Oracle has introduced healthcare-focused capabilities for financial and supply chain management within its products, following its acquisition of Cerner for $28 billion last year. These features, including financial consolidation, procurement, and recall management, will be integrated into Oracle’s ERP, EPM, and SCM products. The aim is to help healthcare organizations improve efficiency, adapt to new delivery models, and enhance patient care. Oracle also unveiled workforce management features for healthcare HR. These innovations harness AI and advanced technologies to streamline operations and address staffing challenges in the healthcare sector.
Oracle, the tech giant that acquired Cerner for a staggering $28 billion last year, has unveiled a suite of healthcare-focused capabilities designed to bolster financial and supply chain management within three of its flagship products.
These newly introduced healthcare-specific features encompass financial consolidation and reporting, procurement, and replenishment planning, along with recall management. They are set to become integral components of Oracle Fusion Cloud Enterprise Resource Planning (ERP), Oracle Fusion Cloud Enterprise Performance Management (EPM), and Oracle Fusion Cloud Supply Chain & Manufacturing (SCM). This exciting announcement was made at the Oracle Health Conference held in Las Vegas.
Oracle’s vision for these capabilities is to empower healthcare organizations to unite disparate systems, automate critical operations, and gain the flexibility necessary to support emerging delivery models, ranging from telehealth to home and community-based care.
The anticipated outcomes include heightened financial transparency, the establishment of more resilient supply chains, and an overall improvement in patient care, according to Oracle.
Steve Miranda, Executive Vice President of Applications Development at Oracle, emphasized the importance of enhanced integration and collaboration across the healthcare ecosystem. He stated that as the healthcare landscape shifts towards proactive patient care, these new capabilities incorporated into the Oracle Fusion Applications Suite will enable healthcare organizations to adapt to novel business models, foster rapid innovation, build agile and sustainable supply chains, and better serve the evolving needs of patients.
In addition to these enhancements, Oracle also introduced new workforce management features within Oracle Fusion Cloud Human Capital Management (HCM) designed to assist healthcare organizations in navigating the challenges posed by shifting labor markets, fluctuating customer demand, and the attraction and retention of talent.
These capabilities referred to as “Oracle Workforce Scheduling” and “Oracle Workforce Labor Optimization,” leverage a single cloud platform to bridge the gap between business and electronic health record (EHR) data, simplifying scheduling for healthcare institutions.
Persistent staffing shortages have been a significant concern for healthcare organizations across the United States. The absence of an adequate workforce has led to increased labor costs, skill gaps, and a decline in the quality of patient care. Eric Atkinson, CFO of Oklahoma State University Medical Center, expressed optimism about Oracle’s new offerings. He noted that they provide employees with the flexibility to create their schedules to suit their lifestyles while maintaining predictability and stability, a delicate balance that is crucial for success in the healthcare industry.
These healthcare-specific capabilities are poised to harness advanced technologies, such as artificial intelligence (AI), to streamline financial and workforce management tasks like staff scheduling and financial planning and decision-making. They will also facilitate contract and pricing integrations, automate medical recall inventory tracking, and offer employee self-service features for scheduling, ultimately enhancing the efficiency and effectiveness of healthcare operations.
