What You Should Know:
– XIFIN enters the pharmacy market with the acquisition of OmniSYS to support the healthcare industry shift to more convenient, cost-effective care settings; provides a technology-driven connection between pharmacies, diagnostic providers, and payors.
– The XIFIN/OmniSYS transaction is aligned with this activity and will support retail pharmacies as they move in this direction. Driven by the COVID-19 pandemic on top of the increasing consumerization of healthcare and strained provider networks, many retail pharmacies will transition to a clinical services business model through the use of technology.
XIFIN, a health IT company best known for its revenue cycle management platform and support for top diagnostic laboratories in the U.S., today announced its entrance into the pharmacy market through the strategic acquisition of OmniSYS, a leading provider of technology solutions for the retail pharmacy industry serving more than 30,000 pharmacies, including four of the top five national chains.
Together, XIFIN and OmniSYS will support retail pharmacies as they transition to a clinical services business model, drive closer relationships between pharmacies and diagnostic providers, and bring together complementary clinical and financial information via integrated cloud-based technology.
COVID-19 Pandemic Sparking Expanded Pharmacist Provider Status
The COVID-19 pandemic served as a catalyst for expanded pharmacist provider status at the national level, providing U.S. pharmacists the ability to prevent, test and treat the virus. This, coupled with the increasing consumerization of healthcare and strained provider networks, has cemented retail pharmacies’ role as a centralized and convenient location for patients to receive primary and preventative care services such as diabetic counseling, vaccinations, and diagnostic testing. This transition from the traditional drug dispensing business model to the pharmacist as a provider of enhanced medical care requires technology solutions that facilitate communication between pharmacies, payors, laboratories and patients, including electronic medical benefit claims submissions, and improved clinical workflow and documentation.
Empowering Retail Pharmacies
Serving more than 30,000 pharmacies, including four of the top five national chains, OmniSYS helps retail pharmacies transition into their expanding role as providers of medical care for the communities they serve. OmniSYS technology digitizes and optimizes many facets of their business, including improving medical claims processing, clinical workflow and patient engagement.
The company is the market leader in retail pharmacy revenue cycle management (RCM), offering the industry’s only cloud-based, clinically integrated revenue cycle platform. In addition to serving over half the pharmacies in the country, OmniSYS also works with several major pharmaceutical companies to drive better adoption of important vaccines among adults via real-time alerts at the pharmacy. OmniSYS has been led by CEO John King, who will continue to lead the business as president of the OmniSYS Division. Through this deal, the company will become a subsidiary of XIFIN, maintaining its well-recognized name.
“The healthcare industry is experiencing an important transformation in care access. As pharmacies expand their scope, more care opportunities are opening up for patients, as well as valuable partnership opportunities for diagnostic laboratories,” said Lâle White, executive chair and CEO at XIFIN. “The integration of disparate systems to benefit our customers and their patients has always been XIFIN’s fundamental technology driver, and the addition of OmniSYS broadens our value proposition for both independent diagnostic providers and hospitals. As clinical services increase in the pharmacy setting, we will enable connectivity between consumers and other ancillary diagnostic providers, which is essential to coordinating care and optimizing personalized medicine. For hospitals and health systems, XIFIN can provide combined solutions and services across many of their key ancillary services departments – laboratory/pathology, radiology and now, pharmacy.”