Tenet Healthcare Corporation (THC), a leading healthcare platform in the United States, has announced its collaboration with Oracle Fusion Cloud Human Capital Management to simplify and modernize its payroll processes and human resources. This partnership aims to streamline the workload of the company’s human resource department through automation.
By collaborating with Oracle, Tenet Healthcare expects to boost employee efficiency and free them from time-consuming administrative tasks. With 61 hospitals, 475 ambulatory surgical centers, and 110 outpatient centers under its operation, Tenet Healthcare faces challenges in managing its large-scale operations. The partnership with Oracle will provide employees with an efficient tool to automate workflows, improving access, functionality, and overall employee experience.
This collaboration with Oracle will also provide support and expertise in the implementation journey for Tenet Healthcare. The company has faced challenges related to payroll processes and workforce engagement, and the partnership will utilize the latest technology to address these issues. By leveraging Oracle’s solutions, employees can focus more on patient care, which remains the core area of focus for any healthcare services company.
Expanding patient volumes are crucial for the growth of healthcare facility operators like Tenet Healthcare. The company reported an uptick of 7.7% in net revenues during the first half of 2023 and expects further growth in the coming year. With the complete solution offered by Oracle, all employee data will be available on a single platform, enabling better analysis of workforce data, simplified processes, improved productivity, and enhanced employee experience.
Tenet Healthcare currently carries a Zacks Rank #2 (Buy) and its stock has gained 18.3% in the past year. Other top-ranked stocks in the medical space include Encompass Health Corporation (Zacks Rank #1), Atai Life Sciences N.V. (Zacks Rank #2), and HCA Healthcare, Inc. (Zacks Rank #2). These companies have also shown strong performance and growth potential in the industry.
In conclusion, this collaboration between Tenet Healthcare and Oracle will bring automation and efficiency to payroll processes and human resources. By leveraging Oracle’s solutions, Tenet Healthcare aims to enhance employee experiences and improve overall productivity, enabling the company to focus on its core mission of providing high-quality patient care.
Sources:
– Zacks Investment Research
