San Diego, CA — December 2, 2011 — XIFIN Inc., the company revolutionizing revenue cycle management for diagnostic service providers, announced today that it is has achieved a major production milestone, submitting its millionth HIPAA 5010 production claim in compliance with pending HIPAA 5010 transaction standards that regulate the electronic transmission of specific healthcare transactions, including eligibility, claims and remittances.
Unlike vendors who are validating 5010 readiness through sample claims testing with required Medicare jurisdictions, XIFIN released a 5010-compatible version of its revenue cycle management system in June 2011, and has been, successfully submitting production 837 claims and receiving production 835 electronic remittance advices on behalf of its customers with major payors, trading partners and Medicare Administrative Contractors (MACs) for several months.
As a result, XIFIN has been leading the industry by leveraging its expertise, claim submission surveillance tools and payor contacts well in advance of the January 1, 2012 deadline to rapidly identify, investigate and resolve production issues and ensure that XIFIN customers experience no interruption in claims processing.
Lâle White, CEO of XIFIN, commented, "In our experience, achieving 5010 compliance doesn't tell you much many ’compliant’ claims are not being paid because of hidden 5010 conversion issues. What really matters is what happens in production. We believe without the resources and skills in place to stay on top of 5010 submissions, providers will discover the hard way that although many submissions are initially accepted as ’compliant,’ ultimately they are being denied or rejected for a host of hard-to-identify reasons."
In its upcoming free webinar, "What We Learned in Our First Million 5010 Production Claims: Fasten Your Seat Belts, It's Going to Be a Bumpy Ride," XIFIN will discuss its 5010 experiences, lessons learned and advice for the coming months. Learn more and register at http://promotions.xifin.com/5010webinar_5010WebinarRecording.html.
"With the level of change inherent in the new 5010 standards, hiccups are to be expected," explained White. "But the new 5010 transactions are vital improvements, and as members of the healthcare community, it is in all our interests to learn from one another how best to make the transition. We hope our webinar will be a catalyst in this process."
XIFIN is committed to supporting the processes, policies and procedures needed to successfully meet implementation standards and deadlines mandated for 5010 readiness. Interested parties are also welcome to join our LinkedIn group, 5010 Readiness - Payor Testing.
XIFIN provides diagnostic service providers of all types - from early stage startups to the nation's largest laboratories - with new levels of automation and actionable information to refine revenue cycle processes, improve the bottom line, reduce the risks associated with regulatory compliance and tap into critical strategic information needed to better manage their business. XIFIN processes more than 100 million claims per year across a wide variety of healthcare segments including clinical, hospital outreach, anatomic pathology, molecular diagnostics, toxicology, radiology and more.