direct - dentist physically present

General - conditions must be met, dentist not required to be present

144
Q

Which procedures are NOT allowed to be performed under GENERAL Supervision?

A
  • procedures where patient is anesthetized
  • subgingival curettage
  • definitive root planing
  • sulcular placement of prescribed materials
  • pulp testing
  • whitening (bleaching)
  • suture removal
145
Q

Which procedures ARE allowed under general supervision?

A
  • impressions
  • caries susc. tests
  • bite registrations
  • application/removal of perio dressings
146
Q

IF a hygienest has worked at least ____ year(s), a minimum of _____hours in practice, and has completed a ____hour course approved course they are allowed to work under general supervision.

A

1 year
1500 hours
4+ hour course on medical emergencies

147
Q

The dentist must have examined a patient within the past ____ in practice.

A

1 years

148
Q

Procedures that require direct supervision:

A

admin of local anesthsia

admin of nitrous

149
Q

How many hygienist are allow to practice under one dentist at a time?

A

FOUR

150
Q

True or False: Dental Assistants can administer Nitrous Oxide.

A

False. After they pass requirements, they can MONITOR only

151
Q

How does a dental assistant become certified to monitor Nitrous Oxide?

A
  • pass a 6 hour course given by an approved OSDB sponsor
  • pass a written exam
  • have current (within 2 years) CPR
  • No more than 1 basic and 1 certified dental assistant may monitor nitrous at any given time

Practice Management (4 decks)

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