Still Using Spreadsheets to Manage Your Lab Business? There Is a Better Way – Practical AI and Advanced Analytics

Laboratories, pathology practices, molecular diagnostic providers, and hospital outreach programs, as well as remote patient monitoring device companies, process millions of claims worth billions of dollars each year. Yet many diagnostic providers are still using spreadsheets, or legacy data management tools to do their financial or operational analysis. As a result, key financial and operational insights remain untapped, ultimately impacting diagnostic business performance, profitability, and competitiveness.

Does Your Laboratory or Medical Billing Software Include an Enterprise Data Warehouse and Business Intelligence Capabilities?

Every XiFin RPM client gets enterprise-grade business intelligence (BI). Architected for maximum performance and built on a healthcare financial management-specific data model, XiFin BI delivers accurate, meaningful results that are both GAAP and Sarbanes-Oxley compliant and conforms to FASB reporting requirements. 

Advanced Analytics Transform Executive & Operational Reports

XiFin’s BI portfolio includes advanced analytics options that offer:

• Executive-level dashboards, guided analytics, and key performance indicators (KPIs) through preset visualizations that can be easily modified using menus and filters.
• Subject-specific data sets and preset visualizations with the added capability of detailed exploration of the data and self-developed visualizations.
• The ability to integrate or federate other data sources with XiFin RPM data.

Transformative RCM for the New Decade Means Using Practical AI Solutions

AI has moved beyond theory for the diagnostic industry with practical applications that directly impact the bottom line. At XiFin, we have found that applying all of our advanced statistical methodologies works exceedingly well when used with high-quality and properly organized data models. With specific inputs and when correctly applied, AI can provide a highly accurate prediction of things like payor expect pricing, reimbursement likelihood of near-term accounts receivables, and revenue recognition.

AI solutions are particularly useful for repetitive financial analysis, such as comparative performance, e.g., the profitability of one client vs. another. Additionally, AI can uncover insights that can inform diagnostic billing processes and workflow automation configuration changes. For example, AI can uncover insights such as which team members are more effective than others at resolving certain types of error codes, and who processes more volume so that the lab can configure a workflow to assign work based on effectiveness rather than productivity.

XiFin RPM 11 is the only revenue cycle and financial receivables management platform for laboratories and other diagnostic providers with referential integrity, robust workflow automation, and optional Advanced Analytics and AI solutions that help diagnostic providers transform their RCM process to ensure exceptional performance, profitability and competitiveness.  

For a consultation about how AI or Advanced Analytics can help your business, contact us.

Visit our landing page for more information on XiFin RPM 11.

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