Oracle Cloud Helps Health Insurers Reduce Data Complexity and IT Costs

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 designed to help healthcare insurers more easily onboard evolving data formats and simplify their complex data exchange needs. With the ability to create custom data mapping and 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.

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SOURCE Oracle