San Diego, CA -- May 3, 2011 - XIFIN Inc., the leading provider of revenue cycle management for diagnostic service providers, announced today that Bostwick Laboratories, Inc., a leading urologic anatomic pathology lab located in Glen Allen, VA, has selected XIFIN's revenue cycle management system to optimize billing and claims management, improve cash collections and help ensure adherence to regulatory compliance guidelines.
Bostwick Laboratories specializes in the diagnosis, treatment and management of prostate cancer, kidney disease, cancer of the bladder and all urologic conditions, with a growing presence in the dermatology, gastroenterology, gynecology, nephrology and hematology sectors of the anatomic pathology market. Although in operation for only twelve years, the company has experienced rapid growth during this time to become one of the top 10 largest laboratories in the country.
"We chose XIFIN because of their exclusive knowledge and focus on revenue cycle management solutions for the diagnostic service market, coupled with their ability to ensure a fast implementation through an SaaS platform," said David G. Bostwick, M.D., M.B.A. chief executive officer and chief medical officer of Bostwick Laboratories, Inc. "XIFIN's cutting-edge technology combines everything needed to manage workflow, improve the bottom line and monitor business operations with real-time analytics. Their advanced technology will carry us well into the future across multiple lines of business."
Designed around industry best practices, and used by the majority of the nation's largest laboratories, XIFIN's revenue cycle management system and services provide diagnostic service providers with new levels of automation and actionable management information to refine revenue cycle processes, improve the bottom line, reduce the risks associated with regulatory compliance and tap into critical strategic information needed to better manage their business.
Lale White, CEO of XIFIN, commented, "We are excited to partner with Bostwick Laboratories, a fast moving, high growth provider of technologically advanced diagnostics. Through this partnership we look forward to helping Bostwick improve its bottom line while staying ahead of the perpetual change in the diagnostics marketplace."
XIFIN has processed more than 175 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. Customers see significant improvements in profitability by collecting 8 percent additional cash on average in the first 12 months, and have realized cumulative gains of $1 billion in net cash collection, adjusted for growth.
About Bostwick Laboratories
Bostwick Laboratories is a full-service laboratory specializing in uropathology, with an exceptional staff of board-certified, internationally renowned pathologists dedicated to the diagnosis, treatment and subsequent management of prostate cancer, kidney disease, cancer of the bladder and urologic conditions.