Health Insurance Exchanges Go Live for Enrollments October 1, 2013. Are You Ready?
By Diane Meyer on Jul 22, 2013
The clock is ticking towards October 1, 2013 when public insurance exchanges are set to open their doors and begin offering health plan benefits to an estimated 30 million previously uninsured Americans – as mandated by the Patient Privacy and Affordable Care Act (PPACA). Americans without insurance coverage will be able to choose the insurance coverage that works best for them in a new, open, competitive insurance market. The Insurance Exchange will pool buying power and give Americans affordable choices of private insurance plans that will compete for their business based on cost and quality.
Risk and rating applications are central to payers being able to provide plan designs that meet new rating criteria, enable regulatory compliance and management of coverage requirements. Outdated rating systems and spreadsheet manipulation do not provide the most current features or required security that a modern rating system can deliver. Other key rating system requirements include:
- Proficiency in supporting company-specific underwriting rules, rating rule definitions, and form determination rules
- Ability to improve the efficiency of audit and compliance processes
- Capacity to separate rate/rule development and maintenance from policy administration functions
- Capability to provide infinite segmentation/tiers options which allow payers to develop specific risk factors that can increase or decrease an insured’s premium.
- Testing, debugging and modeling tools and reports
Download the article, The Impact of Private Exchanges on Health Insurance Payers and How Modern Rating Systems Can Help, to learn how industry experts from Oracle and the Aite Group examine the impact of private exchanges on health insurance payers and how modern rating systems can help increase opportunities and reduce the stress for payers as they comply with the PPACA.
Join Us for a Live Webcast on August 6, 2013
You also won’t want to miss the Oracle Insurance webcast on August 6, “Managing Healthcare Modernization - The Blueprint to Accelerating Innovation.” The webcast will examine how payers will manage the changing focus of the healthcare market. Register today.
- Strategy Brief: Enterprise Rating Agility Improves Payer Response to Healthcare Reform
- Webcast On Demand: Oracle Healthcare Quoting and Rating Automation
- Webcast On Demand: Strategies for Success: Driving Business Transformation in the Growing Health Insurance Exchange Market
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