The healthcare industry is undergoing a tectonic shift.
Increasing cost pressures, shifting plans, and uncertainty in these drastically changing times are putting immense pressure on healthcare payers. It is hampering their ability to optimize member service and profitability. To survive and thrive in today’s highly disruptive environment, healthcare payers need to keep pace with changing customer expectations while overcoming operational inefficiencies and ensuring business agility.
The Challenges Plaguing Healthcare Payers
The highly competitive healthcare market is making it difficult for payers to meet customer needs, lower costs, and maintain a competitive position.
Some of the challenges plaguing healthcare payers include:
- Taking a customer-centric approach to better understand customer needs and preferences.
- Modernizing an array of siloed legacy systems to set the foundation of growth, innovation, increased revenue, and profitability.
- Engaging and empowering customers to create delightful customer experiences.
- Developing a robust enterprise-wide digitalization strategy and implementing the right technologies to build customer loyalty.
- Traversing the complex healthcare landscape and maintaining operational efficiencies across costs, time-to-market, and processing time.
How Oracle Insurance Revenue Management and Billing Helps
Overcoming the constant slew of challenges requires healthcare payers to embrace a modern Revenue Management and Billing System.
Oracle Insurance Revenue Management and Billing is a HIPAA-compliant, rules-based, consolidated billing system that enables healthcare players to streamline processes across billing, reconciliation and receivables. With capabilities across unified billing, automation, customization, built-in analytics, and more, it helps payers increase revenue opportunities, reduce costs, and enhance customer service.
With on-premise and cloud deployment options, it provides the flexibility healthcare payers need to improve billing efficiency while substantially reducing billing-related IT costs.
With Oracle Insurance Revenue Management and Billing, healthcare payers can:
- Consolidate and simplify business processes and achieve end-to-end visibility into billing transactions.
- Automate and digitize mundane everyday tasks to reduce errors and complete billing-related tasks quickly and accurately.
- Save costs and time in processing while constantly working towards optimizing operational efficiency and customer satisfaction.
- Easily set up workflows and business rules to support specific billing needs.
- Customize the solution and make it function the way they want – without time-consuming, complex, and expensive coding.
- Modify and adjust billing operations to align with changing market, business, and customer needs.
- Streamline the reconciliation process and easily address discrepancies to finalize statements more quickly.
- Analyze massive volumes of billing data to unearth previously hidden trends, patterns, and insights.
- Easily integrate new customers – one at a time or in groups – and seamlessly support new forms of coverage and products.
Optimizing Member Service and Profitability with Oracle Insurance Revenue Management and Billing
Oracle Insurance Revenue Management and Billing is a great solution for healthcare payers to address day-to-day billing challenges while reducing administrative overhead and improving service and profitability.
- By allowing healthcare payers to easily and quickly tweak business rules and workflows, it helps them keep up with dynamic market changes, support new products, and comply with new regulations as they arise.
- The solution allows healthcare payers to support individual coverage as well as manage high-volume billing with enhanced efficiency.
- Payers can seamlessly support multiple products and services while optimizing revenue across different lines of business.
- Through consolidated billing, it overcomes the headache of managing several individuals bills while providing visibility across challenges, opportunities, and risks.
- With several options to tailor the system to suit specific needs, the solution greatly brings down the time and cost associated with large-scale code changes.
- Since most processes are carried out using business rules, Oracle Insurance Revenue Management and Billing makes the process of updates faster and less painful.
- Healthcare payers can use the solution to automate payroll deduction, process high-volume bills, and perform quick reconciliation while reducing manual processing.
- They can streamline and automate their back-end operations and leverage several self-service options to bring down bill inquiries, back-office operations, field audits, and bill adjustments.
Oracle Insurance Revenue Management and Billing also utilizes built-in intelligence and reporting features to help uncover opportunities for improving efficiencies. It allows healthcare payers to integrate the solution with existing policy administration, accounting, and payment systems to enhance enterprise revenue management and cash flow while minimizing costs associated with billing.
Implement Oracle Insurance Revenue Management and Billing solution today to optimize member service, profitability, and scale as your business grows! Need help in getting the most out of your investments, let’s connect.
