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Practice Management > Quizzes- PM 1 > Flashcards

Quizzes- PM 1 Flashcards

1
Q

True or False: Ethics can be defined as What to do, or guidelines based on moral principles as standards of behavior expected of professionals.

A

True

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2
Q

True or False: Professionalism is the conduct, aims or qualities that characterize: How a person acts ethically, which implies honesty, courteous demeanor, quality of workmanship or service, and a reputation for excellence.

A

True

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3
Q

ADA Principles of Ethics are a set of 5 ____________ that we and our profession make to our patients

A

promises

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4
Q

Which Code of Ethics item relates to treating our patient’s fairly, without prejudice or discrimination?

A

Justice

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5
Q

What are the five pillars of ethics in dentistry?

A 
Patient Autonomy - respect patient rights
Non Maleficence - do no harm
Beneficence - do good
Justice -fairness
Veracity - honesty
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6
Q

True or False: Patient Autonomy refers to respecting the patient’s wants and needs and includes our need to respect their privacy by keeping their information confidential.

A

True

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7
Q

Do No Harm means we have a duty to keep our patients safe. We must maintain our competence and skills and know when it is proper to refer the patient for care out of our expertise. Please name the Principle of Ethics involved.

A

Non Maleficence

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8
Q

Of the forms of employment in a dental practice, which form allows the most control over the business?

A

Sole Proprietor

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9
Q

Which answer is FALSE regarding becoming an Associate Dentist?

  1. An employment contract is very important
  2. Associate positions always provide a good mentoring experience
  3. You may be an “at will” employee
  4. You will be paid a salary or commission on collections and production
  5. You have limited input on practice decisions
A
  1. Associate positions always provide a good mentoring experience
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10
Q

Please select the DISADVANTAGE of being a co-owner of a group practice:

  1. Profits and expenses are shared equally by the group
  2. Coverage for emergencies and vacations is readily available
  3. Each partner is liable for the business actions of all partners
  4. Consultation on treatment planning decisions is available in house
  5. Office efficiency and extended facility usage can lead to an increase in profits for the practice
A
  1. Each partner is liable for the business actions of all partners
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11
Q

True or False: Regarding associateship employment contracts, a covenant not to compete is enforceable in the State of Ohio and may force you out of your desired practice area.

A

True

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12
Q

True or False: Fringe benefits (like the owner paying for malpractice insurance or health insurance) are mandatory in an associate contract

A

False

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13
Q

Which statement is False regarding Independent Contractors?
1. An Independent Contractor will manage his/her own employees

  1. FICA taxes (Social Security and Medicare) are withheld by the practice owner
  2. The Independent Contractor and the practice owner do not routinely share patients
  3. The Independent Contractor must pay self employment taxes
  4. Malpractice insurance is paid by the Independent Contractor
A
  1. FICA taxes are withheld by the practice owner (FALSE)
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14
Q

Dr. Fixari began with his two principles of success:

  1. “Be the best clinician you can be”
  2. “Realize your success has everything to do with principle # 1.”

Are these statments true or false?

A
  1. True
  2. False

aka- your success does not have everything to do with being the best you can be (sad)

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15
Q

Dr. Henry Cloud said “Integrity is the courage to meet the demands of reality” and described six components of character.
Please select the answer that is not a component of character:

Build trust
Be able to see and face reality
Work in a way that brings results
Dismiss negative realities
Achieve meaning in life
A

Dismiss negative realities

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16
Q

Dr Fixari says that patient’s do not like going to the dentist for three reasons: Fear, Money and Trust.
Which statement would Dr. Fixari most closely agree with?

  1. Money will always be a problem so need to deal with the money issues first.
  2. If patients are fearful, we can sedate them.
  3. Attaining trust is the most important factor.
  4. We should only treat patient’s that are happy to be in our office.
  5. All three are equally important.
A
  1. Attaining trust is the most important factor
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17
Q

Leadership was Dr. Fixari’s main focus. He discussed the concept of “Emotional Intelligence” and the building blocks of leadership. All are important but he highlighted one as perhaps the most important because it directly leads to trust.
This aspect of leadership is described as:

Self Awareness
Self Regulation
Motivation
Empathy
Social Skills
A

Empathy

…NOT SYMPATHY

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18
Q

Dr. Fixari also showed a table of 6 Leadership Styles: Strong leaders are able to utilize the style needed at the time. He suggested that the ________ style is the best “go to” leadership style but all styles will be required in various situations.

A

authoritative

19
Q

Which answer best describes the “Authoritative” style of leadership?

  1. Demands immediate compliance, drive to achieve, “Do what I tell you”
  2. Sets high performance standards, initiative, “Do as I do, now”
  3. Forges consensus through participation, collaboration, “What do you think?”
  4. Creates harmony, builds relationships, “ People come first”
  5. Mobilizes people toward a vision, change catalyst, “ Come with me”.
A
  1. Mobilizes people toward a vision, change catalyst, “ Come with me”.
20
Q

A business plan is a way to create a strategic plan for the future of your business and may be required from a banking institution before they loan you money. The “Narrative” section explains the details of the overall plan. The following questions will need to be answered in the Narrative section except one. Which one?

How will your practice be different from others?
What is your break even point to make a profit each month?
What is your practice’s mission and vision?
What will be your business entity type? Will you be a sole proprietor, LLC, partnership or a corporation?
Who is your competition? What are the demographics of other dentists in your area?

A

What is your practice’s mission and vision

21
Q

True or False: Regarding Business Plans, The Executive Summary is a very short section, no more than a paragraph or two, that will be the first thing you will write as you begin to plan your practice and summarize the details which will be explained in other sections.

A

False

22
Q

True or False: Regarding Business Plans, It is very important that you include a succession plan in your business plan for how the practice will survive if a disability or life changing event occurs.

A

True

23
Q

The following statements are True regarding the reasons a business plan is important except one. Please select the statement that is False.

  1. The process of creating a business plan allows for structure, so important information is not left out.
  2. A business plan should include: focus on a vision for the business and goal setting to get there.
  3. Business plans are always required by a lending institution for practice purchases and start-ups.
  4. Banks need to vet the borrower to see who they are lending to.
  5. Banks want new practice owners to be successful.
A
  1. Business plans are always required by a lending institution for practice purchases and start-ups.
24
Q

True or False: Commercial real estate can be financed up to 20-25 years with down payments in the typical range of 10-20 %.

A

True

25
Q

True or False: A typical practice loan is collateralized by a lien on “all business assets”.

A

True

26
Q

True or False: A typical practice loan does not require a personal guarantee from the owners.

A

False

27
Q

Practice debt is normally financed ____ years.

Most sales are financed 100% and includes additional working capital.

A

ten years

28
Q

From a lenders point of view, what is the real “value” of a practice?

The price you pay for it.
The amount you borrow to purchase the practice.
The status of having your own office.
The ability to generate income.
The quality of the dentistry you deliver.

A

The ability to generate income

29
Q

Of the descriptions written below, which one best describes a Mission Statement?

  • A comment about the furniture style of the 1900”s
  • A speech given to military personnel to prepare for battle
  • Information about a group of people sent to a foreign country to conduct negotiations
  • The essence of your company or personal goals
  • The business with which a group is charged
A

The essence of your company or personal goals

30
Q

True or False: A mission statement is a written declaration of your personal or business core philosophy and objectives.

A

True

31
Q

True or False: A mission statement focuses on the future.

A

False

32
Q

Please select the answer that is Not a characteristic of a “good” mission statement:

	Short and succinct
	Memorable
	Generic
	Realistic and truthful
	Reflect your current situation
A

Generic

33
Q

True or False: Your mission statement answers the question “why” you are in business, not “how” the practice goals will be accomplished.

A

False

34
Q

True or False: Defining your goals is critical to success personally or in business. Steven Covey’s “Begin with the end in mind” will help.

A

True

35
Q

Benefits of creating a mission statement include all of the following Except:

  1. It sets a clear purpose
  2. It provides specifics to solve future problems
  3. Patients will remember it, perhaps be inspired by it
  4. It helps the team embrace a common goal
  5. It provides direction
A
  1. it sets specifics to solve FUTURE problems (Mission does not focus on the future)
36
Q

True or False: Insurance is a transfer of risk to the insurance company to help protect you or your business if a catastrophic event occurs.

A

True

37
Q

True or False: The Ohio Dental Practice Act mandates that all dentists are covered by malpractice insurance.

A

False!

38
Q

It is recommended that Life insurance be purchased or reviewed at times of major life changing events. Please select the answer that is False. When you are:

Getting married - only cover the income producing spouse
Having children - maybe insure the children also
Buying a house - insure up to the mortgage amount
Buying a dental practice - banks usually require this
Changing jobs - income protection for your family

A

Getting married - only cover the income producing spouse (False)

39
Q 
Insurance is sold for many reasons.  Please select the most important reason to purchase insurance:
Cell phone
Automobile
House
Business
Protect your income
A

Protect your income

40
Q

Disabilities can happen with any profession. Please select the condition that would Not be a significant concern leading to long term disability for a dentist:

Carpal tunnel
Depression
Rotator cuff damage
Brain hemorrhage
Influenza
A

Influenza

41
Q

Regarding disability insurance, please select the statement that is True:

You must be 100% disabled if you expect to collect on your disability policy.

Since the policy is a personal policy, you are not able to continue the coverage if you change jobs.

Policies can be cancelled at any time by the insurance company.

Disability benefits paid are taxable.

Typically, you can get a 60% coverage benefit of your income. e.g. $100,000 income, $60,000 disability benefit.

A

Typically, you can get a 60% coverage benefit of your income. e.g. $100,000 income, $60,000 disability benefit.

42
Q

True or False, Regarding disability insurance:

Since the policy is a personal policy, you are not able to continue the coverage if you change jobs.

A

False

43
Q

True or False: You must be 100% disabled if you expect to collect on your disability policy.

A

False

Practice Management (4 decks)

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