Oracle Helps Healthcare Facilities Simplify Patient Payments While Reducing Transaction Fees

Rhea-AI Summary

Oracle has launched Oracle Health Payments, an end-to-end payment solution designed to simplify patient payments for healthcare facilities while reducing transaction fees. Built on Oracle Cloud Infrastructure (OCI), the service offers:

• A PCI-compliant, fixed-rate pricing model with no additional service or convenience fees
• Integration with Oracle's point-of-sale hardware and Oracle Health Patient Accounting
• End-to-end encryption and tokenization for secure payment capture and automated revenue posting
• Support for various payment options, including traditional chip and pin, and digital methods like Apple Pay, Google Pay, and Samsung Pay

The solution aims to help healthcare providers minimize expenses, enhance security, and improve efficiency in payment processing. Oracle Health Payments leverages Oracle's experience in high-volume consumer industries to offer a comprehensive solution that can be implemented quickly and cost-effectively.

Positive

• Launch of Oracle Health Payments, a new end-to-end payment solution for healthcare facilities
• Fixed-rate pricing model with no additional service or convenience fees
• Integration with existing Oracle healthcare solutions
• Enhanced security features including end-to-end encryption and tokenization
• Support for various payment methods, including digital options
• Potential reduction in fraud and collection costs
• Out-of-the-box transaction and payout reporting for improved profitability tracking

Negative

• None.

Insights

Financial Analyst

Oracle's introduction of Oracle Health Payments represents a strategic move into the healthcare payments sector, leveraging its existing technology infrastructure. This solution addresses key pain points for healthcare providers, including transaction fee transparency and payment reconciliation efficiency. The fixed-rate pricing model could potentially improve financial predictability for healthcare facilities, which is important in an industry with tight margins.

From an investor perspective, this expansion into healthcare payments could open up a new revenue stream for Oracle, tapping into the $4 trillion U.S. healthcare market. The integration with Oracle's existing health solutions may also strengthen its competitive position in the healthcare IT sector. However, the impact on Oracle's financials may take time to materialize, as adoption rates and market penetration will be key factors to watch.

While this news is positive for Oracle's diversification strategy, it's important to note that the healthcare payments space is competitive, with established players like Square and Stripe also targeting this market. Oracle's success will depend on its ability to leverage its existing healthcare relationships and demonstrate clear cost savings and efficiency gains for providers.

Healthcare Technology Expert

Oracle Health Payments represents a significant advancement in healthcare financial technology. By integrating payment processing with patient accounting systems, Oracle is addressing a critical inefficiency in healthcare administration. The end-to-end encryption and tokenization features are particularly noteworthy, as they enhance security in an industry plagued by data breaches and fraud concerns.

The solution's compatibility with modern payment methods like Apple Pay and Google Pay aligns with the growing consumer demand for digital payment options in healthcare. This could potentially improve patient satisfaction and accelerate payment collection cycles for providers. Moreover, the PCI-compliant fixed-rate model simplifies compliance management, which is a significant pain point for many healthcare organizations.

From a technological standpoint, building this service on Oracle Cloud Infrastructure (OCI) demonstrates Oracle's commitment to leveraging its cloud capabilities across different sectors. This cross-industry application of technology could serve as a model for future healthcare IT innovations, potentially giving Oracle an edge in the competitive health tech market.

New service gives providers transparent, secure payment processing that makes it easy for patients to settle co-pays and account balances with their preferred payment method

AUSTIN, Texas, Oct. 16, 2024 /PRNewswire/ -- To ease patient settlement and payment reconciliation, Oracle today announced Oracle Health Payments. With the end-to-end payment solution, including gateway routing, processing, and acquiring under a single agreement, healthcare facilities can help reduce costly, unexpected service fees. It also makes it easier for patients to cover a copay, elective surgery, or an existing bill using a variety of payment options including, traditional chip and pin pay methods, or simply tapping to pay with the latest digital options including Apple Pay, Google Pay, and Samsung Pay.

Payment processing costs can vary widely between payment providers, card brands, or payment types. Compliance and service fees can also make it difficult for healthcare facilities to estimate and factor these costs into their financial planning. Built on Oracle Cloud Infrastructure (OCI), Oracle Health Payments offers a payment card industry (PCI)-compliant, fixed-rate pricing model with no additional service or convenience fees. Integrated with Oracle's point-of-sale hardware and Oracle Health Patient Accounting, Oracle Health Payments uses end-to-end encryption and tokenization, empowering health systems to securely capture payments and automate revenue posting, which helps reduce fraud and collection costs.

"Healthcare providers are looking to minimize unnecessary expenses and enhance security and efficiency in all aspects of their business," said Seema Verma, executive vice president and general manager, Oracle Health and Life Sciences. "One of the great benefits of Oracle's unmatched industry experience and technology is our ability to apply proven solutions, like payments, across industries to solve these complex problems. With our comprehensive Oracle Health Payment solution, we are taking the hassle, time, and extra costs out of payment processing so healthcare facilities can provide enhanced service to their patients while improving how they capture and track patient payments."

Aligned with PCI regulations, Oracle Health Payments enables healthcare facilities to anticipate exactly how much they will pay for every transaction and avoid long-term contract commitments. With out-of-the-box transaction and payout reporting, health systems can also more accurately track profitability.

Oracle's Payment Cloud Service technology has been hardened in the most demanding, high-volume consumer industries, including retail, hospitality, stadiums, and restaurants. The service can be rolled out quickly and cost effectively, helping speed time to value. To learn more, visit: https://www.oracle.com/health/.

Learn more at the Oracle Health Summit in Nashville on Oct. 28-30, 2024. The event brings together global healthcare leaders to discuss how to tackle industrywide challenges and apply new innovations.

The acquiring and payment processing services that are part of Oracle Health Payments are delivered by a third-party financial services provider.

About Oracle
Oracle offers integrated suites of applications plus secure, autonomous infrastructure in the Oracle Cloud. For more information about Oracle (NYSE: ORCL), please visit us at www.oracle.com.

Trademarks
Oracle, Java, MySQL and NetSuite are registered trademarks of Oracle Corporation. NetSuite was the first cloud company—ushering in the new era of cloud computing.

 

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SOURCE Oracle

FAQ

What is Oracle Health Payments and when was it announced?

Oracle Health Payments is an end-to-end payment solution for healthcare facilities, announced by Oracle (ORCL) on October 16, 2024. It aims to simplify patient payments and reduce transaction fees for healthcare providers.

What are the key features of Oracle Health Payments?

Key features of Oracle Health Payments include a PCI-compliant fixed-rate pricing model, integration with Oracle's point-of-sale hardware and Patient Accounting, end-to-end encryption and tokenization, and support for various payment methods including digital options like Apple Pay and Google Pay.

How does Oracle Health Payments benefit healthcare facilities?

Oracle Health Payments benefits healthcare facilities by helping to reduce costly fees, simplify payment processing, enhance security, improve efficiency in capturing and tracking payments, and potentially reduce fraud and collection costs.

Where can I learn more about Oracle Health Payments (ORCL)?

You can learn more about Oracle Health Payments (ORCL) at https://www.oracle.com/health/ or at the Oracle Health Summit in Nashville on October 28-30, 2024, where global healthcare leaders will discuss industry challenges and innovations.