“Healthcare has long been plagued by costly, time-intensive, and antiquated claims processing that results in billions of unnecessary fees each year, and ultimately a strained relationship between providers and payers,” said Seema Verma, executive vice president and general manager, Oracle Health and Life Sciences. “Oracle Health Clinical Data Exchange helps eliminate this burden by simplifying and automating tedious and inefficient manual processes. It frees up valuable provider time, helps payers get more accurate and complete clinical information, and accelerates care approvals and reimbursements.”
Five things to know:
1. The Oracle Health Clinical Data Exchange enables secure and automated data transfer between healthcare providers and payers. It is built on the Oracle Cloud Infrastructure and aims to replace manual medical record transmission.
2. Oracle’s leadership team designed the solution to speed up the patient clinical services approval process as well as the claims and payment process. Around 70% of prior authorizations are done by phone or fax, and 25% of reimbursement documents are shared digitally, which delays care.
3. This solution is Oracle’s “first step” to offering payers a comprehensive platform for instant claim evaluation and processing.
4. The data exchange has military-grade cybersecurity capabilities to protect data and providers maintain control over the data. They decide what to share with payers, and payers confirm what they receive.
5. Health systems can use Oracle Health’s EHR to onboard payers to the clinical data exchange without extra charges.
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