IV stands for intravenous; meaning into the vein. An IV is usually place in a patients hand, or arm to provide a site of access to the patient's blood stream. This access point can be used to taking blood need for laboratory tests or to give medications. Medication given though an IV works much quicker than medications taken by mouth. The way that IV's work is a needle is inserted into the skin and then into a blood vessel within the body. The needle has a plastic sheath or covering on it that is then slid off and left in the vein as the needle is removed. Once the needle has been removed a cap is then placed over the open tube in the vein to prevent blood from flowing out. Essentially an IV is like having a small hose in your blood vessel that is clamped off. Medical personnel can then take the clamp off and pour drugs in or take blood out as needed.
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