In a recent release, XIFIN, Inc. announced a series of milestones related to its leadership and innovation in diagnostic revenue cycle management (RCM), beginning with reaching $40 billion in gross annual claims billing for its hospital-based and independent diagnostic laboratory customers. The company is also unveiling that its hospital lab customers have realized an impressive 20-40 percent average improvement in cash collections, double to quadruple the industry norm. In addition, XIFIN has added MercyOne Des Moines Laboratory to its growing list of hospital and health system customers. Now, four of the top five integrated delivery networks are using XIFIN solutions, which access and combine unmatched industry data.
MercyOne Des Moines Laboratory performs outreach laboratory services out of MercyOne Des Moines Medical Center in Iowa and is part of the Catholic Health Initiatives (CHI) organization, which operates in 19 states and includes 105 hospitals as well as multiple other facilities and services. MercyOne Des Moines Laboratory selected XIFIN to unify and improve its billing and financial operations and has experienced a 15 percent improvement in monthly cash collections within the first six months of leveraging XIFIN for revenue cycle management, even taking into account Protecting Access to Medicare Act (PAMA) impact and adjustments to volume.
Diagnostics are at the center of healthcare, providing the opportunity to bend the healthcare cost curve, improve quality of care and outcomes, and represent a data inflection point that ripples throughout the healthcare arena. However, labs still face significant challenges, including substantial fee cuts driven by regulations like PAMA. Hospital labs in particular have the added burden of struggling to gain visibility and control over their operations.