Oracle ORCL announced the expansion of its partnership with Zoom Video Communications ZM. The collaboration will deliver easier, faster and more effective telehealth services.
Telehealth capabilities and Oracle Cerner Millennium will be connected for providers to join patient appointments more seamlessly with the relevant patient electronic health record (EHR).
The collaboration provides familiar workflow for clinicians and automatic updates in patient’s EHR. It saves valuable time that can be invested into patient care. Zoom enables millions of meetings simultaneously on Oracle Cloud Infrastructure ("OCI") with its scalability, reliability, performance and cloud security.
Zoom’s telehealth services have global reach and its quality of service enables care networks to connect with patients all around the world. With Oracle, Zoom can offer telehealth to a broader range of patients.
The partnership can also lead to opportunities to make telehealth available in other health settings. It can help in life-saving treatments, research and increasing accessibility. Protection of patient data and safety is enabled by Zoom and OCI supports compliance with HIPAA, PIPEDA/PHIPA, GDPR and Mars-E.
Oracle Corporation Price and Consensus
Oracle Corporation price-consensus-chart | Oracle Corporation Quote
Emerging Global Telehealth Market Presents Opportunity
According to a Grand View Research report, the Global Telehealth Market was valued at $83.5 million in 2022. The Global Telehealth Market is expected to grow seeing a compound annual growth rate of 24% from 2023 to 2030.
This Zacks Rank #3 (Hold) company is considered one of the leaders in the telehealth market and has the opportunity to consolidate its position in an emerging market. You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
Shares of Oracle have gained 21.3% in the past year against the Zacks Computer and Technology sector’s decline of 8.7% in the same period.
The Zacks Consensus Estimate for ORCL’s 2023 earnings is pegged at a profit of $5.04 per share, indicating year-over-year growth of 2.86%. The Zacks Consensus Estimate for revenues in fourth-quarter 2022 is pegged at $13.74 billion, indicating year-over-year growth of 16.04%.
Beside Oracle telehealth, Siemens SIEGY Healthineers and Koninklijke Philips PHG Acute Care Telehealth are considered the key players in the market.
Siemens Healthineers has been developing telehealth solutions by focusing on digitalization to transform care delivery. After Covid, more than 75% patients are interested in virtual care, which makes the company believe in growth of the market.
Koninklijke Philips announced Philips Acute Care Telehealth in August 2021. It ensures experts’ advice to patients anywhere around the globe. It uses advanced analytics to help identify potential events.
Oracle acquired a 69.2% stake in Cerner Corp in June 2020. The acquisition helped the companies focus on co-developing healthcare solutions and expand their product portfolios and business footprints. Oracle recently entered a partnership with Eclevar to set foot in the Japan market and drive success for medical device corporations in Japan.
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