About the partnership
On September 27, Oracle (ORCL) formed a strategic alliance with Cleveland Clinic to enhance the healthcare delivery system through Oracle cloud support. The deployment of the cloud-based healthcare platform at Cleveland Clinic London in 2019 could drive the clinic’s performance and reduce costs.
Adopting the Oracle cloud platform will connect all of the clinic’s branches. The platform will provide customers with quick responses. In 2020, Cleveland Clinic’s other domestic operations will also come under the Oracle cloud platform. Implementing Oracle cloud might help the Cleveland Clinic perform financial predictions, revenue management, data collection, and analysis.
Targeting the healthcare business
According to Reuters, a report from Orbis Research stated that the healthcare cloud computing market is expected to expand at a compound annual growth rate of 18% between 2018 and 2023. IBM (IBM) and CareCloud are making quick moves to gain traction in the healthcare cloud computing market.
In order to gain significant share, Oracle is also aiming for the lucrative healthcare cloud computing market. In August, Oracle struck a deal with Selecta Biosciences, a clinical-stage biopharmaceutical company, to offer financial accounting and project management solutions. BioMonde signed a contract with Oracle NetSuite OneWorld to streamline its business through a unified platform. Winning contracts might help Oracle drive its top line going forward. In the above graph, you can see Oracle’s revenue growth in the last five quarters.