Myriad Genetics discusses how the XIFIN RPM billing system improved its collections and process efficiency
Myriad Genetics, Inc. is a molecular diagnostic company. Founded in 1991, Myriad was the first clinical laboratory to commercialize genetic testing. Myriad focuses on improving patient care through the development of transformative genetic and molecular diagnostic tests that address pressing clinical needs across multiple medical specialties including hereditary breast and ovarian cancer, prostate cancer, and melanoma.
Before implementing XIFIN RPM, Myriad Genetics was quickly outgrowing its billing and reimbursement process. Orders were entered and double checked manually and there was no connectivity between the laboratory systems and the billing process. Myriad was growing quickly and the management team knew it needed to implement a more advanced billing system. Myriad looked into several systems and one of the things that led to the selection of XIFIN RPM was XIFIN's focus and expertise in laboratory billing. As a public company, Myriad also needed better business intelligence and audit support, as well as a system with the ability to grow with it and to help it become more efficient.
Implemented in 2007, XIFIN RPM fit most of the company's needs right off the bat and the solution was easily tailored to suit Myriad's unique requirements, including specialized interfaces and reporting. XIFIN RPM enables Myriad to automate error processing and eligibility verification to maximize the submission of clean claims.
With XIFIN, Myriad saw days sales outstanding (DSO), a key measure, improve approximately 33%, and also experienced increases in productivity and other efficiency measures. Myriad uses XIFIN Business Intelligence to track monthly and quarterly statistics and evaluate performance against industry benchmarks, achieving best-in-class status in many performance categories. Myriad also uses XIFIN Business Intelligence as a critical component in running the business and managing receivables, and has found that with XIFIN RPM, the monthly financial close is much faster and easier.