Vet Mgmt- Midterm- Fin mgmt

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  1. financial management means managing ...
    • 1. pay role
    • 2. professional fees
    • 3. inventory
    • 4. facility mgmt
    • 5. client mgmt
    • 6. accounts payable
    • 7. accounts recievable
  2. we want the client to cover about __-__% of the patients bill
  3. accounts we wish to limit because it is slow income
    accounts recievable
  4. accounts that cover what hospital needs
    accounts payable
  5. failing to balance accounts recievable and payable will lead to money loss and ultimately ...
    decrease our capital
  6. 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
  7. we use two entrances for staff and for clients to ...
    maintain a good traffic flow
  8. 4 areas of the hospital
    • 1.out-patient
    • 2. in-patient
    • 3. surgical
    • 4. support
  9. 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
  10. 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
  11. what may happen if you dont meet the client's rights
    malpractice complaints
  12. practice goals means to do the following:
    • 1. retain our clients
    • 2. bring more clients in
  13. 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.
  14. what is the outcome of failing to get a clients signature on a estimate fee
    we can not charge them the fee
  15. 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.
  16. 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
  17. who determines professional fees
  18. NCVEI stands for
    national comission of veterinary economic issues
  19. fees for declaws, spays and neuters, and vaccines
    shopped fees
  20. fees for specialty services
    unshopped fees
  21. which brings in more money:
    shopped or un-shopped fees
    un-shopped fees
  22. how many procedures are being done and in how much time reflects our ___
  23. 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
  24. professional fees cover _a_ and _b_
    • a. direct costs
    • b. indirect costs
  25. having blood available for transfusions just in case, but having to throw out after expiration date, is an example of ___
    amortization of equipment
  26. what is the reason why we dont offer too many discounts
    clients may percieve our services to be of low quality.
  27. who may we offer discounts to
    for staff, fellow veterinary professionals, and the firedept and police dept
  28. cost of treating the patient, such as the use of drugs, bandages, catheters, etc.
    direct costs
  29. cost of the equipment's life
    indirect costs
  30. we need ___ to support equipemnt manitenance and keeping staff happy with bonuses, a good work environment, raises, etc.
  31. 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
  32. 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
  33. what are clinical signs of poor business management
    • lax policies
    • increasing A/R
    • decreased capital
    • lowered income
    • increasing overhead
    • reduced client numbers
    • reduced sales
  34. your level of account recievable should never be over ___% a year
  35. what do we do with overdue payments
    send it over to a collection agency
  36. credit polices must be shown on ___ for clients
Card Set:
Vet Mgmt- Midterm- Fin mgmt
2011-10-30 23:40:11
fin mgmt

fin mgmt
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