Medical Device Industry Solutions
How Providers Can Decrease Their Total Cost to Serve Medical Device and Remote Patient Monitoring Customers
Diagnostic technologies have experienced a drastic change regarding new innovation and data collection in recent years. Telemetry, wearable diagnostic, and remote patient monitoring devices collect more information than ever before, save time and reduce healthcare costs, and help physicians monitor patients and provide proper treatment. Even as new wearables and similar healthcare technologies find their way to the marketplace, they find themselves needing to gain traction with providers who are inundated with technologies and third party payors who are often suspicious of new methodologies. In this environment, a financially-based technological foundation can spell the difference between success and failure for a device.
Revenue Cycle Management for Medical Devices with XiFin RPM
XiFin RPM lets diagnostic device companies increase market share and revenue and take control of their billing and reimbursement. Medical device revenue cycle management is a complicated business, with ever-changing rules and policies, and ongoing industry pressure to demonstrate value. Even as technologically advanced connected medical devices promise to significantly alter patient care and outcomes, they struggle to gain adoption, payor coverage, and optimum reimbursement in the face of cost-cutting industry pressure that has specifically targeted diagnostics.
Unlike traditional billing systems, XiFin RPM was built to be a full Revenue Performance Management solution. Written in financial language and built to have full referential integrity, XiFin RPM balances every client to the penny, every month. Included is a complete AR financial end-of-month accounting package that delivers GAAP and Sarbanes-Oxley compliant financial data for the general ledger; see why private as well as public organizations find financial integrity and accurate business intelligence critical for their organizations.
Designed for interoperability, XiFin RPM is well-suited to the highly connected world of today's medical devices. While other systems require lengthy custom integrations that fail to adapt to systemic changes, fall out of date quickly, and require significant investment in care and maintenance, XiFin RPM's web service technology enables secure, flexible, bidirectional communications to other internal and external systems. The system updates automatically and regularly, ensuring XiFin RPM is always up to date.
XiFin is dedicated to your success. We handle the countless payor edits, regulatory and compliance modifications needed to ensure maximum claim acceptance and reimbursement; we also perform all electronic submissions, processing, and other data exchanges so you can concentrate on growing your business. No other solution provides this level of managed service, and it is the key to ensuring you bill and collect all that is due you, as quickly as possible.
XiFin RPM Advantage
XiFin’s approach to diagnostic billing is unique, and goes well beyond a mere billing system to a complete revenue performance management solution. Our deep understanding of revenue cycle management practices and policies distinctive to emerging diagnostic technologies translates to higher cash and reimbursement, even in an era of narrowing payor networks and value-based pricing. XIFIN RPM manages and automates medical claims filing, reduces the risks associated with regulatory compliance, and provides visibility into operational and financial performance.
''XiFin is our valued Revenue Cycle Management partner. Our longstanding relationship with them allows us to focus on our mission and what we do best – provide a superior cardiac monitoring service to our customers and their patients – while relying on XiFin for their insights-driven collaboration as we work together on business solutions.''
CEO, iRhythm Technologies
XiFin Technology Platform
A Technology Foundation for Success
The XiFin technology platform gives diagnostic service providers the ability to leverage multiple information systems and data sources to maximize the effectiveness of both clinical and business decisions. Web-native, the XiFin platform links the many different stakeholders in the delivery of healthcare, optimizing both business and patient outcomes.Learn More About XiFin Technology
XiFin: Proof in Numbers
10% Average Improvement in Net Cash Collection, Adjusted for Growth
60 Million Accessions/Visits Processed Annually
$29 Billion in Gross Claims Billed Annually
50% Reduction in Denials
Threefold Increase in Successful Appeals
100% Payor Reach