Oracle reported a 5 percent increase in revenue for the fourth quarter of the fiscal year, hitting $11.8 billion.
On June 14, the company discussed financial results and its recent purchase of Cerner, which closed in early June. Since the acquisition, Oracle has added about $15.8 billion in debt. The company is combing through Cerner's product portfolio to see where the company can replace third-party products with Oracle technology, said Safra Catz, Oracle's CEO.
"These efforts will deliver a more stable, secure and innovative product portfolio for customers while using less third-party products," he said. "We remain confident in our ability to grow Cerner's top line and bottom line faster than they were able to do so on their own as these changes are implemented."
Larry Ellison, chair and chief technology officer of Oracle, said the company plans to accelerate cloud revenue growth, starting with healthcare and financial services.
"In healthcare, we're in the process of building a complete suite of applications for the entire healthcare ecosystem, starting with healthcare providers like hospitals and clinics," he said. "We're modernizing Cerner's clinical systems by adding capabilities like a voice user interface and applications like disease-specific AI models for cancer and other diseases."
The company is also adding administrative systems to help manage the contract workforce that hospitals have and help with recruiting, scheduling and paying contract workers. The system will also tackle supply chain and inventory management by adding RFID tags and maps to hand-held phones to help team members quickly find what they're looking for.
Many health systems already use the Oracle Enterprise Resource Planning Cloud, including:
- Kaiser Permanente
- Mayo Clinic
- Cleveland Clinic
- Mount Sinai
- Northwell Health
- Tenet Healthcare
Payers, including Highmark Health, Humana, UnitedHealthcare and Cigna. The ERP Cloud gives teams artificial intelligence to automate manual processes, analytics and other information to react in real time and predict challenges.