A Focus on Laboratory Revenue Cycle Management
According to CMS, 40 percent of laboratory claims are rejected or denied due to errors or incomplete information. Only half of these are ever corrected and resubmitted.While lab orders account for 30 percent of all claims, they represent only about 2 percent of healthcare spending. The sheer volume of low-dollar claims combined with the complexities and continual change in requirements and reimbursement cause labs to lose up to half of their profits. Most laboratories know they have high bad debt, but the real percentage is masked by contract underpayments and denials. Add to this adherence to compliance guidelines, and it is not surprising that most struggle to manage their revenue cycle process.
Applications and Services You Need for Revenue Cycle Management
XIFIN® delivers the most powerful information technology with comprehensive infrastructure and process management services that effectively address labs’ most costly financial challenge: inefficient and wasteful revenue cycle management. XIFIN offers a virtual billing “utility” by tightly integrating and enabling access to the most up-to-date and complete data processing, process management, infrastructure, resources and support services through a simple Web-based application. XIFIN improves financial management by specifically targeting the root causes of process errors that lead to bad debt, rework and compliance liabilities. XIFIN’s solution is grounded in a practical and expert understanding of work flows, operating environments, users, regulatory standards and financial management principles. With XIFIN, users manage lab-specific work flows, real time, through rules-driven automation, allowing realistic implementation of best practices. Infrastructure services include not only IT hardware and software, but also connectivity and access to all services and resources supporting the business process. Process services ensure that all essential resources and applications are current and optimized for each client. With XIFIN, you collect more of what you’re owed and your staff has more time for customers.
You Can’t Improve a Process You Can’t Measure
Laboratories lack the tools to identify net sales and measure profitability. It is difficult to see the actual value of a bill, or what the insurer’s contracted payment should be. XIFIN provides precise and accurate transaction- level details giving a clear financial picture of your business with GAAP-compliant metrics – a powerful tool for day-to-day management and strategic planning.
Better Results With Fewer People
The system helps identify, segregate and “manage” potential errors as well as process denials – automatically – as an integral part of the billing process. Automated decision making and work flows eliminate inconsistencies from manual procedures, appropriately route claims, reduce labor and expedite the overall process.
Focus on the Process, Not the Infrastructure
Visibility in any process is critical to managing it. XIFIN gives managers interactive tools and reports that let them monitor the entire process and intervene as needed, enabling laboratories to take charge of their revenue cycle. And, because XIFIN’s solution is Webbased and is responsible for the maintenance and delivery of virtually all the functionality and capability needed to process your AR, you no longer need to worry about the expense and headaches associated with process infrastructure – we provide and maintain it for you.
Eliminate Compliance Worries
XIFIN is the only revenue cycle solution recognized by the Council of Ethical Organizations that helps labs meet compliance guidelines. Upto- date compliance logic is embedded throughout the process to guide clerical decision making and identify and report potential problems.
Customer Success
Our clients have been collecting more of what is owed to them AND making better decisions that affect everything including contracting, strategy and sales – benefits only possible from XIFIN. Let us help you understand how XIFIN can help your lab maximize its potential.
