The Advisory Board Company has released its latest Revenue Cycle Survey at its inaugural technology summit Amplify. This biennial survey focuses on point-of-service collections in healthcare.
Here are four things to know about the survey.
1. In fiscal year 2010, median point-of-service collections were $0.7 million per organization. Median point-of-service collections increased to $1.8 million per organization in fiscal year 2014.
2. The survey researchers also examined point-of-service collections per hospital bed. In fiscal year 2010, the median point-of-service revenue per bed was $2,660. This median number increased to $4,000 in fiscal year 2012 and to $5,780 in fiscal year 2014.
3. Point-of-service collections have now increased to be 0.57 percent of net patient revenue, but it is estimated healthcare organizations will need to increase point-of-service collections to 5 percent of net patient revenue to sustain financial health, according to The Advisory Board Company.
4. The biennial Revenue Cycle Survey included input from 170 executives from approximately 70 hospitals and health systems, the majority of which are nonprofit.