The innovations target healthcare organisations to boost productivity, cut costs, adopt new business models, improve decision-making, and enhance patient care.
Oracle, a global technology leader, has introduced cutting-edge capabilities harnessing the potential of Generative AI and voice commands to enhance patient engagement and elevate healthcare quality.
These innovations aim to help healthcare organisations increase productivity, reduce costs, implement new business models, enhance decision-making processes, and deliver improved patient care.
The healthcare landscape in India has undergone a significant transformation, gaining both strength and complexity in the wake of the pandemic. The crisis has acted as a catalyst, propelling technological advancements and substantial investments in AI within the healthcare sector, resulting in more streamlined care management.
The increased adoption of digital technologies such as Cloud, AI, Machine Learning, and Automation has significantly aided healthcare organisations in their digital transformation efforts.
In the 2023-24 Union Budget, the Indian government allocated INR 89,155 Cr to strengthen the nation's healthcare infrastructure and support extensive research-driven healthcare initiatives. According to NASSCOM's report, the Indian healthcare industry reached a valuation of $372 billion in 2022, with an anticipated compound annual growth rate (CAGR) of nearly 20% from 2023 to 2030.
Deepa Param Singhal, vice president of Applications, Oracle India, explained, "Oracle recently introduced new healthcare-specific capabilities to the Oracle Fusion Cloud Applications Suite in Las Vegas to help healthcare organisations increase financial visibility, build more resilient supply chains, and improve patient care. The new capabilities allow healthcare organisations to consolidate disconnected systems and automate critical processes while providing the flexibility needed to support new delivery models ranging from telehealth to home and community-based care."
Healthcare organisations have grappled with continuous staffing and workplace flexibility issues that can significantly impact patient care. To address these challenges, Oracle has unveiled new workforce management capabilities within Oracle Fusion Cloud Human Capital Management (HCM).
These capabilities promise to help healthcare organisations adapt to changing labour markets, meet volatile customer demand, and better attract and retain workers.
Singhal emphasised Oracle's commitment to enhancing healthcare services, saying, "We are seeing traction in migrating customers to the cloud from On-prem. This large portion of migration is coming from the healthcare industry. We signed our first Payroll and gig workers contracts in one of the largest national healthcare and hospital chains, respectively. Fortis Healthcare, Shri Gangaram Hospital, Aster DM Healthcare, Indira IVF, Marengo Asia Hospital, GSK Haleon, and Starhealth are some of the vital healthcare customers using our application solutions in India."
The newly introduced applications within the healthcare vertical aim to help organisations improve financial transparency, strengthen supply chains, and enhance patient care. They allow institutions to boost productivity, reduce costs, embrace innovation, improve decision-making, and elevate patient services.
These tailored updates support healthcare organisations in adopting innovative strategies, fostering rapid innovation, creating adaptable supply chains, and delivering improved patient care.
Oracle has also unveiled new workforce management features in Oracle Fusion Cloud HCM to aid healthcare organisations in adapting to dynamic labour markets, meeting customer demands, and effectively attracting and retaining talent.
Providence, a not-for-profit health system operating, announced at Oracle CloudWorld 2023 that they have improved its ability to adapt, scale, and manage its workforce of over 117,000 caregivers'”in addition to over 1,000 caregivers at its global healthcare engineering, operations, and innovation centre in India. This has been achieved by consolidating Oracle Fusion Cloud Applications Suite business systems.