Vet Mgmt- Midterm- Fin mgmt
Card Set Information
Vet Mgmt- Midterm- Fin mgmt
financial management means managing ...
1. pay role
2. professional fees
4. facility mgmt
5. client mgmt
6. accounts payable
7. accounts recievable
we want the client to cover about __-__% of the patients bill
accounts we wish to limit because it is slow income
accounts that cover what hospital needs
failing to balance accounts recievable and payable will lead to money loss and ultimately ...
decrease our capital
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
we use two entrances for staff and for clients to ...
maintain a good traffic flow
4 areas of the hospital
Client management means to address these 5 areas:
1. business of sales
3. practice goals
4. meet expectation of clients
5. client's rights
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
what may happen if you dont meet the client's rights
practice goals means to do the following:
1. retain our clients
2. bring more clients in
what is the client's right
the right to have an
* and the client must be updated every 12 hours.
what is the outcome of failing to get a clients signature on a estimate fee
we can not charge them the fee
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.
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
who determines professional fees
NCVEI stands for
national comission of veterinary economic issues
fees for declaws, spays and neuters, and vaccines
fees for specialty services
which brings in more money:
shopped or un-shopped fees
how many procedures are being done and in how much time reflects our ___
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
professional fees cover _a_ and _b_
a. direct costs
b. indirect costs
having blood available for transfusions just in case, but having to throw out after expiration date, is an example of ___
amortization of equipment
what is the reason why we dont offer too many discounts
clients may percieve our services to be of low quality.
who may we offer discounts to
for staff, fellow veterinary professionals, and the firedept and police dept
cost of treating the patient, such as the use of drugs, bandages, catheters, etc.
cost of the equipment's life
we need ___ to support equipemnt manitenance and keeping staff happy with bonuses, a good work environment, raises, etc.
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
dont forget to charge the patient for everything otherwise we can lose up to 50,000 per veterinarian in hospitals. this is called ___
what are clinical signs of poor business management
reduced client numbers
your level of account recievable should never be over ___% a year
what do we do with overdue payments
send it over to a collection agency
credit polices must be shown on ___ for clients