Projected Income This Month
On the Insights page in SimplePractice, we display several metrics that give you a high-level overview your practice financials. The total for Projected Income This Month gives you a best-guess estimate of the expected income for the current month.
How it works:
The total factors in money you’ve collected for sessions so far this month, and fees for upcoming sessions on your calendar. Here's the formula:
Payments received (Client + Insurance) month to date +
estimated payments (Client + Insurance) for upcoming appointments this month that are not cancelled
For all future appointments, the metric includes a best-guess estimate and depends on the billing type for a session:
- Self-Pay sessions are considered with the fee that is set for the appointment
- For Insurance sessions, we use a machine-learning algorithm that learns from the average total reimbursement for a particular billing code. This means it include's the client's co-pay and the amount that the insurance payer would pay
Past appointments are only considered with their received payments. That means that instead of using estimates on past sessions, we only consider payments that have actually been recorded in SimplePractice.
Let's assume you have a single session on 9/10 for $150 on the calendar.
When you look at your Insights page on 9/5, the projected income is $150.
After the session has occurred but before it's paid, it is no longer considered "projected." So after the session on 9/10, if you check your Insights page, you would see $0 as your projected income amount until the payment is received.
After the payment is received (and entered into SimplePractice) for that session, the projected income will show $150.
Now say you enter a new, $150 payment in the same month (September in this example) for a session from the previous month (August). Your projected income for September would increase by $150 and display $300 total. This explains why the projected income amount may not exactly line up with your current calendar.
How we factor in client credits
Projected Income only looks at the actual cash flow. That means that credits that are already on your account don’t get factored into your Projected Income for the month. If your client has a $60 credit carried over from November, and a $100 session that hasn’t occurred yet in December, the Projected Income will still be $100.
Once that session’s invoice is paid, however, the amount that completed the payment will be added to your projected income. In this example, you’d see $40 added to the total projected income amount.
Projected Income This Month is just one of many Insights Reports that we've created for you to keep track of your practice's financial data. Learn more about our other Insights Reports.