The Transaction Source categorizes payments based on their origin, helping you easily identify how a payment was processed or initiated. By understanding these categories, you can better analyze financial data and ensure accurate tracking of transactions. Here's a breakdown of the available transaction sources:
1. Auto Collection
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Definition: Payments automatically collected from patients with outstanding balances as part of an auto-collection schedule.
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Use Case:
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Categorizes payments initiated through automated processes.
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Commonly includes overdue payments collected via email, SMS, or other automated reminders.
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2. Payment Plan
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Definition: Payments made as part of an active payment plan set up for a patient.
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Use Case:
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Tracks installment payments, ensuring they are correctly attributed to the patient’s payment plan.
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Provides visibility into the progress and status of payment plan schedules.
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3. Subscription
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Definition: Payments made for active subscriptions or memberships.
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Use Case:
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Categorizes recurring payments for subscription services or membership plans.
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Helps distinguish these payments from other transaction types, such as one-time payments.
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4. Virtual Payment
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Definition: Payments processed via virtual payment methods, such as online payment links or QR codes.
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Use Case:
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Includes payments initiated through patient-specific statement links or payment portals.
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Commonly used for remote payments without physical interaction.
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5. Terminal Payment
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Definition: Payments processed through in-office credit card terminals.
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Use Case:
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Tracks payments made at the point of service using physical card readers.
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Ideal for walk-in patients or in-office transactions.
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6. Online Payment
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Definition: Payments initiated through the practice’s online payment portal or website.
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Use Case:
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Includes payments where patients log in to view and pay balances directly via the online portal.
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Enables secure and convenient payment options for patients.
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How to Use Transaction Sources
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Filter Transactions:
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Use the Transaction Source Filter to narrow results based on payment origin (e.g., Auto Collection, Payment Plan).
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Analyze trends for specific sources, such as online payments or in-office transactions.
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Track Revenue Streams:
- Review gross and net amounts categorized by source to identify the most utilized payment methods.
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Monitor Compliance:
- Ensure payments are correctly categorized and recorded for financial tracking and reporting.
Benefits of Transaction Source Categorization
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Enhanced Clarity: Quickly identify the origin of payments and categorize them accordingly.
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Streamlined Reporting: Generate reports based on specific sources to better understand revenue streams.
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Improved Decision-Making: Analyze which sources are most effective for your practice’s payment collections.
Transaction sources provide an organized way to manage and analyze payments, ensuring your financial data is accurate and actionable. For assistance with transaction categorization or reporting, reach out to support!