Tenet Healthcare Corporation (THC) has announced its partnership with Oracle Fusion Cloud Human Capital Management to simplify and modernize its payroll processes and human resources. This collaboration aims to streamline the workload of THC’s human resource department through automation, boosting employee efficiency and freeing them from time-consuming administrative tasks.
As a leading healthcare platform operating numerous hospitals and outpatient centers in the United States, Tenet Healthcare faces challenges in managing its large-scale operations. The partnership with Oracle will provide an efficient tool for employees to automate workflows and access improved functionality and features.
The collaboration with Oracle will also provide support and expertise for the implementation journey of THC, addressing challenges related to payroll processes and workforce engagement. By leveraging the latest technology, this partnership will enable employees to focus on patient care, which is the core focus of any healthcare services company.
In addition to payroll and HR processes, Oracle will provide a complete solution by consolidating all employee data on a single platform. This platform will also assist employees in analyzing workforce data, simplifying processes, improving productivity, and enhancing the overall employee experience.
Tenet Healthcare’s revenues have experienced growth, with a 7.7% increase in the first half of 2023. The partnership with Oracle is expected to contribute further to the company’s growth by providing advanced tools and technology to manage expanding patient volumes.
In terms of stock performance, Tenet Healthcare has gained 18.3% in the past year, outperforming the industry’s 17.6% rise. This positive growth has contributed to Tenet Healthcare’s Zacks Rank #2 (Buy) rating.
Other top-ranked stocks in the medical space include Encompass Health Corporation (EHC), Atai Life Sciences N.V. (ATAI), and HCA Healthcare, Inc. (HCA). Encompass Health holds a Zacks Rank #1 (Strong Buy), while Atai Life Sciences and HCA Healthcare carry a Zacks Rank #2.
The collaboration between Tenet Healthcare and Oracle illustrates the importance of leveraging technology and automation in streamlining HR processes and improving workforce efficiency in the healthcare industry. By simplifying administrative tasks and providing advanced analytics capabilities, Tenet Healthcare aims to enhance the overall employee experience and focus on delivering quality patient care.
Sources:
– https://www.zacks.com/stock/news/1940297/tenet-healthcare-thc-ties-up-with-oracle-to-simplify-payroll-processes
– Zacks Investment Research
