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