Section 4 Flashcards
Economic order quantity (EOQ)
The most economical quantity of a product to order, factoring in both holding and operating cost
Efficiency ratio for accounts payable to sales
Ratios used to analyze how well a company uses its assets and liabilities internally
Expired inventory
Inventory that has reached the end of its useful life, and cannot be sold as a finished good
First in- first out (FIFO)
The principal by which the oldest inventory items are recorded as sold first, but do not necessarily mean that that the exact oldest physical object has been tracked and sold
Control drugs
Any drug or therapeutic agent commonly understood to include narcotics, with a potential for abuse or addiction, which is held under strict government control, as delineated by the comprehensive drug abuse prevention and Control Act passed in 1970
Cost of goods sold (COGS)
A figure on the income statement that reflects the cost of products sold to Consumers in the primary business activity of the practice
Damaged goods
A good that is unfit or reduced in value for its intended use due to damage of some sort
Inventory audit
An accounting procedure used to keep track of products and merchandise
Inventory turnover
The relationship between expense of total items sold and the inventory value, computed by dividing the cost of the drugs and the dispensed items by the average inventory value
Mark-up
The amount added to the cost price of goods to cover overhead and profit
Online pharmacy
An online pharmacy, Internet pharmacy, or mail order pharmacy is a pharmacy that operates over the internet and sends the orders to the customers through the mail or shipping companies
Overstock
A supply or quantity in excess of demand or requirements
Pharmacy
A store where medicinal drugs are dispensed and sold
Volume purchasing
The act of purchasing Goods in multiple units or in large quantities, usually with a financial incentive for doing so
Quantity on hand (QOH)
Total number of inventory units currently in stock
Shrinkage
Inventory loss, usually unexplained or difficult to isolate
Special orders
Patient medications or food that is ordered by a client, typically because it is not kept in stock on a regular basis
Unit of measure - or - buy/sell ratio
Is assigned to all inventory items and must be defined before a product can be entered into inventory. Each product will have a stocking unit of measure, sales ordering unit of measure and a purchasing unit of measure
Back order
An order placed for a product that is temporarily out of stock
Depreciation
Systematic allocation of the cost of a tangible asset over time
Hardware
The physical equipment used in a computer system
Inspection
A practice maybe 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
Insurance agent
A person employed to sell insurance policies
Product warranty
A guarantee that a manufacturer or similar party makes regarding the condition of its product
Warranty period
A defined time frame that a product or service is guaranteed
Service warranty
In contract law, a warranty has various meanings but generally means a guarantee or promise which provides Assurance by one party to the other party that specific facts or conditions are true and will happen
Hardware / software support
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
Housekeeping
Operations such as record keeping or maintenance in an organization, or a computer that make work possible but does not directly constitute its performance.
Business liability insurance
Insurance that protects the company and/or business owner in the event of a formal lawsuit or other third party claim
Capital asset
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
Medical terminology
Language that is used to accurately describe the patient’s body and Associated components, conditions, processes, and procedures in a science-based manner
Medical records
Daily written reports by veterinarians on the animals he or she treats
Medical record audit
Methodical review and examination of practice records to assess accuracy and completeness
Paperless/paper light
A term or phrase used to describe a practice that no longer uses physical medical charts, and relies primarily on electronic medical records
Problem-oriented Veterinary Medical record (POVMIR)
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
Procedural logs
Documents used to ensure that tasks have been completed in a specific manner
Waiver
A form that is signed by the owner/agent of a pet stating that they decline to accept the veterinarian’s recommendation or advice
Record transfer
The transfer of the legal and physical custody of permanent records
Required content
Every state has a Veterinary Practice Act that defines the required content in each patient’s medical record
Standards
Statements of what a practice believes in and recommends for its patients
Subjective/objective/assessment/plan (SOAP)
A systematic method used when writing out medical records that includes: subjective, objective, assessment, and plan for patient care
Consent form
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 risk that might be involved
Desktop
A computer where the central processing unit( CPU) it’s either on the desk or under it; not considered portable
Firewall
A system ( hardware, software or a combination) on your local Intranet Network that is designated to prevent unauthorized access to or from the network
Integrating systems
The process of bringing together the component subsystems into one system and ensuring that the subsystems function together as a system
Internet accessibility
Refers to the inclusive practice of removing barriers that prevent interactions with, or access to websites
Local area network (LAN)
A computer network that links devices within a building or group of adjacent buildings
PCI compliance
The payment card industry data security standard( PCI DSS) is a set of requirements designed to ensure that all companies that process, store or transmit credit card information maintain a secure environment
Secure login
A secure login page utilizes a secure sockets layer (ssl) to encrypt the user name and password before passing them to the mail server so that anything that might be intercepted are in an encrypted format that will be unreadable
Security standards
A statement to the extent of evaluation necessary before a particular security feature can be considered for security certification as trusted
Server
A computer on the network that manages network resources, and provides functionality for other computers on the network
Software
Programs or applications that run on computers
Bluetooth
A standard for the short-range wireless interconnection of cellular phones, computers, and other electronic devices
Backup
The procedure for making extra copies of data in case the original is lost or damaged
Client portals
An electronic gateway to a collection of digital files, services, and information accessible over the Internet through a web browser
Stakeholders
An individual or group with an interest in a particular business; the individual or group usually has something at risk
Ancillary service provider
A healthcare service provider that support the work of a primary physician
Complimentary practitioner
A veterinarian that uses healing practices and products that work in conjunction with traditional medicine
Disclaimer
A clause or a statement that tries to prevent the creation of a warranty or contract
Economic risk management
The identification, assessment, and prioritization of Financial Risk followed by coordinated and economical application of resources to minimize, monitor, and control the probability of said risk
Data breach risk management
Strategies and procedures put in place to protect confidential data from unauthorized access
Mitigation
The action of reducing the severity, seriousness, or painfulness of something
Operations manual
A document that describes in detail the processes and systems that a company uses to produce its goods and provide its services
Regulatory risk management
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
Risk management
The identification, assessment, and prioritization of risk followed by coordinated and economical application of resources to minimize, monitor, and control the probability of said risk
Human resource risk management
Having a process by which your organization identifies and understands the risks to which you are exposed when it comes to human resource activities. It also means having deliberately evaluated the risk and have strategy and place to remove the risk alto
Client risk management
The process of identification, analysis and either acceptance or Mitigation Of uncertainty in client decision making
Five-force analysis
A strategic planning activity that organizes the practice’s evaluation of the external environment and its opportunities and threats
Pest analysis
A framework using four factors to help scan the external macroenment and which the practice operates; political, economic, socialcultural and technological
Smart goals
Specific, measurable, attainable, relevant, time bound. Useful acronym to remember when establishing inspirational objectives for the practice team
Strategy
A plan or action to achieve a specific end, typically within a long time frame( usually more than a year). Often times strategies are achieved utilizing various tactics to achieve various aspects of the overall strategy
Strength / weaknesses / opportunities / threats analysis (S.W.O.T.)
A tool used that analyzes the practices strengths, weaknesses, opportunities and threats when making a plan
Tactic
A plan or action to achieve a specific end, typically within a short time frame (usually less than a year, but occasionally spanning a few years).
Value chain analysis
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 proposition
Description of the value that a product, service, or process will provide to the pet owner, hospital, and staff
Veterinary practice scorecard (VPS)
A management process tool that assist and identifying and targeting measurable performance goals and operational quadrants; client perspective, patient perspective, learning and growth perspective and financial perspective
Implementation
To put into effect. Strategic planning can only succeed with implementation of the plan
Business assessment report kard (BARK)
A strategic planning process designed to evaluate Veterinary practices
