Oracle has released the Oracle Insurance Revenue Management and Billing Cloud Service.
The service allows insurers to operate with secure application access. Other benefits include transaction feed management as claim transactions are evaluated upon arrival; improved user productivity via price definition at the group and subgroup levels; on-demand billing; and individual aggregate stop loss calculations.
New reforms in healthcare, complex distribution channels and group product bundling are challenges for insurers with systems struggling to support accurate, consolidated billing and revenue management, Oracle said. The new service combines Oracle’s system for billing, payment and collections management with the Oracle Cloud. The application enables insurers to load claims from the plan’s own customers or from a third-party carrier. These can be aggregated toward specific stop loss or aggregate stop loss calculations.
“Payers today are facing unprecedented change in their business driven by healthcare reform, the need for consumer-centricity, nontraditional products and market competition,” said Sonny Singh, SVP and general manager, Oracle Financial Services. “Oracle Insurance Revenue Management and Billing Cloud helps insurers and payers rapidly deliver new business practices and products with minimal disruption to existing systems and offers comprehensive pricing, billing, payment reconciliation and collections capabilities on Oracle’s secure public cloud infrastructure.”
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