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 health 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 accelerate 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 industry,” said Srini Venkatasanthanam, global vice president, insurance product development, Oracle Financial Services. “The cloud-native solution enables insurers to overcome the limitations of legacy systems, enable agile data exchange and meet industry standards, including data security requirements.”
The new SaaS service represents a transformative leap in data exchange capabilities, allowing 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) which allows 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,” he said Jeffery Rivkin, Research Director, Payer IT Strategies, IDC. “Oracle’s launch of the Data Exchange Cloud Service is a pivotal advance for insurers, providing a cloud-native solution rich in features tailored to streamline complex data exchange processes. With it, Oracle aims to a critical need in the industry, and offers a robust platform designed to improve 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. With this flexibility, new partners and formats can be onboarded quickly to accelerate time to business value.
- Visibility and control: gives insurers visibility into the data processing status and transformation stages, and the ability to monitor the exchange process in real time to help ensure data integrity.
- Addresses compliance with regular updates: supports changes necessary 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 businesses (Medicare Advantage, Medicaid, and Commercial), customers can quickly and seamlessly integrate Oracle Health Insurance Core Administrative Solution 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 management solutions for life, annuity and health insurers, we drive 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/.
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SOURCE Oracle