MDx Customers Realize Average Cash Improvements of More Than 25 Percent, Bad Debt Reductions of 50 Percent
San Diego, Calif., - January 16, 2012 - XIFIN Inc., the company revolutionizing revenue cycle management for diagnostic service providers, announced today that American International Biotechnology Services, LLC (AI BioTech) a leading clinical research organization in Richmond, VA, has selected XIFIN’s revenue cycle management system to optimize billing and claims management and provide technological guidance in support of the rapidly changing molecular diagnostics landscape.
A proven leader in the molecular testing market, more than 60 percent of the molecular testing business submitted by laboratories specializing in molecular diagnostics nationwide are processed by the XIFIN system. XIFIN’s MDx customers have realized average cash improvements of more than 25 percent adjusted for growth, and bad debt reductions of 50 percent in the past twelve months alone.
AI BioTech provides integrated research and development and clinical testing services to physicians and life sciences investigators at biotechnology and pharmaceutical companies, academic institutions and government agencies in support of bringing new products to market.
"Implementing RCM solutions that will help us navigate the reimbursement and regulatory complexities of the molecular diagnostics market is critical to drive rapid company growth," said Bill Miller, CEO of AI BioTech, LLC. "XIFIN was the clear choice because the company has a solid reputation for achieving results, powerful web service technology, and a leadership team recognized for change advocacy and reform in the molecular DX and diagnostic services market. I am confident that our partnership with XIFIN will provide the framework we need to strategically manage our operations and drive growth and profitability."
"Complex labs like AI Biotech experiencing high growth and volume need advanced billing systems to operate as efficiently as possible and capture every dollar earned," said Lâle White, CEO of XIFIN. "XIFIN is particularly well suited to environments with these factors at play, given our unique hybrid model which provides the flexibility of an outsourcing relationship with the full transparency and control of an in house system. Leading MDx companies nationwide use our system to gain complete visibility into revenue and billing system activity, test ordering patterns, and payor specific reimbursement, resulting in significant gains in cash and bad debt reductions. We welcome AIBioTech aboard and look forward to a long and rewarding partnership."
XIFIN processes more than 100 million claims per year across a wide variety of healthcare segments including clinical, hospital outreach, anatomic pathology, molecular diagnostics, toxicology, 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.
AIBioTech is a comprehensive Contract Research Organization providing research services, drug development, assay development, and clinical testing services to organizations involved in life sciences research to help bring new products to market. Core laboratory services include molecular biology, microbiology, virology, immunochemistry, peptide, bioorganic, protein and bioanalytical chemistries.