Lab-Specific Revenue Cycle Management Systems Help Keep Hospitals Compliant

Like all laboratories, hospital outreach labs need to ensure compliance with regulatory requirements. Selecting the right revenue cycle management (RCM) partner, dedicated to the unique needs of laboratories helps hospitals keep in step with compliance.

Too often, we see hospital outreach labs expected to “make do” with the health system that the hospital uses for billing, claims management, and financial management. These systems tend to be enterprise solutions designed for the needs of the hospital, with no specific expertise in laboratory needs. In the best-case scenarios, these enterprise systems react to regulatory changes whereas the right lab-specific RCM system partner helps hospital labs understand and proactively respond to upcoming requirements.

A great example of this is PAMA data collection and reporting. CMS recently changed the definition of “applicable labs” for PAMA and expects many more hospital labs to meet the requirements for data collection and reporting. However, many hospital executives who are currently using enterprise systems are not being educated by the enterprise system vendors about these changes and the requirements that are now in place for many hospital outreach labs.

There are, of course, many other benefits to choosing an RCM system from a partner with extensive laboratory expertise. Hospital and health system outreach laboratories remain under continuous reimbursement pressure. For outreach labs to thrive in this market, they need to operate with visibility into their key performance indicators. To gain this needed visibility, outreach labs need a lab-specific RCM system with strong business intelligence and analytics reporting capabilities. 

Outreach labs can start increasing cash collection rates and gain the visibility needed to optimize financial performance with the following capabilities:

XiFin solutions for hospitals and outreach labs are uniquely capable of delivering the interoperability, connectivity, advanced workflow, and visibility needed in today’s leading hospital outreach labs. XiFin delivers measurable results, with improved cash collections, efficiency gains, and compliance management capabilities that substantially improve the bottom line and mitigate risk. In addition, our RCM solution, XiFin RPM, provides the flexibility to let labs choose to outsource billing and related services to our team of experts to achieve revenue gains as quickly as possible.