San Diego, CA — May 2, 2011 - XIFIN Inc., the leading provider of revenue cycle management for diagnostic service providers, today announced that customers utilizing XIFIN to automate the billing process and identify the root causes of costly billing errors have realized cumulative gains of $1 billion in net cash collection, adjusted for growth.
XIFIN’s system is used to process more than $6 billion in claims annually, including claims for seven of the industry’s 10 largest labs and over half of all claims submitted by laboratories specializing in molecular diagnostic testing.
“Our clients have seen significant improvements in cash collection across all payor categories,” stated Lâle White, CEO of XIFIN. “XIFIN’s automated, rules-based system improves the speed and accuracy of claims processing, creating opportunity for improved profitability within the first year. At the same time, financial managers have access to detailed financial reports, metrics and key performance indicators to strategically stay on top of their business.”
Through use of high-level automation and edits that manage the entire billing process and help ensure regulatory compliance, XIFIN integrates the critical data, resources and external systems needed to prepare a clean, accurate claim. XIFIN’s rules-based workflow identifies errors and exceptions upfront to prevent third party denials and ensure that a higher percentage of accounts receivable is collected.
XIFIN’s system is provided as a “Software-as-a-Service”(SaaS) model, where XIFIN manages the system hardware, software, and all electronic data interchange (EDI), and the provider’s billing staff accesses it remotely via the Internet using a standard web browser. 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. 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 175 million claims, enabling customers to collect 8 percent additional cash on average in the first 12 months, 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.