Recently we announced the latest release of XIFIN RPM designed to help laboratories succeed in today's challenging market. This release, XIFIN RPM 9, includes many enhancements to our real-time, mobile business intelligence and reporting capabilities.
To thrive in today's market, laboratories need ready access to accurate and complete financial data that can be easily analyzed to understand business performance and key market trends. Further, this information needs to be fully auditable and represents both point in time and rolling time-period increments.
XIFIN Business Intelligence is a critical element of XIFIN RPM 9, delivering an enterprise-grade, cloud-based data warehouse and business analytics. XIFIN RPM 9 remains the only diagnostic services financial receivables management system that delivers a FASB, GAAP, and SOX compliant and GL-ready financial package. It is designed to comply with the requirements of FASB ASC 606 from day one.
XIFIN Business Intelligence includes many enhanced capabilities including:
- Detailed tracking at individual test/accession level to ensure full reportability and referential integrity.
- PAMA reports to easily generate the required submission data as well as detailed reports to help audit the data, including a breakdown of what is submitted versus excluded.
- The ability for laboratories to efficiently model financial data to best suit their unique mix of tests, payors, and patients, providing a reporting formula for every class or type of contract they have with health insurers.
XIFIN Business Intelligence also provides real-time monitoring for how the business is performing:
- Key performance indicators (KPIs) are compared to similar segment averages and best in class benchmarks, culled from extensive data derived from the more than 200 million claims processed on XIFIN annually.
- Scorecards and financial dashboards provide powerful performance management tools to holistically capture your organization's performance from several vantage points on a single page.
- Optimized data warehouse ensures delivery of analytics without impacting system performance.
- Optional mobile application provides executives and sales team data visualization capabilities and drill-through reporting enhanced for mobile devices.
True revenue cycle management is all about having visibility to fully understand the financial status of every bit of work the lab or diagnostic provider performs from order submission to payment. It's about having the information and tools to identify and correct errors up-front, streamline appeals, and take the right actions to ensure maximum reimbursement.
XIFIN Business Intelligence enables proactive management of your business by helping you track and measure KPIs, audit preparedness, and the overall performance of your operations.