Diving overview:
Oracle has introduced Oracle Health Payments, a payment system for healthcare facilities, to streamline payment settlement and reconciliation, the technology company announced last week.
Oracle said in October that the system allows patients to pay copays and pay for elective surgeries and other bills through card payments or smartphone tap options such as Google Pay, Samsung Pay, and Apple Pay. This was stated in a report on the 16th. release. Oracle says its end-to-end system for healthcare facilities includes gateway routing, processing and retrieval in one contract.
According to a press release, the system bundles Oracle's point-of-sale hardware, accounting software, and payment processing with tokenization or encryption to securely collect payments, automate revenue accrual, and protect against fraud. Minimize collection costs.
Dive Insight:
While Oracle is expanding its payments services into the healthcare industry, the release notes that it already provides payments technology in other sectors, including retail, food and beverage, and hospitality. According to the announcement, the payment card industry-compliant system will provide services at a flat rate with no additional charges.
“Healthcare providers are looking to minimize unnecessary expenses and enhance security and efficiency in all aspects of their business,” Seema Verma, Oracle's executive vice president, said in a company statement. Verma, who is also general manager of Oracle's Health and Life Sciences Division, said Oracle's systems reduce the time and money healthcare facilities spend on payment processing and tracking, allowing them to focus on providing patient care. stated that it is aimed at.
Oracle's move comes as health systems struggle to modernize their payment infrastructure. JPMorgan Chase, the nation's largest bank, reported earlier this year that 85% of health care providers receive payments via electronic funds transfer, and 70% receive paper checks or checks. Half received via virtual card (banks asked providers to select all applicable categories).
Meanwhile, 64% of consumers said they received a paper check from their provider, and about a third had it deposited directly into their account, according to a JPMorgan report.
Still, there are signs that digital health payments will increase. Nacha, the organization that oversees the ACH network, reported this month that the number of same-day ACH payments for health insurance claims reached 132 million in the third quarter, up 7.8% from the same period last year. According to a press release on October 17th.
