2022 CAP Today product guide
Billing is tough and getting tougher. In this CAP Today April 2022 roundup, industry leaders weigh in on diagnostic billing practices, problems, and solutions.
The XiFin RPM platform is an award-winning revenue cycle management (RCM) solution that is specifically designed to meet the needs of complicated, high-speed, high-volume medical billing environments.
With increasingly complex needs, health systems, diagnostic providers, and physician specialty groups are poorly served by traditional billing systems that lack the referential and financial integrity required to deliver accurate, auditable information.
These organizations need a technology infrastructure with a solid financial and accounting foundation that provides full visibility into the financial status of every diagnostic activity a provider performs, at every stage, from order submission to payment.
XiFin RPM is the answer ─ optimizing billing and accounts receivable processes, automating workflow, facilitating claim and appeal filing, and reducing regulatory compliance risk.
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Flexible Billing Solutions
XiFin offers the most advanced and comprehensive RCM platform and flexible billing solutions. You can choose to manage your billing with your team using XiFin RPM, outsource your billing to XiFin, or select a custom combination of these two approaches.
Regardless of the option you choose, you remain in control with detailed visibility and full transparency. Unlike billing systems traditionally used by diagnostics providers, XiFin RPM was explicitly developed in a financial language with full referential integrity. XiFin RPM clients are balanced to the penny every month and receive a complete general ledger-ready financial accounting package with GAAP- and Sarbanes-Oxley-compliant financial data. Whether you outsource to XiFin or do your billing yourself, XiFin RPM gives your management team the accuracy and detail needed to manage the business with confidence.
XiFin RPM Includes
XiFin RPM offers highly configurable workflows, real-time connectivity, and error correction to minimize denials and automate claim submissions up front in the shortest time possible. Patient to payment visibility with XiFin RPM makes claim tracking easy and actionable. Front-end workflow automation and error correction mean far fewer clerical errors, significantly reduced denials, lower labor costs, greater efficiency, and faster reimbursements. Machine learning options can further enhance front-end automation and workflow.
With XiFin RPM, many back-end denials and the associated appeal management workflow can be automated through highly configurable workflows. Automation includes document storage capabilities and the attachment of appropriate documentation to claims. Back-end denials and appeals workflow automation ensure faster denials management, greater appeals success, lower labor costs, and improved cash collections.
XiFin RPM offers a full suite of exclusive managed services that take the burden off you and ensures that you get the highest value.
These managed services include:
- Ongoing maintenance and timely updates of compliance data logic
- Electronic Data Exchange with 100% reconciliation policy
- Payor Relations with more than 3,000 payors and no need for a separate clearinghouse
- Named Client Success Manager (CSM)
- Annual site visit and review
- XiFin RPM Boot Camp
XiFin RPM includes separate enterprise-grade business intelligence and reporting capabilities to help you get the most from your data with no performance impact to your revenue cycle solution. Plus, the high quality data model is GAAP and Sarbanes-Oxley compliant and supports PAMA and FASB reporting requirements.
XiFin Business Intelligence includes:
- Hundreds of preconfigured operational reports
- Integrated, aggregated, and historical reports, and ad-hoc report creation
- Monthly key performance indicators, trends, snapshots, and dashboards
- Quarterly benchmarks
- End-of-month financial management package
- Data extracts
- Access to business intelligence specialists and financial analysts
Read What Our Customers Have to Say
"We are very pleased with the results we’ve achieved to date. We are bringing in additional revenue each month that would have previously been extremely labor-intensive and expensive for us to try to collect. We are both increasing revenue and reducing operating expenses by being able to shut off some of the ancillary services we were historically using to help our team try to chase down eligibility and coverage."
"Now we pull meaningful reports with better insights into our business. We know which clients are profitable and can investigate denial trends. We are now capturing better data and monitoring DSO, gross charges, patient encounters, scorecards with end-of-month analyses, billed and gross sales, as well as deposit amounts."
"NHL chose XiFin RPM for its automation, which is designed to reduce staff requirements and provide the flexibility of remote hosting. This RCM system was viewed as one that you can run a large business with, with a few people. As NHL looks toward the future, it acknowledges the important role of technology that emphasizes consumers’ demand for transparency. Patient bills and results need to be electronic with direct connectivity to portals that consumers want and need."
"XiFin is our valued revenue cycle management partner. Our longstanding relationship with them allows us to focus on our mission and what we do best - provide a superior cardiac monitoring service to our customers and their patients - while relying on XiFin for their insights-driven collaboration as we work together on business solutions."
“We now have almost 3,000 physicians using the XiFin client portal. XiFin has been able to reduce the time it takes to obtain corrected or missing information from physicians from an average of 90 days down to 20 days, thereby accelerating the time to reimbursement and cash collection and reducing administrative burden. At the same time, volumes have more than doubled and it has been handled to the same level of excellence with our clients and patients, without needing to add additional staff."
"Patient out-of-pocket amounts could vary significantly depending on the services ordered, the insurance carrier, and the network status of the lab. No one wants to get an unhappy surprise in the form of a laboratory billing statement with an unexpectedly high amount due. In partnership with XiFin , we can provide the patient’s out-of-pocket cost, upfront, making it easier for them to plan for it – and send it real-time via text message."
"There’s a lot of transparency. We’re able to see what our billers are using it for, see how they’re doing, and manipulate through the system with much greater ease. We’re also able to get more data out of the system and get more analysis."
"Since implementing XiFin for our revenue cycle process, we've seen enhancements in several key areas across our organization, including cash collection improvements, increased visibility, and better processes that result in the use of less resources."
XiFin RCM Platform and AI
End-to-end connectivity across the medical claim lifecycle from patient to payment.
The XiFin RCM platform is a healthcare data-compliant technological foundation that gives health systems, diagnostic providers, and specialty physician groups the ability to leverage multiple information systems and data sources to maximize the effectiveness of both clinical and business decisions.
Web-native, the capability-rich XiFin platform is built for real-time connectivity and interoperability
At its core, the XiFin platform has a robust, secure, continually growing data warehouse. Rich in both financial and clinical data, the platform ensures that this data is both accessible and useful across all of the decisions and activities that flow from healthcare workflow.
HIPAA compliant and utilizing advanced security technologies in a multi-layer approach, the XiFin platform ensures that your data is safe, secure, and available only to the proper individuals.
XiFin works with strategic partners that provide value-added solutions or extended capabilities that further enhance the XiFin platform and the overall value to XiFin clients. Extend your RCM or LIS capabilities through services such as insurance discovery, automated prior authorization, AI-enabled digital pathology, and AI-driven NGS analytics, just to name a few.
Audience-specific XiFin portals securely connect to XiFin solutions, strategic optimization partners, and payors and deliver a meaningful set of online support capabilities to health systems, diagnostic providers, physician offices, and patients. These enhanced portals increase patient and client engagement and satisfaction while reducing labor costs and increasing cash collections.
XiFin web services operate securely, flexibly, and seamlessly to enable two-way data exchanges and error correction in real-time, thereby removing redundancies and data latencies.
Designed for the cloud since its inception, the XiFin RCM engine uses a service-oriented architecture to deliver an agile, responsive platform with workflow, business rules, and data access functions that are optimized for its high-transaction, high-volume environment.
XiFin's AI-enabled analytics uncover insights that can inform both diagnostic billing workflows as well as business forecasts. Insights could suggest changes to workflow configuration that prioritize effectiveness, not just productivity. Financial forecasting can improve with the ability to determine reimbursement likelihood on near-term outstanding accounts receivable.