Veterinary Financial Management Chapter 2

Podcast

Play an AI-generated podcast conversation about this lesson

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?

Information must be entered at the time the service is provided. Signup and view all the answers

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

Shrinkage. Signup and view all the answers

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

With the phone call initiated by the client. Signup and view all the answers

Phone etiquette is illustrated by:

A friendly tone of voice. Signup and view all the answers

A congenital condition is defined as:

A condition that is present at birth. Signup and view all the answers

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

Co-pay. Signup and view all the answers

A dispensing fee is added to a medication to:

Recover costs associated with the pill vial, label, and time to fill a script. Signup and view all the answers

Communication with clients occurs in which form?

All of the above. Signup and view all the answers

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

Product lot number. 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:

Fair Debt Collection Practices Act. 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:

None of the above. Signup and view all the answers

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

3 months Signup and view all the answers

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

Without a current client-patient relationship and without a written prescription. Signup and view all the answers

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

Markup. Signup and view all the answers

An account receivable is the:

Amount a client owes the practice. Signup and view all the answers

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

Reorder point. Signup and view all the answers

SOP is defined as:

Standard operating procedure. 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?

Informed consent form. Signup and view all the answers

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

International Health Certificate. Signup and view all the answers

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

4% to 5% of revenue. Signup and view all the answers

The most correct answer regarding debt collection is:

Accounts of 30 days or less are easiest to collect. Signup and view all the answers

The Fair Debt Collections Act allows:

Protection for the client against collections personnel. Signup and view all the answers

Estimates for a procedure should be reviewed with the client:

Before the procedure. Signup and view all the answers

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

Preexisting health condition. Signup and view all the answers

POMR refers to:

Problem-oriented medical record. Signup and view all the answers

SOAP refers to:

Subjective objective assessment plan. Signup and view all the answers

Total inventory costs should remain at:

12% to 15% of gross revenue. 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%.

$172.00 Signup and view all the answers

Which is the most appropriate label direction on dispensed medication?

Give 1 tablet by mouth every 8 hours. 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:

$36.00 Signup and view all the answers

A euthanasia form authorizes:

Death of a pet in a humane manner. Signup and view all the answers

Indemnity insurance offers:

Compensation for treatment of injured and sick pets. Signup and view all the answers

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

12 hours. Signup and view all the answers

Trust and compliance can be built by:

All of the above. Signup and view all the answers

Assisting clients in the bereavement process includes:

Suggesting ways to memorialize their pet. Signup and view all the answers

The first stage of grief is:

Denial. Signup and view all the answers

Active listening is conveyed by:

Thoughtful silence. Signup and view all the answers

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

Confident in recommendations from the team member. 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?

Body language accounts for more than half of person-to-person communication. 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?

Participate in a support group for veterinary staff. Signup and view all the answers

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

Facing toward people when talking to them. Signup and view all the answers

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

Be a partner with the client in helping maintain that bond. 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?

Achieving closure. Signup and view all the answers

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

Call the client to discuss the results over the phone. Signup and view all the answers

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

Tolerating periods of silence. Signup and view all the answers

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

After every visit. Signup and view all the answers

The goal of communication is to:

Exchange information. Signup and view all the answers

Summarizing what a client expresses is referred to as:

Reflection. 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.

Studying That Suits You

Use AI to generate personalized quizzes and flashcards to suit your learning preferences.

Description

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.