REDWOOD SHORES, Calif., March 29, 2017 /PRNewswire/ -- Oracle today announced that Blue Shield of California, Family Health Network (FHN), and Health Care Service Corporation (HCSC) have selected Oracle Cloud Applications to help them provide healthcare coverage at an affordable cost by digitizing and modernizing their financial, planning and budgeting systems, and business processes. With Oracle Cloud solutions for finance, these organizations have the tools needed to be able to achieve the speed and flexibility required to support and scale with the healthcare industry's rapidly changing needs.
Oracle Enterprise Resource Planning (ERP) Cloud help organizations simplify and streamline operations with increased visibility and insights into financial and operations. By reducing IT complexity and costs, organizations can also increase productivity, by freeing employees to help provide their insured members with the best and most affordable health insurance plans.
Health Insurance Organizations Move to the Cloud
Blue Shield of California chose Oracle ERP Cloud to support more than four million health plan members and nearly 65,000 physicians. The move to Oracle ERP Cloud has allowed Blue Shield of California to streamline hundreds of application interfaces and reports, which has stabilized the monthly close. With Oracle ERP Cloud, Blue Shield of California expects improved financial analysis to enable cost savings for policy holders.
"When we looked at transforming our technology, we observed our competitors moving to the cloud, and for good reason," said Michael Sheils, VP, corporate shared services. "After a careful evaluation, we selected Oracle as our partner because of their commitment to innovation in the cloud, their expertise in the health payer space, and the breadth and depth of the ERP Cloud offering."
Improved financial efficiency was the primary driver for Family Heath Network to select Oracle ERP Cloud. A not-for-profit provider sponsored health plan in the Chicago area, FHN is one of the largest managed care plans in the region under the Medicaid Family Health Plan. In evaluating a new financial system, FHN decided a move to the cloud was the best approach in order to best streamline operations and upgrades.
"In insurance, clear finance reporting is critical in order to process claims as quickly as possible," said Nirav Shah, vice president of finance at Family Health Network. "Oracle ERP Cloud is a valuable tool for our company, streamlining our financial operations, while also maximizing business performance and growth."
As changes in the financial reporting structure and lengthening close times began to impact HCSC, they recognized that cloud technology could help them to remain agile and quickly react to future changes. The largest customer-owned health insurer in the United States, HCSC selected Oracle ERP Cloud to help transform its financial systems and support its 22,000 employees serving more than 15 million members across five states, with the functionality, breadth, and depth of the Oracle Cloud.
"We evaluated vendors based on several drivers, including strategic fit, capability, maturity, vendor commitment and support, employee feedback, and implementation considerations," said James Kadela, SVP controller at HCSC. "Oracle ERP Cloud was the natural choice based on the nature of HCSC's financial systems. In addition to its current capabilities, Oracle is heavily investing in research and development and we feel confident that Oracle ERP Cloud will evolve with us to support our long-term business strategy."
"Oracle is committed to supporting the healthcare industry with our complete, secure, and modern set of enterprise-grade cloud applications that help healthcare payers provide affordable health insurance to their communities," said Terrance Wampler, vice president of financials applications strategy at Oracle. "Our connected, best of breed ERP Cloud solutions are uniquely placed to cater to dynamic business environments and enable our customers to modernize core financial operations, empower its people, and support growth."
Oracle Cloud delivers the industry's broadest suite of enterprise-grade cloud services, including software as a service (SaaS), platform as a service (PaaS), infrastructure as a service (IaaS), and data as a service (DaaS).
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