Oracle was named a winner by Celent in its recent Health Policy Administration Systems: 2020 XCelent Awards1. The Celent ABCD Vendor View evaluates companies on several factors. Amongst the 22 health and medical product insurance administration systems reviewed, Oracle Health Insurance received the award for having the greatest breadth of functionality.
According to Celent, “Over the past decade, the health insurance market has been changing quickly. Health insurers are no longer simply paying medical bills and underwriting health. They are also supporting customers in various times of their life, including their efforts to keep in shape and to be better informed about their health. Therefore, the spectrum of products and services offered by health insurance companies has flourished, and companies are focusing on building a health ecosystem that adds value for the insured and patients.”
Health Insurance lies at the center of a perfect storm of technological and legislative disruption and changing customer expectations. Running on the secure, scalable Oracle Cloud Infrastructure, Oracle Health Insurance solutions enable payers to simplify healthcare IT so they can achieve greater levels of operational efficiency, reduce costs, and adapt quickly to ongoing market and regulatory demands. Moreover, with straight-through processing of claims, policies and authorizations, they can improve the experience for members.
“Insurers are focused on modernization efforts to help ease what has historically been the painful process of processing claims,” said Sonny Singh, EVP and general manager, Oracle Financial Services. “Having Celent recognize Oracle Health Insurance for its depth of functionality is a testament to how we are listening to and delivering the capabilities our global customers need to meet their transformation goals.”
Celent added, “Oracle Health Insurance is a robust h
ealth insurance core system with global implementations…With its efforts to continuously invest in the solution, we think Oracle has the potential to further grow its health insurance customer base globally with the system.” In the report, Oracle Health Insurance was recognized for:
- Supporting all features and functions needed to administer health insurance lines of businesses.
- Being highly modular with all major components (claims, underwriting, etc.) available on a standalone basis.
- A premium calculation definition that is particularly granular and intuitive even for a business user.
- A medical provider management component that also offers granular configuration features and functions.
- Already having been implemented in various regions, with the ability to accommodate ICD standards but also any other code system required in a region.
- Providing an ETL layer so health insurers can mine the data using their preferred reporting and analytics tool.
- A recent investment in the system architecture to ease its deployment and upgradability to the public cloud model.
For more information about Oracle Health Insurance, click here.