Sequenom, Inc. discusses its improved billing operations and performance, and credits its billing system implementation.
Sequenom Laboratories, a subsidiary of Sequenom, Inc. (NASDAQ: SQNM) is a certified molecular diagnostics laboratory that provides innovative testing and genetic analysis solutions focusing on prenatal and ophthalmological diseases and conditions. Sequenom Laboratories is changing the landscape of genetic disorder diagnostics using proprietary cutting edge technologies and its molecular genetic laboratory-developed tests provide critical early patient management information.
Sequenom Laboratories brought its billing system in-house in the second quarter of 2013 by implementing the XIFIN RPM billing solution. XIFIN helps molecular diagnostics laboratories manage their unique reimbursement challenges including dealing with the molecular diagnostics coding changes adopted by CMS, Medicaid, and third-party payors at the beginning of 2013, which included the elimination and replacement of certain molecular diagnostics billing codes and has resulted in payment delays.
In reporting its financial results for the third quarter of 2013, Sequenom stated that collections for diagnostic services improved in the third quarter, particularly for services performed in prior periods, due in part to the new, in-house billing system.
“We are extremely pleased with the progress of Sequenom Laboratories billing process, which was brought in-house in the second quarter, providing us with improved visibility to the status of our claims and enabling us to respond timely to requests by payors for additional information. We continue to work through these challenges and expect to see additional improvements as we focus on collections during the remainder of 2013," said Paul V. Maier, Sequenom's CFO. “We have restructured our operations for renewed efficiencies and reduced the run rate of our operating expenses by approximately $13 million annualized, which will begin to take effect in the fourth quarter.”
Read the complete Sequenom earnings report.