By relying on XIFIN to ensure their billing service is always up to date with state of the art equipment and the latest compliance and payor edits, XIFIN clients have eliminated up to 90% of billing IT infrastructure and maintenance costs.
With the total cost of maintaining an in-house billing operation currently running between 8-12% of net revenues, XIFIN has helped many labs realize better return on their expenditures by enabling them to reduce the systems and infrastructure component of those costs by upwards of 90%.
Because XIFIN is delivered as a hosted – SaaS (Software as a Service) – solution, providers are able to shift dollars away from costs associated with managing an in-house billing system, and redeploy them to more strategic areas of the business. Since the entire billing system is managed by XIFIN, including; hardware maintenance, data backups, and software upgrades, clients are able to see substantial decreases in the cost associated with various aspects of their business, including; staffing, information technology, and external services.
- Reduction In Staffing Requirements - Because the XIFIN system is based around a series of automated, rules-based, workflows, many clients are able to reduce their labor costs by up to a third. By streamlining the billing process and eliminating inefficiencies caused by manual errors, XIFIN enables providers to more effectively manage their billing process, according to proven best practices, while using a smaller, more productive staff.
- Reduction In Information Technology Costs - With the expense of maintaining a typical billing infrastructure costing providers hundreds of thousands of dollars a year, the amount of capital required to run an efficient and leading-edge IT operation is daunting to most. However, XIFIN removes this IT burden by assuming all of the responsibility for hardware and software maintenance, as well as staffing requirements on behalf of it’s clients, enabling providers to save as much as 90% on their IT costs.
- Reductions In Fees For External Services - In providing a full service solution, XIFIN is able to effectively eliminate or reduce most, if not all, transaction service provider costs for its clients through direct relationships with many payors and favorably negotiated clearinghouse fees. Additionally, within the XIFIN system, services such as eligibility checking, skip tracing, and scanning/OCR conversions services are available at highly discounted rates.
By assuming responsibility for the high costs associated with maintaining the hardware and software infrastructure required, XIFIN enables its clients to free up considerable amounts of capital which was previously spent on extraneous headcount, IT, and external services. With the XIFIN billing system, clients have access to a best-of-breed solution that is always available and always up to date, for a fraction of the cost of traditional billing software or outsourced services.