Ride the Revenue Wave
How OpenPM’s Cash Flow Report Keeps Your Cash Flow in Check
Keeping track of your revenue shouldn’t feel like chasing a waterfall—but wouldn’t it be nice if your cash flow followed a steady, predictable stream? That’s exactly what OpenPM’s Cash Flow Report (nicknamed the Waterfall Report) helps you do. Whether you’re an existing client looking for deeper insights or a potential new user wondering how OpenPM makes financial tracking easier, this report is your secret weapon for mastering your revenue flow.
Cash Flow Tracking Matters for RCM Success
Managing cash flow is a critical aspect of any healthcare practice’s financial health. According to a report by InstaMed, 78% of healthcare providers experience patient collections taking over a month on average, especially for medical bills exceeding $1,000.
What Is the Cash Flow Report?
Let’s start with the basics: The Cash Flow Report isn’t new, but it’s one of those hidden gems that can transform how you view your practice’s financial health. This report tracks the date of service versus post date, giving you a clear view of when revenue is actually coming in. Instead of guessing how long it takes to collect on services, the Cash Flow Report lays it all out—month by month.
Key Features That Keep You in Control
Month-by-Month Breakdown: The left side of the report shows months based on the date of service, while across the top, you’ll see post dates for transactions. This helps you track exactly how long it takes for payments to hit your system.
A/R Visibility: Wondering how much outstanding revenue you still have for specific dates of service? This report shows you the remaining A/R so you can keep tabs on what’s still uncollected.
Gross Percentage Buckets: Quickly see what percentage of total charges fall into each payment bucket, giving you a better understanding of collection trends.
Automation for Efficiency: Why waste time running reports manually? You can schedule the Cash Flow Report to run automatically so it always appears in “My Reports” on the Reports Dashboard.
Real-World Impact: How the Cash Flow Report Helps Your Revenue Cycle
Let’s say your business is noticing an increase in time between the date of service and when the payment is actually collected. Timely claims are being submitted, but payments aren’t coming in as quickly as expected. By running the Cash Flow Report, you notice a pattern: payments for services rendered in January are lagging well beyond your usual 45-day collection period. A deeper dive shows a specific payer consistently delaying reimbursements, impacting your cash flow.
With this insight, you can take action—whether that means following up on outstanding claims, adjusting internal processes to submit claims faster, or renegotiating contract terms with that payer. Without the Cash Flow Report, this issue might have gone unnoticed for months, creating unnecessary revenue strain that only becomes more costly over time.
Why Monthly Cash Flow Reports Help Medical Billing Efficiency
“The Cash Flow report is a great way to visualize how money flows through the practice. For as simple as the report is to run, it offers a great level of detail about the practice's financial health” - Mike K., Data Analyst
The Cash Flow Report isn’t just a “nice-to-have”—it’s a must-run report for any organization focused on financial efficiency. Running it monthly helps you:
Identify delays in billing and collections: If your practice is taking too long to submit claims, or if certain payers are slow to reimburse, the report highlights these issues before they become major problems.
Spot patterns in revenue flow: By comparing month-over-month data, you can detect seasonal trends, unexpected drops in revenue, or slowdowns tied to specific insurers or procedures.
Ensure you’re turning revenue over as quickly as possible: If the report shows payments are dragging beyond your target collection window, you can adjust your follow-up processes to speed up collections.
Ready to Ride the Wave?
If you’re already using OpenPM, make sure you’re running this report every month to stay ahead of cash flow issues. And if you’re not an OpenPM user yet—what are you waiting for? The Cash Flow Report is just one of many ways we help you take control of your revenue cycle.
By leveraging the insights provided by the Cash Flow Report, your practice can navigate the complexities of medical billing with greater confidence and efficiency.
