XIFIN RPM 14 Enables Diagnostic Providers to Address Industry’s Biggest Reimbursement and Regulatory Issues
Black Book-honored company helps diagnostic leaders improve reimbursement, respond to changing legislation, gain real-time business insights, and enhance communications with patients and physicians.
San Diego, Calif. – November 16, 2021 – XIFIN today launched a new version of its award-winning revenue cycle management (RCM) system, XIFIN RPM 14. With this latest iteration of the company’s flagship RCM solution, XIFIN aims to address three key market challenges: improve information-sharing between patients, providers and labs; support the demand for price transparency; and ensure adequate billing expertise and resources where they’re most needed.
In today’s environment, it’s important for diagnostic providers, specialty physician groups, medical device companies and hospital outreach lab services to have infrastructure in place that supports day-to-day workstreams, encourages compliance at a time when the Eliminating Kickbacks Recovery Act (EKRA) and the No Surprises Act are poised to affect the business of laboratories or providers, and offers guidance for a nimble response in an evolving healthcare landscape as the fight against COVID-19 continues. XIFIN RPM 14 provides real-time insights and analytics, arming leaders with the tools to make effective financial decisions for their organization. The new solution transforms the way diagnostic providers access and exchange financial information and test results with ordering physicians and patients, enabling them to capture crucial information before claims have been submitted. This ultimately reduces costs and improves cash collections – while providing a better experience for their patients and customers.
XIFIN RPM 14 features a suite of updated capabilities including:
- Patient and provider communications tools that enable diagnostic providers to directly engage with patients and referring physicians via text and email.
- Workflow automation through web services that support two-way real-time data exchange enabling digital “conversations” between client and patient portals, IVR, LIS, CPOE, EMRs, and other systems.
- An extensive set of enterprise business intelligence advanced analytics, including more dashboards to support executive, financial and operational analysis that make decision-making easier.
“Approximately 80 billing employees across eight of our U.S. labs use the XIFIN RPM system. Its ease-of-use and automation capabilities have been instrumental to enhancing our team’s productivity,” said Tim Langford, Director of Billing, Clinical Diagnostics US, Eurofins. “The real-time data insights provided by XIFIN RPM’s integrated visualization capabilities allow us to analyze data and trends across lab specialties that we can then use for global reporting purposes, to help inform strategic revenue improvements and ensure timely consultative interactions with our clients.”
Addressing Key Industry Issues
With XIFIN RPM 14, the company sought to address some of the most important issues in healthcare and the diagnostics market. These include:
Enabling Greater Patient and Provider Self-Service Access to Information
In the current marketplace, patient expectations around real-time communication and access to healthcare information have become the norm and this trend accelerated during the pandemic. XIFIN RPM 14 offers new communications capabilities to provide both patients and ordering physicians what they want through enhancements to two of its existing portals, the Patient Portal and the Client Portal, and their ability to provide:
- Convenient Access to Results – Diagnostic providers can now share test results with patients through the Patient Portal and can also send them text notifications or emails with a link to view their test results directly.
- Interactive Financial Support for Clients - Referring physicians and staff can now review interactive statements, dispute pricing, or rebill insurance via the Client Portal; and diagnostic providers receive notifications when invoices are available.
Helping Patients Proactively Identify Cost of Care
The health insurance system in the United States poses challenges for patients who pre-emptively seek information around cost-of-care and as a result, many have experienced surprise billing, especially if people received unplanned care due to the pandemic. Surprise billing happens when people unknowingly receive care from providers that use other providers that are outside their health plan’s network. Over the years, this has cost patients thousands of dollars in out-of-pocket expenses. In January 2022, the No Surprises Act is anticipated to go into effect to mitigate this issue, but until then price transparency is nearly impossible without patient involvement and self-advocacy.
In response to surprise bills and the evolving needs of patients, XIFIN RPM 14 helps individuals proactively identify estimated expenses through the Patient Responsibility Estimator. Patients can be directly notified by email or text to review and/or approve estimated out-of-pocket expenses before tests are performed, and they have the option to pre-pay for services — all through the XIFIN Patient Portal.
Supporting Strategic Resource Allocation and Access to Expertise
As the pandemic persists, labs nationwide face fluctuations and surges in routine and COVID test volumes as high as 250% of a pre-COVID testing average baseline, according to XIFIN’s Lab Volume Index. The escalation of testing equates to an increased volume of work for the diagnostics industry.
XIFIN’s RPM system empowers in-house RCM and billing teams to focus their time and appropriately staff resources on activities that are difficult to automate and truly benefit from human intervention. Many diagnostic organizations are exploring how to best optimize their billing operations and XIFIN’s flexible RCM options meet various business needs, from conducting RCM operations in-house with their own staff, outsourcing these activities, or a custom combination of these two approaches. As a testament to XIFIN’s expertise with these environments, the company was recently named #1 in Laboratory Support and RCM Outsourcing among healthcare professionals from Black Book Research for the second consecutive year.
“For the past 18 months, many labs and healthcare organizations have faced financial hardships or pandemic-driven upheaval. New regulations such as The No Surprises Act and EKRA only add to their burden. Our goal is to be their advocate, help them understand the practical implications and find an advantageous path through these scenarios,” said Lâle White, executive chair and CEO at XIFIN. “By continuing to innovate and stay nimble in response to the needs of our clients, we consistently advance our platform solutions to optimize automation that facilitates a seamless end-to-end RCM process and helps diagnostic providers improve their financial performance while enhancing customer and patient relationships at a crucial point in time.”
For more information about XIFIN RPM 14 and its integrated capabilities, or to request your copy of the XIFIN RPM Advanced Analytics whitepaper, please click here.
XIFIN is a healthcare information technology company that leverages diagnostic information to improve the quality and economics of healthcare. The company's cloud-based technology facilitates connectivity and workflow automation for accessing and sharing clinical and financial diagnostic data, linking healthcare stakeholders in the delivery and reimbursement of care. The company provides cross-specialty industry analytics including its Lab Volume Index which provides a measurement of laboratory testing volumes across the US. Its synthesis of diagnostic data enables comparisons of hospital, genetics, pathology, routine lab, COVID-19, and antibody testing across key segments. To learn more, visit www.XIFIN.com, follow XIFIN on Twitter and LinkedIn, or subscribe to the XIFIN blog.
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