For the 6th Consecutive Year, Clients Surveyed by Black Book Research Rank XIFIN #1
XIFIN’s revenue cycle management (RCM) solution for laboratories once again received the highest overall score in polls conducted by Black Book Research.
San Diego, Calif., (October 10, 2022) – In a year where diagnostic centers experienced significant revenue declines, increased expenses, and ongoing labor shortages, customers yet again ranked XIFIN’s laboratory RCM #1. Over 900 hospitals and inpatient organizations and 4,000 physician practices were surveyed by Black Book Research. The 2022 survey revealed a dire need for digital transformation in finance divisions due to “compounding fiscal distresses” that are putting healthcare organizations at risk.
- The vast majority (79%) of CFOs and senior leaders said, “digital transformation in their finance divisions was essential for commercial stabilization and long-term survival.”
- A whopping 86% of financial executives say they are “actively monitoring the use of automation technology to increase charge accuracy and reduce operational costs.”
- Virtually all (94%) of C-suite executives said, “digital transformation efforts in financial operations continue to be at the forefront of their strategy for 2023-2024.”
Doug Brown, President of Black Book, stated, “The lack of advanced analytic tools, strategic dysfunction caused by failed RCM software integrations, and outdated dashboard and decision support systems have put focus on the immediate technology needs of chief financial officers.”
Black Book rankings are based on client experience scores, crowdsourced from healthcare professionals representing hospitals, diagnostic providers, pathology and physician practices, and more. Year after year, XIFIN has been ranked the top performing laboratory RCM vendor because of XIFIN’s:
- Superior technology and automation
- Unmatched security, compliance, and trust
- Unparalleled service and expertise
XIFIN COO Kyle Fetter says, “We are grateful to our clients for another #1 ranking. By meeting today’s critical performance criteria, our RCM solution delivers results, such as a 21% average improvement in cash collections for outsource clients and a 50% average reduction in denials. In addition to industry-leading expertise and a focus on continuous innovation, XIFIN also actively engages with healthcare payors and regulators in support of a thriving and responsive diagnostics ecosystem.”
Learn more about Black Book surveys and why clients have given XIFIN’s laboratory RCM the #1 ranking for six consecutive years.
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 across diagnostic, pharmacy and oncology markets. 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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