SOURCE: Oracle Corporation

Oracle Corporation

August 13, 2009 08:00 ET

Oracle Unveils Oracle® Revenue Management and Billing for Health Insurance

Flexible, Rules-Based Solution Enables Health Insurance Payers to Transform Billing to Increase Revenue Opportunity, Reduce Operating Costs and Improve Customer Service

REDWOOD SHORES, CA--(Marketwire - August 13, 2009) - Oracle (NASDAQ: ORCL)

News Facts

  • Oracle today introduced Oracle® Revenue Management and Billing for Health Insurance, providing healthcare payers with a comprehensive, flexible solution for consolidating their billing infrastructure to optimize customer service and profitability.
  • In today's environment, it is critical that healthcare payers focus on increasing revenues and reducing costs, while also delivering superior customer service to develop and maintain long-term relationships with customers and members.
  • Oracle Revenue Management and Billing for Health Insurance helps meet this challenge by enabling efficient, streamlined processes for billing, payments and collections.
  • In helping to provide a complete view of customers' billing interactions, the new solution enables easy, cross-policy adjustments that can result in improved customer satisfaction and higher retention rates.
  • Oracle Revenue Management and Billing for Health Insurance helps meet healthcare payers' demands for comprehensive and consolidated billing management capabilities that enable multi-channel strategies and increase cross-selling opportunities.
  • The solution helps healthcare payers improve enterprise revenue management and reduce overall cost of ownership by efficiently supporting various lines of business on a single platform.
  • Oracle PartnerNetwork Certified Advantage Partner, CSC (NYSE: CSC), is supporting the introduction of Oracle Revenue Management and Billing for Health Insurance by creating requirements and data models that help address complex and unique healthcare requirements.

Superior Customer Service With a Lower Cost of Ownership

  • Oracle Revenue Management and Billing for Health Insurance helps minimize the manual, back-office activities required to process bill inquiries and bill adjustments.
  • It easily integrates with existing policy administration, financial accounting and payment solutions to streamline business processes while incurring minimal costs.
  • Group bill processing capabilities enable strong support for distribution channels and easy reconciliation for group bills, allowing faster cash realization and lower write-offs.
  • Oracle Revenue Management and Billing for Health Insurance provides configuration-driven business rules that enable users to quickly implement changes to the billing system -- helping to reduce the cost of bringing new offerings to market.
  • 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 bill adjustments.
  • The system incorporates built-in business process management tools to ensure consistent interaction with customers and accelerate billing reconciliation.
  • Oracle Revenue Management and Billing for Health Insurance supports continued business growth for healthcare payers by providing the scalability to handle customer bases ranging from a few thousand to millions in size.

Supporting Quotes

  • "The rapidly changing healthcare ecosystem is putting tremendous pressure on healthcare payers to improve revenue management and reduce operating costs," said Joe Morgan, Vice President, Oracle Financial Services Global Business Unit. "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."
  • "New healthcare regulation will force payers to be more nimble and flexible around revenue management and billing than ever before to meet the needs of their customers," said Deward Watts, President, CSC's Healthcare Group. "We look forward to building on our relationship with Oracle to accelerate the rate at which clients receive value from the new Oracle Revenue Management and Billing for Health Insurance solution."

Supporting Resources

Oracle Innovation Showcase

For more than 32 years, Oracle has been a technology innovator, transforming the way business is conducted. To learn about Oracle's latest technologies, visit the Innovation Showcase during the 100 days before Oracle OpenWorld. See oracle.com/innovation for more information.

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