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Oracle (ORCL) Cerner, Labcorp Partner to Manage Hospital Labs
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Oracle (ORCL - Free Report) Cerner recently announced a partnership with Labcorp to manage hospital laboratories in 10 states, including Kansas.
Up to 80% of all diagnostic decisions are informed by lab test results. Cerner’s holistic suite of laboratory solutions supports complex needs across a laboratory operation, including clinical, anatomic pathology, molecular diagnosis, and laboratory outreach.
Per the partnership, Cerner's laboratory information system will help Labcorp centralize operations and streamline processes within the hospital-based labs at a leading health system. The aim is to enhance patient care and improve lab efficiency.
The partnership also allows Labcorp to build and expand upon the lab’s existing technologies to standardize and optimize workflows for better efficiency as well as support information sharing across the health system.
From July to September 2022, clients committed to Oracle Cerner with 145 new, extended or expanded contracts, including eight new clients who chose its technology and products.
REHAB Hospital of the Pacific (REHAB) also recently selected Oracle Cerner technology. REHAB teamed up with Oracle Cerner this year to enhance its electronic health record (EHR) system. REHAB’s transition to a remote hosting model will reduce its IT workload by allowing Oracle Cerner to manage its domain maintenance and complete timely and necessary regulatory updates.
Huntsville Hospital Health System is the second largest hospital in Alabama. It was named as the Best Regional Hospital and No. 2 in Alabama by U.S. News & World Report and recently expanded its Oracle Cerner agreement to include two additional hospitals, Helen Keller Hospital and Red Bay Hospital.
Oracle Cerner continues to see significant growth in CommunityWorks with nearly 300 hospitals across 45 states using the solution and five new clients signed since July.
Through the CommunityWorks delivery model, Cerner scales and tailors its EHR system to offer cutting-edge technology with predictable IT spending, providing an economical business model for community and critical access hospitals.
Cerner Acquisition Positions Oracle in the Healthcare Tech Space
The acquisition will help Oracle expand its back-office technology for hospitals and healthcare service providers. Cerner’s acquisition is also anticipated to be a huge growth accelerator for Oracle in the years to come as Oracle expands Cerner’s business all over the world.
The merger will be substantially accretive to Oracle’s earnings on a non-GAAP basis in fiscal 2023 and contribute to its earnings thereafter. Per a Mordor Intelligence report, the healthcare cloud computing market is expected to reach $71.7 billion by 2027 at a CAGR of 14.12%.
Oracle expects to benefit from increased demand for telemedicine among consumers. With the deal in place, Oracle will complete Cerner’s transition to the cloud and equip the electronic health record with increased virtual care capabilities. Oracle will also be adding its hands-free digital voice assistant to Cerner’s interface.
Alphabet-owned Google Cloud unveiled a preview of the Healthcare Data Engine and end-to-end solution for healthcare and life sciences organizations. The healthcare solution will help in harmonizing healthcare data from multiple sources, including medical records, claims, clinical trials, and research data.
Moreover, Microsoft’s acquisition of Nuance Communications is expected to bolster Microsoft’s position in the lucrative healthcare domain. Previously the software giant had noted that the Nuance acquisition is likely to increase the company’s total addressable market in the healthcare space to $500 billion.
Amazon (AMZN - Free Report) continues to make concerted efforts to bolster its personal healthcare offerings in a bid to expand its presence in the multi-trillion healthcare market. Last month, the company introduced a sleep tracker called Halo Rise, a multi-purpose bedside tracker designed to provide personalized sleep analysis that helps improve users’ sleep.
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Oracle (ORCL) Cerner, Labcorp Partner to Manage Hospital Labs
Oracle (ORCL - Free Report) Cerner recently announced a partnership with Labcorp to manage hospital laboratories in 10 states, including Kansas.
Up to 80% of all diagnostic decisions are informed by lab test results. Cerner’s holistic suite of laboratory solutions supports complex needs across a laboratory operation, including clinical, anatomic pathology, molecular diagnosis, and laboratory outreach.
Per the partnership, Cerner's laboratory information system will help Labcorp centralize operations and streamline processes within the hospital-based labs at a leading health system. The aim is to enhance patient care and improve lab efficiency.
The partnership also allows Labcorp to build and expand upon the lab’s existing technologies to standardize and optimize workflows for better efficiency as well as support information sharing across the health system.
Oracle Corporation Price and Consensus
Oracle Corporation price-consensus-chart | Oracle Corporation Quote
Oracle to Benefit From Cerner’s Growing Adoption
From July to September 2022, clients committed to Oracle Cerner with 145 new, extended or expanded contracts, including eight new clients who chose its technology and products.
REHAB Hospital of the Pacific (REHAB) also recently selected Oracle Cerner technology. REHAB teamed up with Oracle Cerner this year to enhance its electronic health record (EHR) system. REHAB’s transition to a remote hosting model will reduce its IT workload by allowing Oracle Cerner to manage its domain maintenance and complete timely and necessary regulatory updates.
Huntsville Hospital Health System is the second largest hospital in Alabama. It was named as the Best Regional Hospital and No. 2 in Alabama by U.S. News & World Report and recently expanded its Oracle Cerner agreement to include two additional hospitals, Helen Keller Hospital and Red Bay Hospital.
Oracle Cerner continues to see significant growth in CommunityWorks with nearly 300 hospitals across 45 states using the solution and five new clients signed since July.
Through the CommunityWorks delivery model, Cerner scales and tailors its EHR system to offer cutting-edge technology with predictable IT spending, providing an economical business model for community and critical access hospitals.
Cerner Acquisition Positions Oracle in the Healthcare Tech Space
The acquisition will help Oracle expand its back-office technology for hospitals and healthcare service providers. Cerner’s acquisition is also anticipated to be a huge growth accelerator for Oracle in the years to come as Oracle expands Cerner’s business all over the world.
The merger will be substantially accretive to Oracle’s earnings on a non-GAAP basis in fiscal 2023 and contribute to its earnings thereafter. Per a Mordor Intelligence report, the healthcare cloud computing market is expected to reach $71.7 billion by 2027 at a CAGR of 14.12%.
Oracle expects to benefit from increased demand for telemedicine among consumers. With the deal in place, Oracle will complete Cerner’s transition to the cloud and equip the electronic health record with increased virtual care capabilities. Oracle will also be adding its hands-free digital voice assistant to Cerner’s interface.
However, stiff competition awaits this Zacks Rank #3 (Hold) company in the EHR space. Firms with a greater presence in the cloud-based services market, such as Alphabet’s (GOOGL - Free Report) Google Cloud and Microsoft (MSFT - Free Report) have also been investing in the EHR industry. You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
Alphabet-owned Google Cloud unveiled a preview of the Healthcare Data Engine and end-to-end solution for healthcare and life sciences organizations. The healthcare solution will help in harmonizing healthcare data from multiple sources, including medical records, claims, clinical trials, and research data.
Moreover, Microsoft’s acquisition of Nuance Communications is expected to bolster Microsoft’s position in the lucrative healthcare domain. Previously the software giant had noted that the Nuance acquisition is likely to increase the company’s total addressable market in the healthcare space to $500 billion.
Amazon (AMZN - Free Report) continues to make concerted efforts to bolster its personal healthcare offerings in a bid to expand its presence in the multi-trillion healthcare market. Last month, the company introduced a sleep tracker called Halo Rise, a multi-purpose bedside tracker designed to provide personalized sleep analysis that helps improve users’ sleep.