What is a Monthly Collections Summary Report?

Monthly collections reports are considered essential healthcare reports and are used by CFOs, accountants and collections managers to analyze all monthly collections. Some of the main functionality in this type of analytical summary 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 and how much each row is as a percent of the total amount. 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 analytical summary report below.

Purpose of Monthly Collections Summary Reports

Healthcare providers use Monthly Collections Summary Reports to get a clear understanding of monthly collections and trends from all possible angles. When used as part of good business practices in a Financial Planning & Analysis (FP&A) department, an organization can improve its revenues and collection strategies as well as reduce the chances that low performance areas or issues go undetected.

Monthly Collections Summary Report Example

Here is an example of a Monthly Collections Summary Report that helps healthcare providers analyze collection amounts by insurance company, biller, physician and revenue group.

Example of a Monthly Collections Summary Report for a Healthcare Provider

Example of a Monthly Collections Summary Report for a Healthcare Provider

You can find hundreds of additional examples here

Who Uses This Type of Analytical summary report?

The typical users of this type of analytical summary report are: CFOs, revenue officers, collections managers, analysts, accountants, budget managers.

Other Analytical summary reports Often Used in Conjunction with Monthly Collections Summary Reports

Progressive Financial Planning & Analysis (FP&A) departments sometimes use several different Monthly Collections Summary 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 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