Understanding the Balance Collection Summary Report

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Description

This quick guide provides a summary of the Balance Collection Summary report in Curve Insights.

About

The Balance Collection Summary report enables a practice to view their collections against their outstanding balances. The report filters can be used to display the balance collection data of all of the practices and clinics, or a combination of selected practices and clinics.

Contents

The following sections are included in this quick guide:

• Section 1 - Opening the Balance Collection Summary Report
• Section 2 - Reviewing the Views in the Balance Collection Summary Report
  • Section 2A - Net Collections/Applied Collections/Credit View
  • Section 2B - Collection/Production Ratio View
  • Section 2C - Production View
  • Section 2D - Insurance Balance Outstanding View
  • Section 2E - Patient Balance Outstanding View
  • Section 2F - Average Days Balance Outstanding View
  • Section 2G - Balance Collection Table View
• Section 3 - Including/Excluding PPO Estimates
• Section 4 - Including/Excluding Adjustments Data
• Section 5 - Using Filters to Customize the Report Data 

Section 1 - Opening the Balance Collection Summary Report

1. In Curve Hero, click the Application switcher icon, then in the drop-down, click Insights.

   

2. Curve Insights will open in a new browser tab. Double-click the Balance Collection Summary Report row.

   

3. The Balance Collection Summary Report will display.

   

Section 2 - Reviewing the Views in the Balance Collection Summary Report

The Balance Collection Summary Report contains seven unique views. The sections that follow the below image provide additional details about each view.

Section 2A - Net Collections/Applied Collections/Credit View

The Net Collections/Applied Collections/Credit view includes the following information:

• Net Collections: The total amount of money that an office has in their bank account. This is calculated by subtracting the money an office collects from the money that an office returns to the patients. The formula for this calculation is included below:

  Net Collections = (Payments + Deposits) - (Payment refunds + Credit refunds)

• Applied Collections: The money that has been collected and applied to a specific procedure code. This is calculated by subtracting the money applied to procedures from the money that is removed from procedures. The formula for this calculation is included below:

  Applied Collections = (Payments + Payments from account credit) - (Payment refunds + overpayments)

• Credit: The money that an office has collected but has yet to be applied to a specific procedure code. The formula for this calculation is included below:

  Credit = (Deposits + Overpayments) - (Credit refunds + Payments from account credit)

Section 2B - Collection/Production Ratio View

The Collection/Production Ratio view displays the percentage of collection against production. The formula for this calculation is included below:

• Collection/Production Ratio = (Net Collections/Production)*100

Section 2C - Production View

The Production view displays the total production of a practice. The adjusted production is also included in this view. This amount represents the potential production of a practice after PPO write-offs, payment plans, and adjustments.

Section 2D - Insurance Balance Outstanding View

The Insurance Balance Outstanding view displays the total insurance amount that has been applied to the patient balances in a practice but has yet to be paid to the practice. A percentage of the outstanding insurance amount compared to the outstanding patient balance in the practice is also included in this view.

Section 2E - Patient Balance Outstanding View

The Patient Balance Outstanding view displays the total amount that has been charged to the patients in a practice, but has yet to be paid to the practice. A percentage of the outstanding patient amount compared to the outstanding insurance balance in the practice is also included in this view.

Section 2F - Average Days Balance Outstanding View

The Average Days Balance Outstanding view displays the average number of days the balances in a practice remained outstanding. Also included in this view are the average number of days the insurance and patient balances remained outstanding in the practice.

Section 2G - Balance Collection Table View

By default, the table included in the Balance Collection Summary report displays the Summary view of the balance data within a practice. The table can be updated to display a detailed list of each line item. To do this, click the Detailed button.

The table will display the Detailed view.

The columns that display in the table can be customized to display specific information. To do this, begin by clicking the Columns drop-down menu.

Note: Hovering the cursor over the Columns drop-down menu will display a tooltip which includes all of the columns currently displayed in the table.

In the Columns drop-down list, the columns to display in the table can be selected by including a checkmark in the applicable checkbox(es). When a checkmark is included or excluded from a checkbox, the table will automatically refresh to display the updated column selection(s). 

Section 3 - Including/Excluding PPO Estimates

To include or exclude PPO estimate data in the report, ensure that a checkmark is included or excluded, respectively, within the Include PPO Estimates checkbox. The following data is updated in the report when a checkmark is included or excluded in the checkbox:

• Adjusted Production

  • When PPO estimates are included in the report, the adjusted production will be recalculated. The formula for this calculation is listed below:

    Adjusted Production = Total Production (PPO estimates are included in this) - Total Adjustments

  • When PPO estimates are excluded, the adjusted production will be recalculated. The formula for this calculation is listed below:

    Adjusted Production = Total Production - Total Adjustments - PPO Estimates

• Balance Outstanding
• Collection/Production Ratio
• Patient Balance Outstanding
• Production

Section 4 - Including/Excluding Adjustments Data

To include or exclude adjustments data in the report, ensure that a checkmark is included or excluded within the Include Adjustments checkbox. The following data is updated in the report when a checkmark is included or excluded in the checkbox:

• Adjusted Production
  • The Adjusted Production is calculated as follows:
    Adjusted Production = Total Production - Total Adjustments
  • Note that the total production is the total amount that was invoiced to all patients in a practice (using the fee guide on the invoice) and the total adjustments are the sum of all adjustments applied to all of the invoices in a practice.
• Collection/Production Ratio
• Patient Balance Outstanding
• Production

Section 5 - Using Filters to Customize the Report Data

1. To customize the data in the report, use the report filters. To do this, begin by clicking the Filters icon.

   

2. The filters list will open. The default report filters will display, and are as follows:

       A) Practice

       B) Billing Clinic

       C) Billing Date

3. To include additional filters, click the Add Filters icon.

   

4. The Add Filters dialog box will open. Ensure that a checkmark is included in the applicable checkbox(es).

   

5. Click the Apply button.

   

6. The selected filter(s) will now display within the filters list.