90 Day Collection %
Found on the Collections Board, this metric will include a Year Over Year Chart in the Menu icon. To view definitions and additional information, select the Information ( i ) icon.
What is this?
Collection Percentage is the amount of dollars actually collected in the practice divided by the Gross Production of the practice for a specific period of time.
Why is this Important?
Collecting the Net Production earned is critical to the ongoing concern of the practice. Identifying the Collection % of your Net Production is a simple process with this metric. Simply take your Collections and divide it by Net Production (Gross Production less Adjustments/Writeoffs) . At least 97% of all Net Production should be collected within 45 days of the Production. Knowing your Gross Production Collection % becomes extremely valuable when wanting to know how much production needs to be scheduled in order to obtain your collection goal for the period. For example, if you want to collect $100,000 for a month, you can take the collection goal of $100,000, divide this by the Gross Collection % and you now have the estimated Gross Production needed to obtain your goal.