Based on customer feedback in categories including strategic alignment, technology and security, XIFIN now recognized within Black Book rankings for five years running
San Diego, Calif. – October 26, 2021 – XIFIN today announced it has been named the #1 vendor for Laboratory Support and Revenue Cycle Management (RCM) in the latest survey on healthcare outsourcing conducted by Black Book Research. This marks the fifth time the company has been included in Black Book’s rankings and the second consecutive time it has been awarded this specific accolade. XIFIN has more than 20 years’ experience partnering with hospital-based and independent laboratories, imaging centers, pathology practices, and other diagnostic providers to optimize billing and claims processing via its award-winning XIFIN RPM solution in a flexible, outsourced model.
The ongoing COVID-19 pandemic has resulted in labs nationwide facing fluctuations in routine and COVID test volumes. Many have made the shift towards digital operations in response to these complex testing demands and to help optimize operations despite volume surges as high as 250% of baseline, according to XIFIN’s Lab Volume Index. As such, 92% of hospital leaders have intensified their strategic planning efforts this year with many turning to technology innovations and services to complement existing operations, according to Black Book’s annual survey on healthcare outsourcing. With the hospital outsourcing market projected to reach $702 billion by 2027, hospital and healthcare leaders are more focused than ever on strategic priorities that implement digital technologies and work to improve patient access. Black Book’s report surveyed 1,570 laboratory physicians, clinicians, and specialists, as well as administrative, IT and finance leaders from practices, groups, clinics, and facilities to determine their satisfaction level, based on several functional areas.
“We’re proud to be recognized as the number one provider of outsourced lab support and RCM by our clients, particularly as the industry continues to stretch beyond its limits and move toward a hybrid model of supporting both routine and esoteric diagnostics alongside ongoing COVID-19 testing,” said Kyle Fetter, Chief Operating Officer at XIFIN. “Through continued collaboration with key decision makers and our deep expertise in the diagnostics market, we’re listening to clients’ needs, helping their organizations refocus priorities and enabling them to allocate their internal resources to where they’re most valuable.”
According to industry respondents, XIFIN took the top position for 10 of 18 pieces of criteria, including:
- Strategic Alignment of Vendor Offerings to Provider Goals & Client’s Mission –Organizational structure meets stakeholder or customer needs, including MACRA, consumerism, RCM, and value-based care.
- Best of Breed Technology and Process Improvement Developments – Vendor elevates customers through capabilities, equipment, technology, professional staff, and quality assurance initiatives, all delivered above expectations.
- Data Security, Patient Privacy and Backup Services – Vendor provides highest level of security and back up services to provide secure and constantly dependable outsourced service offerings.
The company was also ranked #1 in areas like Client Relationships and Cultural Fit; Trust, Accountability, Transparency, Ethics; and Innovation and Optimization. In addition to these top ranks, XIFIN was among the top three vendors across all 18 criteria requirements, demonstrating the high value of the company’s continued technology innovation and commitment to providing quality services and support. The full Laboratory RCM Services report can be accessed here.
“Many hospitals and health systems have a cost structure in place that is not sustainable, and some organizations are making the decision to actually enhance clinical product lines by outsourcing to power up volumes and improve health consumer satisfaction,” said Doug Brown, President of Black Book Research. “Collaborating with a successful and reputable organization to outsource revenue cycle management is a valid strategy to achieve a financially healthier organization.”
Learn more about XIFIN’s comprehensive, award-winning RPM platform here, and its outsourced services offerings here.