Oracle and Benefit Management joined forces to deliver a bundled payment system via Oracle’s Health Insurance Value Based Payment Cloud Service.
The goal is to enable healthcare payers and providers to keep pace with changes brought by the Affordable Care Act, the companies said.
To that end, Benefit Management will use Oracle’s cloud service to help payers manage and scale complex bundled payments, and help ensure timely and accurate payment to providers as they move to a bundled payments model.
Oracle Health Insurance Value-Based Payments working in conjunction with Benefit Management’s claims processing services will allow healthcare organizations to transition to bundled payments, reduce provider risk, decrease the total cost of bundled procedures, and increase care quality, the companies said.
[Also: Oracle rolls out Healthcare Precision Medicine platform]
Oracle said that its cloud service was designed to support the new value-based payment models coming into being as a result of the Affordable Care Act.
The technology will enable Benefit Management and its customers to process payments much faster than in the past, Benefit Management CEO Chad Somers said in a statement.
“The transition to value-based payments is one of the biggest challenges facing payers and providers today,” Somers added. “It is imperative that all aspects of value-based payments be considered before making this change. Never before has combining the clinical outcomes with payment been so important.”
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