Rayan FaroukFor every dental clinic, keeping a record of all the transactions happening is a crucial part of managing the clinic. It helps in understanding the clinic’s progress and points out parts to improve.
Financial reports are what provide valuable insight into the clinic and they surely help the clinic owners make better decisions. They give you a detailed report on revenue, expenses and profits.
They help in planning for the future and maintain financial health. By regularly reviewing the reports, you can have a look at how the financials are over a period of time.
Analyzing financial reports can also help you in identifying and managing costs effectively. By understanding where the money is being spent, clinic owners can implement cost-saving measures without compromising on the quality of care.
Balsam Medico can help you with some predefined financial reports. On the Reports page, you can find Financial and Dynamic Reports. In this blog, we are focusing on the Financial reports and explaining each in detail.
The reports under the Financial Reports section are what we define as static reports, this was explained in a previous blog. They can be filtered by date.
The reports mentioned are:
- Cash flow statement: this provides a comprehensive overview of a clinic’s cash inflows and outflows during a specific period. Inflows are money the clinic is earning, an example is a treatment price. Outflows are money the clinic is spending, an example is buying dental supplies and tools.
- Income statement: this provides a summary of how much money a clinic earned and spent during a specific period. Revenues are how much money the clinic makes. Expenses are where the clinic’s money is going.
- Doctors report: this shows the doctors’ performance over a specific time. Select the door from the list and view the number of patients, number of appointments and the revenue. You can compare doctors by clicking multiple doctors.
- Expenses report: this provides a look into the expenses of the clinic. Examples are salaries, rent, utilities and dental supplies. This depends on the expenses you input on the Finance page.
- VAT report: this shows a detailed look at the Value-Added Taxes (VAT) transactions. It calculates the VAT automatically from every invoice created in the system.
- Patients overdue: this provides a report to help you flush which patients have an overdue balance. For each patient, the balance will be written in bold and a summary of each transaction is mentioned below it.
- Transactions report: this shows a report on every financial transaction that occurred in Medico during a specific period. It shows the date, type of transaction, the account that created it, and the amount in either debit or credit columns.
We believe not only should clinic owners familiarize themselves with these reports, but dentists too. These financial statements can provide dentists with a comprehensive view of their progress and the clinic’s as well. With the doctors’ report as an example, they can check the number of appointments they had during a specific period, and how much is their revenue amount.
To learn more, always contact our customer success team to help you. These reports are very crucial for the successful management of the clinic. By having this information on hand, clinic owners can improve their clinic’s financial health and provide better care to their patients.
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