SAN DIEGO--(BUSINESS WIRE)--XIFIN, Inc. today unveiled XIFIN Revenue Performance Management (RPM) 10 to help diagnostic providers improve revenue, performance, and client and patient engagement. XIFIN RPM 10 is the only diagnostic-specific revenue cycle management (RCM) solution that incorporates machine learning-driven capabilities, and offers next-generation business intelligence visualization and analytics. The solution also features new tools to address growing patient responsibility needs.
The healthcare landscape is constantly changing, presenting diagnostic leaders with new challenges ranging from payor requirements to patient engagement. Health systems and labs are facing continued reimbursement pressures and fee cuts. For example, the Protecting Access to Medicare Act (PAMA) is about to enter its second reporting period, which will likely result in additional fee uncertainties and payor contracting challenges. Furthermore, a recent Laboratory Economics survey revealed that 61% of lab executives anticipate that private payors will institute PAMA-like cuts, with 15% reporting that they are already occurring. At the same time, competitive market environments and value-based care initiatives are driving increased interest among diagnostic providers in improving patient engagement both to grow the business and retain revenue, while addressing patient expectations. The growth of high-deductible insurance plans are also driving higher patient responsibility. These challenges plus continued lab consolidation activity are making effective RCM processes critically important for diagnostic providers’ financial reporting and performance purposes.
XIFIN RPM 10 addresses these challenges in the following ways:
Supports Compliance and Analytics Requirements: RPM 10 is the only machine learning-enabled diagnostic RCM system that delivers a FASB, GAAP and SOX compliant and GL-ready financial package. Its new business intelligence additions include subject-oriented and aggregated data, data visualization and analytics to help labs and other diagnostic providers better understand and make use of their data and financial information. This helps diagnostic providers benchmark their performance, enhance business decision-making, and negotiate better payor contracts.
Improves Patient and Client Engagement: With patient engagement becoming even more critical, RPM 10 features a patient responsibility estimator and patient-friendly statements within its expanded portal capabilities. This allows diagnostic providers to help their patients better understand their out-of-pocket costs for ordered tests, and provides a pre-payment option.
