The nonprofit insurer cut costs and improved efficiencies by consolidating its back-office systems on Oracle’s integrated financial, HR, and supply chain cloud applications.
The roots of EmblemHealth go back to the Great Depression of the 1930s, when Group Health Association of New York was established to provide the state’s working families with access to low-cost medical services. In 2005, that organization (then called Group Health Inc.) merged with Health Insurance Plan of Greater New York to form EmblemHealth.
Today, EmblemHealth is one of the largest not-for-profit health insurers in United States, serving more than 3 million people in the New York City tristate area. Its family of companies includes ConnectiCare, a Connecticut health plan; AdvantageCare Physicians, a primary and specialty care practice; and WellSpark, a digital wellness company.
People get into the healthcare business because the mission is very important: They’re making a difference in their communities.Valentino Daloisio, Vice President of Finance, EmblemHealth
The healthcare industry is consolidating as providers aim to cut costs and improve patient outcomes. But after insurer EmblemHealth acquired a hospital network and a for-profit HMO, it was left with a patchwork of legacy systems running on different platforms, as well as multiple sources of data and no single source of truth.
Working with implementation partner Cognizant, EmblemHealth moved all of its financial, HR, and supply chain functions to Oracle ERP, EPM, HCM, and SCM cloud applications—in only 11 months. Today, its financial processes are more automated and standardized as the organization adopts the ERP and EPM applications’ best practices for tasks such as expense approval, procurement, and budgeting. In HR, everything from compensation cycles to goal setting are becoming standardized, thanks to Oracle’s HCM cloud suite.
EmblemHealth expects these changes to save it as much as $700,000 per year, in addition to IT savings of 30% or more over the next five years.
EmblemHealth expects to cut operating costs by about $700,000 a year by consolidating business processes on Oracle Cloud applications.