Exam 2 study guide

CPA Qualifications

Must pass extensive exams and do yearly CE

Bookkeepers

kind of like vet assistant vs vet tech. Bookkeepers would be assistants. They can maintain accounts payable and receivable and payroll

Wellness plans

To drive preventative health care for patients. Based on species and age

Physical effects of euthanasia

Stops the lungs before the heart.

Fixed cost

A cost that does not change in the variation in the volume of business for the practice. EX. rent, mortgage, and utilities

Variable cost

Any cost that varies with the volume of business for the practice. ex. Medical supplies and drugs increase and decrease based on how busy the practice is

gross revenue

total money received before expenses and taxes

Profits

Revenue- expenses. Ideally positive balance

Gap analysis

used to compare the practice actual performance/ current state with its desired state, looking for gaps to improve

Key Performance indicators (KPIs)

Statistics that can be generated from client transaction data that can be reviewed to assess practice performance. ex. active clients, average client transaction, client survey results, accounts payable summary

Benchmarking

metrics in which to compare the practice to. External: comparing to other practices vs internal: comparing practice to its own history/numbers

Accounts receivable

Amount of money owed to a business for services or products received that are not paid at the time rendered. Should not exceed 1% of gross revenue

Accounts payable

List of accounts the practice owes money to. ex. banks, utilities, vendors

Average client transaction

Average of every transaction DVM is credited for. Ex. refills, diets, rechecks, diagnostics

Average doctor transaction

Patient visits and diagnostics only

Client surveys

A survey for the client to tell the practice how their experience/satisfaction with their care was. Client satisfaction increases compliance rates

Telehealth benefits

allow clients to get education, advice when practice is closed, or they do not know if they should come into the clinic. Enhance care as owners are able to see live updates of pets

Medical records purpose

provide evidence of services provided and communications with clients

What need to be included in medical records

must include presenting complaint, SOAP, entry diagnosis, supporting lab results, patient prognosis, client communication (treatment plans, consent forms, treatment acceptance or decline),previous medical history, vaccination history

PO

by mouth (per os. latin for mouth)

QID

four times per day

How to interpret dosages

must contain dosage such as mg and the route to be given

EOD

??

Tx

Treatment/therapy

PRN

as needed

SID

once per day

BID

twice a day

TID

three times a day

NPO

nothing by mouth

Sx

surgery

Phases of strategic management

Formulation, Development, implementation, evaluation

Business life cycle

Introductory, growth, maturity, decline

Master problem list

A summary of patient health status. active and resolved medical issues,

Tangible property

physical property that has value. ex. desks, chairs, computers

intangible property

nonphysical property that has value. ex. client lists, noncompete agreements, copyrights

Fair debt collection act

cannot harass, intimidate, etc. in trying to collect debt

Red flag rules

basically say we cannot keep personal information on file like credit card numbers and SSN, etc. in order to cut down on identity theft

Medical record time and release

3 yrs WI to keep, record is owned by practice but owner can request copy at any time

inactive records

Clients that have not visited practice for 1 year. Can be moved to another location within the practice

Written logs within practice

controlled substance logs, consent forms

Soft costs

ordering and holding costs

hard costs

costs associated with paying veterinarians a percentage of the product

acceptable amount of inventory of the clinics budget

between 18-20% of yearly budget

When items should be outsourced

when they turn less than 6x per year

appointment management basics

must allow room for some walk-ins, systems help control flow and efficiency, decrease wait time

Tech appointments

Can give vaccines, ??

Successful inventory management practices