XIFIN Inc., the healthcare information technology company revolutionizing the business of healthcare diagnostics, has been named Frost & Sullivan’s 2017 North American Revenue Cycle Management Company of the Year in the diagnostic laboratory segment. Frost & Sullivan analysts followed a proprietary 10-step process to assess XIFIN’s fit against select best practice criteria that evaluate visionary innovation & performance and customer impact.
After concluding its independent evaluation, Frost & Sullivan recognized XIFIN for its innovative software platform, tools to keep diagnostic service providers connected and agile and its ability to address the most significant challenges facing the clinical laboratory industry.
"XIFIN’s RCM solution, XIFIN RPM, 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."
Analysts cited six key differentiators that have enabled XIFIN to excel in the RCM laboratory diagnostics industry:
-Automated optimized workflow: XIFIN RPM employs highly configurable automated workflows that ensure upfront, clean and trackable claim submissions in the shortest time possible.
-Strong technological foundation: XIFIN RPM is cloud-based and well suited to the changing environment of connected health.
-Financial underpinnings: Unlike other billing systems available in the market, XIFIN RPM was built by financial experts as the only GAAP- and SOX-compliant accounting system for accounts receivable that has both financial and referential integrity.
-Connectivity: The RCM solution was built with open flexibility in a HIPAA-compliant environment. Further, the solution is designed to ensure system interoperability and connectivity.
-Business Intelligence: XIFIN RPM provides enterprise-grade business Intelligence. One of its value-adding features is complete insight into operational performance, which tracks key performance indicators and provides peer-to-peer benchmarking against industry standards. The analytics capabilities facilitate combining clinical and financial data to produce targeted health economic analysis, demonstrating the value of diagnostic services in a value-driven healthcare environment.
-Expertise and Managed Services: XIFIN's solution handles a number of payor edits, regulatory adjustments and modifications in real time so that revenue gets collected as quickly as possible. XIFIN's technology platform and connectivity capabilities allow the extraction of clinical data from various silos to complete the medical justification for complex esoteric and genetic tests needed to obtain coverage and reimbursement. No other RCM solution provides a service with this level of connectivity and accuracy.
Frost & Sullivan highlighted that XIFIN has also demonstrated excellence in implementing strategies that proactively create value for its customers, with a focus on improving customer return on investment. The report emphasizes the company's intense focus on enhancing the value that its customers receive beyond simply providing good customer service, leading to improved customer retention and ultimately customer base expansion.
XIFIN CEO Lâle White commented, "Continued recognition by credible research organizations like Frost & Sullivan validates our success and continued commitment to providing the most comprehensive RCM solutions available for the diagnostic service provider segment. We look forward to continuing our market leadership position and advancing connected health solutions that optimize the business of healthcare."
The report summarizes that overall, XIFIN has, "established an environment where diagnostic providers can extract the maximum advantage from available information and establish connectivity with other stakeholders to maximize reimbursement, thereby helping labs manage their finances more efficiently and effectively."