Oracle Corporation (ORCL)

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Oracle introduces new healthcare-specific capabilities to boost productivity and patient care
By: Investing.com | September 18, 2023

In a bid to enhance financial visibility, streamline supply chains, and improve patient care, Oracle (NYSE:ORCL) has introduced new healthcare-specific capabilities to its Oracle Fusion Cloud Applications Suite. The move is aimed at helping healthcare organizations increase productivity, reduce costs, embrace new business models, and enhance decision making.

The healthcare sector is grappling with unpredictable demand and high administrative costs. The need for efficient and accessible healthcare is becoming more critical in the face of resource and supply shortages and the changing financial requirements of patient care. To navigate these challenges, healthcare organizations require greater visibility and collaboration across the entire delivery system.

To this end, Oracle has added new healthcare-specific capabilities to Oracle Fusion Cloud Enterprise Resource Planning (ERP), Oracle Fusion Cloud Enterprise Performance Management (EPM), and Oracle Fusion Cloud Supply Chain & Manufacturing (SCM). These enhancements will enable healthcare organizations to consolidate disconnected systems, automate critical processes, and provide the flexibility needed to support new delivery models ranging from telehealth to home and community-based care.

Steve Miranda, executive vice president of applications development at Oracle, emphasized the importance of increased integration and collaboration across the entire ecosystem in making healthcare more efficient, accessible, and equitable. He asserted that the new capabilities added to Oracle Fusion Applications Suite will help healthcare organizations adopt new business models, embrace rapid innovation, build agile and sustainable supply chains, and better serve patients' needs.

Oracle also introduced new workforce management capabilities within Oracle Fusion Cloud Human Capital Management (HCM) to help healthcare organizations adapt to changing labor markets and meet volatile customer demand. The new capabilities are designed to connect business and electronic health record (EHR) data on a single cloud platform, assisting healthcare organizations in navigating advanced scheduling and labor needs.

Chris Leone, Executive Vice President of Applications Development at Oracle, stated that frontline workers and healthcare organizations deserve intuitive tools that can respond to volatile patient demands while prioritizing flexibility and addressing burnout.

In related news, Providence, a Renton, Wash.-based 51-hospital system, announced its partnership with Oracle to merge its finance, human resources, and supply chain IT operations in the cloud. The move to Oracle's cloud-based applications suite allowed Providence to standardize a dozen formerly disparate systems. Providence CIO B.J. Moore praised the partnership for propelling them forward in the healthcare industry and positioning them for rapid innovation with advanced technologies such as generative AI.

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