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Practice Management Exam 1 Flashcards | StudBud
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Practice Management Exam 1
Practice Management Exam 1
40 terms
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Practice quiz
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Questions
40
Answers
1
What can be responsible for turnover
Local lunch choices are better at another clinic
Philosophy of care
Compensation
Culture
2
What percent of hospitals are corporately owned
25%
10%
50%
100%
3
Financing options, historical performance, instant revenue but large investment and client staff turnover
Startup
Buy out
Buy in
Buy all
4
What missteps do you NEEED to avoid during negotiation?
Eating while talking
Not knowing pros and cons list
Failure to prepare
Talking too much and trying to control what you cant
5
KPI = key performance indicator
False
True
6
What does an owner veterinarian deserve pay for
For being the manager (3-5% gross revenue)
For being a productive veterinarian and for fair market rent
Nothing they’re lazy
ROI and equity
7
What are some benefits of working for a consolidator
Flexible geography better facilities
Better work schedule
Compensation and benefits = better
Upward mobility
8
Straight salary is no longer an option for veterinarians
True
False
9
How does KPI indicate if a hospital has good culture?
Exit interview
Client satisfaction
Retention rate/ turnover
10
Most corporate consolidators backed by private equity and investors want ROI in 3-7yrs leading to one consolidator
False
True
11
Join existing owners, less in a coal risk, but can be a slow process (golden handcuffs)
Buy in
Startup
Buy out
12
What should you be aware of as a new vet?
Money
Being everything to everyone
Unclear jobs or missions
Service gap
13
How do you prepare for ownership?
What is your hedgehog (talents, passion)
What drives your economic engine
What can you be the best at
Start with your why (what and how)
14
Earns = Long appointments need higher ADT, Turns = short appointment time
False
True
15
Why might you not want to own a practice?
You are always responsible no punching in and out
You are in charge
You run everything sauces based on you leaders eat last you might be hungry
Make more money
16
Pro-sal is salary plus production, how are you compensated?
Paid weekly sum based on production
Gross production has to exceed a certain number
Pay base of 85K based on 36hrs
2 paychecks a month first is base salary second is 20% of gross prod
17
Use owner financing if you cannot get a loan, pay owner directly owner at risk if you fail
False
True
18
Average practice owner makes $298,611 in salaries fees and benefits
True
False
19
26% drs bases purely on prod, 50% guaranteed base and percentage of prod over min, 24% fixed
False
True
20
Number one reason to work more hours is bc you love your job def not bc you need more money
False
True
21
Practice owner sets the tone of the practice
False
True
22
What factors impact your ability to produce?
Practice service model (earns vs turns)
Client ed, client demographics
Best medicine definition and staffing
Appointment time, type, caseload and fees
23
There’s math and I’m at a loss, maybe look at it. Sorry 😅
Why
Ok
Ugh
Pls no
24
Never work at a clinic that pays based on negative accrual
False
True
25
Focus on your why, ID ideal client, leverage team and schedule for success, numbers don’t lie.
True
False
26
Average production is 20% equine is 30% but have to stock truck
False
True
27
SAM GP, LA GP, mixed and specialty are hospital models. What is a downside of Small animal GP?
Market saturation
No real estate equity
ERs are shutting down and overall staff shortages
More inventory needed and hard to mark up products
28
Small Business Administration(SBA) has direct loans for disaster recovery and lending partner loans reduce risk
False
True
29
PIMS = practice management software service reports
False
True
30
What does split rate production do?
I’m confused
Help
Mitigate / normalize slower months
Idk
31
Loan type options, busyness loan or real estate loan terms, national vs local
Capitalism is the route of all evil, light your money on fire and run away
Swiss bank financing
Owner financing
Bank financing
32
What are some loan options for veterinarians buying a practice
Conventional loans
Real estate loans with a 20-25 yr term
Practice loans 10 yr term
Working capital covers employees and one month of expensed
33
Which of the following pros and cons relate to a startup clinic
More financing options
No initial income and few finance options
Flexibility to do what you want
Expensive to build
34
Buy a hospital based off of gross revenue
False
True
35
Associate vets being paid salary and production / bonuses earn how much annually on average
90K
200K
109k
36
Production can be based on gross net or percentage not same across the board
False
True
37
Negative accrual = subtract deficit from last month hard to get back when you are behind
False
True
38
What makes a clinic a target of a consolidator?
Small animal med with clustering potential
EBITDA of at least 10%
2-3+ doctors
1.2 mil+ gross revenue
39
Which of the following ate pros working on production
Compensated for emergencies and more cases an hours = more $$$
Make more money
Case hogging and unhealthy competition
Mitigate vacation
40
Your production matters regardless of model, how much can most places afford in comp and benefits?
50%
75%
100%
25%
