Over the past year, leading global IT research and advisory firm, International Data Corporation (IDC) published a paper and participated in a webinar discussing the benefits for hospitals and health system laboratories in choosing purpose-built revenue cycle management (RCM) systems. In the IDC paper, research director Mutaz Shegewi examines the specific benefits for hospitals and health systems that should be considered when selecting a purpose-built laboratory RCM capabilities, including:
Shegewi makes a clear and persuasive case for hospitals and health systems to enhance their operating models by adding purpose-built laboratory RCM capabilities. Once an organization validates the advantages of this approach, its team must still select the right technology vendor to best support these outpatient and ancillary services laboratories.
Some of the key differentiating capabilities to consider in selecting the right RCM system and business process outsourcing partner for hospital and health system ancillary services include:
The XIFIN team has developed collective intelligence in revenue cycle management that we use to add valuable capabilities to our RCM solutions and provide indispensable services to our laboratory clients. One of our goals is to automate as much of the RCM process as feasible and having our clients manage as little paper as possible, since paper inherently comes with risks of error and compliance violations.
As Shegewi states in the Parting Thoughts at the end of the paper, “Laboratory RCM requires a high degree of specialized expertise.” He also recommends that hospitals and health systems “Seek a vendor that offers an end-to-end RCM solution with managed services and a track record of success with the specific challenges and industry changes that impact your lab.”
We hope the information above is helpful and hope that you consider XIFIN in your decision-making process. In the meantime read what some of our clients have to say.
To learn more about the details of the IDC analysis and findings, including the considerations that lead to suboptimal laboratory financial performance and risk exposure, read the IDC white paper, "Making a Case for Purpose-Built RCM: How Actionable Data and Lab Visibility Benefits Health Systems."