At XIFIN, our mission is to help diagnostic providers thrive by unleashing their power to succeed, both financially and in improving patient outcomes. To truly thrive, you need partners and technology that are flexible to your unique business model and able to easily adapt to changes in your business environment. One important decision when thinking about revenue cycle management (RCM), for example, is whether to manage all the tasks associated with RCM in-house, or to outsource them.
The "16th Annual National Hospital/Health System Laboratory and Outreach Survey" published by Accumen Inc. and Chi Solutions Inc. presents some interesting data related to this topic. The study found that among surveyed hospital and health system outreach lab participants 41% identified billing and collections as a top area for improvement. In the same study only 32% of respondents were confident that the profitability of the lab had been analyzed. Along the same lines, only 27% of respondents reported having access to true revenue collected, and 80% reported not knowing their bad debt. XIFIN has created a business model that enables you to choose whether conducting revenue cycle management in-house or outsourcing is better for your organization, as well as making it easy to transition between the two models, as appropriate for your business. In fact, we have several clients who choose to manage some of the revenue cycle management functions in-house and outsource others to us. We provide the agility and expertise to transition between billing models, to adapt to business needs and regulatory environments, and to help you understand the financial and operational metrics that are key to your success.
For laboratories and other diagnostic services providers who prefer to outsource, the best-in-class XIFIN revenue cycle management solution is available under an outsource service model with XIFIN’s dedicated outsource billing group performing the billing functions for your organization.
- Our dedicated outsourcing billing group currently processes nearly $9 billion annually in gross laboratory claims.
- You receive the same award-winning revenue cycle management solution whether you choose an in-house or outsource delivery model.
- Laboratories and hospital outreach labs receive complete billing and revenue cycle management support.
- Your team takes advantage of best practices via XIFIN’s collective intelligence.
Whether you choose to outsource or manage XIFIN revenue performance management (RPM) in-house, you gain the essentials for maximizing profitability:
- Automated, Optimized Workflow: Process and workflow automation ensures clean claims up front and trackable claim submissions in the shortest possible time.
- Financial Underpinnings: Financial integrity to comply with ever-changing regulations and effectively manage business operations.
- Visibility: Make crucial business decisions based on analysis of key performance indicators and peer-to-peer benchmarking against industry standards.
- Connectivity: Interoperability and open flexibility to ensure scalability and operational integration.
XIFIN RPM 9 helps diagnostic providers unleash their powerful contributions to the healthcare ecosystem by improving health economics, healthcare informatics and financial performance. XIFIN is delivering crucial intelligence with automated revenue cycle management, maximized efficiency, improved cash collection, and increased financial integrity along with fewer clerical errors, significantly reduced denials, lower labor costs, and greater efficiency.