This blog post talks about the best financial reporting a medical office needs.

Several years back most medical billing software programs had to be closed out each day. Part of that process involved printing certain reports. Then you had to save the reports in case you needed them again because you could never generate the same report again.

TotalMD is different because it doesn’t require you to go through the tedious process of closing reports each day and allows you to print the same report over and over again – days, weeks, months, or even years apart. So there is no need for boxes of reports in your closet. However, if you want to print on paper or print to a file you can do that.

Every current software program should include these common reports, but just to make sure we are all on the same page, consult our list of recommended reports!

Daily Report Recommendations:

Day Sheet:

(Which you can run per provider/facility)

This report’s purpose involves today’s posted transactions. The day sheet helps your office staff verify and reconcile what work each provider performed, any financial adjustments or discounts the staff applied, and any payments received – posted for the date the report ran. The day sheet can also generally show you the A/R for the date range you ran it for. TotalMD allows you to review this data for a day, week, month.… basically whatever date range you want.

Deposit Slip:

This one is critical. The deposit slip will show all the money the office collected for the selected date range (typically ‘today’s date’). It should always match the value inside your check/cash drawer, credit card terminal report, and electronic funds transfer reports (if you received EFT’s from the insurance company).

Weekly Report Recommendations:

Primary Insurance Aging Report:

This report shows you unpaid claims, the claims’ ages, and the amount in pending revenue. We suggest running and working this report every week to make sure your cash flow stays consistent. TotalMD Insurance Aging reports will give you all the information you need to call the insurance company and handle any pending claims without having to click into every patient ledger/insurance plan for the claim details. There’s little reason to have claims pending past the 60-to-90 day mark with e-claims available! There are also secondary and tertiary insurance aging reports to run less often. It’s so straightforward – collect that money from the insurance!

Patient Aging Reports:

One great thing about TotalMD is the flexibility involved with aging patient balances. You can run the report or statement aged by “date of service” or “date of first statement,” whichever you prefer.

Responsible Aging reports will show you how much patients owe you and for how long they owed it. This is based upon paid claims and the leftover balance if you collect money from patients after insurance takes care of its portion. You can also run a report that shows how much money in insurance payments are still pending.

Responsible Aging reports will show you how much patients owe you and for how long they owed it. This is based upon paid claims and the leftover balance if you collect money from patients after insurance takes care of its portion. You can also run a report that shows how much money in insurance payments are still pending.

Monthly Report Recommendations:

Patient Statements:

Just like our Responsible Aging reports stated above, our Patient Statements/Bills have multiple options too! You can run these either per patient or per household, with or without a credit card payment box.

Accumulative Totals:

This report is great for seeing a high-level overview of the month; total money collected, adjustments given, and charges/procedures posted.

Flash Report:

In this report, you will see how many patients you saw, as well as how much you billed out and collected for each day of the month. This easily lets you compare one day to another.

Practice Analysis:

In this report, you will see every procedure code you billed for during whatever time frame you are running it for. It will tell you how many you billed for and what the total charge are. The last page of the report gives you totals for all of your charges, payments, and adjustments.

Yearly Report Recommendations:

Provider Financial Report:

If you have ever wondered how one month compares to another, then this report is for you. With this report you can easily see each month’s totals listed one right after the other. This allows you to easily compare these months and exactly which months were the most profitable or the slowest. It’s like having a financial report card.

For additional questions on reports, call Nelson at (800) 613-7597 x. 209.