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AUSTIN, Texas - Oracle Health Information Network Inc., a subsidiary of Oracle (NYSE:ORCL), has been designated as a Qualified Health Information Network (QHIN) under the Trusted Exchange Framework and Common Agreement (TEFCA), the company announced Thursday. The tech giant, with a market capitalization of $642.94 billion and recognized as a prominent player in the software industry according to InvestingPro, continues to expand its healthcare footprint.
The designation enables Oracle Health customers to participate in a nationwide health information exchange system that facilitates secure sharing of health data across providers, payers, and government agencies. Oracle Health customers can sign up for participation through the Oracle Health Connection Hub without additional setup requirements or costs.
"Becoming a Designated QHIN marks another milestone in Oracle's commitment and investment to enable safe and secure interoperability that puts patients first," said Seema Verma, executive vice president and general manager of Oracle Health and Life Sciences, in the press release.
The Oracle Health Information Network is powered by Oracle Cloud Infrastructure (OCI) and aims to provide healthcare organizations with a consolidated view of patient data from multiple sources. The network can be used alongside Oracle Health Seamless Exchange, which aggregates and normalizes data from various sources before integrating it into Oracle's electronic health record systems. This healthcare initiative is part of Oracle's broader growth strategy, which has yielded 9.67% revenue growth over the last twelve months to $59.02 billion. InvestingPro data shows the company is currently trading above its Fair Value, with a P/E ratio of 52.52.
Mariann Yeager, CEO of The Sequoia Project and TEFCA Recognized Coordinating Entity Lead, stated, "We welcome Oracle Health Information Network as the latest Designated QHIN and are excited to extend the benefits of seamless health information exchange to more participants than ever."
This development follows Oracle's earlier pledge to support the Centers for Medicare and Medicaid Services' Digital Health Ecosystem and Interoperability Framework, according to the company statement.
In other recent news, the five major technology hyperscalers, including Oracle, have issued a record $121 billion in investment-grade debt this year, surpassing their five-year average of $28 billion, as reported by Bank of America. This significant debt issuance includes $81 billion in U.S. dollar investment-grade supply since September. Oracle was also in the spotlight as Erste Group downgraded its stock rating from Buy to Hold, attributing the decision to Oracle's substantial investments in cloud infrastructure. The company is expanding its cloud offerings with new data centers, achieving notable growth in this segment. Additionally, Oracle Health and Life Sciences has formed a strategic alliance with the Cancer Center Informatics Society (Ci4CC) to advance artificial intelligence innovation in oncology care and research. This collaboration aims to integrate clinical and genomic data, develop AI-driven clinical trial approaches, and establish real-world evidence frameworks. Meanwhile, Saba Capital Management has been selling credit derivatives to banks hedging against potential losses from tech companies' debt-financed AI investments. Lastly, the U.S. Treasury announced China's approval of the transfer agreement for the TikTok app, with expectations for the agreement to progress in the coming weeks.
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