New capabilities—including advanced analytics and data visualization—optimize operations, increase revenue, and fulfill compliance and reporting requirements
SAN DIEGO, Calif., — October 17, 2018 — XIFIN, Inc. today unveiled XIFIN Revenue Performance Management (RPM) 10 to help diagnostic providers improve revenue, performance, and client and patient engagement. XIFIN RPM 10 is the only diagnostic-specific revenue cycle management (RCM) solution that incorporates machine learning-driven capabilities and offers next-generation business intelligence visualization and analytics. The solution also features new tools to address growing patient responsibility needs.
The healthcare landscape is constantly changing, presenting diagnostic leaders with new challenges ranging from payor requirements to patient engagement. Health systems and labs are facing continued reimbursement pressures and fee cuts. For example, the Protecting Access to Medicare Act (PAMA) is about to enter its second reporting period, which will likely result in additional fee uncertainties and payor contracting challenges. Furthermore, a recent Laboratory Economics survey revealed that 61% of lab executives anticipate that private payors will institute PAMA-like cuts, with 15% reporting that they are already occurring. At the same time, competitive market environments and value-based care initiatives are driving increased interest among diagnostic providers in improving patient engagement both to grow the business and retain revenue, while addressing patient expectations. The growth of high-deductible insurance plans are also driving higher patient responsibility. These challenges plus continued lab consolidation activity are making effective RCM processes critically important for diagnostic providers’ financial reporting and performance purposes.
XIFIN RPM 10 addresses these challenges in the following ways:
- Supports Compliance and Analytics Requirements: RPM 10 is the only machine learning-enabled diagnostic RCM system that delivers a FASB, GAAP and SOX compliant and GL-ready financial package. Its new business intelligence additions include subject-oriented and aggregated data, data visualization and analytics to help labs and other diagnostic providers better understand and make use of their data and financial information. This helps diagnostic providers benchmark their performance, enhance business decision-making, and negotiate better payor contracts.
- Improves Patient and Client Engagement: With patient engagement becoming even more critical, RPM 10 features a patient responsibility estimator and patient-friendly statements within its expanded portal capabilities. This allows diagnostic providers to help their patients better understand their out-of-pocket costs for ordered tests, and provides a pre-payment option.
“The most valuable asset for diagnostic providers is their data—both diagnostic and financial. However, this information is complex and often siloed, making it incredibly challenging to use effectively. XIFIN RPM 10 with the power of machine learning unlocks this data, makes sense of it, and yields meaningful and actionable financial and clinical insights,” said Lâle White, CEO, XIFIN. “Technology is the key to translating these insights into improved profitability, and the addition of machine learning is just the latest example of how XIFIN adopts leading-edge technology to ensure our clients have the best tools at hand to succeed in a challenging marketplace.”
Leading diagnostic providers of all types rely on XIFIN RPM to bill more than $30 billion in gross claims annually. RPM 10 provides XIFIN customers with new features, including enhanced patient demographic and insurance discovery automation, expanded web service capabilities for integration and interoperability, and capabilities that support lab acquisition and divestiture needs. Whether diagnostic providers want to use XIFIN’s Software-as-a-Service (SaaS) delivery model to do their own billing or have XIFIN do some or all of their billing, they can rely on a secure, SSAE 18 SOC 1 and 2 Type 2-audited, high-availability environment that ensures business continuity.
“The use of a next-generation data visualization and analytics tool in the revenue cycle process has dramatically improved our ability to not only analyze our data, but more importantly, develop actionable plans to improve collections, make decisions on our test menu, and understand payor-specific claim responses,” said Dominic Weilbaecher, VP Reimbursement and Revenue Cycle, Pathnostics. “Moreover, by using the data from the XIFIN RPM platform and layering on the visualization and analytics capability, we have been able to eliminate the need to run multiple reports and attempt to aggregate data from disparate systems, and now are able to quickly use one simple view to make decisions across several key areas of our business.”
XIFIN designs its RCM solutions to be highly flexible and meet the unique needs of all types of diagnostic providers—including hospital outreach and outpatient labs, pathology practices, independent, molecular and next-generation sequencing labs, as well as providers of diagnostics-based medical devices. RPM 10 includes multi-faceted configurability, automation and workflow, providing a wide range of customization options while also managing compliance, privacy and security requirements.
XIFIN at G2 Lab Institute
XIFIN will be showcasing RPM 10 at the G2 Lab Institute 2018 conference, in Washington, D.C. from October 24-26, 2018 in booth #106. The following company executive presentations will be featured:
- Lâle White, Executive Chairman & CEO, XIFIN – “Master Your Fate: Perspective on the Advantages and Disadvantages Confronting Laboratories in a Post-PAMAgeddon,” October 24, 2018, 6:00 PM - 7:00 PM ET.
- Patricia Goede, VP, Clinical Informatics, XIFIN – “Medicare Access and CHIP Reauthorization Act (2015) MACRA: What Is It and Why Is It Important?” October 25, 2018, 3:50 PM - 4:25 PM ET.
- Kyle Fetter, EVP & GM of Diagnostic Services, XIFIN – “The Changing Landscape of Prior Authorizations,” October 26, 2018, 11:15 AM - 12:00 PM ET.
For more information about XIFIN RPM 10 or to request a demo, visit https://www.xifin.com/info/RPM10. For additional information on how labs can increase their valuation and the importance of investing in RCM solutions, download the following white papers: