SAN DIEGO--(BUSINESS WIRE)--
XIFIN, Inc., the healthcare information technology company revolutionizing the business of healthcare diagnostics, and a Frost & Sullivan’s 2017 North American Revenue Cycle Management Company of the Year in the diagnostic laboratory segment, today announced the availability of its next-generation revenue cycle management solution, XIFIN RPM 9, which hundreds of laboratories rely on to process more than 200 million medical claims annually.
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XIFIN RPM 9 enterprise-grade business intelligence delivers unequaled financial integrity and real-time monitoring of business performance. (Graphic: Business Wire)
Laboratories face looming reimbursement pressures and fee cuts in 2018 as a result of the Centers for Medicare & Medicaid Services upcoming January 2018 implementation of the Protecting Access to Medicare Act (PAMA), which will reduce fees significantly for lab tests by using private market lab test prices to establish a new Part B clinical laboratory fee schedule. With CMS’ recent finalization of the Clinical Lab Fee Schedule (CLFS), industry experts predict that PAMA will be the most financially-disruptive event to impact the clinical lab industry in 20 years, with Medicare lab test fee cuts projected by CMS to total $670 million in 2018 alone.
XIFIN CEO Lâle White stresses the importance of a robust revenue cycle management system in today’s turbulent lab market. “Laboratories are facing unprecedented operational, financial and revenue compression challenges that will likely grow as lab reimbursement and operating margins continue to shrink. Unfortunately, trimming operating costs will not make up the shortfall in revenue from laboratory fee schedule cuts, nor will reliance on outdated operating processes and technologies. We believe that XIFIN RPM 9 can play a critical role in uniquely positioning labs to improve workflow, optimize labor, ensure stakeholder engagement and thrive during the challenging times ahead.”
New and Enhanced Automated Workflows to Maximize Cash Collections
Real-Time Business Intelligence Demonstrates Unequaled Financial Integrity and Supports Evolving Healthcare Models
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.
Enterprise-grade, cloud-based data warehouse and analytics platform that provides real-time monitoring for how the business is performing.
Enhanced Patient and Physician Engagement
Outsource Service Model Creates Flexible Delivery Options
For hospital and healthcare system outreach labs and other organizations that prefer to outsource, XIFIN RPM is also available under an outsource service model with XIFIN’s dedicated outsource billing group performing billing functions.
Industry’s Best-In-Class Secure, High-Availability Environment
“We are using XIFIN RPM 9 for our current outsource clients, and the enhanced workflow capabilities have enabled our billing team to uncover additional cash collections far beyond what we previously considered possible,” explained Kyle Fetter, XIFIN’s vice president and general manager of diagnostic services. “Our outsource clients have realized a 21 percent improvement in cash collections since we began using XIFIN RPM 9, and have significantly lowered days sales outstanding across the board.”
“XIFIN’s RCM solution, XIFIN RPM 9, is superior and unrivaled in the diagnostic services market because it enables laboratories and other diagnostic service providers to operate efficiently, collaboratively and in a more sustainable manner in healthcare’s uncertain and ever-changing regulatory environment,” stated Frost & Sullivan principal analyst Divyaa Ravishankar. “In addition, customers that have invested in XIFIN RPM highly praise its solutions for demonstrating a solid increase in cash collections, laboratory productivity and efficiency.”
XIFIN RPM 9 is available immediately for organizations seeking in-house or outsourced revenue cycle management solutions. For additional information, or to schedule a demo, please contact a company representative here.
About XIFIN, Inc.
XIFIN is a healthcare information technology company that leverages diagnostic information to improve the quality and economics of healthcare. The company’s cloud-based technology facilitates connectivity and workflow automation for accessing and sharing clinical and financial diagnostic data, linking healthcare stakeholders in the delivery and reimbursement of care. To learn more, visit www.XIFIN.com or follow XIFIN on Twitter and LinkedIn. To learn more about XIFIN RPM 9 and to schedule a private meeting or demo, please visit go.xifin.com/RPM9.
Copyright Business Wire 2017