Clarient Diagnostic Services, part of the GE Healthcare family, discusses how XIFIN RPM improved its collections and financial reporting
Clarient is a specialty molecular biology laboratory that is dedicated to cancer diagnostics and testing. Acquired by GE Healthcare (NYSE: GE) in 2010, Clarient combines innovative diagnostic technologies with world-class pathology expertise to assess and characterize cancer, with a mission to translate cancer discovery and research into better patient care. In the video below, Clarient co-founder Ron Andrews and former vice president of finance Glen Fredenberg discuss the benefits Clarient received from using XIFIN RPM.
Clarient, before being acquired by GE Healthcare, was a relatively small public company. The company was growing rapidly and the management team was investing in critical resources and infrastructure to support the company's growth. Clarient was using an outsourced billing process. As a public company, accurate financial reporting is critical, and with the outsourced billing process Clarient lacked transparency and granular visibility into payor behavior. So the team decided to bring the billing system in-house.
Clarient chose XIFIN's billing solution based on a number of factors. First, the management team appreciated the cost model and ease of set-up with XIFIN RPM, which did not place a resource burden on a Clarient team that was already stretched thin through its efforts to keep up with the rapid growth. XIFIN RPM fit most of the company's needs straight away and was easily tailored to fit any unique requirements. Clarient team recognized that the XIFIN solution was built by a team that truly understood its business.
With XIFIN, Clarient saw cash collections increase 35%. For the first time, Clarient's finance team had clarity around the billing and collection process. The company achieved increased confidence in its financial reporting, and credits this confidence in leading to its high market valuation. Clarient now has the data needed to more accurately forecast revenue, set loss reserves, and proactively identify opportunities to accelerate the collection process.
"We've seen a 35% improvement in our cash collections over the short two year period that we've had the XIFIN product up and running and validated. It's been a very important tool for us to really improve the financial health of our company."