Help! arduino as data acquisition to android?

Good evening all,

I have a finger probe sensor for SPO2/heart rate information connected to an oem pulse oximeter board that outputs r232 serial. My goal is to collect the data from the finger probe into an android phone by using an arduino board to read the data from the pulseox board, then send it over standard level serial to android.

My team are all bioengineers, we have narrow experience with hardware and electronics.

Is what I'm trying to do possible? Our budget is limited, so I would very much appreciate feedback before we commit on pursuing such a route.