Increased Profitability. Better Outcomes.
Diagnostics are a critical element in the healthcare paradigm, but the complexity of reimbursement for them, as well as the constantly changing rules and regulations, profoundly impact the business side. Realizing there weren’t good solutions for laboratories in the commercial market, XIFIN CEO Lâle White founded XIFIN to provide a solution and delivery model that supports this highly complex and ever-changing environment, as well as a package that could provide the strategic financial management reports needed to actually run such a business.
Modeling the Tides of Change
From the beginning, the company saw that what was needed was a paradigm shift. To deliver improved financial management and performance, processes needed to be highly automated while also maintaining constantly updated logic to keep them optimized.
The solution was to start with a Software-as-a-Service (SaaS)-based technology platform that frees laboratories from having to install and maintain costly IT infrastructure, software updates and new releases.
Taking advantage of this cloud-based structure, XIFIN approached revenue cycle in a completely new way, leveraging its technology with a comprehensive set of managed services that remove the never-ending tasks of keeping data logic and edits current and performing all daily processing and management of online submissions off the laboratory’s plate. XIFIN was the first to understand the power of cloud delivery in this environment, and has continued to extend its platform and broaden its offerings to a comprehensive set of solutions.
Today, XIFIN’s billing solutions serve diagnostic service providers of all types — including clinical, hospital outreach, anatomic pathology, molecular diagnostics, toxicology, medical device, and radiology providers ranging from early stage start-ups to the nation’s largest laboratories and practices. Earlier this year, Frost & Sullivan selected XIFIN company of the year for North America Revenue Cycle Management Diagnostic Laboratories.
Stumbling Blocks Encountered
As with most paradigm shifts, XIFIN faced two key challenges in its early years:
In the late 1990s and early 2000s, the market was not necessarily ready for a cloud-based solution. Many systems lacked the interoperability and Internet communications protocols required for optimum connectivity. In many places, billing and accounts receivable was still largely a paper-based exercise. It wasn’t until 2005 that most medical providers were required to file electronic claims using Health Insurance Portability and Accountability Act (HIPAA) standards. Electronic medical records didn’t become part of industry vernacular until still later. Accordingly, the company needed to develop technological innovations to meet the technology shortcomings of the entities with which it needed to integrate.
The second key challenge XIFIN faced early on was the need to educate its market on what it meant to be cloud-based and what benefits derive from such a structure. Many organizations were only familiar with installed software solutions, with accompanying hardware and software maintenance needs, and didn’t understand how a SaaS model might work. It fell to XIFIN to demonstrate the feasibility, security, and benefits of the cloud, and how it enables it to provide additional services that a standard software provider could not.
Empowering Employees with a Culture of Listening
XIFIN recognizes its single greatest strength is its employees. White explains, “We have so many talented and insightful individuals here, and we both want and need to listen to them. Collectively, employees are responsible for everything the company does and hopes to achieve.” The employees act proactively and are key sources of innovation and improvement, which they are able to do because the company fosters that type of environment.
In a dynamic organization like XIFIN, disagreements arise most often because passionate people sometimes differ in their views of how best to achieve common goals. It can be a difficult balancing act to encourage passion but temper it in light of these differing views, but XIFIN sees strong open and direct communication as its best weapon. “People do their best when they are given the responsibility, accountability, and authority to act. It takes all three together—along with clear principles and adequate knowledge to guide those actions,” concludes White. At XIFIN, the pace of change and innovation is very fast, and the company is reliant on its people to keep pace.
“The data we get is sound, valid. Actually, XIFIN is our source of truth.” – Bobbi Kochevar, Director, Diagnostic Therapy & Care Management, North Memorial
“Not only is XIFIN a business partner, they’re a colleague in what we do. It’s transparent to us. XIFIN is part of Northwell in what we do every day.” – Richard Tesoriero, Assistant Vice President, Northwell Health
Greet the Game Changer
Lâle White, Executive Chairman and CEO: White is a nationally recognized expert in the field of medical financial management and regulatory compliance, with over 25 years of experience in information systems development and medical billing. She worked with HCFA and the US Office of the Inspector General to develop the first OIG Model Compliance Program. White was previously vice president - finance of Laboratory Corporation of America (NYSE: LH), one of the largest clinical reference laboratories in the US, and its predecessor National Health Laboratories, where she led the software development of several accounts receivable, inventory, cost accounting and financial management systems for the laboratory industry. White sits on the Board of Directors for CombiMatrix Corporation, a molecular diagnostics company specializing in DNA-based testing services. White has a BA in finance and an MBA from Florida International University.
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