Healthcare Business Insights Announces 2018 Revenue Cycle Study Awards Recipients
Winners include Children's Hospital of Philadelphia, Nebraska Medicine and Springhill Medical Center
May 29, 2019, 08:05 ET
MILWAUKEE, May 29, 2019 /PRNewswire/ -- Today, Healthcare Business Insights www.hbinsights.com (HBI), a part of Decision Resources Group www.decisionresourcesgroup.com (DRG), announced the 2018 winners of its Annual Revenue Cycle Study and Awards (https://www.healthcarebusinessinsights.com/blog/revenue-cycle/announcing-2018-hbi-revenue-cycle-award-winners/). In its seventh year, the Annual Revenue Cycle Study and Awards recognizes healthcare organizations for achieving outstanding performance on revenue cycle KPIs, implementing innovative strategies to meet evolving challenges, and demonstrating dramatic year-over-year improvement.
These winners are top revenue cycle performers selected based on submitted data and essays. This year's Annual Revenue Cycle Study and Awards recipients include:
Children's Hospital of Philadelphia (Philadelphia, Pennsylvania)
Demographics:
- Pediatric, nonprofit health system
- One hospital
- 564 staffed beds
- Approximately $1.9 billion net patient revenue
Key Achievements:
- Top decile performance on point-of-service collections as a percentage of net revenue for professional services: 2.55%
- Top decile performance on gross professional A/R days discharged-not-final-billed: 2.22 days
- Top quartile performance on net professional A/R days: 36.07 days
- Top decile performance on professional A/R bad debt write-offs as a percentage of net revenue: 1.40%
Nebraska Medicine (Omaha, Nebraska)
Demographics:
- Academic, nonprofit health system
- Partner of the University of Nebraska Medical Center
- Two hospitals
- 809 beds
- 1,000+ employed providers
- Approximately $1.4 billion net patient revenue
Key Achievements:
- Top decile performance on gross hospital and professional A/R discharged-not-final-billed: 2.26 days
- Top decile performance on gross hospital and professional A/R days revenue uncoded: 0.03 days
- Top decile performance on hospital and professional cost to collect: 1.06%
- Strengthened reporting to multiple levels of the revenue cycle and enhanced denial analytics to ensure leaders have a clear understanding of performance to rely on for goal-setting
Springhill Medical Center (Mobile, Alabama)
Demographics:
- For-profit health system
- One hospital
- 263 beds
- Approximately $185 million net patient revenue
Key Achievements:
- Top decile performance on hospital point-of-service collections as a percentage of net revenue: 2.61%
- Top decile performance on impact of hospital clinical documentation improvement-driven DRG changes as a percentage of net revenue: 2.50%
- Top quartile performance on gross hospital A/R days discharged-not-final-billed: 3.92 days
- Improved the patient financial experience by redesigning statements and updating an online bill pay portal that includes self-service payment plans and discounts
Throughout 2019, HBI plans to highlight the work behind the numbers by publishing case studies and hosting interactive presentations that will connect leaders from the winning organizations with the HBI community. Submissions for the next round of Revenue Cycle Study and Awards competition will open later this year. To learn more about entering next year's award, visit [https://www.healthcarebusinessinsights.com/offer/revenue-cycle-awards/].
The Annual Revenue Cycle Study and Awards is only one facet of HBI's diverse offerings. HBI members benefit from best practice research and benchmarking data on revenue cycle, cost and quality, and supply chain topics, as well as Learning modules (both off-the-shelf and personalized), Custom Services assessments, and more. To learn more about how HBI can help achieve your 2019 goals, email [email protected], or visit www.hbinsights.com.
Media Contact:
Catherine Daniel
212.414.7537
[email protected]
SOURCE Decision Resources Group
