Laboratory testing volume is at an all-time high. Molecular testing volume, for example, is currently at 275% of pre-COVID-19 levels. Diagnostic providers must transform their revenue cycle management (RCM) to adapt quickly to this changed world. This is not a challenge that can be overcome by throwing people at it. That is not a sustainable, scalable solution and during the COVID-19 pandemic is practically prohibitive. To thrive longer term, diagnostic providers need digital transformation of their day to day operations.
In 2019, XIFIN RPM was the winner of the Black Book award for highest client satisfaction for in-lab support and revenue cycle management outsourcing. With the new capabilities available in XIFIN RPM 12, XIFIN is further transforming the way diagnostic providers manage their operations. By automating the end-to-end RCM process, laboratories and remote patient monitoring companies are better equipped to handle the current surge in high-complexity and high-volume of claims.
XIFIN Advanced Analytics Provides the Operational Performance Metrics and Test-Level Data Exploration Finance Executive’s Need
In response to diagnostic labs’ needs for accurate, weekly snapshots of operational performance during the pandemic, XIFIN created an advanced analytics Essentials package, that depicts pre- and post- COVID-19 productivity for activities such as order entry, payment posting and error processing. In addition to the advanced analytics Essentials package, are the Executive and Enterprise Advanced Analytics options.
XIFIN Advanced Analytics options support proactive management of diagnostic organizations. Visibility into operational metrics, weekly snapshots, key performance indicators (KPIs), analytics, and dashboards provide insight that can be used to optimize the RCM workflow, maximize staff productivity, and identify root cause issues that are affecting your balance sheet.
The Enterprise Advanced Analytics option provides a test- or procedure-level workbook that provides analysis of volumes, sales, payments, and adjustments for ordered test or billable events as well as test profitability details and collection rates. This option includes the ability to drill down into the data and explore right to the test level details.
XIFIN RPM Client and Patient Portals Improve Relationship Satisfaction While Dramatically Lowering Cost
To thrive in the current market, diagnostic leaders need to develop a strategy to increase payments and lower costs while improving the patient and referring physician experience. The XIFIN RPM Patient Portal enables patients to automatically see balances, make credit card payments, etc. reducing the number of incoming calls to laboratory staff members and getting patients to pay faster. XIFIN clients (e.g., ordering physicians) that use the XIFIN RPM Patient Portal have experienced a 52% reduction in calls requiring an agent and an additional 15% incremental increase in payment per patient. Not to mention the cost savings of not mailing patient invoices.
The XIFIN RPM Client Portal also enables swift bi-directional information flow between the diagnostic provider and the physician offices. Exchanging information in this way reduces turnaround time to get missing or incorrect information resolved, resulting in faster claim submissions and reimbursements. Organizations using the XIFIN RPM Client Portal have experienced a reduction in the time it takes to resolve missing information required to obtain reimbursement by approximately 66%.
The XIFIN RPM Client and Patient portals help laboratories better integrate their relationships with ordering physicians and patients. The portals streamline many processes that used to require manual intervention at the physician’s office or the diagnostic provider. As a result of implementing and adopting the portals, they get paid more quickly. In addition to accelerating reimbursement, both organizations benefit from cost savings. Finally, diagnostic providers have an easy, effective way to improve their relationships with ordering physicians, their offices, and patients alike.
Patient Data Discovery Critical to Clean Claim Submission and Fewer Denials
Transforming RCM means getting clean patient data as quickly and effectively as possible for even the lowest value claim. XIFIN welcomes Waveland Technologies to its growing list of healthcare partners that recognize the power and value of interoperability in optimizing RCM. Waveland Technologies provides insurance discovery and patient data curation and is integrated with XIFIN RPM 12. Clients have a choice of insurance discovery partners to use in addition to the patient data discovery capabilities already built-in to XIFIN RPM 12.
The XIFIN RPM Client and Patient streamline many RCM-related processes that used to require manual intervention at the physician’s office or the laboratory, speeding reimbursement, reducing operating cost, and enabling labs to handle historically high levels of testing volume while adding staff at a much lower rate.
XIFIN RPM is the only diagnostic RCM platform that is a full-fledged financial system, including enterprise-grade business intelligence functionality that provides financial reporting, key performance indicators, benchmarks, and enhanced end-of-month reporting packages.
The addition of XIFIN Advanced Analytics make complicated financial reporting and analysis easier and faster.
Ready to transform your RCM? Learn about all of the new features of XIFIN RPM 12 and request a demo here.Learn More