Generate Production and Collection Report

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.

Access Production and Collection Report

• Navigate to the System Menu > select Operational Reports.

• Click Production and Collection and click Generate Report. Or,
• Click the + icon to Generate 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 a custom Month and Year, the Current Month or the Previous Month.
• 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: Check the Save Filter option to save the filter criteria for future use.

• If there is a saved filter criteria, you can choose the Select Existing option.
  • Select the saved Filter as needed.

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 (DOS) Date of Service or (Trans. Date) Transaction 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.
• 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 adjustments made on this day based on Trans. Date.
• Refunds (Refund Date): The total amount of money that is refunded during the selected date range.
• 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 from the patient, insurance, collection agency receipts, 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.

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 (DOS) Date of Service or (Trans. Date) Transaction 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.
• 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 adjustments made on this day based on Trans. Date.
• Refunds (Refund Date): The total amount of money that is refunded during the selected date range.
• 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 from the patient, insurance, 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.

Permissions

To enable permissions for the Production and Collection Report, follow these steps.

• Navigate to the System Menu > select Practice Settings > Administration > Profiles. 

• On Manage Profiles, select Manage Permissions for the intended user.

• Select Insights.
• Select Generate Production and Collection Report under Operational Reports to enable the permission.
• Click Save.

Note: Only users enabled with the 'Generate Production and Collection Report' permission can generate the report.

• On the Confirm Action modal that appears, click Yes to proceed.

• A toast notification appears on the top right stating, 'Profile updated successfully'.

Practices can use this guide to access and generate the Production and Collection report within CareStack.