San Diego, CA January 19, 2010 -- XIFIN Inc., the leading provider of revenue cycle management for diagnostic service providers, announced that seven of the industry's 10 largest clinical labs are working with XIFIN to automate their billing process, improve cash collections, better manage medical claims filing and reduce the costs associated with regulatory compliance.
Leading laboratories using XIFIN's system include LabCorp, Mayo Medical Laboratories, Myriad Genetics, and Sonora Quest. Also a proven leader in the molecular diagnostics market, XIFIN processes nearly 60% of all claims submitted by laboratories specializing in molecular testing including Clarient, Genzyme Genetics and Myriad.
"The endorsement of XIFIN's revenue cycle management system by these prominent laboratories validates the growing demand for automated solutions that address the unique and complex reimbursement requirements that diagnostic service providers face," said Lale White, CEO of XIFIN. "An automated, rules-based system and reliable financial analytical information is critical for improving and standardizing workflow to achieve the greatest return on investment and maximize productivity. Diagnostic service providers must remove manual decision-making from the billing and collection process, as it is one of the biggest failures of most billing systems, resulting in significant compliance issues of which most labs are unaware."
Customers who utilize XIFIN to target the root causes of costly billing errors have realized gains of 8-20% in their net collections within the first 12 months.
XIFIN's solution is provided as a "Software-as-a-Service" (SaaS) model, where XIFIN manages the system and the lab's staff accesses it remotely via the Internet. This hosted model has a far superior total cost of ownership (TCO) requiring no upfront costs, capital expense, equipment or licenses, IT personnel costs, data centers or maintenance. The management of electronic files is completely eliminated. Additionally, with higher reliability and security, the software is always at the latest version with the most recent payor rules, settings and regulatory configurations yielding improved revenue capture and a first-pass claim acceptance rate of 97% or better.
XIFIN has processed more than 150 million claims for a variety of diagnostic service providers across various healthcare segments including clinical, hospital outreach, anatomic pathology, molecular diagnostics, therapeutic pain management, radiology and more.
Vice President, Marketing
Myla Wagner Public Relations