Chapter 19 - Inventory Flashcards
the five principles used to control expenses
- Develop a budget
- keep abreast of expenses on a regular basis.
- once a system has been put in place, keep it active.
- budget analysis should mirror the practice’s philosophy
- analyzing expenses provides a comprehensive view of the condition of the practice and helps shape its future endeavors.
What is turnover?
the number of times a product is used and replenished each year
How do you calculate turnover rate?
turnover rate = yearly inventory expense / avg cost of inventory on hand.
How do you calculate the average cost of inventory on hand?
(years beginning inventory - year’s ending inventory) / 2
what are two objectives of an inventory control system?
- make sure items are on hand when needed
2. minimize the expense of keeping items in stock.
what is a packing slip?
found in the shipment container; documents how many of each item is shipped. commonly doesn’t include prices.
What is an invoice?
a documentation of an order shipped to the hospital, may accompany packing slip.
What is a statement?
most commonly mailed to the practice; documents the items received and amount due on the account. commonly must be paid within 30 days.
What is the reorder point?
The point at which a product is allowed to be sold or used in-house before new product is ordered.
Why is recording the expiration date and serial number for rabies vaccine so important?
included on the rabies certificate, and the veterinarian must account for expiration date and serial number as it is a zoonotic disease.
Once the reorder point is reached, a basic rule of thumb is to order how much?
1 month supply.
what are some rules for filling out a DEA form?
- all information on the form must be correct.
- no cross-outs, correction fluid or tape must be used.
- must have correct spelling, drug strength, and veterinarian’s signature.
what mean turnover rate is acceptable?
8
DEA forms are issued by ____
the federal government.
