SAN DIEGO--(BUSINESS WIRE)--Following a year that has redefined the diagnostic laboratory industry and healthcare at large, XIFIN experienced strong growth in four key areas in 2020, with expectations of continued momentum into the new year. This includes expansion into digital and genomic health, remote patient monitoring and oncology — while driving notable results for clients and providing unique insights into lab testing activity.
XIFIN has leveraged its vast clinical and financial claims data to create the Lab Volume Index (LVI), a laboratory test tracker informed by payment data that makes up 20 percent of all COVID-19 testing claims nationwide. After a year in which routine testing volume fell as much as 66 percent in the pandemic’s early days, the industry has since recovered lost ground while also expanding to support ever-increasing COVID testing demands. In January 2021, routine testing is already over 100 percent of pre-pandemic baseline levels in the US; while COVID-19 and routine testing volume combined is just under 250 percent of baseline.
“Diagnostic laboratories have played a remarkable role in the fight against the COVID-19 pandemic, which has changed how labs will operate moving forward. Today, they manage continually changing testing demands, new data reporting needs and complex reimbursement requirements while looking ahead to anticipate testing shifts resulting from national vaccinations,” said Lâle White, executive chair and CEO at XIFIN. “We expect that a high volume of COVID-19 testing will continue undiminished for the first quarter of the year as PCR tests remain the ‘gold standard,’ providing both viral load and variant data for disease management not available with point-of-care and at-home testing. In addition, the advent of vaccinations does not eliminate the need for testing. We anticipate a lower, but continuing level of PCR testing along with an increase in highly sensitive antibody testing as the number of people vaccinated rises.”
XIFIN Forecasts Strong PCR Testing Through Q1 2021 in Wall Street Briefing
CEO Lâle White and COO Kyle Fetter kicked off 2021 with Wall Street investors. On a teleconference with UBS analysts and subscribers, XIFIN leaders discussed the state of the diagnostics industry and shared short and long-term expectations.
Notable themes included increased attention on genomic and viral load testing as the COVID-19 virus evolves, anticipation that PCR testing will not slow down until more of the US population is vaccinated, and a forward look at plans to include year-over-year testing comparisons within the LVI. Listen to a recording of the full conversation here.
Market Expansion Reflect Shifts in Healthcare Dynamics
XIFIN launched solutions XIFIN RPM 12 and XIFIN LIS 7 in 2020. These, along with VisualStrata®, made notable impacts for the company and its customers. XIFIN saw a 100 percent customer retention rate, as well as a 25 percent growth in its revenue cycle business, specifically. Over the past year, RPM 12 helped XIFIN customers achieve a 10 to 30 percent average cash collection improvement. LIS volume grew 155 percent, with some clients, including A2Z, an Anatomic Pathology/Molecular lab based in New Jersey, expanding tests on the platform by nearly 600 percent – largely due to due to expansion in COVID testing.
In line with increased testing for COVID-19 across all lab sectors, the healthcare industry as a whole saw disruption and innovation in all aspects during 2020, from operations to patient care. In response to the activity shifts in the space, XIFIN saw growth in four significant business areas:
- Digital and Genomic Health – In 2020, XIFIN welcomed a number of new clients in this space, including home testing innovator Everlywell and miR Scientific, a precision bioscience company focused on transforming cancer management. Companies are capitalizing on the increased acceptance of telehealth for patient care and health counseling services, as well as direct-to-consumer genomic testing.
- Remote Patient Monitoring Services and Medical Device – Expansion into this space, including the acquisition of several new customers like Notal Vision, emphasizes XIFIN’s ability to support a better patient experience. The move also delivers the scalability customers need to meet the increased claim and payor requirements that follow expanded remote monitoring services.
- Healthcare Informatics and Oncology – As researchers and health leadership need to assess a multitude of data points to guide public health policy, collaboration and improved data insights to support value-based care initiatives become critical. For customers like Utah Cancer Specialists, XIFIN’s scalable health informatics platform, VisualStrata, became foundational to collaborative efforts with other oncology practices and pharmaceutical companies to advance cancer research through a transparent shared data model.
- Traditional Laboratory Markets – XIFIN continues to acquire new laboratory clients in addition to providing expanded volume support for existing independent and hospital laboratories. The company’s technology and services accelerate the time to reimbursement and cash collection, reducing the administrative burden on clinicians and lab managers. Currently, XIFIN supports 10 of the top 12 publicly traded laboratories in the US and saw growth in all its segments, including an upwards of 500 percent volume increase in Molecular in 2020.
“The XIFIN RPM technology infrastructure, analytics and services have been an essential component in meeting our goals,” said Kevin Feeley, CFO, BioReference Laboratories, an OPKO Health company. “Volumes have more than doubled and it has been handled to the same level of excellence with our clients and patients, without needing to add additional staff.”
About XIFIN
XIFIN is a healthcare information technology company that leverages diagnostic information to improve the quality and economics of healthcare. The company's cloud-based technology facilitates connectivity and workflow automation for accessing and sharing clinical and financial diagnostic data, linking healthcare stakeholders in the delivery and reimbursement of care. To learn more, visit www.XIFIN.com, follow XIFIN on Twitter and LinkedIn, or subscribe to the XIFIN blog.