ColumbiaDoctors’ financial performance continues to outpace FY 2014 in most financial categories as of May 2015, with year-to-date collections up 2.2% over budget and up 8.1% over last year’s collection, according to the latest figures from Aren Laljie, CPA, chief financial officer for the faculty practice.
Major financial indicators:
- Gross revenues are up 7.3% compared to this time last year.
- Gross charges are up 8.6%.
- Payments per relative value units (RVUs) is up 2.6%.
May’s cash collections were lower by 4.7% against the May budget; this is due to a claims hold for Magnacare and international collections not transferred from NYP prior to the month’s end. Days in accounts receivable are down slightly from last year, from 46 to 45 days, and the six-month net collection rate is up slightly, by 0.5%. The percentage of accounts in arrears, however, has increased from last year. Laljie noted that ColumbiaDoctors continues to work with the clinical departments to reduce receivables and credit balances.