We can certainly thank Al Gore for coming up with a ubiquitous world-wide platform that can handle millions of financial transactions per second! It has provided a vehicle to enable innovation for the financial and healthcare payment industries with a lower cost base than ever before.
A recent Gartner report highlighted “5 Cloud Trends in 2013 and Beyond”. Have you ever heard of how cloud computing aims to create “Webscale” systems, which are large configurations that have this ability to expand and contract as needed? They can be configured quickly, and yet go away quickly too. No longer are “large scale projects” a problem in a cloud hosted environment. A good example in healthcare payments would be a project to convert a large back-log of explanation of benefits forms. In this project, a large virtual cloud could be created with high capacity for a few days…then it goes away.
The numbers are impressive; “according to the 2013 IDG Enterprise Cloud Computing Study, in 2013 large companies (defined as those with more than 1,000 employees) will spend $2.8M, with small and medium-sized businesses investing an average of $486K. Investment in SaaS and IaaS will be particularly strong, growing from 8 percent in 2012 to 13 percent in 2013 and 7 percent in 2012 to 10 percent 2013, respectively.”
OrboGraph is a big believer in cloud solutions for healthcare payments. Of course extra care is needed with HIPAA/HITECH regulations, but once you do, and you know you are bulletproof, watch out! The power and potential of growth and expandability is immense. Companies like Amazon have done an amazing job at packaging the service for hosting on the cloud too. One has to admit how visionary Amazon was to introduce this hosting service several years ago.
As we ramp up several large clients and financial institutions for processing a variety of payments on the Healthcare Payments Automation Center, the cloud is primed for exponential growth.