MedTech and HealthTech landscapes are constantly evolving, making it imperative for companies to adopt new digital business models and embrace digital innovations, thus riding on the digital wave with ease. Many factors exacerbate the complexity of business operations, including changes in government regulations, industry practices, customer demands, market trends. It is essential to keep accounts payable under control, boost revenue, and manage the overall business complexity.
Additionally, healthcare is an important sector in terms of employment and revenue. Therefore, any healthcare organization requires a robust and scalable solution to streamline its financial reporting, inventory management, HR, and operations management.
NetSuite prepares healthcare organizations to adapt to an ecosystem always in flux, reduce complexities, lower costs, and improve visibility and interoperability across locations.
Understanding the Challenges of the Healthcare Sector
Here are some challenges the healthcare industry faces that need to be addressed on a war footing.
- System Integration
ERP systems in the healthcare environment must integrate with other software programs inside and outside organizations.
- Data Migration
Data migration should be handled with precision and security and provide centralized access to all data in one place. These platforms should also support HIPAA compliance to supply healthcare organizations with the tools to protect patient information.
The organization must conduct in-depth testing to ensure accuracy when migrating patient records. Confidentiality and security are paramount, and the organization wants to ensure that only authorized staff can view patient data.
- Scalability and Future Updates
The ability to comprehend what organizations need now is one important part. Still, looking ahead and preparing to envision the future is the hallmark of a futuristic organization.
ERP systems designed for today's business demands may seem attractive. Nevertheless, selecting a flexible ERP system that can scale in line with business will allow an organization to achieve its desired results.
- Lack of Data Accessibility
- Limited visibility due to multiple healthcare systems
- Billing processes suffer from errors and delays from a lack of coordination
- Poor Financial Management System
- Manual currency conversation increases the risk of error
- Lack of financial information
- Manual consolidation of a spreadsheet
Transform Your Business with NetSuite
More than 28,000 healthcare and life sciences organizations use NetSuite's cloud-based business management suite to improve visibility, minimize complexity, and remain adaptable in the face of massive change.
NetSuite ERP is a comprehensive system designed for high growth in the healthcare sector. With NetSuite, we can automate processes like financial management, revenue generation, inventory control, billing, human resources (HR) systems, performance analytics, and payroll, as well as professional service automation (PSA) for planning and tracking records and order management.
It also provides key performance indicators (KPIs) and reports for the entire organization, giving a real-time 360° views of the healthcare sector.
Functionality for Healthcare Sectors
As part of NetSuite, Organizations have access to essential functionality for healthcare sectors, such as:
Finance and Operations
The NetSuite solution provides a single view of financial data across the entire healthcare organization, enabling organizations to reduce costs, improve productivity, and adapt to new business models, such as value-based healthcare, with real-time monitoring, reporting, and auditing.
- Adaptable and Centralized Accounting
- With ERP and cloud, establish a strong foundation for financial management, corporate accounting, and financial reporting
- End-to-end visibility of payables and receivables - accounting for both cash and accrual-based accounts
- A revenue recognition system using flexible scheduling and sophisticated allocations based on accounting standards
- The ability to manage financial projections against actuals through integrated budgeting and forecasting tools
- Report with Accuracy
Financial information is extracted from various sources, including ledgers, sub-ledgers, and supporting documentation, to provide deep insights into operational results. Explore underlying details and learn more about the impact on business.
NetSuite's customizable dashboard is a powerful tool for medical professionals. Dashboards allow them to make accurate decisions and provide customers with highly efficient and personalized services with a centralized database. Dashboards make it easy to identify and solve errors on time, with data accessible across all other departments.
In addition, NetSuite gives healthcare organizations tools for securing patient data, such as automated transaction capabilities, better data governance, and HIPAA compliance.
Reduce Operational Cost
NetSuite is more cost-effective than multiple IT systems due to its single, unified cloud-based approach. When we use one single system to efficiently manage software, hardware, servers, and other IT-related requirements, we will significantly reduce our spending on the IT budget. Healthcare that uses cheap dedicated servers also sees a significant increase in their profits since it is a cost-effective way to access the resources of a whole server.
Customer Relationship Management
The NetSuite CRM solution enables health sciences companies to interact with customers in both business-to-business and business-to-consumer environments, all in one place, in real-time, and with 360-degree views of the customer.
NetSuite simplifies and improves healthcare business processes by automating core business processes and managing financial performance. Organizations can manage key business processes such as accounting, inventory, supply chain, production, operations, distribution, and others using a single software system.
Also, NetSuite's personalized dashboards, reports including graphs, charts, and other visual representations and analytics, provide an overview of critical processes, saving time and maximizing resources. Using this platform, every user, from admins to doctors, can access real-time information on any device. Dashboards allow them to focus on innovation rather than maintenance and to remain competitive in an era of intense competition in healthcare.
The integrated ERP system provides healthcare decision-makers with resource consumption and inventory levels. It offers greater visibility into resource consumption, helping identify unnecessary expenditures.
NetSuite's comprehensive solution strongly impacts the healthcare industry, offering numerous benefits to doctors, medical equipment manufacturers, and pharmaceutical companies. It has many unique features and functionalities that enhance healthcare processes and procedures.
NetSuite's cloud-based ERP solutions enable medical centers, hospitals, and healthcare companies to reduce costs and improve their visibility in the healthcare industry. Clinics, surgery centers, imaging clinics, and other healthcare companies can capitalize on NetSuite's unique features to grow their business faster. The combination of NetSuite with ACL Digital’s proven capabilities provides you with a unified management suite, encompassing all solutions on the cloud to pave the path for success. Get in touch with our expert strategy consultants or write to us at firstname.lastname@example.org to schedule a no-obligation session to discuss your business needs.