Expanded Capabilities, Including Advanced Analytics, Client & Patient Portals, and Insurance Discovery Enable More Efficient Management of Revenue Cycles and Collections
SAN DIEGO--(BUSINESS WIRE)--Diagnostic providers across the U.S. are overwhelmed by a high number of testing volumes – on average, 165% of their normal levels – as the country continues to utilize testing measures to control the spread of COVID-19. At a time when departments are stretched thin, and social distancing has dramatically changed patient-provider dynamics such that patient and client engagement are more critical than ever, XIFIN is unveiling the latest version of its award-winning SaaS-based revenue cycle management (RCM) platform, XIFIN RPM 12. The platform features enriched workflow and analytics capabilities, including expanded advanced analytics, enhanced client and patient portals, and additional appeals automation and insurance discovery options.
“Over the past six months, the pandemic has put many healthcare organizations in uncharted territory, which opened a myriad of questions on how best to respond,” said Lâle White, executive chair and CEO at XIFIN. “It brought home how critical accurate and timely analytics are. From understanding operational performance and staying on top of staff productivity, to identifying trends and opportunities for revenue improvement, the ability to access and leverage this information has without a doubt been a deciding factor in organizational success. During these past months of COVID, we’ve drawn upon our vast data lake to develop advanced analytics with unprecedented specificity and insight, so that our customers have the best tools at hand to guide their decision-making and chart their course.”
Diagnostic providers today must have an infrastructure in place that both supports day-to-day efforts and delivers the guidance to enable nimble response in an evolving healthcare landscape. With social distancing requirements for employees, providers and patients, diagnostic providers, cloud-based solutions are needed to streamline and securely perform in a remote environment. XIFIN RPM 12 is transforming the way diagnostic providers manage their business in several ways:
Client and patient portals designed to improve cash collections – Portals have emerged as an effective strategy to improve engagement with patients and physicians, while streamlining processes and driving revenue improvements:
- The XIFIN RPM client portal helps establish more deeply integrated communication and data exchange with ordering physicians. Bi-directional information flow between the diagnostic provider and the physician office reduces turnaround time and associated costs for correcting or obtaining missing information, resulting in faster claim submissions and reimbursements. Clients using this portal have experienced as much as a 66% reduction in the time it takes to resolve missing information required to obtain reimbursement.
- Patient portals enhance the patient experience, reduce unnecessary incoming calls and allow patients flexibility to resolve their balances conveniently and quickly. Clients who use the XIFIN RPM patient portal have experienced a 52% reduction in calls requiring an agent.
- The Patient Service Center portal provides pricing transparency for services before they are processed, enabling laboratory staff to notify the patient of their out of pocket expenses in advance and pre-collect the patient balance.
- Advanced analytics for improved workflows and decision making – Laboratories, pathology groups and independent diagnostic testing facilities have needed accurate, timely snapshots of operational performance during the pandemic. In response to this requirement, XIFIN created an advanced analytics Essentials package that depicts pre- and post- COVID-19 productivity for order entry, posting and EP errors fixed. The Enterprise package adds test/procedure level views that provides a host of analyses that can be drilled down to the test level.
- Automated appeals capabilities –To help reduce the manual labor related to processing appeals, XIFIN has further automated its appeals process including denial triggered workflow automation and electronic/PDF payor-specific forms for some of the highest volume payors, including United Healthcare, Aetna and Cigna.
- Enhanced insurance and patient data discovery – In addition to XIFIN RPM 12’s enhanced patient data discovery and matching capabilities, Waveland Technologies joins an exclusive list of insurance discovery and other technology partners that augment the capabilities already built into XIFIN RPM 12. Integrated with XIFIN RPM, Waveland’s unique data service represents a different approach to patient data procurement and is another way diagnostic providers can quickly and efficiently improve clean claims submissions and reimbursement, even for those that would previously have been cost-prohibitive to pursue.
BioReference Laboratories Experience Highlights Benefits of XIFIN Advanced Analytics and Portal
BioReference Laboratories, an OPKO Health company, is the largest full-service specialty laboratory in the U.S. It services approximately 11 million patients annually, and provides genetic, women’s health, cancer and COVID-19 testing. A XIFIN customer since October 2016, BioReference executives chose to also transition GeneDx, a world leader in genomics, to XIFIN to gain further financial performance improvements. Working together over the past year, BioReference and XIFIN teams used XIFIN RPM’s advance analytics to uncover actionable insights. One resulting initiative focused on driving adoption and use of the XIFIN client portal by physicians and their teams.
“While quality diagnostics remains at our core, our goal is to help physicians provide better service and empower patients with the knowledge to better care for themselves,” said Kevin Feeley, CFO, BioReference Laboratories. “The XIFIN RPM technology infrastructure, analytics and services have been an essential component in meeting this goal. As a result, we now have almost 3,000 physicians using the XIFIN client portal. XIFIN has been able to reduce the time it takes to obtain corrected or missing information from physicians from an average of 90 days down to 20 days, thereby accelerating the time to reimbursement and cash collection and reducing administrative burden. At the same time, volumes have more than doubled and it has been handled to the same level of excellence with our clients and patients, without needing to add additional staff. We anticipate financial performance improvements and physician engagement now that GeneDx is also taking advantage of XIFIN’s revenue cycle management technology and service.”
- For more information about XIFIN RPM 12 and to access the advanced analytics ebook, please click here.
- To register for the upcoming webinar, “Practical Approaches to Diagnostic RCM Digital Transformation That Can Increase Client Engagement and Profitability,” please click here.
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, follow XIFIN on Twitter and LinkedIn, or subscribe to the XIFIN blog.