Revenue reporting is the process of accounting for revenue for a product or service you provide to a customer.
Revenue refers to the income you earn after the customer is invoiced.
You can find the Revenue Summary Report under Reports in the Revenue section.
In this report you can look at total charges, submitted revenue, unbilled revenue and held revenue for a specific revenue period.
Revenue period is defined as the period of time when income was earned after the customer was invoiced. This is the invoice creation date. All of the related financial information displayed will reflect the invoices created during the revenue period you select.
You can look at your revenue based on Charge amount or Expected Amount.
The Expected Amount is the allowable amount from any pricing defined for the invoice service lines. When selecting the Expected Amount, for any charges where no allowable amount exists, the values will default to the Charge Amount.
Total Charge is the sum of all charges for each invoice created in the revenue period.
Submitted Revenue is the sum of all charges for each invoice created during the revenue period and submitted to a payer or billed directly to a patient.
Unbilled Revenue is the sum of all charges for each invoice created during the revenue period and have not yet been submitted to a payer. Invoices billed directly to the patient are not included in the unbilled revenue.
Held Revenue is the sum of all charges for each invoice created during the revenue period and the invoice remains on a HOLD status at the end of the period.
Considerations:
When selecting a Revenue Period, you are looking at invoices with a creation date during that period of time. Invoices with creation dates outside of your selection will be excluded. This is intended to serve as a month end report as the data reflected will display for the period you are looking at.
Invoices with a status of VOID are excluded from this report.
When looking at the underlying invoices displayed, the status reflected is the current invoice status. This has no impact on prior period reporting. If looking at prior periods the financial data will be displayed according to the invoice at that point in time.
As an example, if you were looking at a prior revenue period of 12/1/2021 - 12/31/2021 and an invoice was in a hold status, if in the next period this invoice is in a submitted status it will not change Held Revenue reporting for 12/1/2021 -12/31/2021.
It is recommended best practices to use the Month End Closing functionality in order to maintain business accounting continuity. Learn more about closing the books.