Oracle has introduced a new cloud service called the Oracle Health Insurance Data Sharing Cloud Service, designed to simplify and secure data exchange for healthcare insurers. This service allows insurers to create custom data mapping to accommodate evolving data formats and validation rules, speeding up the processing of proprietary data formats and integration with partners like CMS. The cloud-native solution aims to overcome limitations of legacy systems, promote agile data exchange, and meet industry standards, including data security requirements.
This new SaaS service provides real-time data sharing capabilities and supports industry-standard formats like HIPAA X12 EDI for efficient exchange of operational data with partners and government authorities. It addresses a critical need in the health insurance industry by streamlining complex data exchange processes and improving interoperability and data efficiency. Key features include user-defined data validations and transformations, visibility and control over data processing, compliance updates, and seamless integration with Oracle Health Insurance Components for all lines of business.
Oracle aims to drive digital transformation for insurers with innovative technology solutions that enable product innovation and IT cost reduction. Their flexible and rules-based central administration solutions cater to life, annuity, and health insurers and can be deployed on-premises or consumed as secure cloud services. Oracle offers integrated application suites and a secure, autonomous infrastructure in the Oracle Cloud.
The Oracle Health Insurance Data Sharing Cloud Service represents a significant advancement in data sharing for the health insurance industry, providing insurers with a modern, secure, and feature-rich platform to streamline data exchange processes. By offering a flexible solution that eliminates the need for lengthy and costly IT projects, Oracle enables rapid onboarding of new partners and formats, ultimately accelerating business value for insurers.
Overall, Oracle’s new cloud service addresses the critical need for insurers to streamline data exchange processes, improve interoperability, and ensure compliance with industry regulations. With its user-friendly features, real-time data sharing capabilities, and seamless integration with Oracle Health Insurance Components, the service is poised to drive efficiency and innovation in the health insurance sector.
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https://www.prnewswire.com/news-releases/oracle-cloud-helps-health-insurers-reduce-data-complexity-and-it-costs-302180649.html
