New Oracle Health Insurance Data Exchange Cloud
Service simplifies and secures data exchange with CMS and employer
groups
AUSTIN,
Texas, June 25, 2024 /PRNewswire/ -- Oracle
introduced the Oracle Health Insurance Data Exchange Cloud Service,
a new solution their complex data exchange needs. With the ability
to create custom data mapping and designed to help healthcare
insurers more easily onboard evolving data formats and simplify
validation rules, insurers can speed the processing of new and
proprietary data formats, streamline integration with partners such
as the Centers for Medicare and Medicaid Services (CMS), and reduce
costly and time-consuming IT projects with a modern, secure data
exchange solution.
"Our data exchange cloud service represents a fundamental shift
in data exchange for the health insurance sector," said Srini
Venkatasanthanam, global vice president, insurance product
development, Oracle Financial Services. "The cloud-native solution
empowers insurers to overcome the limitations of legacy systems,
enable an agile data exchange, and comply with industry standards,
including data security requirements."
The new SaaS service represents a transformative leap in data
exchange capabilities, enabling insurers to facilitate the seamless
exchange of data in real-time. The service supports
industry-standard formats, such as HIPAA X12 Electronic Data
Interchange (EDI) enabling health insurers to exchange operational
data with partners and government authorities with ease and
efficiency.
"Oracle's new Data Exchange Cloud Service addresses a critical
need in the health insurance industry today," said Jeffrey Rivkin, Research Director, Payer IT
Strategies, IDC. "Oracle's launch of the Data Exchange Cloud
Service is a pivotal advancement for insurers, providing a
cloud-native solution rich in features tailored to streamline
complex data exchange processes. With it, Oracle addresses a
critical industry need, offering a robust platform designed to
enhance data interoperability and efficiency."
Key features of Oracle Health Insurance Data Exchange Cloud
Service include:
- User-Defined Data Transformation and Validations:
enables business users to create custom data mappings,
transformations, and validation rules, eliminating the need for
lengthy and costly IT projects. This flexibility allows for quick
onboarding of new partners and formats to speeds time to business
value.
- Visibility and Control: provides insurers with
visibility into the data processing status and transformation
stages, and the ability to oversee the exchange process in
real-time to help ensure data integrity.
- Addresses Compliance with Regular Updates:
supports changes needed to stay current with rules and regulations
related to data format updates from government entities such as
CMS, allowing insurers to remain compliant.
- Integration with Oracle Health Insurance Components:
offers built-in integrations with Oracle Health Insurance
components for all lines of business (Medicare Advantage, Medicaid,
and Commercial), enables customers to integrate Oracle Health
Insurance Core Administrative Solution quickly and seamlessly with
their partners.
About Oracle Insurance
Oracle provides modern,
innovative technology that enables insurers to drive their digital
transformation strategy forward. With Oracle's flexible,
rules-based core administration solutions for Life, Annuity, and
Health insurers we foster business transformation by enabling
product innovation and delivering IT cost reduction. Oracle
Insurance solutions can be installed on-premises or consumed as
secure and compliant cloud services. To learn more, visit
https://www.oracle.com/financial-services/insurance/.
About Oracle
Oracle offers integrated suites of
applications plus secure, autonomous infrastructure in the Oracle
Cloud. For more information about Oracle (NYSE: ORCL), please visit
us at www.oracle.com.
Trademarks
Oracle, Java, MySQL and NetSuite are
registered trademarks of Oracle Corporation. NetSuite was the first
cloud company—ushering in the new era of cloud computing.
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SOURCE Oracle