The Production and Collection Report allows you to track your production and collection based on the monthly and annual levels. It includes information such as gross production, production adjustment, net production, gross patient collection, gross insurance collection, etc. This detailed analysis assists in identifying areas where the practice may be experiencing financial losses.
Topics Covered
Access Production and Collection Report
Navigate to the System Menu > select Operational Reports.
- Click the + icon on the left or the Generate Report button on the right for the chosen report.
Practices can generate production and collection reports based on two views: Monthly and Annual.
Generate Production and Collection Report
Monthly View
The report provides valuable insights into the practice’s overall production and collections for the month. By aggregating daily transactions, they allow for the comparison of completed codes and added receipts, offering a complete view of financial performance. Perform the following steps to generate a production and collection report based on the monthly view.
Within the Production and Collection Report,
- Select the Filter Criteria as Create New or Select Existing.
- Select View as Monthly.
- Select the Month and the Year.
- Select the Date As either the Date of Service/Payment Date or the Transaction Date.
- Date of Service/Payment Date: The production will be shown by the Date of Service, and collection will be shown by the Payment Date.
- Transaction Date: Both Production and Collection will be shown based on the transaction date.
- Select the Location(s).
- You can generate a report for up to 10 locations at a time.
- Click Generate Report.
| Tip: You can save the filter criteria for easy reuse in the future. |
Additionally, if you choose the Select Existing option, a Select Filter field will appear, allowing you to choose from any of the saved filters.
Results
Once you generate the report, you will get a detailed daily breakdown of the month's production and collection for the practice.
Let's explore the columns in the report:
- Gross Production (DOS): The dollar amount of production generated from procedures completed on this day is calculated based on the Date of Service (DOS) or Transaction Date (Trans. Date) as selected.
- Scheduled Production: The total amount of production scheduled for the given date. This is based on codes linked to the appointment and frozen before the start of the day.
- Production Adjustments (DOS): The dollar amount of production adjustments made on this day is based on DOS or Trans. Date as selected.
- Net Production (DOS): The dollar amount of production generated from procedures completed on this day, including production adjustments calculated based on DOS or Trans. Date as selected.
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Gross Patient Collection (Payment Date): The total amount from patient receipts and collection agency receipts based on the payment date or transaction date as selected.
Exclusions: Refunds, Income Reduction, Transfer, Capitation, Membership Credit, and Special Credits in receipts. - Gross Insurance Collection (Payment Date): The total amount from insurance receipts, based on the payment date or transaction date as selected. Exclusions: Refunds, Income Reduction, Transfer, Capitation, Membership Credit, and Special Credits in receipts.
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Gross Collection (Payment Date): The total amount from patient, insurance, and collection agency receipts based on the payment date or transaction date as selected.
Exclusions: Refunds, Income Reduction, Transfer, Capitation, Membership Credit, and Special Credits in receipts. - Collection Adjustments (Trans. Date): The dollar amount of collection adjustment made on this day based on Trans. Date.
- Refunds (Refund Date): The total amount of money that is refunded during the selected date range.
- Patient Transfers (Payment Date): The total amount of money that is transferred from insurance receipts to patient credits during the selected date range. This usually happens when the insurance overpays.
- Insurance Transfers (Payment Date): The total amount of money deducted from the available insurance credits when funds are transferred from insurance receipt to patient unapplied credit during the selected date range. This usually occurs when the insurance overpays.
- Membership Credits (Date Of Service): The total amount of membership discount credits applied to the relevant procedure codes.
- Net Collection (Payment Date): The total amount of patient, insurance and collection agency receipts and collection adjustments and refunds.
- Exclusions: Income Reduction, and special credits in receipts.
- At the bottom of the grid, you can find the total production and collection for the entire month.
Annual View
Perform the following steps to generate a production collection report based on the annual view.
Within the Production and Collection Report,
- Select the Filter Criteria as Create New or Select Existing.
- Select View as Annual.
- Select the Year.
- Select the Date As either the Date of Service/Payment Date or the Transaction Date.
- Date of Service/Payment Date: The production will be shown by the Date of Service, and collection will be shown by the Payment Date.
- Transaction Date: Both Production and Collection will be shown based on the transaction date.
- Select the Location(s).
- Click Generate Report.
| Tip: You can save the filter criteria for easy reuse in the future. |
Furthermore, if you choose the Select Existing option, a Select Filter field will appear, allowing you to choose from any of the saved filters.
Result
Once you generate the report, you will receive a detailed monthly breakdown of the annual production and collection for the practice.
Let's explore the columns in the report:
- Gross Production (DOS): The dollar amount of production generated from procedures completed on this day is calculated based on the Date of Service (DOS) or Transaction Date (Trans. Date) as selected.
- Production Adjustments (Date Of Service): The dollar amount of production adjustments made on this day based on DOS or Trans. Date as selected.
- Net Production (DOS): The dollar amount of production generated from procedures completed on this day, including production adjustments calculated based on DOS or Trans. date as selected.
-
Gross Patient Collection (Payment Date): The total amount from patient receipts and collection agency receipts based on the payment date or transaction date as selected.
Exclusions: Refunds, Income Reduction, Transfer, Capitation, Membership Credit, and Special Credits in receipts. -
Gross Insurance Collection (Payment Date): The total amount from insurance receipts, based on the payment date or transaction date as selected.
Exclusions: Refunds, Income Reduction, Transfer, Capitation, Membership Credit, and Special Credits in receipts. -
Gross Collection (Payment Date): The total amount from patient, insurance, and collection agency receipts based on the payment date or transaction date as selected.
Exclusions: Refunds, Income Reduction, Transfer, Capitation, Membership Credit, and Special Credits in receipts. - Collection Adjustments (Trans. Date): The dollar amount of collection adjustment made on this day based on Trans. Date.
- Refunds (Refund Date): The total amount of money that is refunded during the selected date range.
- Patient Transfers (Payment Date): The total amount of money that is transferred from insurance receipts to patient unapplied credits during the selected date range. This usually happens when the insurance overpays.
- Insurance Transfers (Payment Date): The total amount of money deducted from the available insurance credits when funds are transferred from insurance receipts to patient unapplied credits during the selected date range. This usually occurs when the insurance overpays.
- Membership Credits (Date Of Service): The total amount of membership discount credits applied to the relevant procedure codes.
-
Net Collection (Payment Date): The total amount of patient, insurance and collection agency receipts, collection adjustments and refunds.
Exclusions: Income Reduction, and special credits in receipts.
At the bottom of the grid, you will find the total production and collection for the entire year.
- Users can download files in PDF, CSV, and EXCEL by clicking the Download As option.
- Print the files by clicking the Print icon.
Permissions
To enable Permissions.
Navigate to the System Menu > select Practice Settings > Administration > Profiles.
- Click Manage Permissions for the intended profile.
- Select Insights.
- Under Operational Reports, select Generate Production Collection Report.
- Click Save.
- On the Confirm Action modal that appears, click Yes to proceed.
- A toast notification appears on the top right stating, 'Profile updated successfully'.
| Note: Only users with the 'Generate Production Collection Report' permission enabled can generate the report. |
Practices can use this guide to access and generate production and collection reports within CareStack.
Click here to explore the complete list of permissions and their descriptions.