To keep track of your practice's financial health, it is important to know which reports you should be running and when. Since many have come to us, asking which reports they should be running, we have put together a "Report Cheat Sheet" that lists which reports should be run daily, monthly, and quarterly, along with brief descriptions of each report.
Report Cheat Sheet
Daily
Patient Day Sheet
This report will summarize all charges, payments, and adjustments for the day, organized and summarized by patient. There is also a Procedure Day Sheet with the same data, grouped by Procedure Code.
Deposit Report or Payment Day Sheet
Depending on the needs of your practice, you should be running either the Deposit Report or the Payment Day Sheet. They display similar data differently, but keep in mind that the Deposit Report shows what deposits have been created, not necessarily applied.
Appointments with No Charges (Focus on Collections)
This report cross-references the data in Office Hours with the data in Transaction Entry. It will show you all patients on the schedule who do not have charges keyed. This eliminates the need to compare the Appointment List to the Day Sheet.
Monthly
Primary Insurance Aging Summary/Detail
The Primary Insurance Aging Summary will list each Primary Insurance carrier on one line with its aged balance. This report should be used to decide which sections of the Primary Insurance Aging Detail Report to print. Don't print the entire detail report and let it sit on your desk and get old and inaccurate. Work one section at a time and use the summary report to keep track.
All Payer Aging
The All Payer Aging report summarizes for you on one line each, the outstanding balance for Primary, Secondary, and Tertiary Aging as well as Patient Responsible balances. This makes it easy to track where in the process your receivable is sitting.
Practice Analysis
The Practice Analysis summarizes the procedures, payments, and adjustments for the practice on one line each with no patient detail. It also has a very good summary page breaking down overall practice totals.
Monthly Activity Summary/Provider Financial Report
In order to see changes over time, or to know if you had a good month or a bad month, you need to know how you did in the month and months before. These two reports summarize charges, adjustments, and payments by month. The data is organized slightly different between the two, so look at both and decide which is best for your practice.
Quarterly
Secondary Insurance Aging
(Except during the first quarter, then it should be run every month to make sure deductibles get passed to patient statements quickly)
The Secondary Insurance Aging is a very easy report to ignore, as it typically takes a lot of work to collect relatively small dollar amounts. However, these amounts add up over time, and having a balance sitting on the Secondary Aging prevents it from dropping to a patient statement, which can be a much larger amount of money, depending on the patient's plan.
Numbers are just numbers unless you have something to compare them to. These next several reports do a pretty good job at comparing carriers to each other, timeframes to each other, and the AR against how much money the practice actually brings in.
Insurance Pay Analysis (Focus on Managed Care)
This report breaks down each procedure code and how much you are getting paid from each insurance carrier. It also shows how long each carrier is taking to pay.
Comparison Report (Current quarter to previous quarter)
This can be run for any timeframe you like; you set the two date ranges and it gives you side by side comparisons of charges, payments, adjustments, and patients seen.
Monthly AR Days (Focus on Financials)
This is probably the most complicated but beneficial report in the program.
Collection Statistics Summary (Focus on Chiropractic)
Don't disregard the Focus on Chiropractic folder if you are not a chiropractic practice. There are some very good summary reports that look at the data in a different way than any of the other reports.