Oracle has recently introduced the Oracle Health Insurance Data Exchange Cloud Service – a new solution designed to help healthcare insurers easily onboard evolving data formats and simplify complex data exchange needs.
This solution has the ability to create custom data mapping and validation rules, enabling insurers to speed up the process 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.
Key features of Oracle Health Insurance Data Exchange Cloud Service include user-defined data transformation, validations and control which provide insurers with visibility into data processing status and transformation stages. The solution also works to address compliance with regular updates and integration with Oracle Health Insurance Components, offering built-in integrations for all lines of business.
This solution supports industry-standard formats, such as HIPPAA X12 Electronic Data Interchange (EDI) enabling health insurers to exchange operational data with partners and government authorities with ease and efficiency.
Speaking of the new health service, Srini Venkatasanthanam, global vice president, insurance product development, Oracle Financial Services, said: “Our data exchange cloud service represents a fundamental shift in data exchange for the health insurance sector.
“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.”
Jeffrey Rivkin, research director, payer IT strategies, IDC, said: “Oracle’s new Data Exchange Cloud Service addresses a critical need in the health insurance industry today.
“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.”
