Tenet Healthcare (THC) & Oracle Unite to Improve Efficiency
Tenet Healthcare Corporation THC recently announced its collaboration with Oracle Fusion Cloud Human Capital Management to simplify and modernize its payroll processes and human resources. THC, with the help of Oracle, is aiming to streamline the workload of its human resource department with automation.
This collaboration bodes well for THC as it will boost employee efficiency and free them from time-consuming administrative tasks. Tenet Healthcare is a leading platform which operates 61 hospitals, 475 ambulatory surgical centers and 110 outpatient centers in the United States. Operating on such a big scale poses challenges; therefore, this partnership is expected to provide an efficient tool to employees, helping them automate workflows. This platform will also enable improved access, functionality and other features which were not available for employees.
Partnership with Oracle will provide support and expertise in the subject matter for the implementation journey of THC. Tenet Healthcare has been facing challenges related to its payroll processes and workforce engagement, and this partnership will implement the latest technology to curb these challenges. With the assistance of Oracle, the company’s employees can concentrate on patient care, which remains the core area of focus for any healthcare services company.
For a healthcare facility operator, expanding patient volumes remain the most significant contributor to its top line. Revenues of Tenet Healthcare witnessed an uptick of 7.7% in the first half of 2023. Management expects 2023 net revenues in the band of $20.1-$20.5 million, the midpoint of which indicates growth of 5.9% from the 2022 reported figure.
As a complete solution, Oracle will provide all the employee data on a single platform. Moreover, it will also assist employees in analyzing workforce data, simplifying processes, improving productivity and enhancing employee experience.
Zacks Rank & Price Performance
THC currently carries a Zacks Rank #2 (Buy).
Shares of Tenet Healthcare have gained 18.3% in the past year compared with the industry’s 17.6% rise.
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Other Stocks to Consider
Some other top-ranked stocks in the medical space are Encompass Health Corporation EHC, Atai Life Sciences N.V. ATAI and HCA Healthcare, Inc. HCA. Encompass Health sports a Zacks Rank #1 (Strong Buy), while Atai Life Sciences and HCA Healthcare carry a Zacks Rank #2. You can see the complete list of today’s Zacks #1 Rank stocks here.
The Zacks Consensus Estimate for Encompass Health’s 2023 earnings indicates a 21.1% year-over-year increase to $3.45 per share. It has witnessed one upward estimate revision over the past 30 days against one movement in the opposite direction. It beat estimates in three of the past four quarters, missing once, with the average surprise being 14%.
The Zacks Consensus Estimate for Atai Life Sciences’ current-year earnings indicates a 16.3% improvement from the year-ago reported figure. It has witnessed four upward estimate revisions over the past 60 days against no movement in the opposite direction. ATAI beat earnings estimates in two of the last four quarters, met once and missed on the other occasion.
The bottom line of HCA Healthcare surpassed estimates in three of the last four quarters, missing once, the average surprise being 5.4%. The Zacks Consensus Estimate for HCA’s 2023 earnings and revenues indicates 9.2% and 6% growth, respectively, from their corresponding prior-year actuals. The consensus mark for HCA’s 2023 earnings has moved 1.9% north in the past 60 days.
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Tenet Healthcare Corporation (THC) : Free Stock Analysis Report
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