If we look at one gage of satisfaction we see that our renewal rates for the second quarter were 108% based on FTEs and 102% based on contract value. The trailing four quarter period ended June 30, 2012 customers representing 99% of subscribers that were up for renewal did indeed renew while renewal based on contract value over the same four quarter period was 102%.
Turning our attention to revenues from our patient survey business which is the recurring revenue of survey product, revenue from that product line increased 7% over the prior quarter. Growth in the patient surveys however was offset by a decline in what we call our point in time surveys which include our physician, employee, and community surveys which resulted in overall research product group revenue decrease of 1% for the quarter. Clearly not at expectations.
Our HCAHPS products however continue to show steady demand including sales of our new CG-CAHPS Survey which yielded 17 new contracts for the quarter so we see steady demand for the HCAHPS Patient Survey work of our research product lines.
Our talent management strategy was bolstered with the acquisition of Decision Critical which was completed on June 29th, that’s an Austin Texas based company that’s specializes in learning and competency management products for hospitals. We welcome the employees of Decision Critical on board and feel they have much to add to our direction as a talent management company and as the strategy continues to evolve.Through the acquisition we added to our talent management product suite with the additional of Critical Portfolio. That’s a patented electronic portfolio. The portfolio is used to store and view the qualifications and competencies of the hospital work force. This is important for hospitals for example, that participate in various quality programs, particularly those embarking on the Magnet journey, a designation they can achieve for the quality of their work force.Read the rest of this transcript for free on seekingalpha.com
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