XIFIN adds major health system to its growing network of customers as hospital labs realize 20-40% average improvement in cash collections
SAN DIEGO, Calif. – July 17, 2019 – XIFIN, Inc. announced a series of milestones related to its leadership and innovation in diagnostic revenue cycle management (RCM), beginning with reaching $40 billion in gross annual claims billing for its hospital-based and independent diagnostic laboratory customers. The company is also unveiling that its hospital lab customers have realized an impressive 20-40% average improvement in cash collections, double to quadruple the industry norm. In addition, XIFIN has added MercyOne Des Moines Laboratory to its growing list of hospital and health system customers. Now, four of the top five integrated delivery networks are using XIFIN solutions, which access and combine unmatched industry data.
Another Major Health System Joins XIFIN’s Expanding Network
MercyOne Des Moines Laboratory performs outreach laboratory services out of MercyOne Des Moines Medical Center in Iowa, and is part of the Catholic Health Initiatives (CHI) organization, which operates in 19 states and includes 105 hospitals as well as multiple other facilities and services. MercyOne Des Moines Laboratory selected XIFIN to unify and improve its billing and financial operations, and has experienced a 15% improvement in monthly cash collections within the first six months of leveraging XIFIN for revenue cycle management, even taking into account Protecting Access to Medicare Act (PAMA) impact and adjustments to volume.
“When evaluating our revenue cycle process, we identified some significant gaps – from money left uncollected to a growing backlog of unsubmitted claims to a serious lack of financial visibility,” said Mona Dinnauer, Laboratory Director-Outreach Services, MercyOne Des Moines Laboratory. “Since implementing XIFIN for our revenue cycle process, we’ve seen enhancements in several key areas across our organization, including cash collection improvements, increased visibility and better processes that result in the use of less resources. We are able to maintain a solid business footing, even with PAMA reductions and other industry challenges.”
Embracing the Power of Diagnostics and Data
Diagnostics are at the center of healthcare, providing the opportunity to bend the healthcare cost curve, improve quality of care and outcomes, and represent a data inflection point that ripples throughout the healthcare arena. However, labs still face significant challenges, including substantial fee cuts driven by regulations like PAMA. Hospital labs in particular have the added burden of struggling to gain visibility and control over their operations. XIFIN is committed to helping its customers, as well as industry organizations, overcome these challenges with solutions that access and combine unmatched industry intelligence with more than 20 years’ experience with claims data, serving over 112 million unique patients and processing 16.3 million accessions annually.
“At ACLA, we are committed to advancing policies that recognize the valuable contributions laboratory services make to patients, providers and the broader health system. Protecting these services and ensuring they remain accessible to those that most rely on them is one of our top priorities,” said Julie Khani, President of the American Clinical Laboratory Association. “We deeply value XIFIN as a dedicated partner in our mission to support and protect laboratories across the country, and the data and insight they provide has played an integral role in many of our most important advocacy efforts.”
Serving the healthcare diagnostics market for more than two decades, XIFIN helps its customers enhance lab revenue and reimbursement, driven by solutions that leverage machine learning and informatics. XIFIN is purpose-built for diagnostics, designing its RCM solutions to be highly flexible and meet the unique needs of all types of diagnostic providers. This includes hospital outreach and outpatient labs, pathology practices, independent, molecular and next-generation sequencing labs, as well as providers of diagnostics-based medical devices.
“The industry is being reshaped by trends like rising consumerism, the entry of nontraditional competitors, PAMA, consolidation, and the emerging focus on the value of data,” said Lâle White, executive chairman & CEO of XIFIN. “XIFIN’s innovative approach is not only helping the industry overcome these issues, but is driving incredible success for our clients and our business – as evidenced by MercyOne and other major healthcare systems that are experiencing strong increases in cash collections. XIFIN is a proven partner in helping diagnostic providers adjust to new industry norms and turn razor-thin margins into notable increases in cash flow. These accomplishments combined with our clinical and financial data intelligence make XIFIN the undisputed industry leader.”
Content & Resources
- Major hospital-based and independent labs across the country are utilizing XIFIN solutions to extend the lab’s role in the healthcare ecosystem. To learn more about XIFIN’s solutions, click here.
- To download the whitepaper from Lâle White, “Diagnostics and Market Disruption – The New Normal,” click here.