Oracle applies to join Epic and others in new federal medical record network
Oracle announced Monday that it intends to join a federally-backed medical information exchange network called TEFCA
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Oracle announced Monday that it intends to join a federally-backed medical information exchange network called TEFCA
Oracle, the chairman and co-founder of Oracle Corp., has made a significant announcement by joining the Trusted exchange Framework and Common Agreement (TEFCA), a federally-backed medical network designed to simplify the sharing of patient data between clinics, hospitals, and insurance companies. This move marks a major milestone in the industry's efforts to standardize data-sharing practices and improve patient care.
TEFCA, launched in December, aims to create a national platform for health-care organizations to share patients' data in a secure and standardized manner. The network is open to aLL qualified health information networks (QHINs), which volunteer to participate and undergo a two-step approval process to ensure they meet the necessary technical and legal requirements. Oracle's decision to join TEFCA is significant, as it is the latest major vendor to support the network, following its chief rival Epic Systems.
Oracle's acquisition of Cerner, a leading medical records giant, for $28 billion in 2022, has given it a strong foothold in the health-care industry. By joining TEFCA, Oracle is demonstrating its commitment to improving patient care and data sharing, and its willingness to work with other industry players to achieve this goal. The company's participation in TEFCA is a significant step towards addressing the complex issue of sharing medical records between different health-care organizations, which is notoriously difficult due to data being stored in various formats across dozens of vendors.
This lack of interoperability can lead to delays, errors, and even patient harm. Oracle's commitment to interoperability is a welcome change from its competitor Epic, which has been accused of dragging its feet on interoperability efforts. In an interview with CNBC, Seema Verma, executive vice president and general manager of Oracle Health and life sciences, emphasized Oracle's commitment to interoperability, stating, "We are not into information blocking. We don't have that reputation." This statement is a direct contrast to Epic's reputation, which has been criticized for its reluctance to share data with other health-care organizations.
Oracle's decision to join TEFCA is also a response to the industry's growing recognition of the importance of data sharing. The network's ultimate goal is to standardize the legal and technical requirements for sharing patients' data, making it easier for doctors and other providers to access relevant patient information. The seven QHINs currently participating in TEFCA, including Epic, will need to undergo a two-step approval process to ensure they meet the necessary technical and legal requirements. Oracle has announced its intention to begin this process, and its approval is expected to bolster the network's credibility and further its goals.
In conclusion, Oracle's decision to join TEFCA is a significant development in the health-care industry's efforts to improve patient care and data sharing. By participating in the network, Oracle is demonstrating its commitment to interoperability and its willingness to work with other industry players to achieve this goal. As the industry continues to evolve, Oracle's participation in TEFCA is likely to have a positive impact on patient care and the overall efficiency of the health-care system.