As healthcare shifts towards value-based and patient-centric care, advanced diagnostic devices are increasingly a key portion of a patient’s care. Wearable medical devices with their wealth of capabilities are arming providers with critical diagnostic and monitoring information which in turn are influencing patient compliance and outcomes. But with coding and payor policies struggling to keep up with advancing technology and new data streams, device companies are discovering it pays to take better control of their billing and reimbursement.
While many device manufacturers have long sold to providers who in turn prescribe the device and then submit claims to insurance providers, many diagnostics device companies are discovering that this sales model cuts into both profit margin and growth. Not only do margins shrink from having providers in the mix, but those same providers often lack the knowledge or inclination to appeal denied claims, which in turn dampens their interest in prescribing solutions that might require additional work to receive payment. Increasingly diagnostics device companies are looking to third party billing models to enable them to cut out the provider-as-middleman, and set more appropriate prices for their products. With reimbursement issues decoupled from deciding what device to prescribe, providers are able to adopt new technologies faster.
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XIFIN has unparalleled experience in diagnostic billing. With 61 million claims being processed annually on XIFIN RPM—equaling over $29 billion—we know how to obtain maximum reimbursement and cash collection. Our business model of cloud-based platform coupled with extensive managed services takes us beyond vendor; we are a vested partner in your organization’s success.