As Sword of the Occult is right now, you see it basically never, even if the enemy team has a Sona and a Vladimir or Mundo or other champs with healing, just because it has so much less damage than any other adc item lategame. I think it needs either a buff or an upgrade to it for later in the game. Thoughts? 
EDIT: Executioner's Calling... facepalm
I believe you are talking about Executioner's Calling. Sword of the Occult is the AD stacking item, and it's so risky that basically nobody takes it in a serious game. Except maybe on Akali, and even then, you've got to be really confident.
Executioner's Calling is in a weird place. It's probably needed, in order to counter healing builds, but if it has good stats on it then it becomes a default part of every ADC's build (there's basically zero variance in ADC builds) and then healing becomes useless across the board. Also, the better the stats, the more expensive the item has to be, and then it becomes impossible to build when you're getting rolled, which is a bad place for a counter-build item to be. If Mundo is shoving you around, you're not going to have 3600 gold to spend on one item.
All that said, the stats on it are truly abysmal, even for its low cost, so yes, it could probably stand to be better.
