Payment reform and reimbursement challenges amplify the significance of financial savvy to prepare and position outreach laboratories for success
SAN DIEGO, Calif., -- February 19, 2018 -- XIFIN, Inc., the healthcare information technology company revolutionizing the business of healthcare diagnostics, will co-present a session on building an analytics-driven laboratory outreach business with Robert Wood Johnson University Hospital, part of the RWJ Barnabas Health system, at the HIMSS18 Conference & Exhibition taking place March 5-9 at the Las Vegas Venetian-Palazzo-Sands Expo Center.
Charles Wilson, MHA, VP of operations at Robert Wood Johnson University Hospital, and Kyle Fetter, MBA, EVP and general manager of diagnostic services at XIFIN, will present “Building an Analytics-Driven Laboratory Outreach Business.” The session, scheduled for Wednesday, March 7 at 8:30-9:30 AM in Palazzo B, will highlight how RWJUH implemented a revenue cycle management and analytics platform to achieve visibility into operational performance, and will offer strategies for building a financial foundation for success to position the outreach laboratory as a profit center.
“Although average operating margins for laboratory outreach programs remain near historical levels in the 25 percent range, few outreach labs have access to dedicated data and metrics to understand and measure their profitability,” stated Wilson. “Outreach labs that are operated like businesses, with effective revenue cycle management analytics to understand costs, margins, profits and losses are best positioned to remain profitable and grow.”
At the heart of RWJUH’s operating strategy is the use of XIFIN RPM, which provides full visibility into the financial performance of laboratory operations at every stage from lab order submission to final payment, and provides automated tools to identify and correct errors for clean claims submissions to ensure maximum reimbursement. The system provides data analytics and reports to give the laboratory full visibility into operational performance including the ability to understand costs vs. reimbursements, track key performance indicators, use strategic scorecards and set alerts if metrics fall below target thresholds.
“One of the biggest benefits to an analytics-driven laboratory environment that we will discuss in our presentation is how it arms laboratory executives with real-time access to precise data such as key cost, revenue, and performance indicators to help evaluate operating performance, demonstrate profitability, identify areas needing improvement, negotiate contracts and guide the best business decisions,” stated Fetter.
Representatives from XIFIN will be available at booth #673 throughout the conference to meet with attendees and discuss how the company is helping healthcare organizations and laboratories leverage financial analytics for revenue optimization and value-based care.