SAN DIEGO--(BUSINESS WIRE)--Today XIFIN launches XIFIN RPM 15, the latest version of its industry-leading revenue cycle management platform that has earned certified status for information security by HITRUST. With the latest RCM investments, XIFIN aims to address four key market challenges: enhanced risk mitigation, payor accountability for price transparency, enhanced automation to offset staffing shortages and diagnostic specific industry benchmarks.
The combination of increased cyber security attacks, inflated and unexpected healthcare costs, changing payor coverage policies and staffing shortages are exacerbating pressures at every level of the healthcare ecosystem for hospitals, practitioners, and patients. According to the Department of Health and Human Services, 45 million individuals were affected by healthcare-related cyber-attacks in 2021, triple the number of individuals affected in 2018. The Critical Insight 2021 End of Year Healthcare Data Breach Report cites a 35% increase in attacks on health plans. In 2022, as many as 40 states considered more than 250 bills dealing with cybersecurity1 and cyber insurance premiums increased by 79% in 2022, while policy protections were reduced2.
“Security is a priority for XIFIN and a pillar of our RCM platform. As an organization we seek to be ahead of market disruptions and demands,” said Marty Barrack, Chief Legal and Compliance Officer. “XIFIN commenced the XIFIN RPM initiative to earn Certified status for information security by HITRUST in September 2021. This significant investment and achievement of HITRUST Risk-based, 2-year Certification demonstrates that XIFIN RPM has met key regulations and industry-defined requirements for information security.”
“The HITRUST Assurance Program is the most rigorous available, consisting of a multitude of quality assurance checks, both automated and manual,” said Bimal Sheth, Executive Vice President, Standards Development & Assurance Operations, HITRUST. “The fact that XIFIN RPM has achieved HITRUST Risk-based, 2-year Certification attests to the high quality of its information risk management and compliance program.”
Multifaceted Approach to Address Compliance and Patient Experience
Despite the enactment of the Hospital Price Transparency Act and the No Surprises Act, a survey of 2000 adults conducted by global research firm Morning Consult report 20% of patients said they or a family member received an unexpected medical bill in 2022.
Delivering on price transparency and minimizing surprise medical bills isn’t easy. It requires considerations and adjustments to the end-to-end RCM process not just billing and invoices. XIFIN RPM 15 helps health systems, diagnostic providers and specialty physician groups address the end-to-end revenue cycle management process improvements needed to be compliant with regulations and enhance physician and patient experience.
The latest enhancements in XIFIN RPM 15 include:
- Improved visibility, transparency, and understanding of financial and operational performance – an enterprise-grade business intelligence portfolio that includes quarterly metrics and industry benchmarks.
- More robust patient out-of-pocket expense estimation – XIFIN RPM 15 includes a patient responsibility estimator which utilizes eligibility and coverage data at the payor- and plan level to take into account different categories of benefit coverage.
- Claim Status workflow automation provides enhanced configuration by reason code to automate next and final actions. A prioritized series of actions all the way to final billing are available, including data exchange and automated correction via web services or through portals with direct access to physician offices as well as patients in the case of incorrect insurance information.
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More robust automation of the back-end denial process, such as:
- Enhanced reason code-based configurability to automate next action workflow
- Definition of test or procedure code-specific information needed for appeals by payor, appeal letter type, forms, and required clinical documentation attachments to automate workflow
- Customized appeal letters that can be configured for any denial code or procedure code for most providers.
- Proprietary appeal letters as required by certain payors
For more information about XIFIN RPM HITRUST Risk-based, 2-year Certification and the benefits you gain from the #1 Client-Rated RCM solution visit www.XIFIN.com/RPM15
*HITRUST is a registered trademark of the HITRUST Alliance
1 Cybersecurity Legislation 2022 (ncsl.org)
2 Cyber Insurance Premiums Are Up—And That's Not The Only Industry Shakeup (forbes.com)
About XIFIN
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. The company provides cross-specialty industry analytics including its Lab Volume Index which provides a measurement of laboratory testing volumes across the US. Its synthesis of diagnostic data enables comparisons of hospital, genetics, pathology, routine lab, COVID-19 and antibody testing across key segments. To learn more, visit www.XIFIN.com, follow XIFIN on Twitter and LinkedIn, or subscribe to the XIFIN blog.
