Optometric Economics & Practice Management Practice Flashcards

A comprehensive vocabulary set covering fundamental economic principles, practice management terminology, and key milestones in the history of optometry in the Philippines and internationally.

Economics

The social science that studies how individuals, businesses, and governments allocate limited resources to satisfy unlimited wants and needs.

Business Economics

The application of economic principles and theories to business decision-making and the efficient management of resources.

Scarcity

The fundamental economic problem in which limited resources are insufficient to satisfy unlimited human wants

Opportunity Cost

The value of the next best alternative that is given up when making a choice.

Demand

The quantity of a good or service that consumers are willing and able to purchase at various prices during a given period.

Supply

The quantity of a good or service that producers are willing and able to offer for sale at various prices during a given period.

Market

A place or system where buyers and sellers interact to exchange goods, services, or resources

Price

The amount of money paid or received in exchange for a good or service.

Equilibrium

The market condition where the quantity demanded equals the quantity supplied, resulting in a stable price

Consumer

An individual or organization that purchases and uses goods or services to satisfy needs or wants.

Producers

Individuals or businesses that create, manufacture, or supply goods and services for sale

Goods

Physical or tangible products that satisfy human wants or needs.

Services

Intangible activities or benefits provided to satisfy the needs or wants of consumers.

Utility

The satisfaction or benefit that a consumer receives from consuming a good or service.

Profit

The financial gain earned when total revenue exceeds total costs.

Revenue

The total income generated from the sale of goods or services before expenses are deducted

Cost

The value of resources or money spent to produce, acquire, or deliver goods and services.

Fixed Cost

A business expense that remains constant regardless of the level of production or sales.

Variable Cost

A business expense that changes in direct proportion to the level of production or output

Marginal Cost

The additional cost incurred from producing one more unit of a good or service.

Marginal Revenue

The additional revenue earned from selling one more unit of a good or service.

Productivity

The measure of how efficiently inputs such as labor and capital are converted into goods or services.

Competition

The rivalry among businesses to attract customers by offering better prices, quality, or products.

Monopoly

A market structure in which a single seller controls the supply of a product or service with little or no competition.

Inflation

A sustained increase in the general price level of goods and services over time, reducing the purchasing power of money.

Investment

The use of money or resources to acquire assets or projects with the expectation of generating future income or profit.

Capital

The financial resources, machinery, equipment, buildings, and other assets used to produce goods and services.

Entrepreneur

A person who organizes, manages, and assumes the risks of starting and operating a business to earn a profit

Decision-making

The process of evaluating alternatives and selecting the most appropriate course of action to achieve a desired objective.

Practice Management

The process of planning, organizing, directing, and controlling the daily operations of a healthcare practice to ensure efficient and effective patient care.

Practice Vision

A statement describing the long-term aspirations and desired future of a healthcare practice.

Practice Mission

A statement that defines the purpose of a healthcare practice, including whom it serves and the services it provides.

Goals and Objectives

Specific desired outcomes and measurable targets established to achieve the practice’s mission and vision.

Strategic Planning

The systematic process of setting long-term priorities and developing strategies to achieve organizational goals

Organizational structure

The framework that defines roles, responsibilities, authority, and communication within an organization.

Leadership

The ability to guide, motivate, and influence individuals or teams toward achieving common goals.

Staffing

The process of recruiting, selecting, training, assigning, and retaining qualified personnel.

Human Resource Management

The management of employee recruitment, development, performance, compensation, and workplace relations.

Delegation

The assignment of specific tasks and responsibilities to qualified individuals while maintaining accountability for the outcome

Patient Scheduling

The process of organizing patient appointments to maximize efficiency and minimize waiting time.

Patient Flow

The movement of patients through the different stages of care, from registration to discharge, in an organized manner.

Patient Records

Documents that contain a patient’s medical history, examination findings, diagnoses, treatments, and other healthcare information

Electronic Health Records

Digital versions of patient health records that securely store and share medical information among authorized healthcare providers

Standard Operating Procedures

Written instructions that outline standardized methods for performing routine tasks consistently and safely.

Quality Assurance

A systematic process of monitoring and evaluating services to ensure they consistently meet established standards of quality.

Risk management

The process of identifying, assessing, and reducing risks that may affect patient safety, staff, or the organization

Infection Control

Policies and practices designed to prevent and reduce the spread of infections within healthcare settings.

Inventory Management

The process of monitoring, ordering, storing, and controlling medical supplies, equipment, and other resources.

Financial Management

The planning, organizing, and controlling of financial resources to maintain the stability and profitability of a practice.

Budget

A financial plan that estimates expected income and expenses over a specific period.

Marketing

The activities used to promote healthcare services, attract patients, and build the practice’s reputation.

Customer Service

The provision of respectful, responsive, and efficient assistance to patients before, during, and after receiving care.

Patient Satisfaction

The degree to which patients feel their expectations and healthcare needs have been met by the services provided.

Ethics

The moral principles and professional standards that guide appropriate behavior and decision-making in healthcare practice.

Confidentiality

The ethical and legal responsibility to protect a patient’s private information from unauthorized disclosure.

Compliance

The adherence to applicable laws, regulations, professional standards, and organizational policies.

Key Performance Indicator

A measurable value used to evaluate how effectively a practice is achieving its operational and strategic objective

Continuous Quality Improvement

An ongoing process of evaluating and improving healthcare services to enhance patient outcomes and operational performance.

Practice Sustainability

The ability of a healthcare practice to maintain high-quality services, financial stability, and long-term operational success

R.M. Clark

Established the first optometric clinic where refraction was practiced in Manila in 1902 and set up the first lens grinding facility in the Philippines.

Federico B. Sarabia

The first Filipino who studied optometry in the United States and graduated in 1905 at the Northern Illinois College of Optometry in Chicago.

Optometry Law of 1917

The first regulatory law in optometry enacted by the Philippine legislature, later amended in 1919.

Junta Examinadora

The Board of Examiners created by the Optometry Law of 1917, charged with the duty to determine requirements for licensing.

Examination de gracia

A practical trial case examination that satisfied the "grandfather clause" for those practicing with an established office at least one year prior to March 11, 1917.

IFAPAO

International Federation of Asian and Pacific Associations of Optometrists, founded at the 1st APOC in Manila, 1978.

Ibn-ul-Haisam

Considered the Father of Modern Optics; author of "Kitab-ul-Manazir" and inventor of the pinhole camera.

Claro M. Cinco

Presented with the inaugural "International Optometrist of the Year" award in Sydney, Australia in 1987.

Galilean telescope

Optical instrument first invented by Galileo in 1609 AD, which gave rise to the concept of microscopy.