Allscripts trades at just 18 times its earnings, despite a 23.5% long-term growth rate. Cramer expects the company will soon return to a 25 multiple on its 2009 earnings, which translates into a 44% gain in the stock.

"Allscripts is the one I want you to own," he asserted.

Another Medicare Play

Cramer also recommended ResMed (RMD Quote), one of the two biggest companies making equipment to treat sleep apnea, as his next Medicare spending play.

With a 40% share of the market, ResMed enjoys a happy duopoly with Respironics, a company recently acquired by Philips Electronics (PHG Quote), said Cramer.

According to Cramer, shares of ResMed have been unfairly hit by a recent announcement that Medicare will begin competitive bidding for durable medical equipment. "The earnings won't be hit nearly as hard as Wall Street thinks," said Cramer.

Better still, Cramer said Congress may even postpone the second round of competitive bidding, further enhancing ResMed's earnings.

Cramer also noted that beginning this fall, Medicare will make it easier for patients to obtain sleep apnea equipment. With the sleep apnea market only 10% penetrated, Cramer said the growth potential for ResMed is significant, with or without competitive bidding.

New Medicare rules also allow provide reimbursements for in-home testing of sleep apnea, which Cramer predicts will allow for more patients to be diagnosed and treated for the illness. ResMed, he noted, also makes the in-home testing equipment.

Cramer expects ResMed could see $50 to $53 a share, translating into a 30% gain from current levels. He called the shares "way underpriced."

Chopper Profits

Cramer recommended Bristow Group (BRS Quote) as another play on increased drilling, both on and off-shore, in the U.S.

Bristow provides helicopter services to transport manpower to off-shore oil platforms. With more off-shore rigs heading to deeper waters, Cramer says demand for Bristow's services should increase over time. He said the barriers to enter the market are high, giving Bristow pricing power not seen in other industries.

Bristow is currently a $1.1 billion company, with 77% of the company's revenues coming from overseas. With the continuing war in Iraq, Cramer said helicopters have been in short supply, further helping fuel Bristow's growth. "We've got a chopper shortage brewing, and Bristow's the way to play it," said Cramer.

Cramer said Bristow's private placement of additional shares on June 19 hurt the common stock, but with money now in hand to purchase 19 additional choppers, the upside of the deal will be realized quickly.

Mad Mail

In this segment, Cramer told a viewer that his recommendation of Watts Water (WTS Quote) on November 2, 2006 was wrong, adding he needs to see a bottom in residential housing before he can recommend the stock again.

Cramer told a second viewer that he's still bullish on Hornbeck Offshore (HOS Quote), Anadarko (APC Quote), Nabors (NBR Quote) and Transocean (RIG Quote).

Sudden Death

Cramer was bullish on Newfield Exploration (NFX Quote) and Intel (INTC Quote).

He was bearish on SAP AG (SAP Quote).

Lightning Round

Cramer was bearish on Pep Boys (PBY Quote), Brush Engineered Materials (BW Quote), SunTrust Banks (STI Quote), Owens Illinois (OI Quote), Wachovia (WB Quote) and Emcore (EMKR Quote). ---

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