Term
| What does Bowen want us to call "Pre-Testing"? |
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Definition
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Term
| What is it about roller chairs that we need to be careful about in the Preliminary Testing room? (And elsewhere…) |
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Definition
| They're a potential liability. |
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Term
| Patients evaluate your ____________ & ____________ by your office appearance. |
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Definition
| professionalism; competence |
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Term
| What are the three most important principals in business? |
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Definition
| Location, location, location |
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Term
| What is a "Turn Key" service? |
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Definition
| It's the full package when it comes to constructing your business. Design services, contractors, displays, paint, flooring… everything. |
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Term
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Definition
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Term
| What is a "vanilla shell"? |
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Definition
| Basically an empty building space, kind of like what Gamestop or Cold Stone would build into if they were moving into a mall. |
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Term
| What's the back-up value of financed equipment? |
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Definition
| The creditor can sieze and sell the equipment if it serves as collateral and a default occurs. |
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Term
| When a patient asks a question, it's good to respond with AAA. What does that stand for? |
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Definition
Answer the question
Add further helpful information
Ask a follow-up question |
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Term
| What does Bowen NOT want us to call the Reception Area? |
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Definition
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Term
| Bowen recommends what color shade for exam room decorating? What color does he discourage? |
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Definition
Blue-based colors Bowen likey.
Yellow-based looks like someone smoked in your office for years. Starting in the '70s. May as well install some wood paneling while you're at it. And shag carpet. |
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Term
| Where does a lender like to see a break-even point on cost vs. profit in the beginnings of a business? |
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Definition
| Between 12 and 18 months. |
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Term
| It's not uncommon to need 1 parking spot for every ____ sq ft of office space. Also, the parking lot is not yours but you're still liable for it. |
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Definition
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Term
| When starting a practice, buy what you need to provide ____________ ____________ _______. |
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Definition
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Term
| Are leases negotiable documents? |
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Definition
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Term
| What is the monthly market potential equation? |
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Definition
| [{(drawing area)(%>45 yo) + (drawing area)(%<45 yo)(65%)}/2.7]/12 |
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Term
| How many years tend to go by between exams, on average? (ie. What is the typical Recall Rate?) |
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Definition
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Term
| What percentage of folks over 45 are we expecting will need eye care (by the market potential equation)? What about folks under 45? |
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Definition
>45, an assumed 100% will require eye care.
<45, an assumed 65%. |
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Term
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Definition
It's a synopsis of income and itemized expenses that shows the results of a company's operations and is used to spot trends in business performance.
In short... The Pro Forma shows the bottom line. |
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Term
| What is a fixed cost vs a variable cost? |
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Definition
A fixed cost will be the same month to month (eg. the price of an exam).
A variable cost will change with the amount of business done (eg. lab bill). |
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Term
| Give examples of operating expenses vs overhead expenses. |
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Definition
Operating expenses include wages, rent, advertising, office supplies, postage, repairs, etc.
Overhead expenses are more about your own wages, employee benefits, depreciation, insurance, legal, accounting, etc.
So…. I'm not sure what the defining factor is. But Scott says it's sort of like Operating = cost of running a business while Overhead = cost of having a business. |
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Term
| Laboratory costs are likely to cost what percentage of your gross income? |
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Definition
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Term
| Wages and benefits are likely to cost what percentage of your gross income? What's the rule of thumb on how many staff members to hire? |
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Definition
13-15%, but "staff" costs average 15-20% of gross, apparently.
ROT: 1 staff person per $150k gross income. |
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Term
| Rent and mortgage are likely to cost what percentage of your gross income? |
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Definition
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Term
| Staffing needs and training, job descriptions and an Org chart are items you would find in what part of a business plan? |
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Definition
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Term
| Break-even analysis and monthly cash flow are items you would find in what part of a business plan? |
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Definition
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Term
| Market potential vs Drawing area. Go. |
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Definition
| Market potential is a portion of the drawing area, likely everyone over 45 and 65% of those under 45. The drawing area is the pool of population you'll be drawing from. |
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Term
| Does a student loan belong in your Pro Forma? Why or why not? |
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Definition
| No because it's not a business expense. |
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Term
Which repay period is most common for a business loan?
10 years
20 years
30 years
40 years |
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Definition
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Term
| How often do you need to do a tax report for the federal government? …for the state? |
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Definition
Federal: quarterly
State: yearly |
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Term
| What is a technician's role when it comes to patient data? |
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Definition
| Technicians gather data, not interpret. |
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Term
| What is the FLSA and what does it mandate? |
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Definition
| FLSA is the Fair Labor Standards Act and it requires wages to be due on regular pay days, deductions such as uniforms not reduce pay below minimum, and that you must record wages and hours worked (among other things). |
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Term
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Definition
Things to say on the phone or in person when presented with a certain question.
Example:
Patient: "Are you a fish?"
[Script: If asked 'Are you a fish?', say 'Yes' if you are a fish or 'No' if you are not a fish.]
Fish: "Yes." |
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Term
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Definition
| Doing Business As. It's the business name you register with the state. |
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Term
| What do employment agencies tend to charge? |
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Definition
| Employment agencies tend to charge a fee of 1% for every $1,000 of the employee’s first-year salary (at least). |
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Term
| You must keep applications from all position inquiries on file for how long? |
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Definition
| One year (but consider seven). |
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Term
| What's a really good thing to include in a formal offer of a position to a potential staff member? (…according to Dr. Bowen. It was the only one underlined on the slide.) |
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Definition
| A time limit to the offer. |
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Term
| State income tax withholding is to be paid how often? |
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Definition
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Term
| Registration of a new hire must be sent to the state within how long? |
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Definition
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Term
| An AOA survey on training says that offices spent an average of ____ hours per month on training, but offices wish they had spent ____. |
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Definition
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Term
Most office training should be (is?) geared toward…
A. Office policies
B. Technical skills
C. Ophthalmic dispensing
D. Communication with patients
E. General knowledge |
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Definition
| D. Communication with patients (71%) |
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Term
| What's a great way to stay on top of your goals? |
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Definition
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Term
| What's a bad reason to have a meeting? |
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Definition
| For the sake of having a meeting. |
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Term
| What's a very good thing to do prior to training? |
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Definition
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Term
| What scribbled-down items become the action plan for a staff training meeting? |
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Definition
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Term
| Patient load can increase ___% with good training. |
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Definition
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Term
| An employee evaluation should be done (written) every how long? |
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Definition
| Once each year. (Or after a probationary period.) |
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Term
| What should you not address in an employee evaluation? |
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Definition
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Term
| 90% of employees rank themselves in the top ___% of all performers. |
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Definition
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Term
| An employee evaluation should conclude with what? |
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Definition
| A written plan. (And it's helpful to reinforce habit change with a daily worksheet.) |
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Term
| How long is a typical probationary period? |
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Definition
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Term
| How many back-ups should you have of electronic office documents? |
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Definition
| At least two. One stays at the office and the other leaves with you. |
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Term
| Never buy any major program that has what after its name? |
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Definition
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Term
| What do you want to make sure you have in case of computer hardware break-down? |
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Definition
| A spare monitor, computer and printer to use while your old broken stuff is getting patched up. |
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Term
| Why might magnetic back-up media be a problem? |
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Definition
| Because you can wipe it with a cleverly-placed magnet. |
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Term
| What can computers track for you. |
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Definition
Basically everything, but Bowen highlighted:
No-shows
Links to family members
Inquiries |
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Term
| What percent of yearly gross should be reserved for repair, replacement, upgrading, or additional equipment? |
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Definition
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Term
| What are professional fees vs product fees? |
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Definition
| Professional fees are for exams, for example. Product fees are for products. |
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