Enabling Clinical Laboratories to Thrive Amid Market Disruptions
The laboratory industry has had a rocky ride in recent years, and there is no evidence it will let up soon; reimbursement faces ongoing compression from multiple fronts, changing healthcare models threaten to undermine laboratory’s role in the delivery of optimized healthcare in an increasingly patient-centric world; and information sharing needs are fueling an explosion of healthcare IT demands. Healthcare is predicted to change more in this decade than it has in the whole preceding 50 years. By some estimates, 35% of current healthcare organizations will cease to exist within the next five years and another 40% will find themselves in a precarious position. Only 25% are projected to thrive over the next five years.
So how does a laboratory ensure it’s part of the successful minority rather than becoming a healthcare casualty? The key is understanding the critical role laboratory has to play in healthcare delivery, and leveraging its unique information assets to earn a "seat at the table" as healthcare continues to be transformed.
"The Dark Report concurs with a number of lab industry experts that [PAMA] Medicare fee cuts may be the single most disruptive event to hit the clinical laboratory industry in 40 years."
Clinical Laboratory Expertise
XIFIN has in-depth knowledge and experience in the clinical laboratory market that translates to clear performance improvements.The proof is in the numbers: our clinical laboratory clients bill for 70 million procedures annually, and our clients see significant improvements in profitability and collect on average 8 percent additional cash in the first 12 months; overall, XIFIN clients have netted a cumulative realized gain of over $3 billion in net cash collection, adjusted for growth.
Built to Achieve Health Economics Optimization
With high volumes and compressed margins, clinical laboratories need a platform that enables them to unleash the value of diagnostics — not just a smarter clinical laboratory billing or laboratory information system, but a technological foundation that encompasses both clinical and financial aspects, and lets laboratories gain the visibility and the tools they need to take control of their businesses.
A True Partner, Not Just a Vendor
XIFIN is a proven partner in enabling laboratories to gain a competitive edge with an advanced technological foundation that not only better manages accounts receivable, but also enables an expanded laboratory role in the emerging healthcare paradigm.
AMS recognized that the legacy billing system it was using was unable to keep up with the volume and frequency of changes required for effective and efficient billing and reimbursement-particularly those changes associated with Medicare. One of the first things that attracted AMS to XIFIN was the cloud-based business model that requires no hardware investment or maintenance. The second thing was the system's ability to always be current and seamlessly incorporate frequent changes to accommodate new codes, standards, and regulations.Full Success Story