In an upcoming Healthcare Financial Management Association (HFMA) member webinar, industry experts Jane Hermansen, Manager, Outreach and Network Development at Mayo Clinic Laboratories, and Emily Adams, Director of Outpatient Laboratory at Mount Carmel Health System, will join Mike Fauver, Associate Vice President of Health Systems at XIFIN, to discuss proven strategies that can transform labs from expense-driven environments into profit centers. During this September 14 webinar, these experts will explore current roadblocks, initiatives and tools for organizational success that attendees can apply to their own operational strategies.
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(Graphic: Business Wire)
Labs – particularly hospital outreach – are essential to the healthcare continuum, especially as reported testing volumes paint a harrowing picture of surging Delta variant cases. This indicates to public health leaders that the fight against the COVID-19 pandemic will continue into the fall and signals to labs that high caseloads and the various challenges labs have faced to meet testing demands, including capacity and staffing, are not over. In fact, lab testing volumes are nearly 2X baseline with COVID-19 testing representing approximately 42 percent of volume, as reported by XIFIN’s Lab Volume Index. This behavior accentuates the importance of keeping laboratories strong and why optimal activity is crucial to maintaining a financially viable health system.
“Achieving financial stability requires a holistic approach, including automation and system connectivity,” said Mike Fauver, AVP of Health Systems at XIFIN. “A successful lab outreach program also provides health systems with a means to increase client and patient engagement and improve both patient outcomes and revenue growth. Only by considering all these elements will lab organizations reach their goals.”
Register here at no cost and join the panelists on Tuesday, September 14 from 2:00 – 3:00 PM ET. During the webinar, “Why Lab Finances are Critical and How to Transform Performance,” attendees will learn more about implementing the right strategies and technologies to boost revenue and rein in operating costs, while safeguarding crucial compliance requirements, and:
- What roadblocks must be identified and overcome to facilitate a path to profitability.
- Initiatives and technologies that are most effective in driving near-term revenue growth.
- Tools available to contain excessive costs in the revenue cycle.
- Why administrators and finance leaders should pay close attention to lab profitability.
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. The company provides cross-specialty industry analytics including its Lab Volume Index which provides a measurement of laboratory testing volumes across the US. Its synthesis of diagnostic data enables comparisons of hospital, genetics, pathology, routine lab, COVID-19, and antibody testing across key segments. To learn more, visit www.XIFIN.com, follow XIFIN on Twitter and LinkedIn, or subscribe to the XIFIN blog.