Interpace Biosciences and XIFIN Forge Strategic Partnership to Improve Financial Performance

Rhea-AI Summary

Interpace Biosciences announced the expansion of its partnership with XIFIN to deploy the XIFIN RPM 12 revenue cycle management solution across all diagnostics testing services. This collaboration aims to achieve significant cost savings and optimize billing and collections as the company continues to recover from disruptions caused by the COVID-19 pandemic. With routine cancer testing volumes exceeding pre-pandemic levels, the commitment to enhanced financial performance and streamlined operations is expected to strengthen Interpace’s market position.

Positive

• Expanded partnership with XIFIN to deploy revenue cycle management solution.
• Expected significant cost savings and improved billing processes.
• Routine cancer testing volumes are higher than pre-COVID, indicating robust demand.

Negative

• Ongoing challenges in financial management due to dependence on third-party reimbursement.
• The company faces risks related to its ability to continue as a going concern and repay debts.

Revenue Cycle Management Deployment Expected to Drive Cost Savings and Optimize Workflow

PARSIPPANY, NJ, March 09, 2021 (GLOBE NEWSWIRE) -- Interpace Biosciences, Inc., a leader in molecular testing for cancer risk, today announced that it has expanded its relationship with XIFIN, Inc. to deploy XIFIN’s award-winning revenue cycle management solution, XIFIN RPM 12, enterprise-wide to support all Interpace Diagnostics testing services. XIFIN, a leader in cloud-based revenue cycle management (RCM), has worked with Interpace since 2019. This new agreement represents a further commitment between the two organizations and will allow Interpace to recognize significant savings and reduced costs associated with billing and collections for its services.

“We are pleased that we have entered into a new strategic partnership with XIFIN to improve our revenue cycle management processes and results,” said Tom Burnell, President and CEO of Interpace Biosciences. “As our business continues to grow, it is imperative that we realize the benefits of leveraging our financial performance improvements, and we are confident that we will achieve this outcome by working closely with XIFIN.”

At the onset of the coronavirus pandemic in the U.S., health officials urged patients to delay their routine cancer screenings, leading to a dramatic drop in cancer-related testing. Routine testing has been on the rise ever since those early months, according to XIFIN’s Lab Volume Index, a laboratory test tracker informed by payment data. Now, one year later, routine testing volume is higher than it was pre-COVID, and higher still for the molecular diagnostic segment. This indicates that demand remains strong for these services and people have become more comfortable rescheduling those screenings and visiting their doctors in-person for the necessary screening protocol, with safety precautions.

“Our expanded relationship with Interpace reflects a commitment by our organization to ensure this important customer continues to achieve its financial goals, and is able to further streamline its billing operations,” said Kyle Fetter, chief operating officer at XIFIN. “This enhanced partnership is especially important now while we continue to navigate a complex billing environment with new, strict regulations for reimbursement approvals.”

XIFIN has more than 20 years’ experience partnering with diagnostic providers to help them efficiently manage their business. XIFIN RPM 12 automates the end-to-end revenue cycle management (RCM) process and provides actionable insights through robust advanced analytics solutions. The XIFIN RPM accounts receivable and financial management platform maximizes reimbursements and cash collections through integrated capabilities that include robust workflow automation, enhanced patient and client portals, and additional business intelligence (BI) solutions, including AI-enabled advanced analytics.

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.

About Interpace Biosciences

Interpace Biosciences is an emerging leader in enabling personalized medicine, offering specialized services along the therapeutic value chain from early diagnosis and prognostic planning to targeted therapeutic applications.

Clinical services, through Interpace Diagnostics, provides clinically useful molecular diagnostic tests, bioinformatics, and pathology services for evaluating risk of cancer by leveraging the latest technology in personalized medicine for improved patient diagnosis and management. Interpace Biosciences has four commercialized molecular tests and one test in a clinical evaluation process (CEP): PancraGEN^® for the diagnosis and prognosis of pancreatic cancer from pancreatic cysts; ThyGeNEXT^® for the diagnosis of thyroid cancer from thyroid nodules utilizing a next generation sequencing assay; ThyraMIR^® for the diagnosis of thyroid cancer from thyroid nodules utilizing a proprietary gene expression assay; and RespriDX^® that differentiates lung cancer of primary versus metastatic origin. In addition, BarreGEN^®, a molecular based assay that helps resolve the risk of progression of Barrett’s Esophagus to esophageal cancer, is currently in a clinical evaluation program (CEP) whereby we gather information from physicians using BarreGEN^® to assist us in gathering clinical evidence relative to the safety and performance of the test and also providing data that will potentially support payer reimbursement.

Pharma services, through Interpace Pharma Solutions, provides pharmacogenomics testing, genotyping, biorepository, and other customized services to the pharmaceutical and biotech industries. Pharma services also advances personalized medicine by partnering with pharmaceutical, academic, and technology leaders to effectively integrate pharmacogenomics into their drug development and clinical trial programs with the goals of delivering safer, more effective drugs to market more quickly, while also improving patient care.

For more information, please visit Interpace Biosciences’ website at www.interpace.com.

Forward-looking Statements

This press release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, Section 21E of the Securities Exchange Act of 1934 and the Private Securities Litigation Reform Act of 1995, relating to the Company’s future financial and operating performance. The Company has attempted to identify forward looking statements by terminology including “believes,” “estimates,” “anticipates,” “expects,” “plans,” “projects,” “intends,” “potential,” “may,” “could,” “might,” “will,” “should,” “approximately” or other words that convey uncertainty of future events or outcomes to identify these forward-looking statements. These statements are based on current expectations, assumptions and uncertainties involving judgments about, among other things, future economic, competitive and market conditions and future business decisions, all of which are difficult or impossible to predict accurately and many of which are beyond the Company’s control. These statements also involve known and unknown risks, uncertainties and other factors that may cause the Company’s actual results to be materially different from those expressed or implied by any forward-looking statements including, but not limited to, the Company’s ability to successfully qualify maintain the trading of its common stock on the OTCQX^® Best Market, the Company’s ability to achieve projected cost savings and to successfully enact corporate reprioritization measures, the adverse impact of the COVID-19 pandemic on the Company’s operations and revenues, the substantial doubt about the Company’s ability to continue as a going concern, the Company’s history of operating losses, the Company’s ability to adequately finance its business, the Company’s ability to repay its $5M secured bridge loan, the Company’s dependence on sales and reimbursements from its clinical services, the Company’s ability to retain or secure reimbursement including its reliance on third parties to process and transmit claims to payers and the adverse impact of any delay, data loss, or other disruption in processing or transmitting such claims, the Company’s revenue recognition being based in part on estimates for future collections which estimates may prove to be incorrect, and the Company’s ability to remediate material weaknesses in internal controls. Additionally, all forward-looking statements are subject to the “Risk Factors” detailed from time to time in the Company’s most recent Annual Report on Form 10-K filed on April 22, 2020, as amended on May 29, 2020 and January 19, 2021, Current Reports on Form 8-K and Quarterly Reports on Form 10-Q and amendments thereto. Because of these and other risks, uncertainties and assumptions, undue reliance should not be placed on these forward-looking statements. In addition, these statements speak only as of the date of this press release and, except as may be required by law, the Company undertakes no obligation to revise or update publicly any forward-looking statements for any reason.

Contacts:
Investor Relations
Edison Group
Joseph Green/Megan Paul
(646) 653-7030/7034
jgreen@edisongroup.com/mpaul@edisongroup.com

FAQ

What revenue cycle management solution is Interpace Biosciences deploying?

Interpace Biosciences is deploying the XIFIN RPM 12 revenue cycle management solution.

When was the partnership between Interpace Biosciences and XIFIN announced?

The partnership was announced on March 09, 2021.

What are the expected benefits from the expanded partnership with XIFIN?

The partnership aims to achieve significant cost savings and optimize billing and collections.

How has cancer testing volume changed post-COVID for Interpace Biosciences?

Routine cancer testing volume is now higher than pre-COVID levels, indicating strong demand for services.

What financial challenges does Interpace Biosciences face?

The company faces risks related to its ability to continue as a going concern and challenges in financial management.