DrChrono has made significant improvements to the report known as the Financial Transactions report (Day Sheet). It will now enable you to delve into the financial information from your practice.
Let's look at an overview:
First, the tabs at the top left of the screen.
- Summary - This tab will show you a high-level view of your debits, credits, adjustments, and patient payments. It is also where you can customize the report to meet your business needs.
- Debits - This tab will show you all of your charges/debits that match the parameters you set.
- Credits - This tab will show you all the insurance payments that match your set parameters.
- Adjustments - This tab will show you any insurance and/or patient adjustments posted that match your set parameters.
- Patient Payments - This tab will show any patient payments posted that match your set parameters.
- Transfers - This tab will show any transferred patient payments.
- All Data - This tab will show all data.
Within each tab, you will find several options to drill down into your financial data to a more granular level.
Examples of controls available include the following. Each option may not be available if it does not apply to the tab you are viewing.
- Date
- Debits Date Type
- Credits/ Adjustments/Transfer Date Type
- Patient Payments Date Type
- Patient
- Provider
- Office
- Exam Room
- Insurance
- Payment Profile
- Procedure Code
- Adjustment Code
- Code Category
- Include Future Appts
- Patient Flags
- Credit Group By
- Payment Group By
- Transfer Type
- Debit Date Type
There are options to Group By, Sub Group By, or Tert Group By.
Understanding the Financial Transaction Report
In DrChrono, negative amounts in the Financial Transaction Report indicate:
Refunds: Patient refunds are subtracted from collections, potentially resulting in a negative net if refunds exceed new payments during the reporting period.
Payment Reversals or Corrections: Reversed or unposted payments create negative entries to offset the original transactions.
Overpayments or Credits: Large credits applied or adjusted during the reporting period can produce negative entries in summaries.