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In today’s Cloud Wars Minute, I explore the competition between Epic and Oracle in transforming electronic health records (EHRs).
Highlights
00:17 —We’re going to talk about Epic, a company that has been a pioneer in electronic health records and related areas in the healthcare technology field for 45 years. It is going up against Oracle in this market for electronic health records and all the things that go along with them. I think this is a case of the old story of What got you here won’t get you there.
01:02 — This will be a battle between a company that’s very good at doing what it has always done — Epic — and the other side, Oracle, which I believe will excel at doing something new: automating and modernizing the entire healthcare industry. Epic has built what some estimate to be a $5 billion business, with Epic claiming 190 million patients worldwide and solutions used by 2,700 hospitals.
02:00 — We’ve seen this over and over in technology: the move from on-premises to the cloud. It’s not just about upgrading technology but also about shifting mindsets. A couple of similarities: both are going after the electronic health record (EHR) market. Oracle was founded in 1977, and Epic in 1979. Both founders are billionaires. However, I think that’s where the similarities stop.
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02:45 — Here’s why I think it’s going to be a rout for Oracle. While Epic has deep domain expertise in EHRs, much of that expertise was built during the on-premises era. The cloud is a whole new world. Oracle has expertise across all cloud aspects — from infrastructure to applications to privacy and security.
03:42 — Investment: Tackling the healthcare industry requires immense resources. Oracle is targeting the entire industry, while Epic focuses on a smaller slice. Epic, which is privately held, cannot raise capital through public markets. Oracle, with a market cap exceeding $513 billion and tens of billions of dollars in cash on hand, has significant investment power.
04:44 — Finally, vision. Judith Faulkner, founder and CEO of Epic, deserves enormous praise. However, this is a very different game. Larry Ellison’s vision for end-to-end healthcare, encompassing EHRs and much more, is transformative. There may be room for multiple players, and Epic could certainly be one. But I believe Oracle will emerge as the overwhelming leader.
