More than 60 Percent of Molecular Testing Lab Claims Nationwide Processed through XIFIN System
SAN DIEGO--(BUSINESS WIRE)-- XIFIN Inc., the company revolutionizing revenue cycle management for diagnostic service providers, announced today that Response Genetics, Inc., a leading developer of molecular diagnostic tests for cancer including ResponseDX: Lung™, ResponseDX: Colon™ and ResponseDX: Gastric™, with laboratory facilities in Los Angeles, has implemented XIFIN’s revenue cycle management system to optimize billing and claims management and help manage cash collections.
A proven leader in the molecular testing market, more than 60 percent of the molecular testing business submitted by laboratories specializing in molecular diagnostics nationwide are processed by the XIFIN system. XIFIN is unique in its approach to MDx labs, and offers them the XIFIN system in both an in-house and XIFIN-staffed outsourced model. The company works with these labs to determine and implement a billing setup that’s optimal for each lab; a molecular lab on the XIFIN system can readily transition from one model to another as its business dictates, without having to change systems, and with the full confidence that XIFIN can scale to any size and provide the strategic reporting capabilities essential to high growth, high volume labs.
The company also offers professional consulting services to help guide early stage companies through the complex process of commercialization, including coding and pricing strategies and patient advocacy programs.
“We believe XIFIN’s expertise in molecular diagnostic billing best positioned us to effectively manage RGI’s cash flow while bringing billing and collections in-house during a period of tremendous company growth and also to meet the stringent regulatory requirements for public companies,” stated David O’Toole, vice president and CFO at Response Genetics. “We looked at a number of vendors and quickly determined that XIFIN had the best capabilities and reporting and is considered by many as the gold standard for diagnostic companies. We are thrilled with the results so far. Only a month in, we’ve already achieved 100 percent clean claims, and have seen a significant reduction in DSO for Medicare reimbursement, which will have a positive impact on our monthly cash flow.”
Lâle White, CEO of XIFIN, commented, “For more than 12 years, XIFIN has been committed to helping diagnostic service providers like RGI improve revenue cycle management. As we continue to expand in the molecular diagnostics market, it is clear that these specialized companies are looking for a reliable revenue cycle management system vendor that understands the unique needs of their business, and they are choosing XIFIN. We are excited to partner with RGI to provide both a robust, scalable billing system and a framework to strategically manage their operations to optimize profitability.”
XIFIN’s revenue cycle management system and services provide diagnostic service providers of all types—from early stage startups to the nation’s largest laboratories—with new levels of automation and actionable information to refine revenue cycle processes, improve the bottom line, reduce the risks associated with regulatory compliance and tap into critical strategic information needed to better manage their business.
XIFIN processes more than 100 million claims annually across a wide variety of healthcare segments including clinical, hospital outreach, anatomic pathology, molecular diagnostics, toxicology, radiology and more. Customers see significant improvements in profitability by collecting 8 percent additional cash on average in the first 12 months, and have realized cumulative gains of $1 billion in net cash collection, adjusted for growth.
About Response Genetics, Inc.
Response Genetics Inc. is focused on the development and sale of molecular diagnostic tests for cancer. RGI’s technologies enable extraction and analysis of genetic information from genes derived from tumor samples stored as formalin-fixed and paraffin-embedded specimens. In addition to diagnostic testing services, the Company generates revenue from the sales of its proprietary analytical pharmacogenomic testing services of clinical trial specimens to the pharmaceutical industry. RGI was founded in 1999, and its principal headquarters are located in Los Angeles, California. For more information, please visit http://www.responsegenetics.com.
XIFIN is a Software-as-a-Service (SaaS) provider of revenue cycle management solutions that help diagnostic service providers improve financial performance and enhance operational efficiency with a compelling return on investment and rapid time-to-value. The company has received continual industry recognition, including being named to the Inc. 5000 fastest growing privately-held companies 2007 through 2011, and ranking among Deloitte’s Technology Fast 500. To learn how XIFIN uniquely delivers revenue cycle management, visit www.XIFIN.com.
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