Revenue Cycle Management Solutions
Optimize your revenue performance with a full fledged financial system
Diagnostic data is a critical element of healthcare decisions, and billing is the point of convergence for diagnostic, demographic, and other information that combine to enable providers, payors, and patients to optimize healthcare. Billing and reimbursement related to diagnostics is not only highly complex, it also occupies a critical position in healthcare delivery.
To succeed, diagnostic providers need financial management and infrastructure technology that not only helps improve cash collections, but also delivers visibility and control over financial operations, and connectivity both within and outside the organization.
A Billing System Will Not Give You What You Need
With the reimbursement, reporting, and connectivity challenges confronting the industry today, laboratories and other diagnostic providers don’t need a billing system, but a technology infrastructure with a solid financial and accounting foundation. With their fundamental focus on the transactional aspects of claims, billing systems were never designed to have the strict referential and financial integrity that's required to deliver accurate, auditable, and actionable information.
Revenue cycle and performance management is about having visibility to fully understand the financial status of every bit of work the laboratory/diagnostic provider performs, at every stage of its path from order submission to final payment. It's about having the information and tools to identify and correct errors, appeal, and otherwise take action to ensure maximum reimbursement. It’s delivering accurate information for required reporting, spotting trends, leveraging information to negotiate contracts and strategically manage the business.
This is not to say the billing function is not important, because it is crucial to success. But billing needs to be done within the framework of this larger picture, or it will never achieve the desired financial results. Successful billing requires a sound technological foundation and optimized business processes.
Why XIFIN RPM
XIFIN’s approach to laboratory billing is unique, and goes well beyond a billing system to a complete Revenue Performance Management solution. Designed for the high-speed low-margin laboratory environment, XIFIN RPM manages and automates medical claims filing, reduces the risks associated with regulatory compliance, and provides visibility into operational and financial performance.
Six key differentiators characterize XIFIN RPM:
XIFIN Business Intelligence
Because you can't manage what you can't measure
XIFIN Business Intelligence is an enterprise-class data warehouse that lets you see how the business is performing, from top to bottom, and every step in between.
Architected for maximum performance and built on a healthcare financial management-specific data model, XIFIN BI delivers accurate, meaningful results that are both GAAP and Sarbanes-Oxley compliant.Learn More
Only XIFIN Business Intelligence can deliver insights you need to run your organization
XIFIN Managed Services
A key differentiator of XIFIN RPM is the extensive set of managed services that are part of the solution. XIFIN Managed Services do the heavy lifting of maintaining the technology infrastructure, data logic, and perform all submissions, processing, and other data exchanges, so that you can concentrate on optimizing your diagnostic services business.
Featured Success Stories
XIFIN Health Economics Optimization Platform
A Technology Foundation for Success
The XIFIN Health Economics Optimization (HEO) platform gives diagnostic service providers the ability to leverage multiple information systems and data sources to maximize the effectiveness of both clinical and business decisions. Web-native, the XIFIN HEO platform links the many different stakeholders in the delivery of healthcare, optimizing both business and patient outcomes.Learn More
XIFIN iNet Web Services and Portals
Extend your capabilities for maximum impact
The information held within laboratory and radiology billing and information systems is incredibly useful and powerful XIFIN portals and web services help diagnostic service providers leverage these important assets and related system capabilities to their fullest.
Proof in Numbers
10% Average Improvement in Net Cash Collection, Adjusted for Growth
61 Million Accessions/VisitsProcessed Annually
$29 Billion in Gross Claims Billed Annually
50% Reduction in Denials
Threefold Increase in Successful Appeals
100% Payor Reach
Do You Know Your Total Cost of Billing?
The only way to optimize revenue and financial performance is to know your true total cost of billing as a percent of revenues. XIFIN clients typically see a total cost of billing that is half as much as industry averages.
Most diagnostic providers grossly underestimate their total cost of billing; in fact, we have found organizations routinely underestimate total cost of billing by a factor of four or more. As a result, faulty decisions about revenue cycle technology and staffing are made that can lead to a significantly poorer financial picture and inferior accounts receivable performance.
XIFIN RCM Consulting
XIFIN's Revenue Cycle Management (RCM) Consulting team has extensive experience in developing and optimizing billing organizations and workflows for molecular, clinical, toxicology, pathology, and medical devices, for purposes of improving financial performance and accelerating cash flow.
Vice President, Molecular Diagnostics Support Services
As vice president of molecular diagnostics support services at XIFIN, Bonnie Ancone Fisher brings experience from over 33 years in the healthcare industry of which over 21 years have been directly related to medical billing and collections.
Senior Manager, Revenue Cycle Strategy
As Senior Manager, Revenue Cycle Strategy, Tim Langford brings experience from over 35 years of workflow and process management and consulting roles. The last 13 years have been directly related to laboratory revenue cycle, specifically via XIFIN RPM, making Tim a subject matter expert.