How Oracle hopes to cash in on healthcare

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“Healthcare is the world’s largest and most important vertical market – વર્ષે 3.8 trillion last year in the United States alone,” said Safra Catz, CEO of Oracle, recently.

The market supports that view. The global healthcare cloud computing market is expected to reach a CAGR of 14.1% and over $ 52.3 billion between 2021 and 2026, according to a recent Mordor Intelligence report. According to the report, EMR is expected to show steady growth during the forecast period 2021-2027.

With those numbers and Katz’s enthusiasm as a backdrop, it’s no surprise that Oracle entered the healthcare sector in December when it announced plans to acquire Cerner – a leading provider of digital information systems used in hospitals and healthcare systems. Oracle suggested that while Cerner systems already run on Oracle databases, Oracle cloud offerings such as migrating and integrating its Voice Digital Assistant can be done seamlessly and without downtime. It’s been a month since the announcement, and while the SEC has yet to formally announce its approval of the acquisition, the deal is expected to be approved.

Oracle is definitely buying at the top. According to Signify Research’s EHR database (comprising 135 vendors), the three largest EMR software companies by revenue are Cerner, Epic and Allscripts. The market share is determined by naming some affiliate business models, revenue reports and the size of their customers – such as network hospitals, standalone hospitals, veterans hospitals, ambulance care and pharmacies. For a robust EMR software suite. The EMR software is expected to integrate seamlessly with other software packages as well as patient records. There are many opportunities for breakdown from scheduling office staff, integration of surgical suites, bookkeeping and more.

Oracle has cut its work for him. The EMR field is full of competitive software, offering competitive pricing plans and tiered services for providers. The sales pitch looks good on all papers, but health providers report poor performance, inadequate training, and a “series of broken promises.”

Reaction to Oracle Acquisition

According to Bloomberg analysts, Oracle’s “aggressive use of cash” is pushing the company to the top of the junk rating. In his Forbes article, Peter Cohen expressed skepticism that Oracle Cerner would recoup the purchase premium, pointing out that Oracle has a much smaller position in the cloud services business than industry giants Amazon, Microsoft and Google. Shares of Oracle plunged 5.2% following news of an all-cash surname deal

Concerns about Oracle focus primarily on whether it will be able to maintain its current structured debt repayment schedule, how the Fitch BBB rating will affect their stock, and whether they will lose significant amounts of customers due to congressional oversight. Investigating major software rollout failures, including VA in Spokane, WA, which switched to Cerner with disastrous results.

Home is the new healthcare hub

With the growing number of tech-savvy seniors in the U.S., Oracle is betting on taking advantage of the growing demand for telemedicine. That demand will be accompanied by greater reliance on technologies such as AI and voice recognition software to act as front desk, diagnostic tool and accounting department. There are dozens of EMR systems to choose from at the doctor’s office and all insist that his software is the best. To promote their acquisition of Cerner, Oracle says its goal is to “deliver unplanned downtime zero in the medical environment and to expand opportunities for Cerner’s healthcare clients to expand their cloud, AI and machine learning applications.”

Companies with the largest presence in cloud-based services are also investing in the EMR industry. Google Cloud Healthcare Data Engine provides medical providers with a means to generate healthcare insights and analytics with machine learning and predictive text. The acquisition of Microsoft’s Nuance Communications, a speech recognition company (and rival to Oracle’s voice assistant) is expected to increase Microsoft’s total address market or TAM in healthcare vertical to $ 500 billion. Microsoft CEO Satya Nadella highlighted Nuance’s healthcare tools as the main driver behind the acquisition.

Retail giants are also investing heavily in home healthcare. In addition to its online pharmacy, Amazon Healthlake is used by ambulance care providers, and the Amazon Care Telemedicine app has been available to employers nationwide since March 2021. BestBuy bought CurrentHealth in October 2021, adding the Care-at-Home technology platform. Its portfolio of products designed for older customers. Online retail and home delivery company Walmart acquired MeMD Telehealth in 2021 to “complement its individual health centers”. MeMD Telehealth also adds nationwide virtual care options to Walmart’s clinic services portfolio.

Just as restaurant servers and airline stewards have had to become Wi-Fi tech support, nurses and office staff have had to become IT experts on their EMR system, not only in terms of doctor’s notes and patient needs, but also in-house rehabilitation. Supply, to link each patient’s visit with insurance claims and to ensure staffing. Addressing some of these issues, the Johns Hopkins School of Medicine is offering students a one-day intensive in March to “prepare our healthcare workforce for the future of telemedicine.” Harvard professors wrote a paper in 2016 urging medical schools to include classes on how to make telemedicine a better experience for the patient and provider. Yet organizations are still lagging behind in moving these important records to efficient cloud-based services.

Will medical record growth in cloud services improve health care?

Despite the hesitation of the finance industry, Oracle is bullish on what it and Cerner can achieve together. Mike Cecilia, Oracle’s Executive Vice President, said: “We will make Oracle’s hands-free voice digital assistant the primary interface for Cerner’s clinical systems, making it much easier to learn and use Cerner’s systems.” The big business and most important clinical system is already running on the Oracle database. There is no change required. What will change is the user interface. This will allow medical professionals to spend less time typing on a computer keyboard and more time caring for patients, “he said. Said.

This is good news for system subscribers like hospital and medical practice. According to a recent Mayo Clinic study, physicians spend one to two hours on EMRs and desk work for each hour spent in face-to-face contact with patients, as well as an additional one to two hours of individual time on EMR. Related activities often lead to professional burnout.

Reliance on AI, chatbots and voice recognition software instead of live operators has been a popular time and money saving trend for many years. Unfortunately, there is ample evidence that interactive AI and chatbots are heavily influenced by their programmed biases. For example, a 2019 study showed that black people were 28.8% less likely to be referred to potential life-saving treatment programs because of the way the algorithm interpreted the data. These issues are inherent in every system because prejudices are inherent in society.

EMRs that are built as an efficient billing system to integrate seamlessly with insurance claim submissions, and provide general software tools for the overall operation of a large medical practice or hospital system often provide adequate access to medical records. Fails to roll out, leaving doctors under no circumstances. Choice other than using handwritten patient notes and prescriptions – which should then be manually entered into the system by another staff person.

Industry Buzz suggests that Salesforce Health Cloud Healthcare could bridge the gap between customer relationship management (CRM) and EMRs and perhaps prepare itself for another purchase in the healthcare sector.

Security seems to be a missing part of the EMR puzzle and it will be interesting to see if a cyber security company enters this field.

How the field of EMR grows depends on the large organizations that buy the subsidiaries. Who will be the innovator in the emerging opportunity for software that can work all the different parts simultaneously?

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