Oracle has launched the Revenue Management and Billing for Health Insurance that provides healthcare payers with a new system for consolidating their billing infrastructure to optimise customer service and profitability.
Oracle said that its new offering helps healthcare payers to focus on increasing revenue and reduce costs, by enabling streamlined processes for billing, payments and collections.
According to Oracle, the Revenue Management and Billing for Health Insurance helps meet healthcare payers’ demands for consolidated billing management capabilities that enable multi-channel strategies and increase cross-selling opportunities. It enables cross-policy adjustments to provide a complete view of customers’ billing interactions.
The company said that the new offering helps healthcare payers to improve enterprise revenue management and reduce overall cost of ownership by supporting various lines of business on a single platform. It allows users to minimise the manual, back-office activities required to process bill inquiries and adjustments and integrate with existing policy administration, financial accounting and payment systems to streamline business processes.
Oracle PartnerNetwork Certified Advantage Partner CSC, is supporting the introduction of Oracle Revenue Management and Billing for Health Insurance by creating requirements and data models that address the healthcare requirements.
Oracle said that its web-based self-service and e-billing capabilities give customers, agents and brokers improved access to information and a choice of channels for conducting business with healthcare payers – reducing the overall number of billing inquiries and adjustments. The system incorporates built-in business process management tools to ensure consistent interaction with customers and accelerate billing reconciliation.
Joe Morgan, vice president of Oracle Financial Services Global Business Unit, said: “Oracle Revenue Management for Health Insurance delivers a flexible, best-in-class solution that helps healthcare payers meet their most pressing business challenges and deliver the superior levels of service required to develop long-term, successful relationships with customers and members.
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