Revenue Cycle Management
Beyond Billing
Optimize revenue with a full-fledged financial system
Diagnostic providers need financial management technology that not only helps improve cash collections, but also delivers visibility and control over financial operations, and provides connectivity within and beyond the organization.
With these increasingly complex needs, diagnostic providers are poorly served by traditional billing systems that lack the referential and financial integrity required to deliver accurate, auditable information. Instead, they need a technology infrastructure with a solid financial and accounting foundation that delivers full visibility to understand the financial status of every diagnostic activity a provider performs, at every stage from order submission to payment. Providers need the information and tools to identify and correct errors, appeal, and take action to ensure maximum reimbursement as well as deliver accurate information for reporting and negotiating contracts, as well as strategically manage the business.
XIFIN RPM is the answer ─ optimizing billing and accounts receivable processes, intelligently automating revenue workflow, facilitating claim and appeal filing, and reducing regulatory compliance risk.
And now XIFIN RPM 10 extends XIFIN’s market leadership in diagnostic RCM for both in-house and outsource applications. By incorporating machine learning capabilities and providing next-generation business intelligence and analytics options, XIFIN RPM 10 makes revenue cycle management for diagnostics providers even better, while continuing to provide enterprise-grade business intelligence with built-in reporting packages for PAMA and FASB requirements, enhanced patient and physician portals, and the industry’s best-in-class high-availability environment.
''Revenue cycle management represents a key area that needs to be focused on if you’re going to sustain the laboratory business for the long term''
Liana Romero, PhD, MBA, MT (ASCP)
Senior Director, Strategic Marketing and Clinical Affairs, Siemens Healthineers
''The data we get is sound, is valid. Actually, XIFIN is our source of truth. Even when accounting or finance questions volumes, we say, let's go to XIFIN— that's our source of truth''
Bobbi Kochevar
Director of Diagnostic Therapy & Care Management, North Memorial
''XIFIN’s RCM solution, XIFIN RPM, is superior and unrivaled in the diagnostic services market because it enables laboratories and other diagnostic service providers to operate efficiently, collaboratively and in a more sustainable manner in healthcare's uncertain and ever-changing regulatory environment…In addition, customers that have invested in XIFIN RPM highly praise its solutions for demonstrating a solid increase in cash collections, laboratory productivity and efficiency.''
Divyaa Ravishankar
Principal Analyst, Frost & Sullivan
Why XIFIN RPM
With its Software as a Service (SaaS) foundation, machine learning-enabled XIFIN RPM 10 embodies a leading health information technology approach to diagnostic billing and accounts receivable that delivers unparalleled results. XIFIN RPM goes well beyond a mere billing system to provide a complete Revenue Cycle Management (RCM) with the visibility, business intelligence, and analytics diagnostics providers need to manage their businesses to peak financial performance. Designed for high-speed, high-volume healthcare diagnostics environments, XIFIN RPM proactively manages and intelligently automates diagnostic claims management throughout the revenue cycle process, reduces the risks associated with regulatory compliance, and delivers actionable insights.
How XIFIN RPM Delivers Value
Prior Authorizations Made Simple
The prior authorization process is complicated. XIFIN simplifies it by enabling diagnostic service providers to reduce prior authorization related workload and denials while improving cash collections with Glidian’s automated prior authorization application. This application works with the prior authorization workflow, logic, and document storage already available within XIFIN RPM resulting in increased revenue through the reduction of preventable denials. The process is simple.
87% reduction in time spent per case
7-10% increase in revenue
31% faster time to decision
Source: Results are an average across all Glidian customers.
Industry Segments
XIFIN Business Intelligence
Because you can't manage what you can't measure
XIFIN Business Intelligence (BI) includes an enterprise-class data warehouse that lets you see how the business is performing, from top to bottom, and every step in between.
Architected for maximum performance and built on a healthcare financial management-specific data model, XIFIN BI delivers accurate, meaningful results that are both GAAP and Sarbanes-Oxley compliant and conforms to FASB reporting requirements.
Explore XIFIN BIOnly XIFIN Business Intelligence can deliver insights you need to run your organization
Premium Business Intelligence Turns Insights Into Action
Options include:XIFIN Managed Services
A key differentiator of XIFIN RPM is the extensive set of managed services that are part of the solution. XIFIN Managed Services do the heavy lifting of maintaining the technology infrastructure, data logic, and perform all submissions, processing, and other data exchanges, so that you can concentrate on optimizing your diagnostic services business.
Ongoing Maintenance of Data Logic
Policy of 100% Reconciliation
Client Success Managers
Laboratory Billing Solutions
XIFIN Comprehensive and Flexible Medical Cycle Billing Solutions
XIFIN has more than 20 years’ experience partnering with laboratories to optimize their revenue cycle management. We offer unrivaled flexibility by allowing you to engage us at a level suited to your needs, whether it be in-house billing, outsourced to our internal operations, or a hybrid of both. With our unique model, XIFIN can help design a solution that fits today, and provide the flexibility necessary to adapt to your changing needs in the future. For example, many start-up labs choose to begin with fully outsourced billing services and later transition to in-house billing once they are ready with the team and the processes to handle these critical functions. Likewise, some established labs that have been handling billing services in-house choose to outsource for the flexibility it provides in terms of staffing and related costs. At XIFIN, we use RPM to drive all outsourced billing operations, so we experience the value of the solution ourselves.
The XIFIN outsourced billing platform ensures our clients have complete visibility at all times. XIFIN clients can access the RPM platform to view, in real time, all claims that are being held for billing due to missing/incorrect information, rejections, denials, and appeals. With XIFIN there are no “black box” operations, both our team and yours can monitor workflow and progress so that no claim ever falls through the cracks. Regardless of the billing option you choose, you can count on higher performance and increased revenue and profit.
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10.5% average increase in revenue in the first year after transition when transitioning from other outsourced billing providers
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21% Average Improvement in Cash Collections for Outsource Clients Submitting over $9B in Annual Claims
XIFIN Technology Platform
A Technology Foundation for Success
The XIFIN technology platform gives diagnostic service providers the ability to leverage multiple information systems and data sources to maximize the effectiveness of both clinical and business decisions. Web-native, the XIFIN platform links the many different stakeholders in the delivery of healthcare, optimizing both business and patient outcomes.
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XIFIN iNet Web Services and Portals
Extend your capabilities for maximum impact
The information held within laboratory and radiology billing and information systems is incredibly useful and powerful XIFIN portals and web services help diagnostic service providers leverage these important assets and related system capabilities to their fullest.
Proof in Numbers
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8% Average Improvement in Net Cash Collection, Adjusted for Growth
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61 Million Accessions/Visits Processed Annually
$0B
$29 Billion in Gross Claims Billed Annually
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50% Reduction in Denials
0X
Threefold Increase in Successful Appeals
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100% Payor Reach
Do You Know Your Total Cost of Billing?
A CEO's Guide to Measuring Total Cost of Billing in the Laboratory
When assessing billing solutions and options, many organizations fail to take into account all the various elements that comprise the organization’s true cost of billing. This white paper specifically addresses how increasing revenue and cash collection can contribute significantly to lowering the total cost of billing.
Download White Paper
XIFIN RCM Consulting
XIFIN's Revenue Cycle Management (RCM) Consulting team has extensive experience in developing and optimizing billing organizations and workflows for molecular, clinical, toxicology, pathology, and medical devices, for purposes of improving financial performance and accelerating cash flow.
Flexibly Outsource All or Part of Your RCM Process
With XIFIN, you choose whether the best option for your organization is outsourcing your RCM operations, conducting these activities in-house with your own staff, or a custom combination of these two approaches. Plus, as your business needs chance, you can easily transition between the models.
