My former former employer (that's 2 jobs ago) initially embraced remote work. It made sense -- they're a major telecom…
Oracle reports Q1 results: revenue up 18%, EPS $0.58 versus $0.89, meeting Wall Street expectations for revenue but falling short on earnings.
Notes from the earnings call:
- Unfavorable foreign currency exchange rates cost the company $0.08 in adjusted EPS.
- Cerner contributed $1.4 billion of Oracle’s quarterly revenue, 12% of its total.
- Cloud revenue increased significantly, representing 30% of total revenue.
- CEO Safra Catz says that Oracle’s quarterly margin of 39% will increase “as we drive Cerner and its profitability to Oracle standards and continue to benefit from economies of scale in the cloud.”
- The company says it has migrated Cerner’s back office systems to its Oracle Fusion ERP system.
- CTO Larry Ellison says Oracle Cerner’s first newly developed application will be released within 12 months, developed with Oracle’s new Apex low-code tool and running on Oracle Cloud Database. He says Apex has security and fault tolerance built in, with the stateless application immediately failing over to another data center when problems arise.
Oracle offers a free OCI Cloud Tier that includes Apex Application Development and SQL Developer. It also offers a 10-minute tutorial on using Apex to transform a spreadsheet into a secure, scalable, multi-user web application.
From Home Boy: “Re: Oracle. You should interview EVP Mike Sicilia, who is basically in charge of Cerner at this point.” I requested an interview with him a few weeks from Oracle’s press contact, who didn’t respond.
From Saving Private Orion: “Re: contact lenses. Your wife’s experience with the eye doctor’s receptionist is a reminder that most of what is awful about US healthcare isn’t the provider.” I agree. Nearly all of my healthcare frustration has been caused outside the exam room. Small practices often hire unwisely and manage poorly, and while hospitals often get better people, they drown them in customer-unfriendly policies. I would bet that clinicians are even more annoyed than patients in those environments since they have to live every day under the same management that created the patient-facing problems.
From Reese: “Re: Emerge. Customers say all modules and applications have been down for over two weeks with no root cause or ETA. Rumor is it’s legal trouble between Emerge and third-party database provider MongoDB, which has taken the systems offline.” Unverified, but reported by a couple of readers, one of whom summarized, “Practices that relied on Emerge for historical clinical documentation and imaging studies are SOL.”
HIStalk Announcements and Requests
I remember when your first day on a new job involved desk-side teammate introductions and lunch out with the boss instead of jumping on a video call while caressing a mailed box of company swag.
September 22 (Thursday) 1 ET. “ICD-10-CM 2023 Updates and Regulatory Readiness.” Sponsor: Intelligent Medical Objects. Presenters: June Bronnert, MSHI, RHIA, marketing director, IMO; Julie Glasgow, MD, marketing manager, IMO. The yearly update to ICD-10-CM is almost here. Prepare your organization for a smooth transition, and avoid any negative impacts to your bottom line, with an in-depth look at the upcoming changes. Listen to IMO’s top coding professionals and thought leaders discuss the 2023 ICD-10-CM coding changes. This webinar will review additions, deletions, and other revisions to the ICD-10-CM code set and how to make sure you get properly reimbursed.
Acquisitions, Funding, Business, and Stock
Provider search platform vendor Kyruus acquires Epion Health, which offers patient engagement solutions.
Healthcare analytics company PurpleLab raises $40 million in a Series B funding round. The company had reportedly explored putting itself up for sale earlier this year.
St. Elizabeth Healthcare (KY) launches an innovation center with a $25 million venture fund that it will use to invest in new healthcare companies and technology.
Startup builder Redesign Health closes a $65 million funding round that reportedly values the company at nearly $2 billion.
- Digital health solutions vendor BrightInsight chooses Lyniate Envoy for interoperability.
Seattle Children’s promotes Eric Tham, MD, MS to SVP and chief research operations officer.
UC Davis Health hires Vimal Mishra, MD (American Medical Association) to lead digital transformation and care at home.
Sean Brindley (Olive) joins Intelligent Medical Objects as VP of strategic partnerships.
Telehealth genetic counseling company Genome Medical lays off 23 employees and announces the departure of its founder and CEO Lisa Alderson, MBA, who will maintain an advisory role. Chief Customer Officer Jill Davies, MSc will replace Alderson. Davies was co-founder and CEO of GeneMatters, which Genome Medical acquired last year.
Mark Anderson (Accenture) joins Beth Israel Lahey Health as VP of EMR clinical strategy and implementation.
ShiftMed hires Greg Rakas (Pearl Health) as VP of enterprise sales.
Heath Chester (Infor) joins Lyniate as SVP of sales.
Arcadia hires Michael Tiffany, MBA, MSPT (EarlySense) as SVP of operations.
David Gascoigne (GNS Healthcare) joins OneMedNet as COO.
Announcements and Implementations
Houlton Regional Hospital (ME) will go live on Meditech Expanse on October 1.
Cody Regional Health (WY) will deploy Epic through a partnership with St. Vincent Healthcare.
Edifecs develops automated, point-of-care prior authorization technology.
Government and Politics
A paper in Spokane, WA profiles the healthcare plight of veteran Charlie Bourg, who discovered that his delayed cancer diagnosis was caused by a system defect within the Mann-Grandstaff VA Medical Center’s Cerner EHR that put his primary care doctor’s follow-up appointment and urology referral in a scheduling queue limbo for months. An Oracle Cerner rep says the EHR isn’t responsible for Bourg’s now-terminal condition: “Our findings show that nothing related to the EHR’s functionality or performance had anything to do with the care this veteran received and was unrelated to their diagnosis or treatment. The Oracle Cerner EHR is successfully in use at many thousands of health care facilities across the United States without incident. We remain a committed partner to VA to ensure its EHR system, and everyone who uses it, is able to provide the best possible care that our veterans deserve.”
A HBR article whose authors include health IT emeritus John Glaser says that we need better tools to improve outcomes using ever-increasing amounts of health data. It’s a big problem, they say, that quality measurement is limited to using insurance claims — which focus on revenue-generating information within a snapshot of care long after the fact — as their foundation. The authors list four imperatives:
- Reduce the cost and improve the timeliness of data collection by adopting software and wearables to generate information as a byproduct of managing care.
- Incorporate wearables data, patient-report outcomes measures, environmental data, and social determinants of health.
- Enhance EHRs to give clinicians better real-time support that is personalized to each patient’s needs and desires.
- Standardize clinical measures, reduce paper-based quality measure description, automate the work of human data abstracters, and audit and clean data using automated tools.
- Availity associates, friends, and family raise nearly $3,000 for the American Heart Association during the 2022 First Coast Heart Walk.
- King Abdulla Medical City in Makkah upgrades to the consolidated Agfa HealthCare Enterprise Imaging platform.
- Arcadia publishes a new white paper, “Risk Adjustment – Simplified.”
- Baker Tilly grants $10,000 to Leaps & Bounds Pediatric Therapy.
- Bamboo Health names Caitlin Kolar (One Home Health Agency) account growth director and Rob Duarte (Clif) business development representative.
- Clinical Architecture will exhibit at SNOMED CT September 29 and 30 in Portugal.
- ConnectiveRx will present at Hub and Specialty Pharmacy Models West September 14-15 in San Diego.
- Current Health will exhibit at DPharm September 13-14 in Boston.
- Ellkay will exhibit at Mayo’s Leveraging the Laboratory September 21-22 in Rochester, MN.
- Enlace Health donates $10,000 to an East Kentucky community grocery store affected by flood damage.
- Surescripts publishes a new data brief, “Specialty Medication Experience: Obstacles & Opportunities.”
- Wolters Kluwer Health makes its Lippincott ClinicalPulse CME platform available in an audio format.
- Availity and Diameter Health: Our Mission to Solve Healthcare’s Most Intractable Challenges with Better Data for Better Decision Making (Diameter Health)
- Enable accurate collections with insurance eligibility verification (AdvancedMD)
- How to steer clear of healthcare data blind spots (Arcadia)
- How NYC H+H tests and treats the most COVID-19 patients in New York (Bluestream Health)
- Overcoming health literacy barriers for increased care plan accessibility (Bravado Health)
- The ACO REACH Model: Your Questions Answered (CarePort)
- Epic Transition and Go-Live Planning: Cutover Essentials (CereCore)
- Effectivity of Chronic Care Management Programs (ChartSpan)
- ‘Hospital at Home’ As a Care Delivery Model (CHIME)
- Understanding the Cyber Kill Chain and Impacts on Patient Care Delivery (Clearwater)
- Why Pharmacists Need New Digital Tools to Meet Evolving Patient Needs (CoverMyMeds)
- Change Management: An Essential Ingredient for Successful Digital Transformations in Healthcare (CTG)
- Increased Integration Provides More Opportunities for Pharmacy Analytics (Dimensional Insight)
- 4 Types of Company Culture (Direct Recruiters)
- The Challenges of Shifting to a Value-Based Care Model (Divurgent)
- One Month to Go: Come to Orlando and See for Yourself! (EClinicalWorks)