XIFIN®, Inc. announces its agreement with Beaumont Reference Laboratory (BRL), one of the top 5 reference laboratories in the US, to install and use its complete revenue cycle management system and services.
In addition to supporting the growing outreach laboratory needs for the Beaumont Hospitals, with over 3.8 million tests performed annually, BRL has been a pioneer in the rapidly expanding field of molecular diagnostics services. While these new services represent significant new revenue opportunities for labs, they also demand more sophisticated financial management and reporting capabilities, beyond those available from traditional billing software. BRL saw in XIFIN not only these capabilities but also the means to improve and enhance its overall revenue cycle management process for the foreseeable future.
"XIFIN will be an important part of the laboratories’ convergence strategy," comments Randy Haase, BRL’s Administrative Director. "The process re-engineering and the financial reporting capabilities that XIFIN provides will enable us to achieve our overall goal of creating a best in class outreach reference laboratory."
"Beaumont Reference Laboratory represents the future of clinical laboratories as they simultaneously grow their core testing business while aggressively pursuing promising molecular diagnostics opportunities," notes Lale White, Executive Chairman of XIFIN. "Their decision is further confirmation that XIFIN is uniquely positioned to provide labs with the tools and services they need to facilitate growth and cope with their complex and continually changing service menu and business mix."
About Beaumont Reference Laboratory (BRL):
The Beaumont Reference Laboratory (BRL) is a for profit entity of the Beaumont Laboratories and uses the main hospital laboratories of both Royal Oak and Troy campuses to perform testing. BRL provides both outreach laboratory services and esoteric reference testing to over 1600 clients, including physician office practices, long term care, assisted living facilities and hospitals. Currently BRL is ranked among the top 5 hospital outreach laboratories in the nation for size and complexity, supplying more than 3,800,000 billable tests to the laboratory testing centers. BRL has experienced a market growth of approximately 10% every year since its inception in July of 1993. BRL also has its own dedicated sales and marketing, courier, processing, client services, phlebotomy, billing and informatics departments, separate from the hospital-based departments with a total FTE of 223.