What is a Monthly Collection Rate Report?
Monthly collection rate reports are considered essential healthcare accounting reports and are used by CFOs, accountants and collections managers to analyze monthly collection rates. Some of the main functionality in this type of analytical trend report is that it can be filtered by biller, insurance provider and physician. Across the columns you find all 12 months of the year as well as a total. All collection rate figures are listed as the percent (%) of the billed amount that was collected. Downwards in the report there are four sections: 1) Metrics by insurance company, 2) Metrics by biller, 3) Metrics by physician, 4) Metrics by revenue group. At the bottom each section you find sub-totals. You find an example of this type of report below.
Purpose of Monthly Collection Rate Reports
Healthcare providers use Monthly Collection Rate Reports to get a clear understanding of how successful (nor not) their collections activities and related policies are. When used as part of good business practices in Financial Planning & Analysis (FP&A) and collections departments, an organization can improve its revenues and collection strategies as well as reduce the chances that managers miss important collection rate trends and anomalies.
Monthly Collection Rate Report Example
Here is an example of a Monthly Collection Rate Report that helps healthcare providers analyze collection rates (%) by insurance company, biller, physician and revenue group.
You can find hundreds of additional examples here
Who Uses This Type of Analytical Trend report?
The typical users of this type of analytical trend report are: CFOs, revenue officers, collections managers, analysts, accountants, budget managers.
Other Analytical Trend Reports Often Used in Conjunction with Monthly Collection Rate Reports
Progressive Financial Planning & Analysis (FP&A) departments sometimes use several different Monthly Collection Rate Reports, along with collections dashboards, detailed billings/charges/collections reports and other management and control tools.
Where Does the Data for Analysis Originate From?
The Actual (historical transactions) data for competitors typically comes from management systems or enterprise resource planning (ERP) systems like: Microsoft Dynamics 365 (D365) Finance, Microsoft Dynamics 365 Business Central (D365 BC), Microsoft Dynamics AX, Microsoft Dynamics NAV, Microsoft Dynamics GP, Microsoft Dynamics SL, Sage Intacct, Sage 100, Sage 300, Sage 500, Sage X3, SAP Business One, SAP ByDesign, Acumatica, Netsuite and others.
In analyses where budgets or forecasts are used, the planning data most often originates from in-house Excel spreadsheet models or from professional corporate performance management (CPM/EPM) solutions.
What Tools are Typically used for Reporting, Planning and Dashboards?
Examples of business software used with the data and ERPs mentioned above are:
- Native ERP report writers and query tools
- Spreadsheets (for example Microsoft Excel)
- Corporate Performance Management (CPM) tools (for example Solver)
- Dashboards (for example Microsoft Power BI and Tableau)
Corporate Performance Management (CPM) Cloud Solutions and More Examples
- View 100â€™s of reporting, consolidations, planning, budgeting, forecasting and dashboard examples here
- Read more about Healthcare provider solutions here
- See how reports are designed in a modern report writer using a cloud-connected Excel add-in writer
- Discover how the Solver CPM solution delivers financial and operational reporting
- Discover how the Solver CPM solution delivers planning, budgeting and forecasting
- Watch demo videos of reporting, planning and dashboards