It’s that time of year – the half-way point. Some of us are celebrating Christmas in July, and some of us are just trying to stay cool in this warm summertime weather. No matter where your focus lies, the month of July brings a perfect opportunity to evaluate your production and collections for the first half of the year, not to mention a nice “mid-way” point for making projections for the rest of the year.
Do You Know Your Mid-year Production and Collection Totals?
Earlier this year, you set goals for production and collections. In an effort to maintain sight of those goals, I encourage that you complete a quick assessment to track your progress. By running a few reports, you can measure your 6-month totals against your goals for the year.
What do Practice Analysis reports say about your mid-year and end-of-year projections?
There are three reports within Practice Analysis that deal with production: Production Summary, Payment Summary, and Adjustment Summary. Access to the Practice Analysis reports is found through the Reports module under Management Reports.
Sample Report Options
Production Summary Report – The Production Summary Report provides a breakdown of total charges by ADA category. Generate a report with dates January 1 through June 30 to obtain your gross production for the first half of the year. First take a look at your total production, then double the total production to determine an estimate of your annual production for the year. Next, examine the breakdown of production by ADA category. Which category contains the greatest weight in production?
Sample Production Summary Report highlighting the ADA category, Quantity, Total, Average, and Percent
Payment Summary Report – The Payment Summary Report provides a breakdown of total payments by payment type. Generate a report with dates January 1 through June 30 to obtain your gross payments for the first half of the year. First take a look at your total payments, then double the total payments to determine an estimate of your annual collections for the year. Next, examine the breakdown of payments by payment type. Which category contains the greatest weight in payments?
Sample Payment Summary Report highlighting the Payment Type, Quantity, Total, Average and Percent
Adjustment Summary Report – The Adjustment Summary Report reveals the complete story – net production and collections. This report provides data on discounts applied to production, or refunds made on collection. These adjustments can be anything from senior courtesy, insurance PPO write-offs, patient refunds or insurance refunds. In order to calculate an accurate net production and collections, these adjustments must be applied to the gross production and gross collections. You will need to identify each adjustment type as a “production” or a “collection” adjustment. With the identification of each adjustment type, you will then add or subtract the adjustment totals from your gross production or collection amounts to obtain net totals.
Sample Adjustment Summary Report highlighting the Adjustment Type, Quantity, Total, Average, and Percent
Reassessment Leads to Evaluation of Goals…
You now have totals for both gross and net productions and collections. How do your numbers line up against your initial goals? If your mid-year totals surpass the goals you initially set, you may consider increasing your goals. However, if your mid-year goals are not up to par against your goals, you may consider implementing modifications (staffing, scheduling, marketing, etc.) to help achieve those goals.
So I pose the question – what ideas do you have? Share your tactics, questions or concerns below.
David Broom is Senior Director of Product and Business Development. David has a master’s degree in Information Technology (IT) from the University of Texas in Dallas and has more than 35 years of experience from many global companies such as Hitachi Vantara, Methode Electronics, and Keane, Inc. In his current role, he is responsible for all aspects of the product management and field service teams at Henry Schein TechCentral, which identifies the ideal advanced technologies to meet the unique needs of the dental market and ensure that dental offices are using the right IT to be more efficient and effective.
