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.
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SOURCE Oracle