To maintain optimal financial performance, healthcare payers need to optimize resources. Oracle Modern Best Practice for Healthcare Payer enables you to leverage mobile, social, and analytics to create timely reports and make smarter decisions. Collaborate with your entire organization—underwriting, finance, HR, claims, sales, actuarial, and risk engineering to create more accurate budgets. Take advantage of the cloud for an easy platform to securely analyze and compare actual results against planned budgets.
Using secure, role-based dashboards, review strategic corporate indicators (such as average-cost-per-claim, amount of pending claims, and net income). Perform what-if scenarios to define and link budgets for income (such as policy premiums, commissions, and investment returns) and outgoings (such as settlements and operating expenses).
Allocate budgets across the organization (divisions, programs, line of business, and departments).
Securely collaborate across the organization on budgets and key plan assumptions to deliver the desired net income, Assumptions include member/enrollment growth, expenses, and claims ratios.
Monitor budget participants’ progress and approval status.
Approve the final organizational budget and communicate to all stakeholders.