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XiFin Innovation Drives Growth in Four Critical Business Areas During COVID-19
February 16, 2021Despite COVID-19’s industry-altering effects on diagnostic labs and healthcare in general, XiFin innovation in 2020 drove growth in four critical business areas: digital and genomic health, remote patient monitoring and medical device, healthcare informatics oncology, and traditional laboratory markets.
XiFin also generated notable client results and provided unique insights into lab testing activity. The company used its in-depth clinical and financial data to create the Lab Volume Index, critical during these challenging times. The Lab Volume Index is a laboratory test tracker fueled by payment data that makes up 20% of all COVID-19 testing claims nationwide.
The Lab Volume Index showed that after a year in which routine testing volumes fell as much as 66% at the beginning of the pandemic, the diagnostic lab industry has since recovered some of its losses and expanded to support increasing COVID demands. In January 2021, routine testing is over 100% of pre-pandemic baseline levels in the US, and COVID-19 and routine testing volume combined is just under 250% of baseline.
“Diagnostic laboratories have played a remarkable role in the fight against the COVID-19 pandemic, which has changed how labs will operate moving forward,” said Lâle White, executive chair and CEO at XiFin. “Today, they manage continually changing testing demands, new data reporting needs, and complex reimbursement requirements while looking ahead to anticipate testing shifts resulting from national vaccinations. We expect that a high volume of COVID-19 testing will continue undiminished for the first quarter of the year as PCR tests remain the ‘gold standard,’ providing both viral load and variant data for disease management not available with point-of-care and at-home testing. In addition, the advent of vaccinations does not eliminate the need for testing. We anticipate a lower but continuing level of PCR testing along with an increase in highly sensitive antibody testing as the number of people vaccinated rises.”
Market Expansion Reflect Shifts in Healthcare Dynamics
In 2020, XiFin also launched XiFin RPM 12 and XiFin LIS 7, which, when combined with VisualStrata, drives customer and the company results. XiFin experienced a:
Also, XiFin RPM customers achieved a 10% to 30% average cash collection improvement over the past year, while some clients saw LIS volume grow 155%. One of those customers was A2Z, an Anatomic Pathology/Molecular lab based in New Jersey, which expanded tests on the platform by nearly 600% – mostly due to expansion in COVID testing.
“The XiFin RPM technology infrastructure, analytics, and services have been an essential component in meeting our goals,” said Kevin Feeley, CFO, BioReference Laboratories, an OPKO Health company. “Volumes have more than doubled, and it has been handled to the same level of excellence with our clients and patients, without needing to add additional staff.”
As stated earlier, while the healthcare industry experienced disruption and innovation last year, XiFin saw growth in four business areas:
XiFin Forecasts Strong PCR Testing Through Q1 2021 in Wall Street Briefing
In early 2021, White and XiFin COO Kyle Fetter participated in a teleconference for Wall Street investors. Along with UBS analysts and subscribers, XiFin leaders discussed the diagnostics industry’s state and shared short and long-term expectations.
The teleconference covered:
- Increased attention on genomic and viral load testing as the COVID-19 virus evolves
- Anticipation that PCR testing will not slow down until more of the US population is vaccinated
- A forward look at plans to include year-over-year testing comparisons within the LVI
Listen to a recording of the full teleconference and read the latest Lab Volume Index update.
