Oracle Unveils Cloud Service to Streamline Data Exchange for Health Insurers
Zach Anderson Jun 26, 2024 04:25
Oracle introduces the Health Insurance Data Exchange Cloud Service to help insurers simplify data exchange and reduce IT costs.
Oracle has announced the launch of its Oracle Health Insurance Data Exchange Cloud Service, aimed at helping healthcare insurers manage evolving data formats and simplify complex data exchange processes, according to oracle.com.
Revolutionizing Data Exchange
This new solution allows insurers to create custom data mapping and validation rules, accelerating the processing of new and proprietary data formats. It enables seamless integration with partners such as the Centers for Medicare and Medicaid Services (CMS), thereby reducing the need for costly and time-consuming IT projects.
“Our data exchange cloud service represents a fundamental shift in data exchange for the health insurance sector,” said Srini Venkatasanthanam, global vice president of insurance product development at 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.”
Key Features and Benefits
The Oracle Health Insurance Data Exchange Cloud Service is designed to facilitate real-time data exchange, supporting industry-standard formats like HIPAA X12 Electronic Data Interchange (EDI). This allows health insurers to efficiently exchange operational data with partners and government authorities.
Jeffrey Rivkin, Research Director of Payer IT Strategies at IDC, remarked, “Oracle’s new Data Exchange Cloud Service addresses a critical need in the health insurance industry today. This launch represents 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.”
Features Highlight
- 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, speeding 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.
- 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), enabling customers to integrate the Oracle Health Insurance Core Administrative Solution quickly and seamlessly with their partners.
