San Diego-based XIFIN has acquired OmniSYS, a leading provider of technology solutions for the retail pharmacy industry.
The purchase price was not disclosed.
With the acquisition, XIFIN, which serves 12 of the top 15 major labs in the U.S., will add almost 200 new employees.
XIFIN’s latest deal builds on the acquisition of Computerized Management Services in July 2021. The OmniSYS transaction, announced Dec. 14, further boosts XIFIN’s 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.
Connectivity and Integration
“As pharmacies expand their scope, more care opportunities are opening up for patients, as well as valuable partnership opportunities for diagnostic laboratories,” the CEO added.
White, a diagnostics industry veteran, said one of the most important things in healthcare right now is “connectivity and integration.”
“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,” she added.
White said the retail pharmacy is “the new front door to healthcare.”
“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,” White added. “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.”
Expanded Roles for Pharmacies
Together, White said XIFIN and OmniSYS will support retail pharmacies as they transition to a clinical services business model. The acquisition is expected to drive closer relationships between pharmacies and diagnostic providers, and bring together complementary clinical and financial information via integrated cloud-based technology.
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.
Already In More Than 30,000 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.
OmniSYS CEO John King will continue to lead the business as president of the OmniSYS Division, which will become a subsidiary of XIFIN but maintain its well-recognized name.
Support During an Important Shift
“We were looking for a strategic partner that would align with our vision of improving the health of healthcare by enabling pharmacists as providers of low-cost, high-quality care in a highly accessible setting: the community pharmacy,” said King.
“XIFIN and OmniSYS are both well-known for deep domain expertise within our respective industries,” King added. “With our shared values we’re looking forward to bringing this combined knowledge, and commitment to quality and innovative solutions to our customers and their patients – supporting the healthcare industry as it moves through this important shift.”
As demand for clinical services continues to increase along with clinical encounters themselves, retail pharmacies will need to adopt technology solutions to help manage this growing volume. Research and Markets puts the Pharmacy Management System market at nearly $18 billion in 2021, with a 14.6% CAGR to reach $35.49 billion by 2026.
“U.S. retail pharmacies are well-positioned to address the growing patient demand for convenient and accessible care. There is a profound strategic opportunity ahead for these two highly innovative companies, as the partnership will further enhance the support and value proposition each delivers to such large and complementary markets,” said Seth Kneller, managing director at TripleTree.
“Diagnostics influences 70 to 80% of all therapy decisions,” White said. “Utilizing diagnostics to control healthcare therapy decisions is the fastest and most efficient way to improve healthcare costs and outcomes.”
CEO: Lâle White
Headquarters: San Diego
Notable: XIFIN helps company’s boost cash flow by improving management of the lab revenue cycle.