Outsourced clinical services proving to be a successful strategy as hospitals face value-based care pressures
SAN DIEGO--(BUSINESS WIRE)--As value-based care initiatives and reform continue to put pressure on hospitals to decrease inpatient volumes, achieve outcomes goals and provide cost-effective care, clinical services outsourcing is becoming a necessity. XIFIN was recently recognized as the No. 1 company for outsourced laboratory support and revenue cycle management (RCM) according to the latest survey on healthcare outsourcing conducted by Black Book Market Research LLC.
“The healthcare industry is facing continued changes and pressures, impacting things like costs. This is especially true for laboratories, most of which are already operating on razor-thin margins,” said Kyle Fetter, executive vice president and general manager of diagnostic services at XIFIN. “It is therefore critical that we provide labs with the services and solutions they need to remain successful and profitable – particularly hospital labs, who need better business visibility and actionable information. We are committed to continuing to provide our lab customers with the tools they need to meet performance and cost goals, and we are honored to be recognized by our customers for the support services we provide.”
The Black Book survey points out that value-based care initiatives are triggering a sharp increase in clinical outsourcing partnerships. These services offer struggling hospitals immediate alternatives to transfer day-to-day administration of noncore functions, such as technology, financial services and facilities management, to outside vendors. The survey, completed by managers from 545 hospitals and inpatient organizations, shows that 90 percent of hospital leaders are continuing to evaluate whether to work with third-party vendors for cost-efficiencies in both clinical and nonclinical functions, allowing hospitals to focus on value-based programming.
“We had always used the hospital billing processes available to us, but we didn’t have visibility into our outreach business – and it was difficult to make good decisions because of this lack of good information,” said Mona Dinnauer, Laboratory Director-Outreach Services, MercyOne Des Moines Laboratory. “After going live with XIFIN in November 2018, we have estimated an increase of about 15% in collections from our prior system, taking into account decreased payments as a result of PAMA.”
The value of purpose-built innovations
XIFIN’s cloud-based solutions, recognized multiple times by Black Book, are purpose-built for labs to help them meet changing demands and trends. These offerings include the following:
- XIFIN RPM is a machine learning-enabled revenue cycle management platform that optimizes billing and accounts receivable processes, as well as financial reporting and management. It also intelligently automates revenue workflow, facilitates claim and appeal filing, and reduces regulatory compliance risk.
- XIFIN LIS is the only SaaS-based LIS platform that offers multi-specialty workflows and collaboration tools necessary to support precision medicine programs. The platform increases laboratory testing capacity, shortens turnaround time, creates new revenue stream opportunities and makes it easier to connect to other healthcare partners.
- VisualStrata is a precision medicine informatics platform that uniquely integrates clinical, diagnostic and financial data, enabling healthcare professionals to gain insight, make decisions, and improve care and outcomes.
- XIFIN ProNet enables the exchange and management of key healthcare images, data and reports to aggregate patient and diagnostic information, optimize collaborative workflows across and between enterprises, and facilitate peer and case review, quality assurance, consultation and treatment planning.
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, follow XIFIN on Twitter and LinkedIn, or subscribe to the XIFIN blog.
Julie Sculley, 617.986.5730