A daily financial record within a medical practice chronicles all transactions occurring on a specific day. It serves as a comprehensive log detailing patient visits, services rendered, payments received, and any adjustments made to accounts. For example, a typical entry might include a patients name, the CPT code for the consultation, the amount billed, any insurance payments applied, and the patient’s co-payment collected.
This document is vital for maintaining accurate accounting and revenue tracking. Its consistent use facilitates reconciliation between the practice’s billing system and its bank statements. Historically, these records were maintained manually, but modern electronic health record (EHR) systems often generate them automatically, improving efficiency and reducing errors in financial management. This record contributes significantly to the overall financial health and stability of a medical practice.