Veterinary Financial Management Chapter 2
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Questions and Answers

What is the best way to address a client's potential financial difficulties in paying for veterinary services?

  • Say, 'How will you be paying for today's visit? We accept cash, checks, and credit cards.'
  • Provide an estimate before the client consents to treatment. (correct)
  • Give the client the bill at the end of the visit and do not offend him or her by inquiring about money beforehand.
  • Insist on full payment before an examination is initiated.

Inventory costs at 14% and habitual use of reorder points are two factors in inventory management that would indicate:

  • That too much space and capital are tied up in inventory
  • That the practice is ordering drugs in quantities that are too small and must reorder too often
  • An efficient and well-run inventory program (correct)
  • That the practice is ordering too many drugs that are expiring before they can be used

A client calls to ask for advice regarding her dog that has vomited several times. Which of the following is an appropriate response?

  • 'I cannot give you advice over the phone. Please bring the dog in for examination.'
  • 'We don't offer first aid advice over the telephone. Perhaps another veterinary practice can help you.'
  • 'Yes, I'm sure we can help your dog. May I make an appointment for you so the doctor can examine the dog?' (correct)
  • 'Try giving the dog some Pepto-Bismol. If that doesn't work, there's not much more you can do for him.'

Which statement concerning medical records is most accurate?

<p>Information must be entered at the time the service is provided. (D)</p> Signup and view all the answers

When a practice has a loss of a product without explanation, this is referred to as:

<p>Shrinkage. (A)</p> Signup and view all the answers

A client's first impression of the veterinary practice begins:

<p>With the phone call initiated by the client. (D)</p> Signup and view all the answers

Phone etiquette is illustrated by:

<p>A friendly tone of voice. (A)</p> Signup and view all the answers

A congenital condition is defined as:

<p>A condition that is present at birth. (B)</p> Signup and view all the answers

A percentage that the policyholder is responsible for after the deductible has been met is referred to as:

<p>Co-pay. (D)</p> Signup and view all the answers

A dispensing fee is added to a medication to:

<p>Recover costs associated with the pill vial, label, and time to fill a script. (A)</p> Signup and view all the answers

Communication with clients occurs in which form?

<p>All of the above. (D)</p> Signup and view all the answers

All of the following information must be included on a prescription label, except:

<p>Product lot number. (A)</p> Signup and view all the answers

The federal act that prevents someone from using unruly tactics when trying to collect on an overdue account is:

<p>Fair Debt Collection Practices Act. (D)</p> Signup and view all the answers

Conditions or abnormalities that are transmitted from the parents to the offspring and that can cause death or illness are known as:

<p>None of the above. (C)</p> Signup and view all the answers

The shelf life of an item should not exceed which of the following?

<p>3 months (C)</p> Signup and view all the answers

OTC products can be sold under which of the following conditions?

<p>Without a current client-patient relationship and without a written prescription. (C)</p> Signup and view all the answers

A term used to price a product based on a percentage of the cost is the:

<p>Markup. (B)</p> Signup and view all the answers

An account receivable is the:

<p>Amount a client owes the practice. (A)</p> Signup and view all the answers

The inventory point at which additional product is ordered is known as:

<p>Reorder point. (B)</p> Signup and view all the answers

SOP is defined as:

<p>Standard operating procedure. (A)</p> Signup and view all the answers

What form should be signed by the client indicating that all information about a medical procedure has been provided?

<p>Informed consent form. (D)</p> Signup and view all the answers

Animals that are leaving the United States for export to another country may be required to receive a:

<p>International Health Certificate. (C)</p> Signup and view all the answers

If a practice allows clients to charge services, the total AR should never exceed:

<p>4% to 5% of revenue. (B)</p> Signup and view all the answers

The most correct answer regarding debt collection is:

<p>Accounts of 30 days or less are easiest to collect. (D)</p> Signup and view all the answers

The Fair Debt Collections Act allows:

<p>Protection for the client against collections personnel. (D)</p> Signup and view all the answers

Estimates for a procedure should be reviewed with the client:

<p>Before the procedure. (D)</p> Signup and view all the answers

Any accident or illness contracted, manifested, or incurred before an insurance policy activation is referred to as:

<p>Preexisting health condition. (D)</p> Signup and view all the answers

POMR refers to:

<p>Problem-oriented medical record. (C)</p> Signup and view all the answers

SOAP refers to:

<p>Subjective objective assessment plan. (C)</p> Signup and view all the answers

Total inventory costs should remain at:

<p>12% to 15% of gross revenue. (B)</p> Signup and view all the answers

Determine the client's charge for a bottle of Rimadyl that costs the practice $86.00 to purchase. The product markup is 100%.

<p>$172.00 (C)</p> Signup and view all the answers

Which is the most appropriate label direction on dispensed medication?

<p>Give 1 tablet by mouth every 8 hours. (B)</p> Signup and view all the answers

Determine the client's charge for a product that costs the practice $36.00 to purchase, with a 0% markup fee:

<p>$36.00 (B)</p> Signup and view all the answers

A euthanasia form authorizes:

<p>Death of a pet in a humane manner. (D)</p> Signup and view all the answers

Indemnity insurance offers:

<p>Compensation for treatment of injured and sick pets. (A)</p> Signup and view all the answers

Surgical patients must be examined within how many hours prior to anesthesia?

<p>12 hours. (A)</p> Signup and view all the answers

Trust and compliance can be built by:

<p>All of the above. (D)</p> Signup and view all the answers

Assisting clients in the bereavement process includes:

<p>Suggesting ways to memorialize their pet. (D)</p> Signup and view all the answers

The first stage of grief is:

<p>Denial. (A)</p> Signup and view all the answers

Active listening is conveyed by:

<p>Thoughtful silence. (B)</p> Signup and view all the answers

Team members that maintain eye contact with clients make the client feel:

<p>Confident in recommendations from the team member. (A)</p> Signup and view all the answers

People communicate in many ways, including reading, writing, listening, speaking, and body language. Which of the following statements is the most accurate?

<p>Body language accounts for more than half of person-to-person communication. (C)</p> Signup and view all the answers

As a veterinary staff member who handles most of the euthanasia in a practice, what is an appropriate step for you to take to handle your feelings of loss?

<p>Participate in a support group for veterinary staff. (D)</p> Signup and view all the answers

Positive body language includes eye contact, facial expression, and:

<p>Facing toward people when talking to them. (C)</p> Signup and view all the answers

The ultimate role of the veterinary technician in the bond between a client and pet is to:

<p>Be a partner with the client in helping maintain that bond. (D)</p> Signup and view all the answers

Scheduling appointment time with a grieving client following the loss of a pet is an example of which step in the grief counselling process?

<p>Achieving closure. (C)</p> Signup and view all the answers

Which is the best strategy for communicating lab test results that come in after an appointment?

<p>Call the client to discuss the results over the phone. (B)</p> Signup and view all the answers

Effective listening in the grief counselling process involves which of the following?

<p>Tolerating periods of silence. (C)</p> Signup and view all the answers

When should written forms of communication be sent home with clients?

<p>After every visit. (C)</p> Signup and view all the answers

The goal of communication is to:

<p>Exchange information. (D)</p> Signup and view all the answers

Summarizing what a client expresses is referred to as:

<p>Reflection. (C)</p> Signup and view all the answers

Study Notes

Financial Management in Veterinary Services

  • Address potential financial difficulties by providing treatment estimates before client consent.
  • Ensure clear understanding of payment methods upfront to alleviate concerns.

Inventory Management

  • Inventory costs at 14% and reorder points indicate an efficient and well-run inventory program.
  • Shrinkage refers to unexplained product loss and should be monitored for operational efficiency.

Client Communication

  • The first impression of a veterinary practice begins with the client's initial phone call.
  • Use a friendly tone of voice in phone etiquette to create a welcoming environment.

Medical Records and Legalities

  • Medical records must be updated at the time services are rendered.
  • The Fair Debt Collection Practices Act protects clients from aggressive debt collection tactics.

Client Engagement and Understanding

  • Appropriate responses to client inquiries emphasize the importance of scheduling appointments for further examination.
  • Clear communication, including written and verbal forms, fosters trust and compliance with clients.

Prescriptions and Medications

  • Prescription labels must include essential details such as drug name and strength, but not necessarily the product lot number.
  • A dispensing fee recoups costs related to labeling and medication packaging.

Grief Counseling and Support

  • Assisting clients in memorializing their pets promotes healing during bereavement.
  • Active listening in grief counseling is facilitated by thoughtful silence and tolerance for silence.

Financial Policies and Procedures

  • Accounts receivable represent the amount clients owe to the practice; total outstanding balances should be monitored to stay within 4% to 5% of revenue.
  • Surgical patients must be examined within 12 hours prior to anesthesia to ensure safety.

Effective Communication Strategies

  • Body language accounts for over half of person-to-person communication; positive body language includes maintaining eye contact and facing the speaker.
  • Summarizing a client's expression is known as reflection, an essential component of effective listening.

Euthanasia and Ethical Practices

  • Euthanasia forms must specify humane death authorization, ensuring ethical standards are upheld in veterinary practices.

Client Experience and Follow-Up

  • Follow up with clients regarding lab test results promptly over the phone to maintain transparency and trust.
  • Written communication should be sent home after every visit to reinforce care instructions and policies.

Veterinary Technician's Role

  • Veterinary technicians should focus on fostering a strong bond between clients and pets, serving as partners in maintaining that connection.

General Knowledge on Insurance and Costs

  • Indemnity insurance provides compensation for the treatment of sick or injured pets.
  • Markup is the method used to price products based on a percentage of cost, impacting overall revenue.

Continuing Education and Regulations

  • Understanding regulations regarding OTC product sales is crucial; products may be sold without a current client-patient relationship.
  • Engaging in ongoing education and communication can help improve client trust and practice reputation.

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Test your knowledge on effectively addressing clients' financial concerns in veterinary practice with our Chapter 2 flashcards. Learn the best practices for handling payment inquiries and providing estimates before treatment. This quiz will help you navigate the sensitive issue of money with professionalism.

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