Value Flashcards
What is Time Value of Money?
Money in current or present time is worth more than a point in the future IF it has potential earning capacity
- inflation, interest rates, opportunity cost all make it more valuable the sooner its received
What is Net Present Value?
the difference in the present value of cash inflows (revenues) minus the present value of all cash outflows (principle + interest payments)
e.g. buying x-ray (revenue - cost + interest)
What is Future Value?
what it is worth in a time in the future
FV = PV * (1+r)^t
r - interest rate
t - number of periods of interest (days, months, years)
Comment on inflation and tuition costs
over the last 33 years inflation has averaged 2.25%
wage of $24,000 in 1985 would be equivalent to $50,015
In what industries are there needs for veterinarians?
overall no real need (too many small animal people)
need comes with advanced training in biochemistry, toxicology, pathology, food animal
Why is it important to be a SVMA member?
we are required to be a member to perform procedures on animals, especially client owned at WCVM
- need to be a member for summer jobs too
Why is it important to keep good medical records?
Always have proof in court if something goes bad
“if its not written down, it didn’t happen”
what is emotional intelligence?
emotional and social skills that collectively establish how well we:
- perceive and express ourselves
- develop and maintain social relationships
- cope with challenges
- use emotional information in an effective and meaningful way
How can someone measure EI?
Emotional Quotient - EQ
lack of training for EQ we are trained for high IQ
what key skills of doctors and surgeons come with EI?
independence, stress tolerance, empathy, impulse control, flexibility
What makes a good conversation?
speaker - articulates your value listener - listens to words, expressions, emotions in silence listener - explain what you heard speaker - verify SWITCH
