Reduce Error Processing and DSO; Collect More Cash, Earlier

An increase in patient responsibility across almost all insurance plans means that collecting fees from patients is increasingly important to a laboratory’s bottom line. XIFIN iNet™ web services for patient service centers gives labs with interoperable registration systems the ability to identify and capture patient fees up front at the time of service.

Determining outstanding balances and error processing are two activities that traditionally have been confined to the billing department. In registration systems that leverage XIFIN’s advanced web service technology, these capabilities are now available at the Patient Service Center (PSC). When XIFIN iNet web services are incorporated into a registration system at a PSC, it allows the lab to collect outstanding co-pays, deductibles, and balances, and correct patient demographics while the patient is present. The result? A dramatic increase in collections and a decrease in both Days Sales Outstanding (DSO) and the time spent in error processing.

Benefits

Capture the right information at the right time

  • Enable service center staff to inform patients of their payment responsibilities and collect payment
  • Increase payment rates
  • Decrease costs for bills and dunning cycles

Submit claims and receive reimbursement faster

  • Decrease errors and reduce FTE hours spent cleaning claims
  • Submit a larger percentage of clean claims up front
  • Reduce the quantity of error processing correspondence
  • Reduce labor-intensive manually corrected, one-off updates

View a case study on how a US laboratory implemented XIFIN iNet web services within Atlas Medical’s LabWorks® to aggressively drive costs down and increase efficiency. Using the combined interoperable solution from both partners, the laboratory gains a significant increase in cash collections and a noticeable reduction its DSO and internal costs.