Healthcare Payers: Innovate, Adapt, Accelerate
Oracle Health Insurance enables payers to simplify healthcare IT, achieve greater levels of operational efficiency, reduce costs, and adapt quickly to ongoing market and regulatory demands.
Drive efficiency across enrollment and billing
In order to grow more revenue and compete better in the market, many payers are looking to offer highly customizable benefit plans to provide the best possible service to their members. The challenge is to develop and maintain a large volume of custom plans while retaining the agility to deal with the influx of legislative changes.
The Oracle Health Insurance solution enables the healthcare insurance market to deal with high member volumes. The solution allows you to administer plans and billing across all lines of business, including Medicare, Medicaid, individual/small group, vision, dental, and specialty.
Managing medical outcomes and costs
In a highly competitive marketplace, payers need to manage the ever increasing medical utilization costs. To manage the medical service costs, payers need to implement the clinical rules that ensure the appropriateness and effectiveness of the requested services in relation to the current medical condition of the member.
Oracle Health Insurance Authorizations provides you with a rule engine that gives you the flexibility to streamline your authorization, referral, and utilization management processes. The solution allows you to achieve high auto-authorization rates and to make the most efficient use of the clinical expertise of your staff.
Transforming your claims operations
Up to 80 percent of all premiums are spent on claim payments and associated charges. To keep cost under control, payers need a modern, flexible, and adaptable claims adjudication system that can reduce the amount of time spent managing claims processing and reduce the overall administrative costs.
Oracle Health Insurance Claims solution automates claim-benefit adjudication and supports straight-through processing. The solution leverages an adaptive, rules-driven architecture that allows payers to increase operational efficiency and claims payment accuracy.
Efficiently administer your reimbursement models
Reimbursing providers is becoming more complicated as value-based payment models replace fee-for-service models. Healthcare payers need a system that can handle different ways of doing things: multiple data sources to trigger payments, many calculation methods, and various ways to pay.
Oracle Health Insurance solution gives payers the speed and flexibility they need to implement value-based payment models. The solution can handle all types of payment arrangements allowing payers to streamline administration of innovative payment models.
Deliver insight to manage cost
With the steady increase of healthcare costs, healthcare payers are challenged to find new ways to reduce cost. There is a need for payers to transform how they analyze and use data to maintain high-quality care and reduce costs.
Oracle Health Insurance Analytics provides healthcare payers with the detailed analysis they need to make business decisions in key areas such as provider contracting, benefit plan design, and claims processing. It enables healthcare payers to implement measures aimed at reducing operational costs and improving efficiency.
Transforming customer experience through digital engagement
Constant exposure to digital technology increases consumer expectations, putting pressure on insurers to continually evolve the customer experience to retain customers and attract new ones. Thus, a well-executed digital customer experience is a business strategy imperative for insurers.
Successful digital transformation centers on building customer intimacy to drive engagement. Oracle provides solutions such as Oracle Documaker, Oracle Service Cloud, Oracle Process Cloud Service, and Oracle Engagement Cloud to help insurers transform customer engagement across digital touchpoints. These solutions enable insurers to provide information and contextual responses and allow insurers to deliver a consistent message and experience on all channels.
How to Increase Payers’ Profit
Healthcare organizations must be motivated not only to modernize IT systems, but also to radically alter the way they work, make decisions, engage with customers, use data, and much more. The challenge ahead for healthcare payers is to reduce costs and offer greater value. Explore how payers can use modern technology to meet the challenge.
Customer Success Stories
Harvard Pilgrim Healthcare Increased Auto Adjudication Rate to 92 Percent and Reduced Claims Cost
Harvard Pilgrim Healthcare
In our new environment with Oracle, we're achieving 90-92 percent auto-adjudication. That means we don't need humans to touch those claims and means those claims are processed more accurately.Deborah Norton, CIO & SVP of IT and Operations, Harvard Pilgrim HealthCare
VGZ Lowered Administrative Costs by 30 Percent and Achieved Saving in Millions
VGZ
With Oracle Health Insurance Back Office, we have reduced operational costs related to claims processing and policy administration by 30 percent.Chris Nieuwenhuize, Manager, Information Management, VGZ
Delta Dental of California Gets Faster to Market with Oracle Revenue Management and Billing
Delta Dental of California
Replacing our legacy billing systems with Oracle Revenue Management and Billing allowed us to implement complex products and pricing rules that made our enrollment process easier for our members.Hari Makkala, Head of Information Technology, Delta Dental of California
Fonasa, the Chilean Public Health System, uses Oracle Technology to Modernize Healthcare and Manage 13.5M Members
Fonasa
With the Oracle solution, we have all the information and we can perform online evaluations applying all the required business rules.Marcelo Gonzales, Project Director, Fonasa
Innovative Strategies to Lower Administrative Costs, Drive Automation, and Manage Regulatory Changes
Gain insight from our perspectives on strategies, operational excellence, digital transformation, and other topics that your organization is facing in a dynamic market.
How Health Insurers Can Embrace Transformation, Reduce Operating Costs, and Increase Profit Margins.
Digital Transformation Piece by Piece: A Game Plan for the Unshakable Healthcare Payer.
Technology as a Transformational Force for Healthcare Payers.
Six Ways Adaptive IT Systems Are Driving Healthcare Transformation.
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