XIFIN Expands by 54% in 2021 to Serve More Elements of Healthcare Industry & Meet Increasing Market Needs
New market and region expansions, combined with continuing technology innovation, position company to effectively support healthcare providers and address evolving consumer demand
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 ongoing innovation of its award-winning revenue cycle management (RCM) and laboratory information system (LIS) solutions. As a result of these accomplishments, XIFIN is positioned to open up a new “front door” to diagnostic providers – facilitating communication and data exchange through the retail pharmacy ecosystem, driving even greater patient access to healthcare information.
Also in 2021, as a result of its commitment to customers, XIFIN was ranked #1 for Laboratory Support and RCM by Black Book Research for the second consecutive year. It was also named to the Inc. 5000 List of Fastest-Growing Private Companies in America for a 12th time, reflecting a 60% growth in revenue in just three years. Additionally, the company continued to act as a source of valuable insights about COVID-19 testing trends in the U.S. through its Lab Volume Index.
“As we head towards our 25th year in operations, we’re proud to provide valuable support and innovative solutions to labs and other types of diagnostic providers, hospitals, pharmacies, and specialty physician groups as they continue to face the overriding demands caused by the Coronavirus pandemic,” said Lâle White, executive chair and CEO at XIFIN. “We’re witnessing the increasing consumerization of healthcare and our strong market presence in existing and new segments will ultimately bring together complementary clinical and financial information for our customers, helping them efficiently care for patients and manage their business.”
Company Expands Markets and Footprint to Address Evolving Industry Trends
During 2021, XIFIN expanded its operations to Charleston, S.C., and acquired two companies in complimentary healthcare market segments, growing its staff to nearly 800 employees, a 54% increase in company size. Establishing operations in South Carolina solidified an East Coast presence for the West Coast-based company and will create more than 150 new jobs over the next two years.
XIFIN also entered the radiology and retail pharmacy segments through strategic acquisitions, solidifying its role as a top provider of solutions and services that streamline and optimize the billing and claims process, provide healthcare leaders with greater business visibility, and support patient engagement. The company most recently acquired OmniSYS, a leading provider of technology solutions for the retail pharmacy industry serving four of the top five national chains. This past year, OmniSYS has achieved several notable accomplishments:
- Processed record number of immunizations – The OmniSYS pharmacy network processed a record 50 million immunization claims across 30,000 retail pharmacies in the U.S., with 20 percent of all pharmacy-based 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 get reimbursed for select primary and preventative care services. Strand-Rx supported over 1.2 million pharmacist-provided clinical encounters 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 streams that complements XIFIN’s existing diagnostic market focus. Company leaders expect that post-acquisition customer new bookings will expand its radiology market presence by more than 80%. This dramatic increase in bookings highlights the success of combining XIFIN’s technological leadership with the best-in-class services of Computerized Management Services to establish prominence in a new total available market.
As a result of this growth, the expanded XIFIN organization now provides robust healthcare technology solutions and services across diagnostic markets — including laboratory, pathology, oncology, digital health, medical device, radiology, and retail pharmacy. In particular, it is poised to take advantage of the synergies between pharmacy and diagnostics, benefitting healthcare professionals and their patients.
Claims Data Highlights Trends Occurring Within Labs, Pharmacies
XIFIN’s Lab Volume Index continues to be a valuable and independent resource for current routine and COVID-19 testing trends. Data shows that COVID testing is in more demand than ever as new variants emerge, influencing mandates and guidance, and driving the reinstatement of restrictions across the country. For the week ending January 16, 2022, COVID testing marked an all-time high, with levels reaching 151% of baseline. This surpasses the previous high of 144% seen the same week one year ago (week ending January 17, 2021).
Claims data from the OmniSYS network trends in a similar direction and shows a seismic shift towards pharmacy as the preferred care setting for immunizations. A study of 10 million Medicare beneficiaries within the OmniSYS network revealed that COVID-19 represented the first pharmacist-administered vaccine for more than four million Medicare beneficiaries. It also showed that pharmacies in rural areas made a 31% greater impact on COVID vaccinations compared with pharmacies in metropolitan areas where there is greater access to care.
Ongoing Technology Innovation Supports the Business of Diagnostic Providers
In today’s evolving healthcare environment, it’s crucial for diagnostic providers, specialty physician groups, hospital outreach services and medical device companies to have the infrastructure in place that not only supports day-to-day activity, but arms leaders with the insights and capabilities needed to make effective business decisions and successfully manage their organization.
In 2021, XIFIN launched the newest iterations of its cloud-based solutions, XIFIN RPM and XIFIN LIS. The award-winning, flagship RCM system, XIFIN RPM 14, includes updates that address three key market challenges: improve information-sharing between patients, physicians, and diagnostic providers; support the demand for price transparency; and ensure adequate billing expertise and resources where they’re most needed. The appeals process facilitated by XIFIN RPM resulted in notable customer successes:
- Approximately 2% of the $2.8 billion in payments posted in the XIFIN system in the first six months of 2021 were driven by a successful appeals process.
- As a result, 82% of successful appeals were paid on the first submission, 12% paid on the second appeal, and the majority of remaining appeals corrected by the third appeal.
- Twenty percent and 15% of appeal-driven revenue for pathology and molecular labs respectively stemmed from successful second and third round appeals.
Additionally, XIFIN LIS experienced 40% revenue growth last year. The latest solution, XIFIN LIS 8 – informed by customer and market input – offers improved scalability, an enhanced role-based user experience, additional interface and configurability capabilities, digital pathology interoperability, and new document storage functionality that supports laboratory report sharing through the XIFIN patient portal.
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 across diagnostic, retail pharmacy and oncology markets. 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.
Contacts
Julie Sculley
julie.sculley@fleishman.com
617-970-7876
