Healthcare is one of the largest industries in the US, employing more than 18 million people and growing by the day. In fact, with Global healthcare expenditure projected to reach $10 trillion by 2022 (wow), the healthcare industry has one of the largest impacts across the globe.
As such an important sector for both the economy and the health of our people, organizations that operate in healthcare management must ensure processes are always running effectively and efficiently. From accounting management, through to payroll, invoicing, and other financial tasks, there are several areas that can be streamlined, all with the help of NetSuite.
So, with that said, here are 4 ways an ERP system such as NetSuite can support your healthcare management organization.
As your healthcare management company grows, you may find the need to expand geographically, which will directly affect your technology infrastructure. For instance, your long-term business plans could involve partnering with local doctors, or larger doctors’ offices around the world - while this creates great opportunity in the form of growth, it may introduce complexities through the need of multiple on-premises systems.
However, with the adoption of a cloud-based ERP solution such as NetSuite, your growing organization can easily onboard new acquisitions without the need for new technology investments, implementations, or internal IT resources.
NetSuite was designed in a way to help plug all the holes in your finical management sphere. With its healthcare module, your company is able to optimize revenue and avoid any losses due to lack of data consistency.
With just a single glance at the dashboards, it’s easy to find out the entire financial history of a patient, their transactional data, and their dues. Based on these numbers, management can set up reminders for the payments, share alerts about new offers, discounts, and more.
As one of the most popular and highly beneficial features of NetSuite, its reporting capabilities and subsequent insights are certainly worth a mention. Doctors, administrators, and management can create fully customized and in-depth reports via dashboards to quickly find out all the information they need, without spending hours looking for it.
This could include the position of incoming orders, as well as medical equipment that’s urgently needed, which can all be accessed and shared with your relevant teams.
While there are many positives that come with merging multiple healthcare providers into a single entity, your healthcare management organization may face a set of unique challenges. For example, you may be acquiring a small to mid-size practice that uses Xero or QuickBooks for basic accounting features. But, because each entity still requires a legal ID in order to run its individual financial statements, you then need to run a number of instances of the same platform.
By consolidating these activities and files in NetSuite, your healthcare management organization can bring all of its reporting, financials, and accounting into one place for optimized efficiency.
Do you operate in the healthcare management industry? Are you looking to tackle new challenges with technology as you grow? Then working with a NetSuite partner for a tailored solution could be everything your organization needs.
Here at Nolan Business Solutions, we’ve developed a proven process for supporting a number of healthcare management implementations. Having been partnered with NetSuite since 2006, we have the knowledge and experience needed to take your business to the next level.
For more information on how our expert team at Nolan Business Solutions can support your business, contact us today – we’re always happy to help.