Financial Management Clinical Laboratory

Financial Management Made Easy for Clinical Laboratories

XIFIN RPM in the Lab

Labs face a number of issues, including decreasing reimbursement, increased competition for outreach work, and increased client demand for direct EMR interfaces. In response to the issues, laboratories are looking to drive out inefficiencies?especially in manual workflows?and reduce costs, and to improve their service offerings. Legacy software systems are inefficient and fail to support current revenue models.

Today, clinical laboratories are facing growing challenges in the reduction of bad-debt, claim-error, staff and budgets along with the need for compliance updates, rigorous accounting discipline and more. Labs have a crucial need to optimize their business processes, therefore an efficient and effective billing operation is required.

XIFIN offers an innovative cloud-based technology platform that provides metrics to enable clinical laboratories to optimize their business and financial operations to improve healthcare delivery and outcomes. XIFIN Revenue Performance Management (RPM) system, a comprehensive, highly automated solution, manages revenues, drives down the total cost of billing, enabling laboratories to:

  • Improve Cash Collections – Achieve an improvement of up to 20% in cash collections by reducing unpaid and underpaid claims.
  • Decrease Expenses – Streamline and automate billing processes by eliminating billing and IT infrastructure costs and optimizing your staff's productivity.
  • Stay Compliant – Track and implement payor and standards changes by monitoring and identifying non-compliant activities.
  • Enhance Financial Accuracy – Obtain accurate financial reports and operational performance metrics in accordance with Sarbanes-Oxley and GAAP guidelines.

With a unique and robust combination of a cloud-based health economics optimization platform, best practices-based workflow automation and extensive managed services, XIFIN RPM eliminates the root causes of costly billing errors that lead to bad debt, labor intensive re-work, and compliance exposure.

Given the unmatched flexibility and accuracy of the XIFIN Health Economics Optimization Platform, it's little wonder as to why 7 out of 10 of the largest clinical laboratories in the United States rely upon XIFIN RPM for their billing processes. Learn more about XIFIN’s RPM solution, connect with us today by completing the form to the right!