Yep, that's right!
A bird's digestive, urinary and reproductive tracts all empty into the same receptable, the cloaca. Knowing the normal appearance of your bird's droppings will alert you to any obvious changes. Changes in a bird's droppings are often one of the first visible signs of illness.

For more information about what to watch for in regards to your bird's droppings, read "Evaluating Bird Poop" and/or "Poopology".