Labor Cost Management
2017 Director/Manager of Patient Financial Services Compensation Survey
July 21, 2017
12:07 pm
| Average cash compensation | $115,800 | ||
| Average gross annual salary | $112,300 | ||
| Percentage eligible for bonus/profit sharing | 49% | ||
| Average bonus/profit share | $7,100 | ||
| Median cash compensation | $110,000 | ||
| Percentage reporting directly to the top administrator | 9% | ||
| Percentage reporting to an officer | 67% | ||
| Percentage reporting to a mid-level manager | 23% | ||
| Number of participants | 180 | ||
Demographics |
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| Average age | 50 | ||
| Average years experience in health care | 24 | ||
| Average years member of HFMA | 10 | ||
| Average years in current position | 7 | ||
| Average number of employees under direction | 58 | ||
| Median number of employees under direction | 30 | ||
Certifications |
Percentage | Compensation | |
| CPA | 2% | -small sample- | |
| FHFMA or CHFP | 16% | $125,500 | |
Education |
Percentage | Compensation | |
| Some college or associate’s degree | 23% | $111,100 | |
| Bachelor’s degree | 47% | $115,800 | |
| Master’s degree | 26% | $125,000 | |
Title |
Percentage | Compensation | |
| Supervisor | 6% | -small sample- | |
| Manager | 24% | $95,300 | |
| Director | 68% | $128,500 | |
Organization Type |
Percentage | Compensation | |
| Hospital with 75 beds or less | 17% | $79,300 | |
| Hospital with 76 to 205 beds | 17% | $105,800 | |
| Hospital with 206 to 445 beds | 18% | $107,200 | |
| Hospital with 446 beds or greater | 17% | $130,000 | |
| System level, headquarters or regional | 27% | $141,500 | |
Gender |
Percentage | Compensation | |
| Men | 30% | $134,000 | |
| Women | 68% | $108,500 | |
Net Operating Revenue of Employer |
Percentage | Compensation | |
| Less than or equal to $69 million | 18% | $84,400 | |
| From $70 million to $299 million | 18% | $107,800 | |
| From $300 million to $1 billion | 19% | $122,700 | |
| Greater than or equal to $1.1 billion | 18% | $149,700 | |
Years in Health Care |
Percentage | Compensation | |
| Less than or equal to 17 years | 24% | $86,100 | |
| From 18 to 24 years | 22% | $108,200 | |
| From 25 to 30 years | 23% | $142,200 | |
| More than or equal to 31 years | 23% | $135,000 | |
Number of Reporting Employees |
Percentage | Compensation | |
| Less than or equal to 12 employees | 24% | $88,900 | |
| From 13 to 30 employees | 26% | $102,800 | |
| From 31 to 64 employees | 23% | $129,800 | |
| Greater than or equal to 65 employees | 25% | $141,400 | |
Region |
Percentage | Compensation | |
| Northeast | 22% | $126,100 | |
| South | 32% | $107,300 | |
| Midwest | 27% | $111,500 | |
| West | 20% | $124,000 | |
Adjusted Medicare Wage Index 2017 |
Percentage | Compensation | |
| Less than or equal to .8218 | 25% | $88,900 | |
| From .8231 to .9082 | 25% | $102,800 | |
| From .9088 to 1.0272 | 26% | $129,800 | |
| More than or equal to 1.0272 | 26% | $141,400 | |
Years of HFMA membership |
Percentage | Compensation | |
| Less than or equal to 2 years | 25% | $104,100 | |
| From 3 to 7 years | 24% | $101,700 | |
| From 8 to 15 years | 26% | $114,400 | |
| More than or equal to 16 years | 25% | $142,800 | |
All of the respondents have titles indicating mid-management responsibilities. Most titles include the words such as “patient financial services,” “revenue cycle,” “patient accounting,” “business office,” or “billing.” 180 patient accounting managers and directors responded to the survey, out of 821 sampled, resulting in a response rate of 22%. There is 95% probability that the mean compensation for directors and managers of patient financial services in HFMA lies between $105,900 and $125,700.
