Yahoo Finance Does Oracle's (ORCL) Healthcare Roster Suggest Bright Prospects?
Oracle ORCL has been constantly innovating in the healthcare sector to help organizations drive operational efficiency and financial outcomes. This constant innovation toward its customers remains a positive for the company.
Oracle Health RevElate Patient Accounting is enhancing billing accuracy and accelerating reimbursements for Charleston Area Medical Center, Inc. (“CAMC”).
By implementing this electronic health record-agnostic solution across its ambulatory clinics and four Charleston facilities, CAMC has improved its financial standing. The integration of financial and clinical data through RevElate Patient Accounting helps reduce errors, automate processes and eliminate repetitive manual tasks.
RevElate Patient Accounting assists healthcare organizations by automating revenue cycle workflows, reducing complexities and fostering optimal financial outcomes. The solution applies automation and intelligence to time-consuming tasks throughout the billing cycle.
Oracle's solution is designed to enhance productivity, drive revenues and increase the rate of clean claims. As healthcare organizations face ongoing operational and resource challenges, the company provides systems like CAMC and Vandalia with standardized approaches to optimize financial outcomes.
CAMC chose RevElate Patient Accounting in June 2022, aiming to streamline its financial processes and improve overall efficiency. By implementing this solution, CAMC has been able to standardize its approach to integrating financial and clinical data, ultimately enhancing billing accuracy and accelerating reimbursements.
Oracle Corporation Price and Consensus
Oracle Corporation price-consensus-chart | Oracle Corporation Quote
Oracle’s New Capabilities to Aid Near-Term Prospects
ORCL has introduced new capabilities within its Oracle Fusion Cloud Applications Suite to help healthcare organizations enhance operational efficiency, empower employees and improve patient outcomes.
The enhancements in Oracle Fusion Cloud Supply Chain and Manufacturing, Human Capital Management (HCM) and Enterprise Resource Planning (ERP) aim to streamline processes, increase productivity, reduce costs, foster employee growth and better serve patient needs.
Oracle Cloud HCM supports healthcare workers by helping organizations attract and retain talent, develop staff based on patient care needs and optimize resource management. Tools like Oracle Recruiting, Oracle Grow and Oracle Workforce Scheduling leverage AI to enhance recruitment, skill development and staff scheduling.
Meanwhile, Oracle Fusion Cloud ERP, through ORCL’s Enterprise Performance Management, improves financial and operational planning with predictive capabilities and streamlined financial reporting. Overall, Oracle Fusion Applications Suite facilitates continuous innovation and integrates various functions on a single cloud platform to break down organizational silos and improve healthcare delivery.
The company also launched the Autonomous Shield initiative aimed at simplifying and accelerating Oracle Health EHR migrations to Oracle Cloud Infrastructure (“OCI”) at no extra cost. This initiative leverages OCI's ability to deliver continuous innovation and up-to-date security, automatically applying fixes against evolving cyber threats.
These advancements are expected to boost the company’s cloud services and license revenues in the upcoming quarters.
The Zacks Consensus Estimate for ORCL’s fiscal 2024 cloud services and license revenues is pegged at $43.24 billion, indicating year-over-year growth of 22.5%. The Zacks Consensus Estimate for 2024 earnings is pegged at $5.58 per share, indicating year-over-year growth of 8.98%.
Shares of this Zacks Rank #3 (Hold) company have gained 14.1% year to date compared with the Zacks Computer and Technology sector’s growth of 16.1%. This underperformance can be attributed to tough competition from giants like Bain Capital Specialty Finance’s BCSF AthenaHealth, Automatic Data Processing ADP and Salesforce CRM. You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
According to a report by 6sense, BCSF’s AthenaHealth has a market share of approximately 23% in the cloud healthcare market, followed by Oracle with 5%, ADP with 4.52% and CRM with 2.35%.
Nonetheless, Oracle’s healthcare offerings and increased adoption in the sector is expected to aid top-line growth in the near term. Oracle Health has onboarded Auxilio Mutuo Hospital in San Juan, Puerto Rico and the Department of Defense in its healthcare system, primarily due to the expanding capabilities of its platform. This will help ORCL compete against other giants in the cloud healthcare market.
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