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financial management means managing ...
- 1. pay role
- 2. professional fees
- 3. inventory
- 4. facility mgmt
- 5. client mgmt
- 6. accounts payable
- 7. accounts recievable
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we want the client to cover about __-__% of the patients bill
50-75%
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accounts we wish to limit because it is slow income
accounts recievable
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accounts that cover what hospital needs
accounts payable
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failing to balance accounts recievable and payable will lead to money loss and ultimately ...
decrease our capital
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facility management means to maintain ...
- 1. our location
- 2. specialized areas within the hospital
- 3. maintenance of the building, land, and the equipment
- 4. routine maintenance
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we use two entrances for staff and for clients to ...
maintain a good traffic flow
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4 areas of the hospital
- 1.out-patient
- 2. in-patient
- 3. surgical
- 4. support
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Client management means to address these 5 areas:
- 1. business of sales
- 2. referals
- 3. practice goals
- 4. meet expectation of clients
- 5. client's rights
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3 ways to get new clients:
- 1. a happy client tells 2 or more people of the service while an unhappy client tells 10.
- 2. location of the practice
- 3. website and advertisements
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what may happen if you dont meet the client's rights
malpractice complaints
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practice goals means to do the following:
- 1. retain our clients
- 2. bring more clients in
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what is the client's right
- the right to have an
- examination
- diagnosis
- prognosis
- treatment plan
- estimate fee
- * and the client must be updated every 12 hours.
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what is the outcome of failing to get a clients signature on a estimate fee
we can not charge them the fee
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a client must sign a ___ if they want their animal to be resusitated in the event that the animal is facing a life or death situation.
DNR
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what may be the outcome if we do not get signed consent to resusitate the patient and we perform a DNR anyway
we can not charge a DNR fee and now we may be sued
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who determines professional fees
NCVEI
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NCVEI stands for
national comission of veterinary economic issues
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fees for declaws, spays and neuters, and vaccines
shopped fees
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fees for specialty services
unshopped fees
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which brings in more money:
shopped or un-shopped fees
un-shopped fees
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how many procedures are being done and in how much time reflects our ___
productivity
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an increase of 6 % every time we monitor competition fees or multiplied by a factor of 2 for general practices or 3 for specialty practices.
rate of medical inflation
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professional fees cover _a_ and _b_
- a. direct costs
- b. indirect costs
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having blood available for transfusions just in case, but having to throw out after expiration date, is an example of ___
amortization of equipment
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what is the reason why we dont offer too many discounts
clients may percieve our services to be of low quality.
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who may we offer discounts to
for staff, fellow veterinary professionals, and the firedept and police dept
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cost of treating the patient, such as the use of drugs, bandages, catheters, etc.
direct costs
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cost of the equipment's life
indirect costs
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we need ___ to support equipemnt manitenance and keeping staff happy with bonuses, a good work environment, raises, etc.
fees
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what is our credit care fee and why do we charge it
1.5-1.7 % and we charge them the luxury of being able to pay with credit
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dont forget to charge the patient for everything otherwise we can lose up to 50,000 per veterinarian in hospitals. this is called ___
charge capture
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what are clinical signs of poor business management
- lax policies
- increasing A/R
- decreased capital
- lowered income
- increasing overhead
- reduced client numbers
- reduced sales
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your level of account recievable should never be over ___% a year
25%
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what do we do with overdue payments
send it over to a collection agency
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credit polices must be shown on ___ for clients
invoices
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