New features include patient responsibility estimator and integrated, automated prior authorization capabilities
SAN DIEGO, Calif., — February 20, 2019 — XIFIN, Inc. today announced expanded patient and physician engagement capabilities, building on its commitment to being a valuable partner to diagnostic providers and delivering on the vision of optimizing the efficiency of healthcare. The new capabilities include a patient responsibility estimator, as well as a strategic partnership with Glidian that integrates automated prior authorization capabilities with XIFIN’s revenue cycle management and laboratory information system solutions, XIFIN RPM and XIFIN LIS.
Driven by higher co-pays, increased participation in high deductible healthcare plans, and claim denials due to prior authorization requirements not being followed, patient out-of-pocket expenses are at an alltime high. Patients are now responsible for 30% of healthcare revenue, and these added expenses are a significant driver of patient dissatisfaction. The trend is driving increased consumerism with patients demanding cost transparency and better access to their diagnostic information. Laboratories and remote patient monitoring companies have an opportunity to enhance patient engagement and physician satisfaction by providing tools that offer insight into costs and improve access to the diagnostic tests or health monitoring that their physicians recommend.
“The way in which patients interact with the healthcare system continues to evolve, and their expectations are growing. With our new responsibility estimator, we are uniquely positioned to help diagnostic providers improve their patient engagement and experience initiatives,” said Lâle White, CEO, XIFIN. “In addition, our partnership with Glidian builds on our commitment to also improve physician satisfaction by streamlining prior authorization workflows to generate increased efficiencies and reduced denials–ultimately enabling physicians to provide more timely care to patients.”
Unlike current billing processes where patients frequently do not have clear visibility into what is going to be expected of them financially, the patient responsibility estimator within XIFIN RPM allows diagnostic providers to give their patients a better understanding of their out-of-pocket costs for ordered tests and provides a pre-payment option. It is available through XIFIN’s multi-portal infrastructure that serves patients, providers and clients.
Each year, $31 billion is spent on prior authorizations. According to a recent survey by the American Medical Association, nearly 90% of physicians said prior authorization burdens have increased during the last five years, and 28% said prior authorization delays have led to a serious adverse event. With physicians completing on average 31 prior authorizations each week and more than a third employing staff who work exclusively on prior authorizations, it is clear that prior authorizations are costly activities.
"XIFIN and Glidian have provided the ability to streamline the prior authorization workflow for my team. Our verifiers are able to track their prior authorizations in real time, cutting down the turnaround time in providing decisions to our clients and patients,” said Irene Jivani, Director of Strategic Partnerships at Baylor Genetics. “Integration of the tool was simple, and minimal training was needed, which makes this solution incredibly user-friendly."
As increasingly complicated tests enter the market, diagnostic providers need more efficient ways to secure prior authorizations, while also getting reimbursed without delay. XIFIN enables diagnostic service providers to further increase revenue by reducing prior authorization related denials with Glidian's automated prior authorization process, and builds on the prior authorization workflow, logic and document storage already available within XIFIN RPM. Knowing the workflow of prior authorizations starts at the physician’s office, the Glidian application works with XIFIN LIS so that physicians or diagnostic providers can initiate the prior authorization process as early as possible.
"Securing prior authorizations can be time-consuming due to disconnected systems and manual processes–all of which can lead to delays in patient care,” said Ashish Dua, CEO, Glidian. “By integrating our electronic prior authorization submissions with XIFIN RPM and XIFIN LIS, we’re able to help providers streamline their workflows, prevent denials and help expedite decisions to make sure patients receive the important diagnostic information they need.”
For more information on XIFIN’s patient and physician engagement capabilities, please visit https://www.xifin.com/solutions/patient-and-physician-engagement-solutions or attend our webinar on Thursday, March 14 at 2 PM Eastern / 11 AM Pacific to learn about patient engagement and physician satisfaction strategies.