Bleeding time is a medical test that measures how fast small blood vessels in the skin stop bleeding. The bleeding time test is used to evaluate how well a persons blood is clotting. The test evaluates how long it takes the vessels cut to constrict and how long it takes for platelets in the blood to seal off the hole..The clotting time is based on the principle that in citrated plasma, the addition of Thrombin allows for formation of a stable clot. The time required for the formation of a stable clot is recorded in seconds.The significance of these two test is to evaluate how long it takes your blood to clot and thus helping your doctor to determine if you have a bleeding disorder, such as hemophilia or von Willebrands disease.