Software giant Oracle announced it is buying medical records company Cerner for $28.3 billion in equity or $95.00 per share.
“Cerner has been a leader in helping digitize medical care and now it’s time to realize the real promise of that work with the care delivery tools that get information to the right caregivers at the right time,” said David Feinberg, President and Chief Executive Officer of Cerner.
Cerner’s chief expertise is electronic health records (EHRs), on which physicians spend 1 to 2 hours for every hour spent with patients. According to the company physicians also spend 1 to 2 hours of personal time on EHR related activities.
Cerner will become a dedicated business unit within Oracle and is envisioned by the software company as the anchor for its expansion into healthcare.
According to analysts at Charles Schwab high expenses related to the care for COVID-19 patients will have subsided, freeing up funds for other spending in the sector with the resumption of elective care.