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We are pleased that we have entered into a new strategic partnership with XiFin to improve our revenue cycle management processes and results. As our business continues to grow, it is imperative that we realize the benefits of leveraging our financial performance improvements, and we are confident that we will achieve this outcome.
Tom Burnell
President and CEO | Interpace Biosciences
Success Story
Interpace Diagnostics is a molecular diagnostics laboratory. The organization was looking to outsource its revenue cycle management (RCM) process to take advantage of labor efficiencies and comprehensive RCM capabilities. Part of the team’s goal was to gain a more granular level of reporting, achieve better visibility into key performance metrics, and have business intelligence to make timelier, data-based decisions.
Since going live with XiFin RPM outsourced services, the Interpace team has seen an increased collection rate across multiple payor groups, directly increasing revenue and positively impacting profitability. With XiFin, Interpace achieved:
- 14% improvement on the average days from billed to cash collection
- 16% improvement on the average days taken to appeal an accession
- 15% improvement on the success rate of appeals
- 11% improvement on cash collections per accession
Interpace Diagnostics, part of Interpace Biosciences, (OTCQX: IDXG)
At-A-Glance
Interpace Diagnostics provides clinically useful molecular diagnostic tests, and pathology services for improved patient diagnosis and management. Its main tests are designed to detect genetic alterations and biomarkers that can identify and risk stratify pancreatic and thyroid cancers.