Lab Billing

Increase Profitability & Streamline Workflow

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.

Billing data is complex and hard to comprehend, which is why many revenue cycle management solutions fail. The ultimate goal of a lab is to increase profitability, which can be achieved by adopting superior Revenue Performance Management (RPM) solutions. RPM solutions enable labs to maximize reimbursements, revenue opportunities, and operational efficiencies, while building strong relationships with clients and patients.

XIFIN RPM can maximize a lab’s operational efficiency and receivables through its cloud-based Health Economics Optimization platform. The platform understands the complexities of lab billing information, and offers a data warehouse to accurately and meaningfully capture information. Using XIFIN RPM, labs can:

  • Improve Cash Collection – Achieve up to a 20% improvement in cash collections, reducing the number of unpaid and underpaid claims
  • Ensure Compliance – Track, interpret, and implement standards or payor changes within the billing system as well as monitor, and identify non-compliant activities
  • Reduce Expenses – Streamline and automate the billing process, to eliminate billing, IT infrastructure costs, and improve staffs productivity
  • Increase Financial Accuracy – Gain a suite of financial reports, and performance metrics that are Sarbanes-Oxley (SoX), and GAAP compliant

XIFIN RPM’s managed services include maintenance of data logic, daily processing, and management of online submissions. With powerful business intelligence capabilities, labs can maximize their reimbursements, and gain real-time financial and billing information. XIFIN’s workflow practices are optimized for high efficiency and revenue performance.

Get more insights on XIFIN RPM by downloading the whitepaper.