21 Questions
What is the formula for profit?
Revenue minus expenses
What does 'production' refer to in the context of dentistry?
The total dollar amount of treatment performed by a provider
What is the widely accepted target collection ratio of adjusted production?
96 to 100%
What is the break-even point in dentistry?
The level at which collection equals total operating expenses
Which expense is typically the highest in most businesses, especially skilled services?
Payroll expense
What does capacity refer to in the context of a dental practice?
The limits of the practice's ability to produce in terms of resources and appointments
What is meant by 'collections ratio'?
'Collections' divided by 'Adjusted Production'
What does 'adjusted production' represent in dentistry?
'Production' after insurance write-offs are applied
How is technology typically utilized in a dental practice?
To boost team efficiency
What represents the limits of a dental practice's ability to produce?
Equipment and provider skills
What does the term 'overhead' refer to?
Total practice expenses as a percentage of total revenue
What is the purpose of a vision statement?
To outline the purpose, goals, and strategic direction of an organization
What does the US Equal Employment Opportunity Commission (EOC) do?
Enforces federal laws to protect individuals from discrimination in employment
What is the meaning of 'employment at will'?
Employers may legally terminate an employee at any time for any reason, or for no reason without incurring legal liability
What is the purpose of Situational leadership?
Responding with a leadership style based on the circumstances at hand
What is the role of the Occupational Safety and Health Administration (OSHA)?
To ensure safe and healthful working conditions for workers by setting and enforcing standards and providing training outreach
What is the purpose of a daily huddle in a dental practice?
To plan daily activities and discuss scheduling priorities
What does a written employee handbook provide?
Organizational communication on workplace policies and procedures
'Collaborative/Participative leadership' can be highly effective for empowering employees in which activities?
'Brainstorming' or problem solving
'Situational leadership' can be very effective in which area?
'Conflict management'
'Employment at will' is a legal statute that stipulates what regarding employee termination?
'Employers may legally terminate an employee at any time for any reason, or for no reason without incurring legal liability'
Test your knowledge of revenue and expenses in the context of FMOH Profit and Loss statements. Explore concepts such as production, collections, gross production, and adjusted production.
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