4 Ways NetSuite Supports the Healthcare Industry

Traditionally, healthcare experts and institutions relied on tools and less efficient software to manage their operations. This translated to downtime and heavy budgets on acquiring a workforce to manage the operations. 

However, some key players in the healthcare industry have leveraged the power of cloud and Enterprise Resource Planning systems to manage their daily operations more efficiently. 

One of the largest growing ERP systems, NetSuite has developed a comprehensive and robust ERP module that favors the healthcare industry. Below are four ways that netsuite houston tx supports the healthcare industry globally. 

1.   Easy Integration of New Entities

There are multiple benefits associated with merging several healthcare providers into one entity. Unfortunately, healthcare management firms often find it challenging to integrate independent clinics into their corporate portfolios. 

The majority of the small to medium-sized acquired companies use platforms such as QuickBook for primary accounting functions. Some still rely on Excel spreadsheets for accounting. When a healthcare management organization acquires a new entity, the entity still requires legal identification to run its individual financial statements.

However, by consolidating all files and activities onto a single ERP system like NetSuite, these organizations can easily integrate their reporting, procurement, accounting, and financials into a single platform. NetSuite consulting firms help healthcare organizations integrate NetSuite to assist in streamlining processes across entities.

2.   It Helps in Business Growth

Traditionally, medical equipment manufacturers spent most of their time managing the existing business processes, including logistics, supply chain, quality control, among others. This was instead of focusing on customer needs and demands. 

Unfortunately, this meant spending a lot of resources on outdated business resources, consequently hindering business growth. It is common knowledge among most industries that ignoring customer needs and demands is ignoring business growth.

With NetSuite’s TrueCloud ERP system, the manufacturers can automate the majority of their business processes. They can use technology to improve efficiency and productivity. Using NetSuite has empowered the healthcare industry to tap into the customers’ demands and needs in real-time. They, therefore, focus on business growth instead of simply managing existing business processes.

3.   It Provides a Centralized Database 

Traditional business operation in the healthcare industry involves manual methods and a wide range of software for different business processes. This decentralized and manual information system does not help an organization account for its expenses, revenues, and sales appropriately. Moreover, it increases downtime and generally slows business growth.

For most organizations, consolidating financials tends to be a nightmare. This is where NetSuite steps in. NetSuite provides a cloud-based system that provides a centralized database and a sturdy platform to interconnect business processes into one system. As such, there is no more manual data entry. It also reduces the need to use multiple tools and software to manage business processes. 

The management can assume complete control over all business processes, including finance, sales, supply chain, logistics, manufacturing, marketing, and more. 

4.   Simple Data Extraction and Sharing

One of the most pressing problems for the healthcare industry is the lack of insights and visibility into key business metrics. Some healthcare organizations still rely on manual data entry, a heavy collection of standalone tools and software. As a result, real-time information is constantly missing, translating to less control over business processes and a lack of valuable insights into customer needs. 

Fortunately, with NetSuite, organizations can have real-time data about every aspect of business operations and processes. Via interactive and easily customizable dashboards, the management of a medical equipment manufacturer can know which products are in demand and develop innovative solutions using that data. Moreover, with NetSuite, healthcare organizations can seamlessly share real-time reports with the whole team. 

NetSuite consulting experts can set up NetSuite in a way that allows data extraction from a hospital’s billing system-using an Application Programming Interface (API)-and into a NetSuite-ready journal entry. Extracting data and sharing it to all levels of an organization at the push of a button has driven business growth for most of these organizations.

Bottom Line

Over the last decade, healthcare management organizations have successfully increased their services and geographical coverage. However, with this growth, most of these organizations experience challenges related to financial management and accounting. 

Therefore, these organizations access solutions tailored to their individual business growth by implementing a unified cloud ERP system and liaising with reputable NetSuite consulting experts. Ultimately, the NetSuite ERP system has unified most healthcare industry processes, significantly driving business growth to better heights.