Oracle Helps Healthcare Providers Improve Patient Care with Better Financial and Operational Planning

Industry-specific planning solutions in Oracle Cloud EPM enable healthcare organizations to enhance insight, optimize planning and forecasting, and improve patient care

LAS VEGAS, Oct. 19, 2022 /PRNewswire/ -- Oracle CloudWorld -- To help healthcare providers improve financial performance and patient care, Oracle is introducing a planning solution for the healthcare industry. Part of Oracle Fusion Cloud Enterprise Performance Management (EPM), the new industry-focused planning solution enables healthcare organizations to quickly model scenarios, determine future demand, optimize resources, and make better financial, workforce, and patient care decisions.

Over the past few years, healthcare organizations have seen huge reductions in demand for elective treatments, skyrocketing demand in emergency rooms, and unprecedented difficulty in workforce scheduling. These challenges have made it extremely difficult for healthcare providers to address the rising cost of care and have resulted in inefficiencies in many health systems.

"Outdated financial systems and processes prevent many healthcare organizations from being able to adapt quickly to operational uncertainties, which impact their ability to manage costs, operate efficiently, and provide the best possible care," said Matthew Bradley, senior vice president of applications development, Oracle. "With industry-specific planning capabilities in Oracle Cloud EPM, healthcare organizations can embrace best practices and leverage innovative technologies to enhance insight, optimize planning and forecasting, reduce costs, and improve patient care."

Oracle Cloud EPM solutions for healthcare help hospitals and clinics:

• Centralize and integrate healthcare planning: Connected planning capabilities with embedded healthcare-specific best practices support financial statement planning across income statements, balance sheets, and cash flow. Oracle Cloud EPM also integrates with operational health information systems to create a single source of truth and increase the speed and accuracy of insights.
• Enhance decision making: New performance management capabilities enable customers to leverage data science to find trends, anomalies, forecast bias, and variations that may not be immediately apparent. In addition, healthcare-specific prebuilt KPIs, dashboards, input templates, and reports help healthcare organizations quickly surface the insights needed to enhance decision making and improve financial performance and patient care.
• Determine future demand: Scenario modeling capabilities help healthcare organizations anticipate and manage patient demand for specific products and services, while long-range financial modeling capabilities increase visibility into costs and profitability and help healthcare organizations improve alignment between staff and services.
• Manage costs and profitability: Capital expense planning capabilities with healthcare-specific features provide detailed predictions on the impact of new and existing assets to help control costs, mitigate risk, and improve patient care.
• Optimize workforce planning: Resource capacity and operational planning help to optimize workforce costs by helping to predict demand for healthcare staff, physicians, and caregivers to ensure healthcare organizations are adequately staffed. With enhanced staffing planning, healthcare organizations can help increase efficiency and improve patient care.

Part of Oracle Fusion Cloud Enterprise Resource Planning (ERP), Oracle Cloud EPM offers a comprehensive set of enterprise performance management capabilities to align financial and operational planning, close the books faster, and manage enterprise master data.

Over 11,000 organizations turn to Oracle Cloud ERP and Oracle Cloud HCM applications to run their businesses. Oracle Cloud ERP offers a comprehensive set of enterprise finance and operations capabilities, including financials, accounting hub, procurement, project management, enterprise performance management, risk management, subscription management, and supply chain management & manufacturing.

To learn more about how Oracle Cloud EPM can help healthcare organizations plan more effectively, go to: oracle.com/performance-management

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Statements in this article relating to Oracle's future plans, expectations, beliefs, and intentions are "forward-looking statements" and are subject to material risks and uncertainties. Many factors could affect Oracle's current expectations and actual results and could cause actual results to differ materially. A discussion of such factors and other risks that affect Oracle's business is contained in Oracle's Securities and Exchange Commission (SEC) filings, including Oracle's most recent reports on Form 10-K and Form 10-Q under the heading "Risk Factors." These filings are available on the SEC's website or on Oracle's website at http://www.oracle.com/investor. All information in this article is current as of October 19, 2022 and Oracle undertakes no duty to update any statement in light of new information or future events.

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SOURCE Oracle