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CVPM > Section 4 > Flashcards

Section 4 Flashcards

(78 cards)

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1
Q

Economic order quantity (EOQ)

A

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

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2
Q

Efficiency ratio for accounts payable to sales

A

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

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3
Q

Expired inventory

A

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

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4
Q

First in- first out (FIFO)

A

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

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5
Q

Control drugs

A

Any drug or therapeutic agent commonly understood to include narcotics, with a potential for abuse or addiction, which is held under strict government control, as delineated by the comprehensive drug abuse prevention and Control Act passed in 1970

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6
Q

Cost of goods sold (COGS)

A

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

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7
Q

Damaged goods

A

A good that is unfit or reduced in value for its intended use due to damage of some sort

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8
Q

Inventory audit

A

An accounting procedure used to keep track of products and merchandise

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9
Q

Inventory turnover

A

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

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10
Q

Mark-up

A

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

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11
Q

Online pharmacy

A

An online pharmacy, Internet pharmacy, or mail order pharmacy is a pharmacy that operates over the internet and sends the orders to the customers through the mail or shipping companies

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12
Q

Overstock

A

A supply or quantity in excess of demand or requirements

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13
Q

Pharmacy

A

A store where medicinal drugs are dispensed and sold

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14
Q

Volume purchasing

A

The act of purchasing Goods in multiple units or in large quantities, usually with a financial incentive for doing so

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15
Q

Quantity on hand (QOH)

A

Total number of inventory units currently in stock

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16
Q

Shrinkage

A

Inventory loss, usually unexplained or difficult to isolate

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17
Q

Special orders

A

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

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18
Q

Unit of measure - or - buy/sell ratio

A

Is assigned to all inventory items and must be defined before a product can be entered into inventory. Each product will have a stocking unit of measure, sales ordering unit of measure and a purchasing unit of measure

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19
Q

Back order

A

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

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20
Q

Depreciation

A

Systematic allocation of the cost of a tangible asset over time

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21
Q

Hardware

A

The physical equipment used in a computer system

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22
Q

Inspection

A

A practice maybe 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

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23
Q

Insurance agent

A

A person employed to sell insurance policies

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24
Q

Product warranty

A

A guarantee that a manufacturer or similar party makes regarding the condition of its product

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25
Warranty period
A defined time frame that a product or service is guaranteed
26
Service warranty
In contract law, a warranty has various meanings but generally means a guarantee or promise which provides Assurance by one party to the other party that specific facts or conditions are true and will happen
27
Hardware / software support
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
28
Housekeeping
Operations such as record keeping or maintenance in an organization, or a computer that make work possible but does not directly constitute its performance.
29
Business liability insurance
Insurance that protects the company and/or business owner in the event of a formal lawsuit or other third party claim
30
Capital asset
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
31
Medical terminology
Language that is used to accurately describe the patient's body and Associated components, conditions, processes, and procedures in a science-based manner
32
Medical records
Daily written reports by veterinarians on the animals he or she treats
33
Medical record audit
Methodical review and examination of practice records to assess accuracy and completeness
34
Paperless/paper light
A term or phrase used to describe a practice that no longer uses physical medical charts, and relies primarily on electronic medical records
35
Problem-oriented Veterinary Medical record (POVMIR)
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
36
Procedural logs
Documents used to ensure that tasks have been completed in a specific manner
37
Waiver
A form that is signed by the owner/agent of a pet stating that they decline to accept the veterinarian's recommendation or advice
38
Record transfer
The transfer of the legal and physical custody of permanent records
39
Required content
Every state has a Veterinary Practice Act that defines the required content in each patient's medical record
40
Standards
Statements of what a practice believes in and recommends for its patients
41
Subjective/objective/assessment/plan (SOAP)
A systematic method used when writing out medical records that includes: subjective, objective, assessment, and plan for patient care
42
Consent form
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 risk that might be involved
43
Desktop
A computer where the central processing unit( CPU) it's either on the desk or under it; not considered portable
44
Firewall
A system ( hardware, software or a combination) on your local Intranet Network that is designated to prevent unauthorized access to or from the network
45
Integrating systems
The process of bringing together the component subsystems into one system and ensuring that the subsystems function together as a system
46
Internet accessibility
Refers to the inclusive practice of removing barriers that prevent interactions with, or access to websites
47
Local area network (LAN)
A computer network that links devices within a building or group of adjacent buildings
48
PCI compliance
The payment card industry data security standard( PCI DSS) is a set of requirements designed to ensure that all companies that process, store or transmit credit card information maintain a secure environment
49
Secure login
A secure login page utilizes a secure sockets layer (ssl) to encrypt the user name and password before passing them to the mail server so that anything that might be intercepted are in an encrypted format that will be unreadable
50
Security standards
A statement to the extent of evaluation necessary before a particular security feature can be considered for security certification as trusted
51
Server
A computer on the network that manages network resources, and provides functionality for other computers on the network
52
Software
Programs or applications that run on computers
53
Bluetooth
A standard for the short-range wireless interconnection of cellular phones, computers, and other electronic devices
54
Backup
The procedure for making extra copies of data in case the original is lost or damaged
55
Client portals
An electronic gateway to a collection of digital files, services, and information accessible over the Internet through a web browser
56
Stakeholders
An individual or group with an interest in a particular business; the individual or group usually has something at risk
57
Ancillary service provider
A healthcare service provider that support the work of a primary physician
58
Complimentary practitioner
A veterinarian that uses healing practices and products that work in conjunction with traditional medicine
59
Disclaimer
A clause or a statement that tries to prevent the creation of a warranty or contract
60
Economic risk management
The identification, assessment, and prioritization of Financial Risk followed by coordinated and economical application of resources to minimize, monitor, and control the probability of said risk
61
Data breach risk management
Strategies and procedures put in place to protect confidential data from unauthorized access
62
Mitigation
The action of reducing the severity, seriousness, or painfulness of something
63
Operations manual
A document that describes in detail the processes and systems that a company uses to produce its goods and provide its services
64
Regulatory risk management
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
65
Risk management
The identification, assessment, and prioritization of risk followed by coordinated and economical application of resources to minimize, monitor, and control the probability of said risk
66
Human resource risk management
Having a process by which your organization identifies and understands the risks to which you are exposed when it comes to human resource activities. It also means having deliberately evaluated the risk and have strategy and place to remove the risk alto
67
Client risk management
The process of identification, analysis and either acceptance or Mitigation Of uncertainty in client decision making
68
Five-force analysis
A strategic planning activity that organizes the practice's evaluation of the external environment and its opportunities and threats
69
Pest analysis
A framework using four factors to help scan the external macroenment and which the practice operates; political, economic, socialcultural and technological
70
Smart goals
Specific, measurable, attainable, relevant, time bound. Useful acronym to remember when establishing inspirational objectives for the practice team
71
Strategy
A plan or action to achieve a specific end, typically within a long time frame( usually more than a year). Often times strategies are achieved utilizing various tactics to achieve various aspects of the overall strategy
72
Strength / weaknesses / opportunities / threats analysis (S.W.O.T.)
A tool used that analyzes the practices strengths, weaknesses, opportunities and threats when making a plan
73
Tactic
A plan or action to achieve a specific end, typically within a short time frame (usually less than a year, but occasionally spanning a few years).
74
Value chain analysis
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
75
Value proposition
Description of the value that a product, service, or process will provide to the pet owner, hospital, and staff
76
Veterinary practice scorecard (VPS)
A management process tool that assist and identifying and targeting measurable performance goals and operational quadrants; client perspective, patient perspective, learning and growth perspective and financial perspective
77
Implementation
To put into effect. Strategic planning can only succeed with implementation of the plan
78
Business assessment report kard (BARK)
A strategic planning process designed to evaluate Veterinary practices

CVPM (8 decks)

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