Oracle has introduced a new cloud service called the Oracle Health Insurance Data Exchange Cloud, aiming to assist healthcare insurers in managing evolving data formats and simplifying complex data exchange processes. This innovative solution enables insurers to create custom data validation and mapping rules, speeding up the processing of new and proprietary data formats. It also allows seamless integration with partners like the Centers for Medicare and Medicaid Services (CMS), reducing the need for expensive and time-consuming IT projects.
According to Srini Venkatasanthanam, the global vice president of insurance product development at Oracle Financial Services, this cloud data sharing service represents a major shift in data sharing for the health insurance industry. The cloud-native solution helps insurers overcome legacy system limitations, enable agile data exchange, and meet industry standards, including data security requirements.
Key features of Oracle’s health insurance data exchange cloud service include supporting real-time data exchange, compatible with industry standard formats such as HIPAA X12 electronic data interchange (EDI). This enables health insurers to efficiently exchange operational data with partners and government authorities.
Jeffrey Rivkin, the research director of payer IT strategies at IDC, acknowledged the importance of Oracle’s new data sharing cloud service in addressing a critical need in the health insurance industry today. The release offers insurers a feature-rich, cloud-native solution to streamline complex data sharing processes, enhancing data interoperability and efficiency.
Some notable features of the service include user-defined data validations and transformation, allowing business users to create custom data mappings, transformations, and validation rules without the need for extensive IT projects. It also provides visibility and control over data processing stages in real-time, ensuring data integrity. Additionally, the service ensures compliance with regular updates needed to stay current with rules and regulations related to data format changes from governmental entities like CMS.
Moreover, the service integrates seamlessly with Oracle Health Insurance components for Medicare Advantage, Medicaid, and Commercial lines of business. This integration allows customers to quickly and smoothly integrate Oracle Health Insurance’s core administrative solution with their partners.
In summary, Oracle’s new Health Insurance Data Exchange Cloud service offers a comprehensive solution for healthcare insurers to manage data formats, simplify data exchange processes, and improve interoperability with partners and government entities. This cloud-native service aims to revolutionize data sharing in the health insurance industry, providing insurers with the tools they need to stay compliant, efficient, and competitive in a rapidly evolving market.
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