SAN DIEGO–(BUSINESS WIRE)–In 2021, XIFIN took significant steps to expand its support for customers nationwide through entry into new markets and regions, and continued innovation of its award-winning lifecycle management solutions. revenue (RCM) and laboratory information system (LIS). With these achievements, XIFIN is able to open a new “gateway” to diagnostics providers, facilitating communication and data exchange through the retail pharmacy ecosystem, fostering even wider access. of patients to health care information.
Also in 2021, due to its commitment to customers, XIFIN was ranked #1 for Lab Support and RCM by Black Book Research for the second consecutive year. It was also named to the Inc. 5000 list of America’s fastest growing private companies for a 12and time, reflecting 60% revenue growth in just three years. Additionally, the company continued to act as a source of valuable insight into COVID-19 testing trends in the United States through its Laboratory Volume Index.
“As we move towards our 25and year of operation, we are proud to provide valuable support and innovative solutions to laboratories and other types of diagnostic providers, hospitals, pharmacies and specialty physician groups as they continue to deal with the compelling demands caused by the coronavirus pandemic. coronavirus,” said Lâle White, Executive Chairman and CEO of XIFIN. “We are witnessing the growing consumerization of healthcare and our strong market presence in existing and new segments will ultimately gather complementary clinical and financial information for our customers, helping them to effectively care for patients and manage their business.
Company Expands Markets and Presence to Meet Changing Industry Trends
In 2021, XIFIN expanded its operations to Charleston, South Carolina, and acquired two companies in complementary segments of the healthcare market, growing its workforce to nearly 800 employees, a 54% increase in size of the company. Establishing operations in South Carolina has cemented an East Coast presence for the West Coast-based company and will create more than 150 new jobs over the next two years.
XIFIN has also entered the retail radiology and pharmacy segments through strategic acquisitions, strengthening its role as a leading provider of solutions and services that streamline and optimize the billing and claims process, provide healthcare leaders greater commercial visibility and support patient engagement. The company recently acquired OmniSYS, a leading provider of technology solutions for the retail pharmacy industry serving four of the top five national chains. Over the past year, OmniSYS has achieved several notable accomplishments:
- Record number of vaccinations processed – The OmniSYS Pharmacy Network processed a record 50 million vaccination requests at 30,000 retail pharmacies in the United States, with 20% of all pharmacy COVID-19 vaccinations occurring within the OmniSYS Network.
- Expanded pharmacy EHR software to support pharmacists as clinical care providers – In 2021, OmniSYS made significant enhancements to Strand-Rx®, the industry’s first pharmacy-specific electronic health record (EHR). Two new modules now help pharmacies provide and obtain reimbursement for certain primary and preventive care services. Strand-Rx supported more than 1.2 million clinical encounters provided by pharmacists last year.
In July 2021, XIFIN acquired Computerized Management Services, a provider of RCM services for radiology groups and imaging centers focused on maximizing radiology client revenue and cash flow which complements XIFIN’s existing focus in the diagnostics market. Company executives expect new post-acquisition customer bookings to expand its presence in the radiology market by more than 80%. This dramatic increase in bookings highlights the success of combining XIFIN’s technology leadership with best-in-class computerized management services to gain a foothold in a new total available market.
As a result of this growth, XIFIN’s expanded organization now provides robust health technology solutions and services in diagnostic markets – including laboratory, pathology, oncology, digital health, medical devices , radiology and retail pharmacy. This includes taking advantage of the synergies between pharmacy and diagnostics, for the benefit of healthcare professionals and their patients.
Claims data highlights trends happening in labs and pharmacies
XIFIN’s Laboratory Volume Index continues to be a valuable and independent resource for current routine testing and COVID-19 trends. Data shows that COVID testing is in greater demand than ever as new variants emerge, influencing mandates and guidelines and driving the reinstatement of restrictions across the country. For the week ending January 16, 2022, COVID testing hit an all-time high, with levels reaching 151% of baseline. This exceeds the previous high of 144% seen the same week a year ago (week ending January 17, 2021).
Claims data from the OmniSYS Network is trending in a similar direction and showing a seismic shift towards pharmacy as the preferred care setting for vaccinations. A study of 10 million Medicare beneficiaries within the OmniSYS network found that COVID-19 was the first pharmacist-administered vaccine for more than four million Medicare beneficiaries. It also showed that pharmacies in rural areas had a 31% greater impact on COVID vaccinations compared to pharmacies in metropolitan areas where access to care is wider.
Continuous technological innovation supports the business of diagnostics providers
In today’s ever-changing healthcare environment, it is critical that diagnostic service providers, specialty physician groups, hospital outreach services and medical device companies implement the infrastructure that not only supports day-to-day operations, but empowers leaders with the knowledge and capabilities to make effective business decisions and successfully manage their organization.
In 2021, XIFIN launched the latest iterations of its cloud-based solutions, XIFIN RPM and XIFIN LIS. The flagship and award-winning RCM system, XIFIN RPM 14, includes updates that address three key market challenges: improving information sharing between patients, physicians and diagnostic providers; support the demand for price transparency; and ensure adequate billing expertise and resources where they are most needed. The appeal process facilitated by XIFIN RPM has resulted in notable successes for customers:
About 2% of the $2.8 billion in payments posted to the XIFIN system in the first six months of 2021 were driven by a successful appeals process.
As a result, 82% of successful calls were paid on the first submission, 12% were paid on the second call, and the majority of the remaining calls were fixed on the third call.
Twenty percent and 15% of call revenue for pathology and molecular labs came from successful calls in the second and third rounds, respectively.
Additionally, XIFIN LIS experienced 40% revenue growth last year. The latest solution, XIFIN LIS 8 – informed by customer and market feedback – offers improved scalability, enhanced role-based user experience, additional interface and configurability capabilities, digital pathology interoperability, and a new document storage feature that supports sharing of lab reports through the XIFIN patient portal.
XIFIN is a healthcare information technology company that leverages diagnostic information to improve the quality and economy of healthcare. The Company’s cloud-based technology facilitates connectivity and workflow automation to access and share clinical and financial diagnostic data, connecting healthcare players in the delivery and reimbursement of care across global markets. diagnostics, retail pharmacy and oncology. The company provides industry cross-specialty analytics, including its Laboratory Volume Index which provides a measure of laboratory testing volumes across the United States. Its diagnostic data synthesis enables comparisons between hospitals, genetics, pathology, routine laboratory, COVID-19 and antibody testing in key segments. To learn more, visit www.XIFIN.com, follow XIFIN on Twitter and LinkedIn, or subscribe to the XIFIN blog.