Name: Modernizing healthcare with integrated cloud services
Uploaded: 2023-07-18T02:04:19.243Z
Duration: 350.93

Srini Video Edited.mp4

Srini Video Edited.vtt

Subtitles

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I think there is as Oracle

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Health Insurance is a set

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of, cloud services or SaaS

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services that we provide

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to modernize the core

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administrative processing

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systems for the health funds.

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And, one of the key,

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benefits of having, a digital

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core is the flexibility

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that the system offers

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in configuring, you know,

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new kind of products,

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new kind of benefits.

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And, and bringing to

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market, innovative products.

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And, the second part being,

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a SaaS application, it's,

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it's completely secure

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and it's compliant with

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all the regulatory, asks.

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So reducing your investment

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or the health funds investment

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into, into those areas.

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The third thing is

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really just, scale.

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So with SaaS applications,

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We can scale, pretty quickly

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from just 5,000 members to,

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you know, millions of members.

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And we get that scale because

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of our SaaS infrastructure.

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As a SaaS application,

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you also get scale.

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What that means is we can

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support members from 5,000

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to millions of members

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in the same platform.

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And so a health plan as

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they grow doesn't need to

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worry about kind of scale.

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You know, we, we, we

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started the program

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right before Covid, hit.

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So there were some significant

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challenges with respect

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to, you know, and doing

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a transformative program

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while kind of complying

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with the covid requirements.

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Having said that, I think one

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of the things that we found

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as we engaged with the program

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is how complex the Australian

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health, insurance environment

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is in terms of automation.

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In terms of regulatory

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demands and asks.

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So they're really kind

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of features that are core

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to the Australian health

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insurance environment,

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like a transfer gateway,

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like rebate, calculations,

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like lifetime covers, very

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specific to the market.

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And those took a while for us

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to kind of really, understand

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and design in a way that it

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is maintainable for future.

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So that was one of the, the,

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the big challenges up front,

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which is the enormity of

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the amount of localization.

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Having said that, I'm, I'm

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happy to note we've done

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all of that in the product,

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and so that localization is

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now available for all other

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funds, who joined the Oracle

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Health insurance platform.

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Overall, the key is

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to kind of create your

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own digital pathways.

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So all the way from

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your digital front ends,

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whether it's a mobile

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front end or a portal

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into all the core systems.

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Everything is connected now,

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so there are no kind of, you

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know, breaks in the process.

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So you can implement seamless

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end-to-end digital processes

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that greatly transform

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member experience overall.

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And the second really

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is the security.

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So as a SaaS platform, we're

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highly secure and that, that

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that gives, health funds

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a lot of comfort that, you

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know, our platform will not

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be and cannot be hacked.

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Cuz that's the thing

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that is, keeping a lot

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of CEOs awake these days.

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When, when it comes to

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regulatory, aspects, one

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thing is for, for sure it

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is gonna keep happening

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and this is a very highly

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regulated environment.

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So, expect more

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regulations, expect more

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changes, more demands.

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What a health plan can

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do to, to really protect

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themselves is to invest in

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a core system that is easy

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to adapt, easy to kind of

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implement these changes.

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For instance, when we

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implemented the, the,

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age-based discount, we

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did it in a way that it

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simply table entry to

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change the discounts if

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things change tomorrow.

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So I think what you want to

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do is to protect yourself

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by investing in a flexible

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core platform, cuz regulatory

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changes are bound to happen.

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Members and patients, they

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all want personalized,

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healthcare, right?

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So, the way to offer

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personalized healthcare

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is to make sure that,

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you have the right information

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available and implement

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tools and technologies that

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allow us to deliver that

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personalized healthcare.

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I'll give you an example of

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what we're doing in the US:

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we have incorporated solution

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called precision navigation.

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What that means is if you need

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a see a specialist, if you

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want to, you know, let's say,

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want to go see someone for,

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for back pain or a orthopedic

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surgery, or in, in the, in

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most, cases you would just

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look at who's around or who

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your GP refers, and pick

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kind of a, a random physician

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or random specialist.

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With precision navigation

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it takes all of the data

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points available on you as

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a person, and matches with

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all the providers available

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and their outcomes based on

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their medical encounters,

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and then recommends a, a

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right provider for you.

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We found that that particular

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technique actually improves

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outcomes for our members.

Expert Insight

Join us for an insightful interview with Srini Venkat, Group Vice President at Oracle Insurance, as he discusses the revolutionary Oracle Health Insurance Cloud Services and their role in modernizing core administrative processing systems for health funds. 

Discover the immense benefits of having a digital core, offering flexibility in configuring new products and bringing innovative solutions to the market.