When Oracle Corp. announced it was moving its global headquarters to Nashville, it amplified the growing reputation of the music city as a medical company's magnet.
Stephanie Coleman, president and CEO of the Nashville Chamber of Commerce, says Oracle's move to Nashville should expand the reputation of the music city as a healthcare company's hub.
Oracle says it focuses on healthcare and the tech giant won Cerner in 2022. Wanting to be close to other healthcare companies and talent, Oracle is moving its world headquarters to 65 acres of Nashville roads near the new stadium being built for the Tennessee Titan. Oracle expects a new headquarters to open by 2030.
Stephanie Coleman, president and CEO of the Nashville Chamber of Commerce, says the Oracle relocation is signaling the development of additional healthcare companies in and around the city.
“Our brands are music, hospitality and entertainment, but healthcare is really important because it's a financial driver that drives our economy,” Coleman tells Chief Healthcare Executive® in a recent interview.
“And that connection between creative innovative thinkers who come here for music overlaps with the creative innovators who are building healthcare opportunities here in Nashville,” she says. “And that's pretty amazing.”
HCA Healthcare, America's largest for-profit hospital system, is based in Nashville. The HCA is driving the growth of healthcare companies in the city significantly, Coleman said.
“They are their own company here in Nashville and they became our biggest medical employer here,” Coleman says. “They are global in nature, but they also spin so many other companies beyond their lifespan.”
As the healthcare industry grew in Nashville, other companies emerged, including healthcare management companies and companies providing support services to providers.
“Technology has become a major area of massive economic growth that we saw here as healthcare providers are looking for technology solutions that improve patient care and efficiency,” she says. “So we continue to see that the healthcare industry here in Nashville has driven wide economic growth beyond healthcare.”
Coincidentally, Nashville has held the Vive Digital Health Conference over the past three years. This year's event, held in February, attracted thousands of attendees in Nashville.
In addition to the HCA, two other large hospital systems, the community health system and enthusiastic health services, are based just outside the city. Last year, Belmont University opened the Thomas F. Frist Jr. School of Medicine, Nashville's third medical school, and enrolled at Vanderbilt University's medical school and Meharry Medical College.
When Oracle comes to town, Coleman says it is another statement about Nashville as a medical company's destination.
“I think when a company like Oracle makes such an announcement, I obviously get better,” Coleman says. “You know such companies, so they have the ability to look at the future a little and move forward where there is opportunity, and certainly believe there is opportunity here.
“But it's the reinforcement and perception that the opportunity exists, and I believe that the majority of the reasons Oracle saw Nashville is because of the healthcare hub we have here, and because of the increase in our tech hub,” she says.
Now, Coleman sees the potential for more medical companies with campuses being developed in East Nashville, where Oracle's new headquarters will be built.
“In Nashville, it is a truly unique opportunity to truly create elements based on the location of innovation and truly connect creative thinkers, business leaders, venture capital and their ideas of innovation in close proximity.
“So, that's where I see a big opportunity in Nashville,” she adds. “It's more…how do you get people closer and get closer to doing something really big, creative and innovative in the healthcare field and beyond? It's exciting.
Oracle's move to Nashville and the growing number of healthcare technology companies in the region are sending signals about the rich supply of engineers in the region, she says.
“Here we're really creating an environment where if you're a tech worker, if it's your background and career path, there's multiple opportunities here,” says Coleman.
Healthcare companies recognize that Nashville's high quality of life and countless recreational opportunities will appeal to future employees. Coleman said rising home prices in the area is a concern for businesses. However, Tennessee does not have an income tax. It's attractive to employees.
“It may not be the first thing you think about when an individual moves to a new location, but it's part of the complete equation of what makes an area attractive,” says Coleman.
