Best-of-breed solution and real-time integration drives return on investment for XIFIN RPM 9 customers seeking greater revenues and workflow efficiencies; average FrontRunnerHC customers realize nearly 40% increase in coverage discovery
SAN DIEGO, Calif., -- December 13, 2017 -- XIFIN, Inc., the healthcare information technology company revolutionizing the business of healthcare diagnostics, today announced the company has teamed with FrontRunnerHC and integrated its PatientRemedi insurance discovery application within XIFIN RPM 9, the leading revenue cycle management system that hundreds of laboratories rely on to process more than 200 million medical claims annually.
PatientRemedi, which uses FrontRunnerHC's national patient demographic database to connect to thousands of payors—both private and government—is immediately available for XIFIN RPM 9 customers who subscribe to automatically determine a patient's existing health insurance coverage and identify demographic errors and omissions for accessions with no coverage on file, that are unbillable, or pre-bad debt. Once identified, PatientRemedi updates the patient coverage information and demographic changes seamlessly via an application programming interface with XIFIN RPM 9 so that a claim can be generated to the appropriate payor faster, more accurately and with less human intervention.
"XIFIN is committed to helping our revenue cycle management customers overcome their financial challenges and collect as much revenue as possible by offering an optimized, automated workflow enhanced with integrated technology solutions like PatientRemedi that improve processes most critical to getting reimbursed," stated Lâle White, CEO of XIFIN. "Automatically determining patient financial coverage with a proven solution is key to reducing bad debt and improving the bottom line by automating what is a manually intensive, error-prone process in many laboratory billing systems today."
Comprehensive revenue cycle management system solutions that help laboratories streamline and automate financial operations are more critical than ever in today's turbulent laboratory market. Laboratories face unprecedented reimbursement pressures and fee cuts starting in 2018 as a result of the Centers for Medicare & Medicaid Services January 2018 implementation of the Protecting Access to Medicare Act (PAMA), which will reduce fees significantly for laboratory tests. In addition, rising bad debt due to a culmination of patients with high-deductible health plans (under-insured) and self-pay patients (un-insured or non-covered) also put revenue at extraordinary risk for many laboratories. FrontRunnerHC estimates that nearly 50 percent of self-pay accessions identified using PatientRemedi actually had insurance coverage.
"We are very pleased to be partnering with the laboratory industry's leader in revenue cycle management," said FrontRunnerHC CEO John Donnelly. "After working with XIFIN over the past several months, we have been impressed by the performance and reliability of XIFIN RPM 9. Now that PatientRemedi is integrated as part of the solution for enhanced patient financial clearance, we see this product as a game changer in the marketplace."
To learn more about XIFIN RPM 9 and PatientRemedi, please visit http://go.xifin.com/FrontRunner.html.
FrontRunnerHC provides data and revenue cycle productivity tools that empower healthcare providers to streamline their operations, generate additional revenues and improve patient and client satisfaction. Their industry leading applications, Insurance Discovery and Demographic Verification, integrate seamlessly into most revenue cycle billing applications to deliver unprecedented value. To learn more, visit www.FRHC.com.