SAN DIEGO--(BUSINESS WIRE)--XIFIN, Inc., the healthcare information technology company revolutionizing the business of healthcare diagnostics, and a Frost & Sullivan’s 2017 North American Revenue Cycle Management Company of the Year in the diagnostic laboratory segment, today announced the availability of its next-generation revenue cycle management solution, XIFIN RPM 9, which hundreds of laboratories rely on to process more than 200 million medical claims annually.
Laboratories face looming reimbursement pressures and fee cuts in 2018 as a result of the Centers for Medicare & Medicaid Services upcoming January 2018 implementation of the Protecting Access to Medicare Act (PAMA), which will reduce fees significantly for lab tests by using private market lab test prices to establish a new Part B clinical laboratory fee schedule. With CMS’ recent finalization of the Clinical Lab Fee Schedule (CLFS), industry experts predict that PAMA will be the most financially-disruptive event to impact the clinical lab industry in 20 years, with Medicare lab test fee cuts projected by CMS to total $670 million in 2018 alone.
XIFIN CEO Lâle White stresses the importance of a robust revenue cycle management system in today’s turbulent lab market. “Laboratories are facing unprecedented operational, financial and revenue compression challenges that will likely grow as lab reimbursement and operating margins continue to shrink. Unfortunately, trimming operating costs will not make up the shortfall in revenue from laboratory fee schedule cuts, nor will reliance on outdated operating processes and technologies. We believe that XIFIN RPM 9 can play a critical role in uniquely positioning labs to improve workflow, optimize labor, ensure stakeholder engagement and thrive during the challenging times ahead.”
New and Enhanced Automated Workflows to Maximize Cash Collections
- Advanced technology rules-engines with built-in compliance logic that virtually eliminates clerical errors, dramatically reduces denials and labor costs.
- Real-time visibility to see on one screen any errors or exceptions within the system, and view the status of those exceptions within the rules-driven automated workflows.
- Enhanced automated document management enabling documentation to be uploaded and attached to claims and appeals.
- Quickly generate bulk appeals that include all supporting documentation and allow the system to transmit them to the payor, eliminating the task of printing and mailing appeals.
- Integrated insurance discovery allows the system to not only automatically search for the patient’s proper insurance provider, but also automatically update the system with the findings.
- Improved Interactive Voice Response (IVR) allows incoming calls, outgoing calls, and text messages, with patient payments easily collected and automatically applied to the system without employee involvement.
Real-Time Business Intelligence Demonstrates Unequaled Financial Integrity and Supports Evolving Healthcare Models
XIFIN RPM 9 remains the only diagnostic services financial receivables management system that delivers a FASB, GAAP, and SOX-compliant and GL-ready financial package.
- Designed to comply with the requirements of FASB ASC 606 from day one.
- Detailed tracking at individual test/accession level ensures full reportability and referential integrity.
- Includes PAMA reports to easily generate the required submission data as well as detailed reports to help audit the data, including a breakdown of what is submitted versus excluded.
- Allows laboratories to efficiently model financial data to best suit their unique mix of tests, payors, and patients, providing a reporting formula for every class or type of contract they have with health insurers.
Enterprise-grade, cloud-based data warehouse and analytics platform that provides real-time monitoring for how the business is performing.
- Key performance indicators (KPIs) are compared to similar segment averages and best-in-class benchmarks, culled from extensive data derived from the more than 200 million claims processed on XIFIN annually.
- Scorecards and financial dashboards provide powerful performance management tools to holistically capture your organization’s performance from several vantage points on a single page.
- Optimized data warehouse ensures delivery of analytics without impacting system performance.
- Mobile application provides executives and sales team data visualization capabilities and drill-through reporting enhanced for mobile devices.
Enhanced Patient and Physician Engagement
- Empower patients via XIFIN Patient Portal, with 24-hour convenient access to lab results, statements, and bill pay, and payments automatically applied to their account.
- Increase customer satisfaction and reduce errors with XIFIN Client Portal and provide your ordering physicians and clients access to interact with your lab securely online, including making payments, viewing pricing, fixing errors, and uploading documents – all acting in real-time as an extension of XIFIN RPM.
Outsource Service Model Creates Flexible Delivery Options
For hospital and healthcare system outreach labs and other organizations that prefer to outsource, XIFIN RPM is also available under an outsource service model with XIFIN’s dedicated outsource billing group performing billing functions.
- Dedicated outsourcing billing group currently processing nearly $9 billion in gross laboratory claims.
- Same award-winning RCM solution for both in-house and outsource clients.
- Complete billing and revenue cycle management support for laboratories and hospital outreach labs.
- Utilization of best practices via XIFIN’s collective intelligence.
Industry’s Best-In-Class Secure, High-Availability Environment
- Delivering 99.999% uptime with complete data replication and fully redundant infrastructure.
- Platform resides on the only certified Tier IV+ Gold data center.
- Application performance and infrastructure monitoring performed by XIFIN.
- True SaaS SSAE 16 and SOC 1 and 2-audited platform.
“We are using XIFIN RPM 9 for our current outsource clients, and the enhanced workflow capabilities have enabled our billing team to uncover additional cash collections far beyond what we previously considered possible,” explained Kyle Fetter, XIFIN’s vice president and general manager of diagnostic services. “Our outsource clients have realized a 21 percent improvement in cash collections since we began using XIFIN RPM 9, and have significantly lowered days sales outstanding across the board.”
“XIFIN’s RCM solution, XIFIN RPM 9, is superior and unrivaled in the diagnostic services market because it enables laboratories and other diagnostic service providers to operate efficiently, collaboratively and in a more sustainable manner in healthcare’s uncertain and ever-changing regulatory environment,” stated Frost & Sullivan principal analyst Divyaa Ravishankar. “In addition, customers that have invested in XIFIN RPM highly praise its solutions for demonstrating a solid increase in cash collections, laboratory productivity and efficiency.”
XIFIN RPM 9 is available immediately for organizations seeking in-house or outsourced revenue cycle management solutions. For additional information, or to schedule a demo, please contact a company representative here.
About XIFIN, Inc.
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 or follow XIFIN on Twitter and LinkedIn. To learn more about XIFIN RPM 9 and to schedule a private meeting or demo, please visit go.xifin.com/RPM9.