Cramer: Amid Rubble, There Is Value

(Click for video linked to a searchable transcript on this Mad Money topic)

"In a market that seems to get viciously slammed day after day, it might be time to start picking among the rubble, looking for stocks that have already been crushed," Cramer said.

And he thinks AthenaHealth is among the discarded that may be well worth a look.

AthenaHealth is a cloud-based company with a software platform that helps doctors manage the business needs of their practices with more efficient electronic health records and better patient communications.

However, Cramer is particularly excited by the company's ability to handle billing and accounts receivable collections for their clients. That's big because, "getting reimbursed by Medicare, Medicaid and insurance companies can be a complicated and time consuming process. AthenaHealth allows doctors to get paid faster with fewer mistakes along the way," Cramer said.

This is the kind of business that Cramer thinks could grow substantially.

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Growth, however, can be a double edged sword. Wall Street often rewards growth with a significantly higher multiple. And like so many stocks that trade at a high multiples, growth stocks are at risk of getting punished if results are even mildly disappointing.

In fact, that's what happened about a month ago.

Even though Athena beat the Street's earnings and revenue estimates, shares fell from $95 to $86 in a single day, largely because the company added fewer new physicians to its network than expected.

Also management offered mixed guidance for the full-year, in part because Athena's recent acquisition of Epocrates might not be as lucrative as initially thought.

All told shares ultimately slipped to $82 and change.

That Cramer believes may be too cheap.

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"With Obamacare kicking in at the beginning of next year," Cramer sees a big catalyst. That is the legislation gives doctors big incentives to migrate to electronic record keeping.

"And the company says that it expects new doctor numbers to get better over the next couple of quarters," Cramer added.

"Because this is a growth stock, if this last quarter was only a blip, then I think the sell-off presents opportunity. Around $82, I think the stock deserves to be bought."

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