Organization of the Practice

Question 1

A process for prioritizing or ranking inventory items based on annual usage value, so that inventory management systems can be structured to selectively control prioritized categories of items based on that value.

Answer 1

ABC analysis

Question 2

Annual demand (volume) multiplied by cost.

Answer 2

Annual usage value

Question 3

The condition or state of normal and acceptable pet conduct that enhances the human-animal bond and the pet’s quality of life.

Answer 3

Behavior wellness

Question 4

The planned attention to a pet’s conduct and active integration of behavior wellness programs into the delivery of pet-related services, including routine veterinary medical care.

Answer 4

Behavior wellness care

Question 5

Protocols, procedures, services, and systems to educate pet owners and professionals about factors that constitute a behaviorally healthy pet; promote behavior wellness through positive proaction, behavior assessments, early intervention, and timely referrals; and decrease unrealistic human expectations and interpretations of pet behavior that can lead to neglect, euthanasia, or relinquishment

Answer 5

Behavior wellness programs

Question 6

A wide range of medicinal products, such as vaccines, blood and blood components, allergenics, gene therapies, and tissues, that are created by biological processes, as distinguished from chemistry.

Answer 6

Biologics

Question 7

A method of evaluating fatness and giving a grade on a point scale. A tool for managing body weight and one aspect of monitoring an animal’s health and overall condition.

Answer 7

Body condition score (BCS)

Question 8

An organized collection of specified details that pertain to a particular subject or area of interest, resulting in a database that can be sorted by any of the defined details.

Answer 8

Defined database

Question 9

A representative of a company that provides supplies to a veterinary practice, often called “sales representatives” or “sales reps” for short.

Answer 9

Details-person (or drug detail-person)

Question 10

In health care, a method for classifying diseases, disorders, clinical signs, and other medical conditions through the use of standardized naming conventions otherwise called “nomenclatures.”

Answer 10

Diagnostic code

Question 11

A technology standard established to ensure that medical image data files would include patient information that could not accidently be separated from the patient image, and that would allow images to be universally shared easily among devices that create, transmit, and view them.

Answer 11

DICOM (Digital Imaging and Communications in Medicine)

Question 12

One of several possible etiologies or causes of observed health conditions identified by signs, symptoms, examination, and laboratory findings. Listing these helps in the process of choosing tests to narrow possibilities to a definitive cause.

Answer 12

Differential diagnosis

Question 13

Computer technology that allows images to be made, stored, transmitted between computers, and re-created for viewing.

Answer 13

Digital image technology

Question 14

Notations made by the veterinarian in the patient record describing physical examination findings, patient assessment, treatment plans, surgical procedures, and other aspects of patient care.

Answer 14

Doctor medical notes

Question 15

Generally, the euthanasia of a healthy animal that an owner cannot or will not support financially or of an animal with a medical condition that the client chooses not to treat.

Answer 15

Economic euthanasia

Question 16

A mathematical formula that allows calculation of optimal order quantities.

Answer 16

Economic order quantity (EOQ) formula

Question 17

A business consolidation concept that suggests that increased profits can be realized through better use of underutilized assets, such as equipment or skilled employees, by combining disparate economic units (e.g., separately owned but similar types of veterinary practices) to create more transactional volume over a given period of time. Increased profits occur by reducing the fixed cost per transaction.

Answer 17

Economies of scale

Question 18

A strategic planning activity that involves analysis of the practice in relation to its external environment and how various factors such as competition and regulations might develop in the future to affect the practice.

Answer 18

Environmental scan

Question 19

The study of the physical aspects of work.

Answer 19

Ergonomics

Question 20

A written summary report, usually in checklist format, of the veterinarian’s findings during patient physical examination. The report findings are usually grouped according to bodily systems or areas examined (such as oral cavity, eyes, skin, musculoskeletal system, skin and hair, etc.).

Answer 20

Exam-room report cards

Question 21

A strategic planning activity described by Michael Porter of Harvard Business School that organizes the practice’s evaluation of the external environment and its opportunities and threats.

Answer 21

Five-force analysis

Question 22

A list of medicines used for animal treatment, generally including clinical information such as dosages, side effects, and contraindications.

Answer 22

Formulary

Question 23

Describes typical points in transfer of ownership title from a vendor to the purchaser.

Answer 23

Freight on board (FOB)

Question 24

A cost analysis that not only considers the directly assignable costs of the product or service, but also matches other overhead costs of operation (e.g., utilities, rent, administrative and personnel costs) with the units of product or service.

Answer 24

Full absorption analysis or costing

Question 25

A term describing the hours worked by one person working full time to fulfill the requirements of a particular job position for one year.

Answer 25

Full-time equivalency (FTE)

Question 26

A standard adopted by the Occupational Safety and Health Administration that requires all employers to develop prescribed programs to ensure that all employees are aware of the existence of hazardous materials in their workplace and are trained in their use.

Answer 26

Hazardous Communication Standard

Question 27

The cumulative costs of owning and keeping inventory on the premises in anticipation of its future use during service provision or its sale to clients.

Answer 27

Holding cost

Question 28

Part of the value chain framework for strategic and tactical planning, these are the operational activities related to the mechanics of establishing appointments and admitting clients and patents to the hospital.

Answer 28

Inbound processes

Question 29

A patient receiving medical care within the hospital.

Answer 29

Inpatient

Question 30

All measures, systems, and protocols used by a business to prevent errors, waste, and fraud; to ensure the reliability of accounting data; and to promote compliance with all company policies.

Answer 30

Internal controls

Question 31

All goods owned and held for sale or use in the regular course of business.

Answer 31

Inventory

Question 32

A method of pricing that adjusts the sales price of an item as contemporaneously as possible to the sale, based on its most current replacement acquisition cost and regardless of how much was originally paid for that item.

Answer 32

Just-in-time pricing

Question 33

An industry jargon term for any metric or measurement that is deemed important to monitor for evaluation of the practice’s success in meeting objectives and goals.

Answer 33

Key performance indicator (KPI)

Question 34

The loss of a practice employee or owner whose role in the practice unit is so important that the loss causes prolonged financial detriment to the practice.

Answer 34

Key person loss

Question 35

The time between ordering and receiving a particular inventory SKU, also known as delivery time.

Answer 35

Lead time

Question 36

A training or light educational event, usually held over the lunch hour for about forty-five minutes,

Answer 36

Lunch and learn

Question 37

Past and current information about a patient that is useful in formulating a diagnosis and in planning and providing medical care, both from a preventive standpoint and from the perspective of treating diagnosed abnormal conditions.

Answer 37

Medical history

Question 38

An inspiring description of the practice’s purpose and primary objectives that defines key measures of the practice’s success, directed primarily to guide the practice’s leadership in the decisions they make in their service to shareholders, employees, and clients.

Answer 38

Mission statement

Question 39

The cumulative costs of negotiating for and obtaining inventories of various supplies required for practice operations, not including the actual cost of the supplies themselves.

Answer 39

Ordering cost

Question 40

A patient being treated at home or at a farm or stable after examination and diagnosis is made by the doctor, generally in the hospital.

Answer 40

Outpatient

Question 41

A medical imaging technology which provides economical storage of, and access to, digital images from different sources and machine types, such as digital radiography, ultrasonography, and magnetic resonance imaging.

Answer 41

PACS (picture archiving and communication system)

Question 42

A record of all information pertaining to the medical history, diagnostic processes, and treatment provided to a single animal.

Answer 42

Patient record

Question 43

A type of commercially available pet health record that is given to the client to keep track of the animal’s vaccination history, parasite-control medications, surgery dates and events, and so forth.

Answer 43

Patient-health pocket records

Question 44

Inventory system that can provide accurate, up-to-date detail at any time because items are added to inventory records as soon as they are received and are subtracted from inventory records as soon as they are sold or used.

Answer 44

Perpetual inventory

Question 45

The accounting for all items of inventory on hand at a given time, accomplished by performing an actual count of each item.

Answer 45

Physical inventory

Question 46

In the context of veterinary practice, the location a sales transaction is completed, such as the receptionist-cashier’s checkout desk.

Answer 46

Point of sale (POS)

Question 47

An electronic device that provides an interface between the practice cashier and the Internet for processing client payments.

Answer 47

POS terminal

Question 48

A part of the medical record that summarizes each patient abnormality identified by professional staff (e.g., not eating; diarrhea; weight loss; discharge, right eye; overgrown toenails).

Answer 48

Problem list

Question 49

A record that is chronologically ordered according to each identified health problem.

Answer 49

Problem-oriented medical records (POMR)

Question 50

The planned acquisition of appropriate goods and/or services at the optimum total cost of ownership to meet the needs of the practice in terms of quality, quantity, time, and location.

Answer 50

Procurement

Question 51

The form issued by the purchasing department to document and order inventory items from a supplier, including supplies, merchandise, equipment, or any other purchased item.

Answer 51

Purchase order

Question 52

A program for the systematic monitoring and evaluation of the various aspects of a project, service, or facility to ensure that preestablished standards of quality are being met.

Answer 52

Quality assurance

Question 53

An aggregate of activities (such as design and system analysis and inspection for defects) designed to ensure adequate quality of services offered and provided to clients and patients.

Answer 53

Quality control

Question 54

The time at which the purchasing manager places a restock order with the vendor.

Answer 54

Reorder point (ROP)

Question 55

The form used by employees for requesting purchase of a supply, pharmacologic agent, equipment item, or service, such as maintenance or repair.

Answer 55

Requisition order

Question 56

Tracking and identification technology using radio waves.

Answer 56

RFID Radio-frequency identification

Question 57

An up-to-date, cumulative tally of services provided to and supplies consumed by a hospitalized patient. Given this convenient record of current charges, the client is better able to make informed decisions about electing additional procedures and care.

Answer 57

Running charge

Question 58

The minimum quantity of an inventory SKU that is held as a protection against shortages due to higher than expected use between placing an order and receiving it.

Answer 58

Safety stock

Question 59

Abbreviated practice jargon to describe the writing of a prescription for a drug or medication that the client will purchase elsewhere.

Answer 59

Script out

Question 60

A materials management system that methodically ranks the importance and value of items used by business processes to enable application of different levels of control (time and money).

Answer 60

Selective inventory control

Question 61

The segment of all industry primarily involved in providing services rather than products to clients.

Answer 61

Service industry

Question 62

Vendor document included with ordered items shipped to the veterinary practice.

Answer 62

Shipping document

Question 63

Inventory loss, usually unexplained or difficult to isolate.

Answer 63

Shrinkage

Question 64

A safe with a deposit slot. When the safe is locked, items can be deposited through the slot, but they cannot be removed. Usually locked with a key, combination, or pass card.

Answer 64

Slotted safe

Question 65

In health care, a comprehensive system for classifying diseases, disorders, clinical signs, and other medical conditions through the use of standardized naming conventions otherwise called nomenclatures.

Answer 65

SNOMED (Systematized Nomenclature of Medicine)

Question 66

Certification in advanced veterinary medical knowledge.

Answer 66

Specialization (or specialty)

Question 67

An item of inventory or stock that is completely specified as to function, style, size, color, and usually location and assigned a unique code or number for purposes of inventory tracking and management.

Answer 67

Stock-keeping unit (SKU)

Question 68

The event of running out of a supply item before the next order arrives.

Answer 68

Stock-out `

Question 69

The formalized process of defining a practice’s vision, mission, and future course of action and aligning resources such as money, equipment, and people to achieve these purposes and objectives.

Answer 69

Strategic planning

Question 70

A printed list of coded services and products that provides a way of identifying completed services and dispensed items when preparing the invoice.

Answer 70

Tracking sheet

Question 71

The amount paid to a vendor for an item of inventory, including applicable sales taxes and shipping costs, divided by the quantity of the item ordered.

Answer 71

Unit cost

Question 72

A difference between the physical count of an item and the count as calculated from the records maintained for that item.

Answer 72

Variance

Question 73

A document sent by a supplying vendor to the practice describing the products or services provided and listing the cost per item, quantity, and other information.

Answer 73

Vendor invoice

Question 74

A document sent once a month by a vendor to the practice that lists all of the invoices that have been completed during that month.

Answer 74

Vendor statement

Question 75

Generally speaking, a facility with overnight hospitalization provisions is a hospital; one without these provisions is a clinic.

Answer 75

Veterinary hospital vs. veterinary clinic

Question 76

The network of computer hardware, human interface devices, operating systems, and software written specifically for running the veterinary practice operations, including client invoicing, patient reminder notifications, and medical records functions

Answer 76

Veterinary practice information management system (VPIMS)

Question 77

A management processes tool adapted by Marsha L Heinke, CPA, Inc., based on concepts entailed in the balance scorecard methods widely published starting in the early 1990s.

Answer 77

Veterinary practice scorecard (VPS)

Question 78

An inspiring description of the underlying human values of the practice’s mission that serves to guide beliefs and energize behaviors about how the practice team goes about its day-to-day activities.

Answer 78

Vision statement

Question 79

Computer software that allows a computer to recognize speech and convert it into a written format or perform specific actions in response to speech commands.

Answer 79

Voice recognition software

Question 80

The amount of time between the prearranged appointment time and the time the appointment actually begins; the amount of time the client has to wait to see the veterinarian or other veterinary professional.

Answer 80

Wait time

Question 81

Loss of supplies and other purchased inventory items through waste or misuse.

Answer 81

Wastage

Question 82

An insurance or prepaid service plan that pays for veterinary care provided to an animal for those services generally considered to be necessary to prevent disease and/or promote a healthy life. Most plans include vaccinations, periodic examinations, neutering, parasite management, and possibly dentistry.

Answer 82

Wellness plan

Question 83

A patient appointment that centers on preventive health care and early detection of impending health problems, usually through complete physical examination and laboratory testing.

Answer 83

Wellness visit

Question 84

A Healthcare service provider that supports the work of the primary physician.

Answer 84

Ancillary service provider

Question 85

An order placed for a product that is temporarily out of stock.

Answer 85

Backorder

Question 86

A standard for the the Short-Range wireless interconnection of cellular phones, computers, and other electronic devices.

Answer 86

Bluetooth.

Question 87

The procedure for making extra copies of data in case the original is lost or damaged.

Answer 87

Backup

Question 88

A strategic planning process designed to evaluate veterinary practices.

Answer 88

Business Assessment Report Kard. (BARK)

Question 89

Insurance that protects the company and/or Business owner in the event of a formal lawsuit or other third party claim.

Answer 89

Business Liability Insurance.

Question 90

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.

Answer 90

Capital Asset.

Question 91

An electronic gateway to a collection of digital files, services, and information accessible over the internet through a web browser.

Answer 91

Client Portals

Question 92

The process of identification, analysis and either acceptance or mitigation of uncertainty in client decision-making.

Answer 92

Client risk management.

Question 93

A veterinarian that uses healing practices and products that work in conjunction with traditional medicine.

Answer 93

Complementary Practitioner.

Question 94

Measure of whether pets actually receive the care that has been recommended by their veterinarian.

Answer 94

Compliance

Question 95

Restricting the dissemination of information.

Answer 95

Confidentiality.

Question 96

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 risks that might be involved.

Answer 96

Consent form.

Question 97

Any drug or therapeutic agent commonly understood to include narcotics, with a potential for abuse or addition, which is held under strict government control.

Answer 97

Controlled Drugs

Question 98

A figure on the income statement that reflects the cost of products sold to consumers in the primary business activity of the practice.

Answer 98

Cost of Goods Sold. (COGS)

Question 99

A good that is unfit or reduced in value for it’s intended use due to damage of some sort.

Answer 99

Damaged goods.

Question 100

Strategies and procedures put in place to protect confidential data from unauthorized access.

Answer 100

Data breach risk management.

Question 101

Systemic allocation of the cost of a tangible asset over time.

Answer 101

Depreciation.

Question 102

A clause or statement that tries to prevent the creation of a warranty or contract.

Answer 102

Disclaimer.

Question 103

The most economical quantity of a product to order, factoring in both holding and operating costs.

Answer 103

Economic Order Quantity (EOQ)

Question 104

The identification, assessment, and prioritization of financial risks followed by coordinated and economical application of resources to minimize, monitor, and control the probability of said risk.

Answer 104

Economic risk management

Question 105

Ratios used to analyze how well a company uses its assets and liabilities internally.

Answer 105

Efficiency Ratio for Accounts Payable to Sales.

Question 106

Inventory that has reached the end of its useful life, and cannot be sold as a finished good.

Answer 106

Expired inventory.

Question 107

A system (Hardware, software or a combination) on your local intranet network that is designed to prevent unauthorized access to or from the network.

Answer 107

Firewall.

Question 108

The Principle by which the oldest inventory items are recorded as sold first, but do not necessarily mean that the exact oldest physical object has been tracked and sold.

Answer 108

First in - First Out (FIFO)

Question 109

A strategic planning activity that organizes the practice’s evaluation of the external environment and its opportunities and threats.

Answer 109

Five-Force Analysis.

Question 110

The physical equipment used in a computer system.

Answer 110

Hardware.

Question 111

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.

Answer 111

Hardware/software support.

Question 112

Operations such as record-keeping or maintenance in an organization, or a computer that make work possible but does not directly constitute its performance.

Answer 112

Housekeeping.

Question 113

Having a process by which your organization identifies and understands the risks to which you are exposed when it comes to human resources activities. It also means having deliberately evaluated the risks and have a strategy in place to remove the risks altogether, reduce the likelihood of the risk happening or minimize harm in the event that something happens.

Answer 113

Human resource risk management.

Question 114

To put into effect.

Answer 114

Implementation.

Question 115

Careful examination or scrutiny.

Answer 115

Inspection. A practice may be 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.

Question 116

A person Employed to sell insurance policies.

Answer 116

Insurance Agent.

Question 117

The Process of bringing together the component subsystems into one system and ensuring that the subsystems function together as a system.

Answer 117

Integrating systems.

Question 118

Refers to the inclusive practice of removing barriers that prevent interaction with, or access to websites.

Answer 118

Internet accessibility.

Question 119

An accounting procedure used to keep track of products and merchandise.

Answer 119

Inventory Audit

Question 120

The relationship between expense of total items sold and the inventory value, computed by dividing the costs of the drugs and the dispensed items by the average inventory value.

Answer 120

Inventory Turnover.

Question 121

A computer network that links devices within a building or group of adjacent buildings.

Answer 121

Local Area Network (LAN)

Question 122

The amount added to the cost price of goods to cover overhead and profit.

Answer 122

Mark-up.

Question 123

Methodical review and examination of practice records to assess accuracy and completeness.

Answer 123

Medical record audit.

Question 124

Written reports by veterinarians on the animals he or she treats,

Answer 124

Medical Records.

Question 125

Language that is used to accurately describe the patient’s body and associated components, conditions, processes, and procedures in a science-based manner.

Answer 125

Medical Terminology.

Question 126

The action of reducing the Severity, seriousness, or painfulness of something.

Answer 126

Mitigation.

Question 127

A Pharmacy that operates over the internet and sends the orders to customers through the mail or shipping companies.

Answer 127

Online Pharmacy.

Question 128

A document that describes in detail the processes and systems that a company uses to produce its goods and provide its services.

Answer 128

Operations manual.

Question 129

A supply or quantity in excess of demand or requirements.

Answer 129

Overstock.

Question 130

Products that are available by ordinary retail purchase, with no need for a prescription or license.

Answer 130

Over-The-Counter (OTC) Products.

Question 131

A term or phrase used to describe a practice that no longer uses physical medical charts, and relies primarily on electronic medical records.

Answer 131

Paperless/ Paper light.

Question 132

A set of requirements designed to ensure that ALL companies that process, store or transmit credit card information maintain a secure environment.

Answer 132

PCI Compliance. Payment Card Industry Data Security Standard. (PCI DSS)

Question 133

A framework using four factors to help scan the external macro environment in which the practice operates; Political, Economic, Sociocultural and Technological.

Answer 133

PEST Analysis.

Question 134

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.

Answer 134

Problem Oriented Veterinary Medical Record (POVMIR)

Question 135

Documents used to ensure that tasks have been completed in a specific manner.

Answer 135

Procedural Logs.

Question 136

A guarantee that a manufacturer or similar party makes regarding the condition of work and outputs.

Answer 136

Product Warranty

Question 137

The Health of the population as a whole, especially as monitored, regulated, and promoted by the state.

Answer 137

Public Health.

Question 138

Total number of inventory units currently in stock.

Answer 138

Quantity on Hand (QOH)

Question 139

The transfer of the legal and physical custody of permanent records.

Answer 139

Records Transfer.

Question 140

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.

Answer 140

Regulatory risk management.

Question 141

The Identification, assessment, and prioritization of risks followed by coordinated and economical application of resources to minimize, monitor, and control the probability of said risk.

Answer 141

Risk Management.

Question 142

Utilizes a Secure Sockets Layer (SSL) to encrypt the username and password before passing them to the mail server so that anything that might me intercepted are in an encrypted are in an encrypted format that will be unreadable.

Answer 142

Secure Login

Question 143

A set of administrative, physical and technical actions to protect the confidentiality, availability and integrity of information or data.

Answer 143

Security Standards

Question 144

A computer on the network that manages network resources, and provides functionality for other computers on the network.

Answer 144

Server.

Question 145

A guarantee or promise which provides assurance by one party to the other party that specific facts or conditions are true or will happen.

Answer 145

Warranty

Question 146

Inventory loss, usually unexplained or difficult to isolate.

Answer 146

Shrinkage

Question 147

SMART Goals.

Answer 147

Specific Measurable, Attainable, Relevant, Timebound. Useful acronym to remember when establishing inspirational objectives for the practice team.

Question 148

Programs or applications that run on computers.

Answer 148

Software

Question 149

Patient medications or food that is ordered by a client, typically because it is not kept in stock on a regular basis.

Answer 149

Special Orders.

Question 150

An individual or group with an interest in a particular business; the individual or group usually has something at risk.

Answer 150

Stakeholders.

Question 151

Statements of what a practice believes in and recommends for its patients.

Answer 151

Standards

Question 152

A plan or action to achieve a specific end, typically within a long timeframe.

Answer 152

Strategy

Question 153

A tool used that analyzes the practice’s strengths, weaknesses, opportunities and threats when making a plan.

Answer 153

SWOT Analysis.

Question 154

A systemic method used when writing out medical records that includes: Subjective, Objective, Assessment, and Plan for patient care.

Answer 154

Subjective/Objective/Assessment/Plan (SOAP)

Question 155

A set of detailed methods, procedures and routines created to carry out a specific activity, perform a duty, or solve a problem.

Answer 155

Systems

Question 156

A plan or action to achieve a specific end, typically within a short time frame

Answer 156

Tactic.

Question 157

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.

Answer 157

Value Chain Analysis

Question 158

Description of the value that a product, service, or process will provide to the pet owner, hospital, and staff.

Answer 158

Value Proposition.

Question 159

A management process tool that assists in identifying and targeting measurable performance goals in operational quadrants; client perspective, patient perspective, learning and growth perspective and financial perspective.

Answer 159

Veterinary Practice Scorecard (VPS)

Question 160

The Act of purchasing goods in multiple units or in large quantities, usually with a financial incentive for doing so.

Answer 160

Volume Purchasing.

Question 161

A form that is signed by the owner/agent of a pet stating that they decline to accept the veterinarian’s recommendations or advice.

Answer 161

Waiver.

Question 162

A defined time frame that a product or service is guaranteed.

Answer 162

Warranty Period.

Question 163

According to Practice Made Perfect; applying Pareto’s 80/20 rule to inventory helps in;

a. Making organizational decisions about inventory.
b. Prioritizing inventory time investment. Since 20 % of our products bring in 80% of our produce revenue, we should concentrate the lion’s share of our efforts on that top 20%.
c. Creating a marketing strategy regarding inventory.
d. Making budget decisions regarding inventory.

Answer 163

b. Prioritizing inventory time investment. Since 20 % of our products bring in 80% of our produce revenue, we should concentrate the lion’s share of our efforts on that top 20%.

Question 164

Ideally, the top 20% of inventory items should be ordered;

a. Monthly
b. Weekly
c. When stock is down to 1-3 units.
d. When stock is no lower than 10 – 12 units.

Answer 164

a. Monthly

Question 165

To maintain tight internal controls the role of Inventory Purchaser should always be a separate individual from (multiple choice)

a. The Inventory Receiver
b. The Inventory Counter
c. The Inventory Documenter and Tracker
d. The Inventory Researcher

Answer 165

a. The Inventory Receiver
And
c. The Inventory Documenter and Tracker

Question 166

The Tax Act of 2003 provided what increased benefits to small business owners (Multiple Choice);

a. Significantly increased the amount of eligible property that can be written off in the first year.
b. Gave an additional deduction of 50% of the remaining balance of the equipment purchased that is above the $139,000.
c. The remainder of the purchases can also be depreciated on a straight line depreciation schedule.

Answer 166

All of the above

Question 167

Practices should plan to reinvest around ___% of gross revenue for replacing or acquiring equipment annually.

a. 5%
b. 3%
c. 1%

Answer 167

c. 1%

Question 168

Is the digital radiography unit in your practice considered Capital Inventory?

a. If it is valued at $1,500 or higher.
b. If it is valued at $15,000 or higher.
c. Yes, if it is in useable condition.

Answer 168

c. Yes, if it is in useable condition.

Question 169

4) Which details below are considered a benefit of using logs in veterinary medicine? (Multiple Choice)
a. To comply with legal requirements such as controlled substances log.
b. Provide evidence in the event of a malpractice claim.
c. Convenient for quick data analysis and auditing.

Answer 169

All of the above

Question 170

5) The state Veterinary Practice Act defines minimum medical record documentation for each state. What other entity defines minimal requirements of veterinary medical records?
a. The AVMA Principles of Veterinary Medical Ethics.
b. Both the DEA and The AVMA Principles of Veterinary Medical Ethics
c. The AVMA Principles of Veterinary Medical Ethics and AAHA (American Animal Hospital Association)

Answer 170

a. The AVMA Principles of Veterinary Medical Ethics.

Question 171

The most common medical record format is;

a. Problem Oriented Medical Record (POMR)
b. Source Oriented Medical Records (SOMR)

Answer 171

a. Problem Oriented Medical Record (POMR)

Question 172

Software and Hardware purchases will show greater return on investment than any other capital expense in veterinary medicine due to increased efficiency in every department.

a. True
b. False

Answer 172

a. True

Question 173

Hardware and software of both examples of Information Systems.

a. True
b. False

Answer 173

a. True

Question 174

Ideally no less than _____ of on-site training should accompany any major software conversion.

a. 2 days
b. 1 day
c. ½ day

Answer 174

c. ½ day

Question 175

Regarding financial statements which is more detailed and provides the greatest level of assurance?

a. Compiled
b. Audited.
c. Reviewed

Answer 175

b. Audited.

Question 176

As it relates to tax planning, what is Safe Harbor?

a. A system of calculating this year’s projected tax based off of last year’s tax.
b. A system created by the IRS that will hold businesses harmless for low level tax miscalculation.
c. Safe Harbor refers to retirement vesting schedules and income tax deferral.

Answer 176

a. A system of calculating this year’s projected tax based off of last year’s tax.

Question 177

A liaison is a broad term that refers to the person who maintains communications with any other entity involved with the business of running the practice.

a. True
b. False

Answer 177

a. True

Question 178

How many diseases are currently known to be zoonotic?

a. 780.
b. 1,400
c. 4,200
d. Over 5,000

Answer 178

b. 1,400

Question 179

What is the first step in creating a business contingency plan?

a. The formation of the recovery team.
b. Back up all available data.
c. A risk assessment.

Answer 179

c. A risk assessment.

Question 180

In regards to a medical malpractice lawsuit; if a client fails to confine a dog after surgery, or there is proof of any degree of medical negligence by the client, it may eliminate financial recovery for the client in a lawsuit. What term supports this theory?

a. Duty Negligence
b. Contributory Negligence
c. Negligent Forbearance

Answer 180

b. Contributory Negligence

Question 181

Which of the four phases of Strategic Planning is focused on how the practice will get from point A (now) to point B (the future)?

e. Formulation.
f. Development.
g. Implementation.
h. Evaluation.

Answer 181

f. Development.

Question 182

Leadership Fatigue can be experienced by both owners and managers and usually results from a lack of communication, lack of delineation of job duties, and feeling that they are constantly haggling with the team to carry out policies and procedures. Which element of the strategic plan addresses this dynamic?

a. Organizational Development.
b. Organizational Design.
c. Organizational Learning.

Answer 182

b. Organizational Design.

Question 183

How long can it take to prepare a team member for a leadership position?

a. 6 – 12 months.
b. 12 – 24 months.
c. 12 – 36 months.
d. 24 – 36 months.

Answer 183

c. 12 – 36 months.

Question 184

Inventory Control is defined as the process whereby the need to maintain sufficient inventory to meet _________ ___________ is weighed against the monetary cost of carrying the inventory.

Answer 184

a. operating demands

Question 185

List four inventory control goals.

Answer 185

Products are available to treat patients when needed.
Quantities are controlled to minimize expenses.
Clients can conveniently obtain refills.
Regular evaluation of preferred pharmaceuticals and supplies to avoid redundancy, streamline storage, ordering and training.
Employees can efficiently order, stock and dispense needed items.
Controlled drugs are properly maintained.
Appropriate security, systems, and safeguards exist to ensure proper use.
Employees are well versed in communicating the value of products dispensed at the practice and can also confidently field client inquiries regarding on-line pharmacies or big box stores.
Fees are adjusted regularly
Profit margins are set and accomplished.

Question 186

Combined ordering and holding costs account for approximately what percent of total true cost?

Answer 186

25%-35%

Question 187

When items received are immediately added to the inventory record, and items sold are immediately subtracted from the inventory record, it is called a ___________ Inventory System.

Answer 187

Perpetual.

Question 188

Define gross profit on product.

Answer 188

The difference between the price of a product to the client and the cost of that product to the practice.

Question 189

What are the two main benefits of using a Central Supply Inventory System?

Answer 189

Reduce theft and waste, and better organization and tracking of products.

Question 190

The ABC Inventory Analysis contains multiple steps and can be somewhat complex – if you had to define the ABC Analysis in 5 steps, what would those steps be?

Answer 190

Create spreadsheet and calculate Annual Usage Volume.
Then calculate cumulative Annual Usage Volume.
Then calculate the Cumulative Percentage of Annual Usage Volume.
Then calculate the Annual Usage Distribution.
Group items into classes A, B, C

Question 191

The sum of the beginning inventory (BI) and the ending inventory (EI) divided by 2 is the calculation to determine what metric (BI + EI) / 2?

Answer 191

Average Inventory on Hand (AI)

Question 192

The higher the inventory turnover ratio, the ___________ the inventory control.

Answer 192

Tighter

Question 193

What mathematical formula, that recognizes three specific costs including unit cost, ordering cost, and holding cost, allows calculation of ideal inventory ordering?

Answer 193

Economic Order Quantity (EOQ)

Question 194

Regarding Mark-up and Margin pricing structures, which is a useful strategy to use where there are large differences in the end resulting price based on the size of the patient?

Answer 194

Margin pricing method.

Question 195

Which category of drugs is likely to have a higher mark-up; competitive drugs or drugs used to treat chronic conditions?

Answer 195

Drugs used to treat chronic conditions

Question 196

Itemizing the various fees potentially associated with dispensing medication (labeling, dispensing, minimum, etc.) on the client invoice helps improve perceived value of the medication. True or False?

Answer 196

False. Clients do not have a complete understanding or appreciation of the costs associated with dispensing medications.

Question 197

Calculate the inventory variance using the following data;
Beginning quantity = 250
Amount ordered and received = 1000
Amount sold = 942
Physical count of quantity on hand = 298
Variance = \_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_.

Answer 197

(10)

Question 198

What benefits and disadvantages may be involved in Just In Time ordering?

Answer 198

Benefits – low holding costs, no expired product.

Disadvantages – high ordering costs, stock outs and back orders.

Question 199

What are the two main inventory organizational techniques?

Answer 199

Zoning

Central Supply

Question 200

What are the four steps to Inventory Budgeting?

Answer 200

1 – Project Revenue
2 – Project COG Expenses
3 – Project COG Subsection Expenses
4 – Share the Budget and Communicate Expectations.

Question 201

A running capitol inventory list should contain what information about the equipment?

Answer 201

Equipment name
Manufacturer
Model/serial number
Purchase date, amount paid, and purchase location.

Question 202

Using the metrics below; what is the break-even number for a potential Laser machine purchase;
Purchase price $25,000
Client cost $65
Technician time to perform the service $15

Answer 202

A - 500 invoiced uses to break-even.

Question 203

The practice purchased a digital radiology unit for $35,000. Shipping charges were $2,525. Installation and training costs were $2,750. The practice is planning on the equipment serving them for a minimum of 10 years.  Using the formula for calculating equipment expense for profit center use, what is the estimated monthly expense you can subtract from the profit center? 
$731.25
$602.50
$4,027
$335.62

Answer 203

$335.62

Question 204

What is the most significant drawback to paper medical records and why?

Answer 204

Most significant drawback is poor legibility which can lead to patient care mistakes and confusion. Illegible records will also likely work against the practice if ever needed in a court case.

Question 205

How do you make a typo or mistake correction on a paper medical record?

Answer 205

In the case of a written mistake, correction fluid cannot be used on any medical record, release or authorization form. A correction should consist of a one line strike through with the author’s initials.

Question 206

Electronic medical records should have an automatic ______ ______ time frame after back-up has been completed and any following entries to the record will be documented as an addendum.

Answer 206

Software should have an automatic lock out time frame after a backup has been completed. Entries post back-up will be documented as an addendum.

Question 207

Name three examples of license board violations regarding medical records.

Answer 207

Lack of complete patient and client identification.
Lack of complete system-by-system description with annotated exam notes.
Lack of tentative diagnosis.
Lack of prognosis.
Lack of treatment specified and especially lack of clients waiver or denial of recommendations for a specific treatment or procedure.
Illegible entries.
Alterations or deletions of record after a reasonable contemporaneous period.

Question 208

Illegible medical records are equal to what?

Answer 208

An incomplete, illegible record can be considered an admission of professional incompetence and imply that the care provided was sub-standard.

Question 209

Can a veterinarian still be cited for medical record violation even if the client complaint did not concern medical records and the veterinarian was acquitted of the client complaints?

Answer 209

Although a client complaint is rarely about records, it is the records that the board will investigate to rule on the complaint.

Even if the veterinarian is acquitted of a client’s complaint, they could still be cited for medical record violations if they do not meet the minimum standards.

Question 210

In the medical record, only abnormal results are recommended to be documented in the patient medical record. True or False?

Answer 210

False

Question 211

Medical documentation must include; name of medication, ________, dose given, and route administered.

Answer 211

Medication documentation must include; name of medication, strength, dose given, and route administered

Question 212

Define SOAP.

Answer 212

S – Subjective
O– Objective
A – Assessment
P - Plan

Question 213

Name at least three elements that should be included in the auditing of medical records.

Answer 213

All records should be audited for:
Date of entry
Initials of all team members writing in the record
A complete SOAP format
All authorization forms signed by the client
Missed charges
Recheck and recall compliance
Compliance with practice medical standards
Medical services compliance

Question 214

Define Source Oriented Medical Records

Answer 214

Source Oriented Medical Records (SOMR) – data is entered in the medical record and then grouped by the information source and then organized chronologically by date of patient encounter.

Question 215

List at least 4 potential applications of technology in veterinary practice.

Answer 215

On-line continuing education
Computerized appointment system
Consultation with specialists and experts
Digital photographs and digital radiographs
Credit card processing
E-mail reminders
Electronic medical records
Online office procedural manuals
Supply purchases
Webpage design and maintenance

Question 216

The system or program the computer follows is called __________.

Answer 216

Software

Question 217

_________ and __________ purchases will show greater return on investment than any other capital expense. Why will these things show such returns?

Answer 217

Software and Hardware purchases will show greater return on investment than any other capital expense in veterinary medicine due to increased efficiency in every department.

Question 218

When considering new software for the practice, if you have employees who lack experience or comfort with technology, what might be an important element when considering the various software benefits?

Answer 218

Training provided by the company should be a strong consideration with new software, especially if you have employees less comfortable with computers.

Question 219

In reference to disease transmission; fleas, ticks and mosquitos are considered vectors. True or false?

Answer 219

True

Question 220

Why is it recommended to have a steady and ongoing relationship with an attorney?

Answer 220

This strategy avoids the urgent and crisis oriented circumstances and maintains more of a preventative relationship for the practice.

Question 221

The role of Liaison for a practice manager involves more than relationships with vendors, what are some examples?

Answer 221

The role of liaison is a full time responsibility involving staff, vendors, authorities, professional peers and advisors, independent contractors, clients, practice owners or stock holders, consultants to the practice, and any other relationship involving the practice.

Question 222

What separates CPAs from bookkeepers or accountants?

Answer 222

A CPA is a college trained accounting professional who has attained certification via a comprehensive exam, and maintains the certification with continuous continuing education.

Question 223

List 5 considerations when choosing an accounting professional.

Answer 223

Expect to interview several candidates and do your research about the candidates and their firm.
Check on-line reviews and standing with the IRS and state boards.
Do they have veterinary experience, and how do they stay abreast of veterinary trends. Do they belong to or follow any veterinary associations or periodicals.
Check licenses and credentials on-line.
Match people whose philosophies and personalities that are compatible with the practice.
Obtain referrals from at least two of their long term clients.
Make sure the candidates experience, education and interests match the role you’re seeking to fill. For example; don’t hire a bookkeeper to fulfill duties of a CPA.
Beware of a large ego that can get in the way of good service. No one knows everything.
Choose an advisor who is busy, they are busy for a reason.
How do they structure their fees?
Avoid a firm that is too small, in the event of illness or death a small firm may not be able to continue service uninterrupted.

Question 224

To get the most efficiency from a CPA at tax time, it is best to have obtained their services for tax planning prior to the end of the calendar year and to have all accounting records (QuickBooks or other software reports) to the CPA by when?

Answer 224

The third or last week of January.

Question 225

Name two potential benefits of maintaining healthy relationships with vendors?

Answer 225

• Vendors are typically highly educated and well trained by their companies and can often provide you with the most cutting edge information available as to new products, client/owner concerns, and upcoming backorders.
• Vendors have a wide range of experience inside various practices and can offer valuable feedback in how you’re doing, and/or share some good ideas from other practices.
• Vendors have a wide network within the veterinary community and may know when a practice is coming up for sale, employees who may be looking for work, and may also offer employee training.

Question 226

When implementing control methods for zoonotic disease, treatment or programs are generally focused on reservoirs and hosts. Define Reservoirs and hosts in this context.

Answer 226

Reservoir – a place where an infectious organism survives and replicates.

Host – the living organism that provides the environment for the maintenance of the organism but may not be necessary for the organism’s survival.

Question 227

What is the most common bacteria present in dog and cat bites?

Answer 227

Pasteurella

Question 228

When treating a patient with chemotherapeutic drugs, why is it critical to have detailed and thorough communication with the client?

Answer 228

Some chemotherapeutic agents are eliminated in the urine and feces of the pet and can potentially expose family members.

Question 229

In regards to gas anesthesia, what are the three types of gas scavenger systems, and which provides the best protection for employees?

Answer 229

Active scavenger system provides the best protection.
Passive system.
Absorption system.

Question 230

Name two steps that should be taken anytime a pregnant woman is working around anesthetic gases.

Answer 230

Wear an anesthetic monitoring badge

Proper PPE

Question 231

Once a VCPR is established treatment must continue until (four answers);

Answer 231

The animal recovers.
The practitioner has agreed to all the treatment that was agreed upon.
The animal dies.
The client terminates the VCPR.
The responsibility for treatment is transferred to another practitioner with the consent of the client.

Question 232

There are five strategies to reducing the potential of a malpractice lawsuit and they include continuing education, maintaining thorough medical records, practicing informed consent and what two others?

Answer 232

Staff Training

Referrals

Question 233

What is the Risk Assessment Equation?

Answer 233

Hazards + Vulnerabilities = Risk

Question 234

What are the four priorities of general emergency management and what is the brief definition of each?

Answer 234

Mitigation - strategies and actions that reduce the likelihood and impact of a threat
Preparation - planning and training action steps that develop the capacity to respond to threats.
Response - actions taken in the face of an emergency situation
Recovery - the process of returning to normal after an emergency event. This could be a lengthy process.

Question 235

A relationship centered practice is defined as utilizing empowered veterinary team members who share veterinary knowledge to develop long-lasting relationships with clients and patients. Which element of strategic planning best addresses this dynamic?

Answer 235

Organizational Design

Question 236

Lack of follow through from management, “Push” form of learning verses “Pull”, and negative peer pressure from team members who have plateaued, are all common reasons for what?

Answer 236

Resistance to learning

Question 237

Which phase of strategic planning includes the development of the Mission, Vision, and Values, and why are they so important?

Answer 237

The Formulation Phase. The MVVs are critical because they represent the goals of the organization and every decision made for the business, employees, clients, or patients must support the goals, and there for the MVVs.