Continued Momentum in Pharmacy, Medical Device, and Radiology Segments Helped Drive 28% Increase in Annual Revenue With a 37% Revenue CAGR From 2019 to 2022
(SAN DIEGO, CA) – XiFin, Inc. today unveiled new corporate branding to reflect the company’s industry leadership in providing solutions and services that improve financial performance, operational efficiencies, provide interoperability between diverse stakeholders, and minimize costs throughout the healthcare ecosystem.
New XiFin brand and tagline:
“We are a growing company with a greater mission. Our research with customers confirms that the value XiFin offers is based on our innovative technology, consultative expertise, and industry advocacy. Our solutions and services help customers throughout the healthcare ecosystem optimize their operations and financial standing thereby allowing them to focus on delivering the best patient care,” said Lâle White, executive chair and CEO at XiFin. “By giving healthcare organizations across the United States the ability to achieve greater efficiency and increase their financial power to invest in their operations, we empower our customers to do more good for more people, and our new corporate identity reflects that driving purpose.”
XiFin’s corporate identity unveiling accentuates significant growth and expansion resulting in a 28% increase in annual revenue and 37% Revenue CAGR from 2019 to 2022. These results were achieved in part by the recent strategic acquisitions and synergies of Computerized Management Services and OmniSYS, serving the radiology and pharmacy segments, respectively.
Additional highlights of XiFin’s growth in 2022 include:
Achieving 80 percent greater bookings overall in 2022 than in 2021
Recognizing a 221 percent revenue increase from pharmacy clinical services solution
Realizing 63 percent revenue growth in the medical device market
Supporting 12 of 15 largest publicly traded laboratories, 4 of 5 largest retail pharmacy chains and 4 of the 5 top Integrated Delivery Networks (IDN)
Serving 50% of US retail pharmacies with purpose-built EHR and medical billing capabilities
Earning HITRUST Risk-Based, 2-year Certification for XiFin RPM, the company’s flagship revenue cycle management solution (RCM)
Launching the newest release of the award-winning RCM platform which delivers more automation and insight urgently needed for patient cost transparency, and labor-intensive denials/appeals.
For the sixth consecutive year, receiving a #1 ranking for XiFin’s revenue cycle management solution for laboratories in a Black Book Research client survey.
Expanded the company’s credentialing solution outside of radiology to address the evolution of pharmacies as providers of clinical care
“This is an exciting time for pharmacists as providers of an increasing number of clinical services, from Test-to-Treat care for infectious disease and hormonal contraceptive prescribing to medical nutrition therapy and preventative counseling, and the need to secure clinical eligibility and medical benefit payment as a provider has never been greater,” said David Pope, PharmD, CDE, XiFin Chief Pharmacy Officer. “With our new credentialing and payor enrollment services, medium- to large-sized retail pharmacies can take full advantage of this growing community care delivery channel while reducing their administrative workload to improve the health of their businesses and their patients.”
XiFin also announced the promotion of Scott Warshaw to the role of Chief Strategy Officer. Scott will be responsible for building and executing XiFin’s corporate growth strategies including acquisitions, joint ventures, and strategic partnerships. Scott served as the CFO of OmniSYS prior to the acquisition. As part of the OmniSYS executive team for over a decade, he wore a variety of hats transforming the business from a niche Medicare billing company to a leading pharmacy IT organization. Notably, Scott led the company through three add-on acquisitions and two recapitalizations supporting five-times revenue growth
“I’m very excited to work with Lâle and her team at XiFin; I believe XiFin is one of the few healthcare IT companies today in a position to support the convergence of laboratory, pharmacy and imaging in a meaningful way” stated Warshaw. “In my new role as CSO, I look forward to increasing XiFin’s leadership position, supporting its rapidly growing customer base, and helping the company dominate the diagnostics and pharmacy space with best-in-class solutions.”
XiFin is a healthcare information technology company that provides innovative technologies and consulting services to deliver operational efficiency, interoperability, and simplicity to help organizations navigate an increasingly complex and evolving healthcare landscape. From stronger finances to streamlined operations to industry-leading business strategy, XiFin gives healthcare organizations THE POWER TO DO GOOD for more patients all around the world. To learn more, visit www.XiFin.com, follow XiFin on Twitter and LinkedIn, or subscribe to the XiFin blog.