Blog Posts by Tag: Outsourced Billing
The Power of Revenue Cycle Management
Laboratories, pathology practices, molecular diagnostics, outreach programs and remote patient monitoring organizations all have financial pressures. Whether it is a competitive landscape, lower reimbursement rates, changing payor policies, fee schedule changes or rising denials and appeals, it's more important than ever to have a robust billing system that maximizes your revenue. Without it, you...
2020 Is the Fourth Consecutive Year XIFIN Is Recognized by Black Book Research for Solution Excellence
This year has been unlike any other. Diagnostic providers have faced many challenges managing a rollercoaster of testing volume – with its associated claims and revenue implications – driven by COVID-19. XIFIN and its innovative laboratory solutions and services have played an important role in supporting these providers as they handle high testing volume and reimbursement challenges during the...
The Cost of Preserving the Status Quo – It’s Not an All or Nothing Decision Anymore
Whether you’re a laboratory, pathology practice, molecular diagnostic provider, remote patient monitoring organization, or one of the nation’s largest hospitals offering ancillary services, factors causing revenue compression are threatening your bottom line. They include: Testing volume and reimbursement related to COVID-19. With volume initially dropping as much as 60% during the pandemic...
Ancillary and Ambulatory Services - Why EHR Revenue Cycle Modules Aren’t Enough for Hospital Labs (Part 5)
Electronic health record (EHR), enterprise systems, and other practice management software fail to support the unique RCM needs of ancillary and ambulatory services. Lacking the appropriate RCM tools and solutions prohibits these valuable services from having visibility into their RCM processes and being fully reimbursed for the services they provide. As an example, MercyOne Des Moines opted to...
COVID-19 Puts a Spotlight on Billing DIY versus Outsourcing
As the economy starts to reopen and elective healthcare activities increase, hospital ancillary services, outreach programs, pathology practices, IDTF/remote patient monitoring companies, and independent labs must be ready to handle the volume surge. XIFIN’s Lab Volume Index data indicates a steady upward trend in lab volume; routine testing has already rebounded to nearly 80% of pre-COVID levels...
Amid Chaos — Big Changes Can Create Future Opportunity and Resilience
Unquestionably, the COVID-19 pandemic has had a significant impact on the diagnostic industry. Whether you manage a hospital outreach program, pathology practice, remote patient monitoring company, or an independent lab with a broad test menu – volumes have been reduced dramatically with the cancellation of elective procedures. As the XIFIN Laboratory Volume Index reveals, some diagnostic...
Deciding to Outsource Your Revenue Cycle Management (RCM) or Do it Yourself? Key Considerations
Achieving operational efficiency throughout a hospital, health system, independent laboratory, or independent diagnostic testing facility (IDTF) is an important criterion to ensure success. Diagnostic leaders know that by gaining efficiency and effectiveness in their revenue cycle management (RCM) processes and improving cash collections, they can significantly improve the profitability of the...
The Importance of Lab-Specific Revenue Cycle Management for Hospital Labs
As a laboratory leader, you understand the value and impact of the patient care data you generate for hospital and community patients. On the business side of things, however, you aren’t always provided with the appropriate tools and visibility to position the lab to also be a profitable business entity. The time is now to challenge your current revenue cycle situation, including system...
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