Improved Cash Collection

Providers face enormous challenges collecting payments for their services. From huge order volumes with low reimbursement rates, to a complex and constantly changing billing environment, the need for an efficient and effective billing operation has never been more critical.

With over 10 years of proven success in having handled over 150 million claims, XIFIN has repeatedly shown that it can affect dramatic improvements in its clients cash collection rates – in fact, all XIFIN clients have realized increases in excess of 5%, and others as high as 20%, in just 12 months.

• Bad Debt Reduction - According to CMS, as many as 40% of all claims are rejected or denied – of which only half are ever resolved. For most providers, the process of trying to collect on these claims is too labor-intensive to be worthwhile, and as such millions of dollars in revenue is left on the table each year. XIFIN addresses this problem by utilizing an automated rules-based workflow designed not only to process the clean claims but also to automatically handle the errors and exceptions that lead to denials -- ensuring that you are more easily able to collect on a higher percentage of your accounts receivable.
• Claim Error Reduction - Through the use of a sophisticated and highly refined workflow that directs and manages the entire billing process, XIFIN is able to seamlessly integrate all of the critical resources and external systems necessary to prepare a claim, enabling your laboratory to produce statements, which are more accurate, in less time, and often without the need for manual involvement. Capitalizing on its experience in processing more than 150 million claims for most of the nations largest laboratories, XIFIN has developed and optimized the functionality needed to meet the complete range of laboratory revenue cycle management requirements.

By utilizing the automated, rules-based, workflows of the XIFIN system, our clients have seen dramatic improvements in their cash collection metrics for all payor types, with the biggest improvement often associated with third party payors. Clearly, with typical commercial providers and hospital outreach experiencing a third party bad debt rate between 15-20% -- applying a focused optimization strategy to this aspect of your billing operations creates a significant opportunity for improved profitability.