The Healthcare Financial Management Association posted a thin $12,000 profit on revenue of
$14.6 million for the year ended May 31, compared with a net loss of $1.9 million on revenue of $14.7 million in the previous year.
HFMA President and Chief Executive Officer Richard Clarke said staff worked hard to cut costs following a membership decline last year and planned one-time expenses. Revenue rose from HFMA publications, educational programs and investments. Membership dues dropped.
Clarke announced the results at the HFMA's annual meeting last week in Orlando, Fla., which he said had the second-highest attendance in the conference's history, with 2,500 paid attendees and exhibitors.
Also at the HFMA meeting, American Hospital Association President Richard Davidson called the patient hospital bill the industry's "biggest PR problem" and said his association and the HFMA are working jointly to do something about it.
He said hospitals have good patient rapport and deliver high-quality care. But then the patient goes home and receives the bill.
"They get the bill, which very often says, `This is not a bill,' " Davidson joked. "And then not too long after that they receive a dunning notice. . . . Think about this from a patient's perspective. What do they think about us? They say, `They're all in it for the money."'
Richard Wade, the AHA's senior vice president for communications, said the two associations are still in the early stages of developing a proposal to revamp hospital billing.