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- XiFin and FrontRunnerHC Provide Integrated Insurance Detection to Help Labs Maximize Reimbursement and Reduce Bad Debt
XiFin and FrontRunnerHC Provide Integrated Insurance Detection to Help Labs Maximize Reimbursement and Reduce Bad Debt
December 1, 2017XiFin, Inc., a health information technology company, is proud to team with FrontRunnerHC and its PatientRemedi insurance discovery application. PatientRemedi is now integrated with XiFin RPM 9 to automatically determine a patient’s existing health insurance coverage and identify demographic errors and omissions for accessions with no coverage on file, that are unbillable, or that are in a pre-bad debt standing.
Why is this valuable?
Laboratory information systems are populated with patient data from various sources. Some of this patient data is inaccurate or incomplete. This leads to increased costs (labor) and lost revenue (reimbursement denials).
The FrontRunnerHC insurance discovery solution automates the process of obtaining correct and complete patient insurance information and demographics for self-pay accounts. It is integrated via web service to enable automatic updates of patient coverage information within XiFin RPM for submission to the appropriate payer.
With FrontRunnerHC and XiFin, claims are generated to the appropriate payor faster, more accurately, and with less human intervention. In 2017 alone, FrontRunnerHC clients have eliminated more than a million collection calls and letters to patients, and identified $1.7 billion in recoverable revenue.
Comprehensive revenue cycle management (RCM) solutions that help laboratories streamline and automate financial operations are more critical than ever in today’s laboratory market. Laboratories face unprecedented reimbursement pressures and fee cuts as a result of the Centers for Medicare & Medicaid Services January 2018 implementation of the Protecting Access to Medicare Act (PAMA), which will reduce fees significantly for many laboratory tests. In addition, rising bad debt due to the trend of consumers selecting high-deductible health plans and self-pay patients also put revenue at higher risk for many laboratories. FrontRunnerHC estimates that nearly 50 percent of self-pay accessions identified using PatientRemedi actually have insurance coverage.
To learn more about XiFin RPM 9 and PatientRemedi, visit https://go.xifin.com/FrontRunner.html.