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"Today we saw leadership from a group that's been hated all year," Jim Cramer told viewers of his "Mad Money" TV show Tuesday.

Healthcare stocks, he said, are on the ascent because they stand to benefit from the upcoming Medicare spending bill that will give investors a unique opportunity "to have the wind at their backs."

According to Cramer, the new Medicare spending bill now provides incentives for using electronic prescriptions, as opposed to paper, through 2010, and mandates electronic prescriptions thereafter. The provisions, now in both the House and Senate versions of the bill, will be a windfall for Allscripts ( MDRX - Get Report), a company with a lock in the e-prescription business, he said.

Allscripts currently has a client base of 150,000 doctors, nearly one quarter of all the doctors in the U.S., along with 700 hospitals. Yet, Cramer noted only 2% of prescriptions were sent electronically in 2007, leaving a huge market for Allscripts to tap. The company's ERX software provides doctors with a free way to start sending prescriptions electronically with no upfront costs.

Shares of Allscripts have been hit hard in recent months due to bugs in their electronic healthcare platform and what Cramer called overall poor execution. But the management has proclaimed the platform ready for prime time. Cramer said now is the time to invest in the company, especially with electronic prescriptions expected to grow 400% in 2008.

Cramer: What Merrill Upgrade Means for XM-SIRI

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 - Get Report), one of the two biggest companies making equipment to treat sleep apnea, as his next Medicare spending play.

Stockpickr

With a 40% share of the market, ResMed enjoys a happy duopoly with Respironics, a company recently acquired by Philips Electronics ( PHG), 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) 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) 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 - Get Report), Anadarko ( APC), Nabors ( NBR - Get Report) and Transocean ( RIG - Get Report).

Sudden Death

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

He was bearish on SAP AG ( SAP).

Lightning Round

Cramer was bullish on United Technologies ( UTX), Honeywell ( HON), Exelon ( EXC), Duke Energy ( DUK), Consolidated Edison ( ED), Verizon ( VZ), AT&T ( T), Ener1 ( HEV)and Sociedad Quimica ( SQM).

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

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For more of Cramer's insights during the Lightning Round, click here .

At the time of publication, Cramer was not long on any stock.

Jim Cramer, host of the CNBC television program "Mad Money," is a Markets Commentator for TheStreet.com, Inc., and CNBC, and a director and co-founder of TheStreet.com. All opinions expressed by Mr. Cramer on "Mad Money" are his own and do not reflect the opinions of TheStreet.com or its affiliates, or CNBC, NBC UNIVERSAL or their parent company or affiliates. Mr. Cramer's opinions are based upon information he considers to be reliable, but neither TheStreet.com, nor CNBC, nor either of their affiliates and/or subsidiaries warrant its completeness or accuracy, and it should not be relied upon as such. Mr. Cramer's statements are based on his opinions at the time statements are made, and are subject to change without notice. No part of Mr. Cramer's compensation from CNBC or TheStreet.com is related to the specific opinions expressed by him on "Mad Money."

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