Practice Made Perfect Flashcards by Shelby Dunse

What are the steps of the management process?

Planning, organization, directing, evaluating

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What are the three types of planning that occur in a business?

Strategic, tactical, operational

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Define: strategic planning

Long term planning (3-5 years)

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Define: tactical planning

Planning for the near future (1-3 years)

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Define: operational planning

Immediate future planning (weeks)

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What are the four attributes that mark the progress of a business’s success strategy?

Financial success
Ability of staff to work as a team
Motivation and contentment among employees
Client satisfaction

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What are the four major areas of vet practice management?

Personnel and Human Resources, operations and maintenance, finance and economics, marketing and client relations

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What are the six behavioral abilities a manager must have?

Command respect
Delegate
Follow through
Self Motivated
Control emotions
Communication skills

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Pertaining to external pressures, what the forces identified in Porter’s five-force analysis?

New players to the industry
Threat of substitutes
Client buying power
Rivalry among established practices
Supplier power

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What does PEST stand for in a PEST analysis?

Political, economic, sociocultural, and technological

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What are the two areas of the value chain analysis?

Primary operating activities - those that ate directly client/patient facing

Support activities - behind the scenes activities

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What are the four perspectives relevant to the Veterinary Practice Scorecard?

Patient care
Client
Learning and growth
Financial

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What are the four basic leadership styles? Define each of them.

Directive - task oriented
Supportive - individual needs
Participative - consulting group in decision making
Achievement oriented - goal setting

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Define theory X and theory Y in regards to people management?

X assumes people prefer direction and are motivated by money

Y assumes people can self-direct and are motivated by pride in work

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What are the five levels of competence in regards to EQ?

Self awareness
Self control
Self motivation
Empathy
Effective management of relationships

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Define: behavior typing instruments

Methodologies of characterizing a persons behavior

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What are the DISC categories and how do you differentiate them?

D - dominate - have control over environments, results oriented, tend to think environment is hostile

I - influential - have control over environment, people oriented, tend to think environment is friendly

S - steadiness - submissive to environment, people oriented, tend to think the environment is friendly

C - conscientious - submissive to environment, results oriented, tend to think the environment is hostile

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Define: the platinum rule

Communicating with others the way they were prefer to be communicated with rather than as you would prefer

More affective than “the golden rule”

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What are the communication behavior dynamics of the DISC styles?

D - assertive, low feelings
I - assertive, high feelings
S - reserved, high feelings
C - reserved, low feelings

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What is the difference between passive, assertive, and aggressive?

Passive - put rights of others above your own

Assertive - stand up for your own rights while maintaining respect for the rights of others

Aggressive - stand up for your own rights while violating the rights of others

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What are the two key ingredients in a complete plan for staff acquisition?

Budget
Job description

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what documents must you collect from a new hire when they start?

W4, I9, state income tax witholding forms, medical and retirement forms, copies of credentials, contact info

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what are the three types of employee performance evaluations?

formal performance reviews, coaching conversations, corrective-action discussions

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What is a good rule of thumb when evaluating if an employee’s poor behavior is a possible pattern?

Rule of three
Offense #1: take note
Offense #2: take note as possible pattern and plan for discussion
Offense #3: discuss with employee

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What is the ABCDEF formula for corrective action discussions?

Awareness Behavioral expectations Consequences Decision confirmed Employee involvement Follow up

What law prohibits termination based on race, sex, color, creed, or origin?

Civil rights act

What law prohibits termination based on age if over 40 years old?

Age discrimination in employment act

What law prohibits termination based on pregnancy?

Pregnancy discrimination act

What law prohibits termination based on employee refusing to work in a place they consider unsafe?

Occupational safety and health act

What law prohibits termination based on employee filing for bankruptcy?

Bankruptcy reform act

What law requires employers to keep detailed payroll and benefits data?

Internal revenue code and fair labor standards act

What law requires all employers to verify that new hires are a US citizen or are authorized to work in the US?

Immigration reform and control act of 1986

Which law sets basic minimum wage and overtime pay standards and record keeping requirements and regulated the employment of minors?

Fair labor standards act (1938)

What two ways can the FLSA apply to employees?

Enterprise coverage Individual coverage

In regards to the FLSA, when does enterprise coverage apply?

Business is engaged in interstate commerce, has at least two employees, and has annual sales of at least $500k

Define: hours “suffered” or permitted

Hours employee works outside what the employer has requested

Define: waiting time

Hours worked when employee cannot use the time for their own purposes and the time is controlled by the employer

Define: on call time

Time when employee must stay available and cannot use the time for their own purposes Does not count as hours worked if employee is required to be reachable if needed

When does an employer have to pay for sleep time vs not?

Pay if employee is scheduled for less than 24 hours and is allowed to sleep/do personal activities during that time Don’t pay if scheduled for more than 24 hours

When can uniform costs not be imposed on the employee?

If their purchasing of a uniform would decrease their hourly wage to less than minimum wage

What qualifies an employee as being exempt?

Salary of $455 or more a week Paychecks released weekly or less frequently Job duties include executive, administrative, or professional duties

Aside from salaried exempt employees, what other exemptions exist for the FLSA?

Full time students, student learners, and disabled workers

Who is the FLSA enforced by?

The wage and hour division of the US department of labor

Employee or 1099: the practice controls the person’s work performance

Employee

Employee or 1099: investments in supplies and equipment are done by the individual

1099

Employee or 1099: opportunity for loss or profit falls on the practice

Employee

Employee or 1099: long term relationship

Employee

The most important factor under the common law test is…

The employer’s control of the individual

What are the three categories determined by the IRS that establish if individual is employee or 1099?

Behavioral control Financial control Relationship of the parties

What statutory safe harbor can allow an employer relief from federal employment tax obligations for an individual?

Section 530

If an employee is incorrectly categorized as a 1099, who is responsible for the backtaxes and other fees if an IRS audit were to occur?

The employer

Under Title VII of which law is it illegal to discriminate against someone for their race, color, religion, sex, or national origin?

Civil rights act of 1964

What organization enforces the civil rights act of 1964?

Equal employment opportunity commission

What size business does the equal employment opportunity commission regulate?

15+ employees

T/F: businesses with less than 15 employees are not subject to the civil rights act of 1964

False

T/F: former employees can sue their former employers under the civil rights act

True

What are the three types of sex discrimination per the civil rights act?

Typical gender based Pregnancy Sexual harassment

What are the two types of sexual harassment and what do they mean?

Quid pro quo - when unwelcome sexual conduct is used as basis of employment decisions Hostile environment - unwelcome sexual conduct that affects job performance or affects hostile work environment

What requirements must be met in order for an allegation to be considered sexual harassment?

The conduct must create a hostile or abusive work environment The victim must perceive the environment to be abusive

What law makes it clear that discrimination on the basis of pregnancy, childbirth, or related medical conditions is unlawful sex discrimination under the civil rights act?

Pregnancy discrimination act if 1978

Can an employer take fetal welfare into account when deciding whether to permit a pregnancy employee to remain on the job?

No but they should advice the employee of any hazards that could affect their pregnancy

What law prohibits employment discrimination against persons with disabilities?

Americans with disabilities act (1990)

What size business does the ADA apply to? Which employees count?

15+ employees Employees count if they are on payroll for 20+ weeks a year

What law prohibits discrimination because of age?

Age discrimination in employment act (1967)

The ADEA prohibits employers with ___ or more employees from discrimination against people ___ or older on the basis of their age

20 40

How many employees must a business have for the FMLA to apply?

50+

What qualifies an employee for FMLA?

Must have worked 1250+ hours in previous 12 months Reason for leave: • childbirth • adoption • care for immediate family member • serious health condition OR • care for service member

What organization requires all employers to furnish a place of employment free from recognized hazards that are likely to cause death or serious injury?

Occupational safety and health administration (OSHA)

What act provides funds that the states can use to administer unemployment benefits?

Federal unemployment tax act

What law provides safeguards for employee interests in any employee sponsored benefit plans?

Employee retirement income security act (1974)

What are the three major sections of the ERISA?

Title I - various participation rules Title II - amendments to Internal Revenue Code enforced by IRS Title IV - pension plan benefit insurance program

Title IV benefits of the ERISA is administered through what?

Pension benefit guaranty corporation

What law allows temporary coverage extensions of health insurance benefits?

Consolidated omnibus budget reconciliation act of 1986 (COBRA)

What is the maximum amount of time an employee could get COBRA benefits?

18 months

What protects employees health insurance coverage when they change jobs?

Health insurance portability and accountability act

What law requires employers with more than 15 employees to provide group health insurance benefits or pay a penalty?

Patient protection and affordable care act (2010)

What is the penalty under the patient protection and affordable care act?

$2000 per employee per year

What law states the same benefits must be applied within an insurance plan for mental health as with medical/surgical health?

Mental health parity act

What law prohibits private sector employers from having an employee or prospective employee submit to a lie detector test?

Employee polygraph protection act (1988)

Per the EPPA, what kinds of companies can perform lie detector tests?

Security and drug manufacturers

what is the primary use for medical records?

patient care

What is the secondary purpose for medical records?

Evaluation of the medical care provided by the hospital

What are the six areas of AAHA’s path to high quality care?

Heartworm testing and prevention Dentals Diets Senior screenings Core vaccines Preanesthetic testing

Term for: when symptoms indicate many possible causes but a diagnosis hasn’t been established

Differential diagnoses

Term for: when an exact diagnosis is made

Definitive diagnosis

Define: source oriented medical records

Record is sorted by source of info and then chronologically

What type of medical record is organized by a chronological list of problems?

Problem oriented medical record

What two governing bodies regulate adverse reactions?

FDA and EPA

What are the four objectives of an inventory system?

Control inventory Forecast inventory Purchasing Selling

Term for: profit based management system that prioritizes inventory based on value and importance

Selective inventory control

Formula for average inventory on hand =

Beginning inventory + ending inventory / 2

Formula for inventory turnover ratio =

Total purchases during the year / average inventory on hand

Formula for average shelf life of inventory in days =

365 / annual inventory turnover ratio

Define: economic order quantity

Optimum order quantity, determined by the point at which Inventory ordering and holding cost are minimized

Formula for: EOQ

Sqrt(2AF/HUc) A = annual demand in units F = fixed ordering costs incurred per order H = holding costs on annual basis as percent of unit cost Uc = unit cost

Define: FOB shipping point vs FOB destination

FOB shipping point = title of inventory passes to practice at shipping dock FOB destination = title passes when delivered to practice

Define: markup vs margin pricing methods

Markup = multiple by a factor Margin = add flat amount

Formula for: sales price

SP = FC + VC + P FC - fixed costs VC - variable costs P - profit

Formula for: breakeven point

= FC + VC FC - fixed costs VC - variable costs

Formula for: holding costs

= purchase price x 15-30%

define: one-write systems

manual invoicing system that uses carbon copy paper to give one copy to the client and the other is transferred to the practice's summary journal of sales

Define: imprest

Cash kept in drawer at all times

Define: imprest

Cash kept in drawer at all times

Term for: all measures used by a business to ensure against errors, waste, and fraud; to assure the reliability of accounting data; and to promote compliance with all company policies

Internal controls

The ___ demands stringent reporting before stock in a corporation can be publicly traded on a stock exchange.

Security and exchange commission

What IRS publication serves as an information publication regarding state and local payroll tax laws?

Circular E

What IRS form is the Employer’s Annual Federal Unemployment Tax Return?

Form 940

What IRS form is the Employer’s quarterly Federal Tax Return?

Form 941

What is the difference between a bookkeeper and accountant?

Bookkeeper inputs data, accountant interprets data

Term for: clauses in a loan

Loan covenants

What are the two methods a bookkeeper can use to establish a budget?

Top-down or bottom-up

Define: top down budgeting approach

Desired gross income is projected

Define: bottom up budget approach

Desired profitability is use to set the rest of the budget

Name two major National payroll services

ADP and paychex

What are the three levels of financial reports an account can run from least to most detailed?

Compilation, review, audit

Define: assurance service

CPA attests to the reasonableness and accuracy of financial statements Includes reviews and audits

What three kinds of tax professionals can represent a hospital if being audited by the IRS?

CPA, attorney, enrolled agent

Term for: organized listing of all income, expense, asset, liability, and equity categories

Chart of accounts

Where are the monetary records of properties and services purchased by a hospital maintained?

Cost principle

Define: International Financial Reporting Standards

IFRS set of accounting standards developed by the International Accounting Standards Board

Term for: financial claims to properties or assets

Equities

What are the four types of financial statements used by businesses?

Balance sheet Income statement Cash flow statement Statement of stockholder’s equity

Which is more common: cash basis or accrual basis accounting?

Cash

What is a benefit of cash based accounting?

Income is deferred and expenses are realized immediately, so net profit is lower = less taxes

How can you get the best of both worlds between cash and accrual accounting?

Use cash basis for tax purposes and accrual basis for managerial purposes

What are the stages of grief?

Denial Anger Bargaining Depression Acceptance

Term for: competitively promoting a product or service, typically through paid, public announcements by a business directed to clientele

Advertising

Term for: all activities engaged in to build a brand and create awareness of services or goods

Marketing

What are the four P’s of marketing?

Product Place Price Promotion

Compare indirect and direct marketing

Indirect = the image you put off Direct = the promotion of products/services

Compare internal and external marketing:

Internal = to existing clients External = to new clients

Term for: identifiable activities that provide buyer satisfaction

Services

Term for: identification of a specific target group by specific characteristics

Segmentation

Term for: an effort to direct promotional efforts toward one or more identifiable segments

Target marketing

Term for: the total audience addressed by the message

Reach

Term for the average number of times that the targeted audience is exposed to the message in a given period of time

Frequency

Term for the use of consumer direct channels to reach and deliver goods and services to customers without using marketing middlemen, involves sending an offer announcement reminder or other item to a person

Direct response marketing

What is an example of direct response marketing?

Snail mail, patient care reminders

What are the three R’s of client retention?

Recall, reappointment, reminder

What is the major objective of branding?

Differentiate from other practices

Term for any activity initiated that is designed to create a positive image walk, communicating with present and potential clients

Public relations

Practice Made Perfect Flashcards

(141 cards)