When thinking about an Enterprise Resource Planning (ERP) system, most people think about manufacturing or other types of industries that involve a lot of supply chain management and raw materials. But many of the same reasons ERP is vital to a thriving manufacturing supply chain is critical in healthcare.
We don't have to look back far to see the devastation that COVID has left in its wake, stretching inventories, organizational resources, and people to their limits. Helping leadership understand and manage these resources most efficiently to deal with a global crisis like COVID is exactly where ERPs shine. But they can also digitally transform the day-to-day for the better. What is ERP, and how specifically can the cloud-based NetSuite ERP achieve this?
What Is ERP?
Enterprise resource planning refers to a cross-departmental, real-time, integrative approach to managing an organization's resources, which in healthcare might be things like:
- Departmental workflow
- Accounts receivable
- Bed management
A modern hospital system may include healthcare providers, satellite clinics, labs, rehab facilities, other ancillary services, as well as third-party vendors, suppliers, and partners. ERP helps leadership visualize, analyze, and manage resources most effectively across the organization. And because of the customizability of ERP solutions, it can adapt to organizations large and small.
When we talk about ERP, we're talking about a cross-departmental tool that makes this possible.
1. Secure Access Anywhere
Lack of mobility creates silos in healthcare. Information isn't always up-to-date. Verifying insurance, getting pre-authorizations, scheduling deliveries, managing inventory, patient care—these are just a few of the areas where working with out-of-date information could lead to wasted time and money, or worse a medical error. But because of HIPAA, healthcare companies are wary of mobile technology that could increase the risk of a data breach or violation.
They often prefer on-premises servers and software. But cloud-based technologies are evolving. They recognize the industry's need to secure PHI and proprietary company data. They understand you need to balance convenience with security. A NetSuite ERP is designed to work in the real world as a mobile, cloud-based technology that won't keep your legal and compliance team up at night.
2. Medical Records, Communications, and Data All in One Place
If medical professionals and employees have to log into several systems and transfer information among them, you not only have communication delays, but you significantly increase the chance of human error. An ERP can be a tool that keeps all of your data in one place, so everyone is working with the same information, as appropriate for their job role. The tool automatically transfers the information to each department's ERP modules, as needed, so there's no double entry or duplicate work.
3. Better Understanding the Cost of Care
Healthcare's continual shift toward outcome-based care over fee-for-service means that all healthcare providers and facilities need to understand the actual costs of patient care on an episodic level as well as disease severity, diagnosis, and more complex factors like comorbidity.
It helps providers better understand the connections between various quality standards and overall cost of care. Because of the centralized nature of communications and information made possible through a NetSuite ERP, healthcare providers can get a more holistic view of care to establish best practices, cut waste in the system, and improve outcomes at the same time.
Cost of care is just one area where the business intelligence generated by the ERP can improve strategic planning. Healthcare companies can enhance efficiency throughout the organization with one centralizing tool.
4. Increasing Compensation
In healthcare, levels of compensation from Medicare, Medicare Advantage, private insurance, and Medicaid comes down to not just providing quality care but in being able to show it. ERP technology can help healthcare providers demonstrate that they're meeting quality measures and improve the accuracy of billing and coding to maximize payments for care that was delivered.
5. Improving Patient Care
A NetSuite ERP connects everyone involved in a patient's care with one system. Medical records are accessible and can be summarized to:
- Prevent duplicate testing for which you may not be reimbursed
- Reduce misdiagnosis due to patients presenting at one office with one complaint and the other with another.
- Help all providers to be informed and ready to take the next steps
6. Enhance Perception of Care & Reputation in the Community
In addition to the actual improvements, modern cloud-based ERPs put the best foot forward for patients, which can enhance the perception of receiving the most quality care. That's especially important in more competitive markets, but it can also help a healthcare company recruit top talent.
7. Compatibility with Modern Technologies
According to PRNewswire, a 2016 study found that around 30% of healthcare providers had some kind of ERP. These are mostly on-premises with limited ability to integrate with 2020 and beyond technology. This leaves many providers stuck with outdated capabilities.
Upgrading to a cloud-based, customizable solution like NetSuite ERP gives a company access to a wide range of modern 3rd party analytics, management, Internet of Things, communications, and productivity tools that optimize operations and cut costs, but still all connected in one place through your healthcare ERP.
Setting Up a NetSuite ERP
At ManoByte, we understand the complexities healthcare companies face, and we listen to your unique challenges. We can help you develop and roll-out for organization-wide ERP, as well as train employees to get the most out of the tool. To learn more about how we can transform patient care together through ERP technology, schedule a meeting with us today.