Operating under strict regulations, healthcare payers need timely statutory reporting. Oracle Modern Best Practice for Healthcare Payer—Finance enables you to create financial statements compliant with regulatory requirements—in days instead of weeks. Leverage mobile, social, analytics, and the cloud to control the close status by monitoring and interacting with your entire organization, finalizing any outstanding transactions and exceptions. Review and confirm statutory and management reports for each subsidiary and government agency. Securely socialize the period close with your extended team.
Monitor the close status throughout the organization. Interact on and finalize outstanding subledger transactions and exceptions.
Prepare and review preliminary statutory statements (such as balance sheets, income statements, cash flow statements, and premium schedules). Prioritize outstanding transactions based on initial results.
Reconcile subledgers to the general ledger, automatically matching transactions to entries.
Automatically route close tasks to task owners. Collaborate to streamline the close for each entity. Monitor close status throughout the organization.
Transform each subsidiary’s results to the corporate chart of accounts. Revalue nonmonetary balances and translate them to the corporate currency. Eliminate intercompany activity and minority interest.
Review consolidated results using the same key performance indicators (such as average-cost-per-claim, customer satisfaction, and claims ratio) and reports as each subsidiary (where applicable). Enter final adjustments.
Distribute statutory statements to the state insurance agency and all internal interested parties. Incorporate feedback using secure social collaboration.
Modify forecasts and financial plans in light of the results from the just-closed period.