Oracle (ORCL) Brings Generative AI Capabilities to Healthcare
Oracle ORCL announced several significant enhancements to its healthcare solutions at the Oracle Health Conference. The company aims to provide innovative technology solutions that enhance patient care, streamline processes and foster collaboration within the healthcare ecosystem.
The healthcare-specific capabilities include financial consolidation and reporting, procurement, and replenishment planning and recall management. The capabilities will be part of Oracle Fusion Cloud Enterprise Resource Planning (ERP), Oracle Fusion Cloud Enterprise Performance Management (EPM) and Oracle Fusion Cloud Supply Chain & Manufacturing (SCM).
These enhancements are expected to be rolled out over the next 12 months, offering healthcare organizations the flexibility to adopt them as needed.
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Oracle Adds Healthcare Capabilities to ERP & Supply Chain Products
Oracle unveiled a new cloud-based Electronic Health Record (EHR) platform with a focus on improving patient and provider experiences. The platform offers consumer-grade applications with a modern interface and intuitive processes. Patients will have access to a secure portal where they can conveniently input their health data through document recognition, computer vision and voice services. This reduces manual data entry, streamlines processes and improves efficiency for both patients and healthcare providers. Patients can also perform self-service actions like scheduling appointments and checking lab results using voice commands. This new EHR platform is built on Oracle Cloud Infrastructure, ensuring high performance, data security and access to artificial intelligence (AI) technology.
Oracle Health is committed to an open and interoperable EHR system. It is making clinical and financial resources available via public Application Programming Interfaces (APIs). These APIs will enable deeper integration with ORCL's clinical solutions and allow partners, customers and third-party vendors to create customizations, new experiences and workflows. For example, healthcare organizations can use these APIs to review medications a patient is using within clinical systems and even create medication orders directly within the system. These public APIs will expand the ecosystem of healthcare solutions.
The company has introduced generative AI services for healthcare organizations, which are integrated with the EHR solutions. The Oracle Clinical Digital Assistant leverages generative AI and voice commands to reduce manual work for providers, allowing them to focus more on patient care. Patients can also use voice commands for self-service actions like scheduling appointments and checking clinical information. The digital assistant automates note-taking during appointments and suggests context-aware next actions for physicians. Patients can also get AI-driven answers to healthcare-related questions. These enhancements will be connected to the patient portal.
ORCL is adding AI-powered workforce management capabilities within Oracle Fusion Cloud HCM to support healthcare organizations' staffing needs. Managers can match workers to assignments based on real-time patient and workforce data.
Oracle Fusion Cloud ERP, Oracle Fusion Cloud EPM and Oracle Fusion Cloud SCM are receiving healthcare-specific capabilities to help organizations consolidate systems and automate processes. This supports various healthcare delivery models, including telehealth and home- and community-based care.
Shares of this Zacks Rank #3 (Hold) company have gained 37.3% year to date. The stock performed in line with the Zacks Computer and Technology sector, which was driven by 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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