XIFIN Expands Into Pharmacy Market with Acquisition of OmniSYS
Transaction supports healthcare industry shift to more convenient, cost-effective care settings; provides technology-driven connection between pharmacies, diagnostic providers, and payors
XIFIN today announced the strategic acquisition of OmniSYS, a leading provider of technology solutions for the retail pharmacy industry. Building on the acquisition of Computerized Management Services in July 2021, this transaction further expands on 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. 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.
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“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”
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.
“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.”
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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.
“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. 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.
