Oracle ORCL Health's electronic health record (EHR) modules are being integrated into all of the REHAB Hospital of the Pacific's facilities. These specialized modules are specific to the needs of rehabilitation facilities and aim to support the treatment of patients with physical and cognitive disabilities.
Rehabilitation centers face the challenge of limited data accessibility across different care settings and care teams. By implementing the EHR system throughout the organization, it will facilitate a more accurate clinical assessment during inpatient admissions and outpatient rehabilitation visits. This enhanced system will grant access to historical care data and external medical records, ensuring a comprehensive view of patient care.
Supporting regulatory requirements are also critical for rehabilitation facilities as it bolsters the customer’s reputation, minimizes potential risks and prevents audits. Federal assessments can demand an extensive amount of data, often involving hundreds of data points for a single assessment, which can be a labor-intensive process.
REHAB Hospital intends to leverage Oracle Health's Physical Outpatient Rehabilitation and Physical Inpatient Rehabilitation solutions to automate and simplify the process by extracting data that has already been captured in the clinical record, summarizing it and calculating responses.
Oracle Health Adoption in Smaller Hospitals to Boost Cloud Service Revenues
Oracle Health, also known as Cerner, has been successful in acquiring numerous small hospitals while experiencing a decline in market share among larger hospitals. The company has significantly increased the total number of hospitals, but the smaller hospitals, acquired by ORCL, have fewer beds and patients compared with the larger hospitals it has lost. The decrease in larger hospital clientele is primarily attributed to persistent issues with the revenue cycle.
Oracle Health's success in attracting smaller hospital customers can be attributed to the perception that its CommunityWorks system offers a modern EHR solution at an affordable price point. This is expected to boost the company’s cloud service and license revenues in the upcoming quarters.
The Zacks Consensus Estimate for ORCL’s fiscal 2024 cloud services and licence revenues is pegged at $44.65 billion, indicating year-over-year growth of 26.48%. The Zacks Consensus Estimate for earnings is pegged at a profit of $5.51 per share, indicating year-over-year growth of 7.62%.
Shares of this Zacks Rank #3 (Hold) company have gained 39.1% year to date compared with the Zacks Computer and Technology sector’s rise of 38.1% due to the giants in the healthcare cloud computing market, such as Microsoft MSFT, International Business Machines IBM and Amazon AMZN Web Services.
You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
MSFT utilizes its cloud technology, Microsoft Cloud for healthcare, to integrate features from Microsoft Azure, Dynamics 365, Microsoft Power Platform and Microsoft 365.
IBM offers healthcare clients a secure, open and enterprise-level environment that accommodates various workload needs and the stages of cloud adoption. This platform enables healthcare institutions to accelerate research initiatives and maintain compliance with stringent security standards.
Amazon Web Services enables healthcare entities to craft patient-focused digital interactions through cloud services that support the creation of mobile apps and engagement portals for patients.
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