New XIFIN Data Reveals Routine Lab Volume Down Approximately 60% but Coronavirus Testing Adds Back Nearly 20%
Summary
After analyzing customers’ billing volume, the data shows that COVID-19 started to make an impact on labs around March 9, 2020 (see accompanying chart A). Yet, these vital providers are in a tough position, with routine volume significantly down, and rapid response to a growing epidemic hampered after years of lab margin erosion through reimbursement compression, coverage restrictions, new regulatory hurdles and narrow networks,” said Lâle White, Executive Chair and CEO, XIFIN. Now that CMS has increased reimbursement for COVID-19 testing, we need private payors to also ensure labs will be paid adequately for the important work they are doing.” Yesterday, Lâle White and Kyle Fetter, Executive Vice President & General Manager of Diagnostic Services, XIFIN, joined healthcare analysts from UBS for an audio conference where they discussed findings from the Lab Volume Index, capacity utilization, and other industry dynamics. XIFIN also recently launched an online COVID-19 Laboratory Resource Center, which provides lab professionals with useful information on commercial and government payor guidelines and codes in one place. Its cloud-based platform offers real-time connectivity, workflow automation, data exchange and actionable insights, linking healthcare stakeholders in the delivery and reimbursement of care.