Mix Flashcards
(109 cards)
1
Q
Training investment %
A
1-2 %
2
Q
Veterinary/staff Ratio
A
2:1
2 staff per vet
3
Q
Active income/passive income
A
50/50
4
Q
70/20/10
A
70% on the job training
20% coaching
10% formal courses , lectures
5
Q
Bonding Rate of clients
A
70% if tenured doctor , 25 % for new doctors
6
Q
Staff meetings should be how long ?
A
45 minutes
7
Q
IRS Taxable Fringe Benefits
A
Employee discount more than 20% on services
8
Q
AR should be no higher _____% of gross revenue; over _____%warrants focus to correct
A
1.5%
3%
9
Q
Time frame to provide employee copy of their employment records?
A
2-5 business days
10
Q
File Retention for:
Personnel File, per Title VII
A
1 year
11
Q
File Retention for:
I-9 , test results , anything pertaining FMLA
A
3 years after termination
12
Q
File Retention for:
Tax records , payroll , pension payments ,
A
4 years
13
Q
File Retention for:
Work related injuries
A
5 years
14
Q
File Retention for:
Dosimetry Reports , toxic exposure , medical exam findings , blood borne pathogen
A
30 years
15
Q
Employee accounts should NOT exceed how much ?
A
$100
16
Q
Embezzlement accounts for ____% of gross revenue in small businesses: ____% of practices have been victims
A
5%
67.8
17
Q
—% —% of revue should be for advertising retail products
A
1-3%
18
Q
To push the envelope for profitability, pricing should have —-%——% resistance
A
15-20%
19
Q
Shopper Calls: ___% are directly concerned about price , __%are looking for the best veterinarian to take care of pets
A
13%
87%
20
Q
New lost clients ➡️ lost includes records sent elsewhere , deceased pets etc
6:1=
A
Significant growth
21
Q
New lost clients ➡️ lost includes records sent elsewhere , deceased pets etc
5:1 - 4:1=
A
Needs investigation for the reason for the lost clients or slow growth of new clients
22
Q
New lost clients ➡️ lost includes records sent elsewhere , deceased pets etc
3:1 - 1:1=
A
Indicates poor growth and needs more to be aggressively researched and improvement
23
Q
Answer phone calls by the ___ ring?
A
3rd
24
Q
Client determines like ability of the hospital within how many seconds ?
A
90
25
Practice should retain ____% -___% of clients over 3 years
70-75%
26
Average of % clients lost per year
10-15 %
27
Inventory holding cost range ___% of true total cost
8-15%
28
Combined ordering and holding cost= ____% of total true cost
23-35%
29
Practice Profitability should be ___% per the reading
12%
30
Pareto’s 80/20 Rule
___% of items account for __% of revenue
20%
80%
31
Pareto’s 80/20 Rule
__% of costs exist in ____% of items
80%
20%
32
Pareto’s 80/20 Rule
____% of profit comes from __% of products sold
80%
20%
33
How often should new software be implemented if going paper records to digital
Over 6-12 months
34
Known zoonotic diseases exist
1400
35
5 Key Factors to evaluate hiring:
A. Veterinary/staff ratio, veterinary production, team members production, Hospital flow, staff payroll percentages
B. Veterinary supplies, Veterinary/staff ratio, veterinary production, team members production, Hospital flow
C. Incentives, veterinary production, team members production, Hospital flow, staff payroll percentages
D. Veterinary/staff ratio, veterinary production, hospital supplies, Hospital flow, staff payroll percentages
A
36
5 types of interviews
A. Initiative, motivational, attitude, personal, Self esteem
B. Initiative, motivational, attitude, personal, management
C. Plan Ahead, motivational, attitude, personal, management
D. Initiative, motivational, attitude, Honest, management
B
37
4 C’s of successful onboarding
A. compliance, clarification, culture, connection
B. Conscious , clarification, culture, connection
C. compliance, clarification, culture, control
D. compliance, clarification, compassion, connection
A
38
EASE
A.  Encouragement, align, solve, ease
B. Engage, align, solve, end distractiona
C. Encouragement, align, solve, end distractionan
D. Encouragement, align, stay, end distractionan
C
39
3 most common reasons staff leave
A. Lack of positive feedback, lack of training opportunities, failure of management to include them in strategic vision of hospital
B. Lack of training , burnout , no flexibility.
C. Lack of training , compassion fatigue, lack of positive feed back
D. Lack of annual reviews , lack of training , lack of work life balance
A
40
9 ways to enhance Employee development & productivity
1. Shared purpose
2.Tools to do the job
3.Standard operation procedures (SOP)
4. Performance standards
5. Engage in in power
6. Recognize and reward
7. Physical fitness
8. Personal focus
9. Team focus
41
2 goals of appointment scheduling
A. Eliminate client wait time. Maximize efficiency of doctors, support staff, and the facility (eliminate downtime).
B. 4 new clients per day and keep staff motivated
C. Eliminate down time and increase appointment times.
D. Add more employees to keep steady flow and eliminate wait time
A
42
2 keys to a successful veterinary practice
A. Accountability and Empowerment
B. Delegation and Empowerment
C. Profitability and Delegation
D. Profitability and Client Engagement
B
43
S.M.A.R.T Management of daily work assignments
A. Specific , measurable, agreed, realistic, time bound
B. Specific, measurable, achievable, realistic , time dependent
A
44
3 common types of employee reviews
1. 360 degree peer review
2. Self review
3. Job satisfaction survey
45
3 approaches to employee
Formal. Coaching. Corrective
1. Formal Performance reviews
2. Coaching conversations
3. Corrective Action discussions
46
4 DISCIPLINES Necessary for effective performance reviewsd
Hold. Teach .Align . Design/Build
1. Hold employees accountable
2. Teach employees to identify, deploy, develop strengths
3. Align performance appraisals and review systems around developing employee strengths
4. Design and build each role to create world-class performers
47
4 ELEMENTS of successful employee performance review programs
Feedback . Goals . Action plan .”big picture
1. Regular and formal feedback by supervisors
2. Performance goals set by employee and supervisor
3. Action plans to address performance problems
4. Formal reviews that document the big picture
48
Rule of 3 re corrective action discussions
Enough to catch . Start a pattern . Warrants conservation
1. If the situation is enough to catch your attention , take note
2. The 2nd occurrence, take note to determine if start to a pattern
3. 3rd occurrence warrants a conversation
49
ABCDEF formula for corrective action discussion
Awareness
Behavioral
Consequences
Decision Confirmed
Employee involvement
Follow up
50
Top 3 reason issues the cause conflict at work
A. Lack of training, lack of engagement, lack of conflict
B. Lack of continuing education, gossip , lack of communication
C. Gossip, lack of training, lack of communication
D. Gossip, poor management , lack of growth
C
51
Exceptions to At-Will Employment
1. Collective bargaining agreements
2. Contracts with specific length of employment
3. Dismissal based on on race , sex color etc
4. Dismissal based on age if over 40
5. Dismissal based on on personal bankruptcy
6. Dismissal based on refusal to work in unsafe condition
7. Dismissal based on pregnancy
8. Dismissal because of jury duty
52
3 Types of Health coverage
1. Fee for service
2. Managed Care (hmo, ppo, pos)
3. Section 125 plans (hsa, fsa)
53
Types of retirement plans (regulated by ERISA= Employee Retirement Income Security Act)
A. HMO, PPO, POS
B. HSA, FSA, HMO
C.IRA, 401k, HMO
D. Simple IRA, 401K, SEP(simple employment pension plan)
D
54
3 Content of job description
Position. Summary . List
1. Position title
2. Summary of job including goals/objectives
3. List of duties and responsibilities
55
3 purposes of Manuals
Reference . Training . Accountable
1. Reference tool for standards of care and practice guidelines
2. Training and instruction
3. Define standard to which employees can be held accountable
56
3 Primary Functions of Patient and Procedure Logs
1. Allow convenient storage of important data
2. Improve quality of patient care and client service
3. Facilite charge capture and auditing processes
57
3 types of patient and procedure logs
1. Hybrid
2. Patient
3 . Procedure
58
4 conditions for compounding medications
1. Vet believes there is legitimate need to alter the approved drug to adequately medicate patient
2. Current VCPR
3. Patient has a medical condition that requires prescribed medication
4. Vet determines that a compounded drug is needed
59
3 types of Ethics
1. Social
2. Personal
3. Professional
60
4 branches of veterinary ethics
A. Descriptive , official , administrative, normative
B. Official, formal , informal , consent
C. Administrative, corrective, consent , official
D. Attitude, professional , behavior , study
A
61
4 types of moral problems in vet med
A. Animals, clients , community , doctors
B. Management, doctors , peers , animals
C. Compassion , sympathy, animals , clients
D. Peers, clients, animals , society
D
62
Elements of informed consent
1. Consent given freely
2.  treatment and diagnosis explained in understandable terms
3. Risks, benefits, prognosis, must be stated if treatment/ diagnoses proceed
4. Prognosis if not treatment selected must be stated
5. Alternative treatments, incl risks, benefits, costs discussed
6. The extent of emergency care require to stabilize the patient was reasonable
63
4 elements to consider applying law of Unjust Enrichment
1. More valuable animal= greater chance of financial recovery
2. More emergent needs = more leeway to provide emergency care
3. That attempted to reach owner prior to medical care
4. The extent of emergency care required to stabilize the patient was reasonable
64
The 4 A’s to rise above moral distress
Ask
Affirm
Assess
Act
65
If struggling the 4 A’s consider the for R’s which are
Relevance
Risk
Rewards
Roadblocks
66
2 types of law
Civil
Criminal
67
Civil laws
Tort law
Contract law
68
3 or 4 Elements of a contract
A. None
B. Offer, discuss, approve , sign
C. Offer, acceptance, consideration, intent
D. Offer, acceptance, consideration, inform
C
69
3 situations that may question capacity to contract
1. Minors
2. Mental disability
3. Intoxication/substance abuse
70
Employee Federal poster requires
1. Covid
2. FSLA
3. EEOC
4. FMLA
5. OSHA
6. Polygraph Act
7 Uniformed Services
8. Right to join unions
9. State required posters
71
Accounting Methodologies
1. Cash-based
2. Accrual-based
3. Hybrid of both
72
True or False
Accrual base accounting is more accurate ?
True
73
3 steps to analyze P & L
1. Compare %
2. Ask questions of the %
3. Implement change
74
Key Financial statements
Income statement aka p & l
Balance sheet
Cash flow sheet
75
Financial Reporting elements 4
1. Timeless
2. Accuracy
3. Simplicity
4. Sufficiently Detailed
5. Analytical
76
Financial Analysis Perspectives
1. Safeguarding assets
2. Pricing fee/structure
3. Cost evaluation
4. Procurement of capital
5. Incremental performance
6. Accountability
7. Profitability
8. Return on capital analysis
77
3 Payroll methods
1. Manual payroll
2. Automated in-house processing
3. Third party payroll services
78
Common KPIs
1. Total revenue, total transactions by month
2. Average transaction charge by month
3. New clients and loss clients per month
4. Revenue, transactions, and every transaction charge per DVM per month
5. Revenue by category
6. Accounts receivable by aging classification (30, 60, 90+ days )
79
Requirements for wage / Tax reporting
1. Obtain EIN
2. Obtain I-9 for each employee
3. Confirm each employee completed a W-4
4. Calculate and deduct employees income tax
5. File form 941(Employer quarterly federal tax return)
6. File form 940 (Employee annual federal unemployment tax return)
7. Make require deposits of withheld taxes
8. Prepare and distribute W-2 by January 31
9. Prepare W3 (transmittal of wage and tax statement) To file with W-2 to IRS.
10. All taxes should be automatically deducted from the practice checking account to ensure payments are on time
80
Information to provide to collection agency
1. Clients full name, address, and telephone numbers
2. Total balance due on account
3. Clients occupation if known
4. Clients employment address
5. Clients drivers license number
Copy of clients information sheet and signature of client guaranteeing payment
81
Information to gather for Budgeting
1. Last three years of P & L and productivity statements
2. All lease and loan documents
3. Fee schedule
4. List of operational changes expected in the next few years and potential effects on revenue/expenses
5. List of major capital expense is expected in next few years
6. Employee roster and recent years W-2s
82
4 stages of business cycles
A. Property, taxes, peers , regulations
B. Budget, expansion, revenue, fee schedule
C. Health insurance, staff , doctors , building
D. Expansion, prosperity, contraction, recession
D
83
6 steps of budgeting
1. Determine desired financial results
2. Analysis of financial statements
3. Normalizing the revenue and expenses
4. Budgeting revenue
5. Budgeting expense
6. Combining budgeted revenue and expense and making adjustments
84
4 Expense categories
A. Staff , utility bills , rent , vaccines
B. Personnel, variable, occupancy, fixed
C. Doctor salary, rent, building, hospital supplies
B
85
Steps to normalize revenue and expenses
1. Remove any one-time, non-recurring items from the financials used to create the budget.
2. Use an average of the last 3 years to normalize non-recurring expenses
86
Budget revenue considerations
Patient volume 🐾
Fee schedule 💰
ATC
87
Budgeting expense by adding the last 3 years growth rate to base expense figure; only works if:
1. Practice is established
2. Expenses were stable over past 3 years
3. Practice will continue to operate similarly in the following year.
88
Adjustment to being profit closer to target
A. Increase revenue, decrease expenses, lower targeted profits
B. Decrease revenue , increase expense, start targeted profits
C. There’s only 2 increase revenue and decrease expenses.
D. None
A
89
4 (5) P’s of Marketing
A. Plan, Process , product, price,
5-package
B. Product, penalty , policy , place, 5-price
C. Product, place, price, promotion, 5-position
D. None
C
90
Redefined Marketing Elements
A. Emotion, value, virtual,
exceed expectations, experience
B. Location, internet , social media , price, clarity
C. Virtual , emotion, location, price, place
D. None
A
91
Smart goal MARKETING
A. Specific , measurable, agreed, realistic, time bound
B. Specific, measurable, achievable, realistic , time dependent
B
92
Pricing Advantage Strategies
A. Virtual, volume, base, place
B. Place , price, promotion , product
C. Not listed here
D. Unique, value-added, value-based, volume
D
93
Managing online reviews
1. Take time to investigate complaint, talk to staff, and create planned response
2. Response should include empathy, invitation to discuss, attempt to reach client
3. Promote positive reviews
4. Create positive culture that helps avoid client experiences that cause negative reviews to begin with
94
SWOT Analysis
A. Strength, will, options , thoughts
B. Strengths, weakness, opportunities, threats
C. Salary , wage, OT, timecard
D. None
B
95
Successful marketing plan
1. Gather data (swot)
2. Define goal
3. Implement a strategy
4. Create a written action plan
5. Execute the plan and measure results
96
6 C’s of Client Relationship Management
A. Consistency, compassion, customer service, convenience, competence, cost
B. Consistency, compassion , clients, convenience, competence, cost
A
97
3 R’s of client retention
A. Recall, reappointment, reminder
B. Reminder , relate, retry
A
98
Roles of inventory management
1. Inventory manager
2. Inventory researcher
3. Inventory purchaser
4. Department lead
5. Inventory receiver
6. Inventory documenter and tracker
7. Inventory counter
8. Bookkeeper
99
5 steps to get inventory under control
1. Print your code or product list and edit(Delete inactive, update classifications, remove duplicates)
2. Reprint the list double check again
3. Create a list of on consolidated products and consolidate inventory (e.g Only carry one or two products of the same time such as to heartworm preventatives)
4. Count inventory
5. Begin to enter/receive inventory efficiently and accurately as it is delivered to clinic

100
Inventory Variance evaluation
1. Add beginning and ordered/received quantity for the selected item
2. From # 1, Subtract a # souls in the same.
3. Compare the number to the physical inventory count at the end of that period
4. Those numbers should match
5. If they don’t match, the difference is the variance
6. Any variance is an indication of weakness or problem, although 8–4% variance on high turn items is acceptable
101
POMR
A. Problem , oriented, medical , records
B. Plan , order, medical , record
A
102
SOMR
A. Subject, oriented, medical , records
B. Source, oriented, medical, records
B
103
2 types of insurance for business
1. Liability
2. Property
104
4 elements for malpractice suit
1. Establish duty to practice within standard of care (established vcpr)
2. Breach duty-Failure to act in accordance with standard
3. Proximate cause-Connection between negligent act of practitioner and harm to the patient
4. Damages- Harm to patient or client as a direct result of negligent act 
105
Scenarios in which a vet can discontinue treatment
1. Animal recovers
2. Practitioner completes all agreed-upon treatment
3. Animal dies
4. Client terminates VCPR
5. Responsibility for treatment was transferred to another practitioner with client consent
106
Phases of the business life cycle
1. Introductory ) Vision, innovation, energy)
2. Growth (Efficiency, discipline, talent development critical)
3. Maturity (Manage risk, problem solved, search for growth opportunity)
4. Decline (Decrease demand for services, revisit strategic plan for revitalizing practice)
107
4 Phases of strategic planning
A. Fórmula, plan, decisión, implement.
B. Implement , written , training , formula
C. Formulation, development,implementation, evaluations
D. None
C
108
Law of agency
Involves a person who has an authorized to act on behalf of another
109
Statue of frauds
Requires production of a written memo before court will enforce certain types of contracts
