Physicians Reference Laboratory discusses how XIFIN RPM boosted its collected revenue and improved the ability to forecast financial performance
Physicians Reference Laboratory, LLC (PRL) is a privately owned, full-service diagnostic testing laboratory. PRL is known for incorporating new and innovative testing procedures and employing the most highly qualified professionals. By utilizing market leading technologies and providing expert service, PRL's focus is on efficiently delivering accurate diagnostic data to support the advancement of our customers' efforts, ultimately leading to the highest quality of patient care.
PRL was using outsourced vendors to manage the billing and reimbursement process. This approach was no longer meeting the needs of the company as it grew in both size and complexity. One of the benefits the PRL team saw in the XIFIN approach was that it would obtain complete control over the billing process, while having the XIFIN team responsible for keeping the system constantly up to date with the latest coding changes, regulations, and integration needs. In addition to the recognized quality of the software, the PRL team appreciated having expert resources at XIFIN supporting the business every day.
PRL experienced a progression of performance improvements once the XIFIN system was set up. PRL began to see increases in collections and quicker reimbursements based on automated eligibility verification and upfront error identification and resolution. More clean claims were submitted and thus fewer denials were returned. When denials were returned, the PRL team found that the XIFIN system helped it to more quickly resolve these exceptions. The billing team also increased productivity by automating the process of sending accounts with bad debt out to collection agencies.
PRL was also able to improve financial reporting and forecasting. With the legacy billing system, PRL was unable to differentiate between contractual adjustments and bad debt. These items were being lumped together, so PRL had trouble calculating net revenue. With the XIFIN system, these items are now discretely differentiated and the PRL finance team has more confidence in the financial reporting and revenue forecasts.
Before XIFIN, things that were going into bad debt were both contractual adjustments as well as true bad debt. Now, we have a better indicator from a financial statement perspective how we're really performing and it's been a huge advantage to us.