What is this?
Collections are the amounts of money that a dental practice actually receives from its services, distinct from Gross Production (total amounts charged) and Net Production (total amounts agreed upon).
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Categories of Collections:
Collections: Money recorded in the patient’s ledger.
Collections Insurance: Total of insurance payments received.
Collection Patient: Total of patient payments recorded on the ledger.
Why is this Important?
Cash Flow Management: Collections are like the water in a home’s plumbing, essential for keeping the practice running smoothly.
Factors Impacting Collections: Various elements can reduce collections, similar to unexpected expenses in a personal budget.
Analysis by Payer: This analysis helps the practice adapt, akin to adjusting plans based on friends’ behavior.
Summary: Collections in a dental practice represent the actual earnings from provided services, distinct from the initially charged or agreed-upon amounts. It’s similar to planning a budget for a household. You might estimate earning a certain amount, but unexpected expenses or changes can mean you end up with less. Understanding collections is like tracking money in and out, helping you make smart decisions for your dental practice’s financial health.