While healthcare businesses face no shortage of challenges, the impacts of these hurdles can be reduced or mitigated by adopting a modern enterprise resource planning (ERP) solution like NetSuite ERP, a platform that includes NetSuite healthcare solutions alongside general business management technologies, including accounting software and integration capabilities.
If your organization has been exploring its options to successfully navigate the competitive and ever-changing medical space, implementing NetSuite healthcare ERP software solutions might offer the ideal solution. Join us as we examine the question, “What is NetSuite?” and outline the benefits of the NetSuite ERP platform for healthcare businesses.
Introduction to NetSuite ERP and Its Features
To start, let’s first answer that question: “What is NetSuite?”
Broadly speaking, the NetSuite ERP platform is a unified solution that can serve as your organization’s single source of truth. With NetSuite healthcare ERP technology at your disposal, you can easily manage back-office processes and other mission-critical tasks, such as accounting, billing, experience management, and compliance assurance.
The NetSuite ERP platform includes multiple modules, which are each designed to streamline and facilitate a core set of business processes that include the following:
Financial Management and Accounting
NetSuite ERP healthcare accounting software provides a dynamic array of financial management and accounting tools.
For instance, NetSuite accounting software includes a general ledger, financial reporting tools, as well as accounts receivable and payable management capabilities. On its own, NetSuite accounting software can significantly enhance organizational visibility and provide actionable insights that can be used to guide decision-making processes.
Inventory Management
Managing an inventory is a critical aspect of running any business, but it is particularly important in the healthcare space, as providers must have access to adequate supplies to effectively care for their patients. Poor inventory management could negatively impact both staff morale and more importantly, patient outcomes.
NetSuite integrations and their inventory management capabilities will enable your business to precisely track stock levels across the organization. You can set up automated alerts for when inventory drops below an established threshold, manage orders, and ensure that stock levels are always in line with demand.
Sales and CRM
The Netsuite platform also includes customer relationship management (CRM) tools that can help you track, monitor, and optimize the patient experience. Providing a great patient experience has become critical to the success of all healthcare businesses due to the rise of peer review platforms, so if your business consistently provides an exceptional patient experience, you’ll be able to strengthen your brand image and attract new patients.
NetSuite’s CRM capabilities help you do just that, providing you with lead-tracking tools, sales pipeline management software, and analytics technologies.
E-Commerce
Today, it seems that every industry is embracing e-commerce, which should come as no surprise, given that the latest generation of consumers expects to interact with and make purchases from brands online. Many consumers have these same expectations for the healthcare businesses that they choose as their care providers.
NetSuite’s e-commerce module enables you to manage online customer interactions and sales. With this software, you can create and manage customer accounts, process digital transactions, and make it easier for patients to pay for your products or services.
Reporting and Analytics
The old adage of “knowledge is power” still holds true today. Modern businesses, including yours, are collecting more data than ever before. but far too many still have no means of efficiently analyzing, processing, and leveraging that data. You may have even encountered such a challenge firsthand.
Fortunately, NetSuite ERP solutions include a broad lineup of analytics and reporting tools that you can use to tap into all of your business data. You can generate reports in real-time, gain actionable insights into your operations, track trends, and capitalize on emerging opportunities. NetSuite’s analytics and reporting capabilities will give your healthcare business a definitive edge in your industry.
Supply Chain and Procurement
The challenges that have arisen over the past several years have demonstrated that businesses must strive to optimize supply chain agility and resilience. NetSuite ERP can help strengthen your supply chain by providing you with robust supply chain management tools.
The NetSuite ERP platform includes supply chain and procurement tools such as vendor and supplier tracking, purchase order management, and inventory level monitoring. Cumulatively, these tools will help you identify potential vulnerabilities in your supply chain so that you can proactively resolve them.
The Unique Challenges Facing the Healthcare Industry
NetSuite healthcare solutions can empower healthcare businesses to overcome several of the notable challenges facing this complex industry, including:
Process Complexity
By nature, the healthcare industry is incredibly intricate and dynamic. The average patient’s care journey involves a frontline provider, support staff, the healthcare organization itself, billing personnel, and an insurance company.
With all these moving parts, it quickly becomes difficult for a healthcare business to efficiently progress a patient through each cycle of the care process and collect payment for the services rendered.
The inherent complexity of the healthcare space is magnified when a healthcare business relies on antiquated technologies and inefficient, manual processes. The cumulative impact of suboptimal processes and outdated software can threaten business continuity and disrupt a company’s cash flow.
Fortunately, NetSuite ERP solutions can provide healthcare business leaders with much-needed clarity. The unified platform provides a single source of truth through which organizational decision-makers can effectively manage all of their elaborate care processes.
The platform also provides insights that organizational leaders can make use of in order to reduce process complexity, streamline the delivery of care, and protect cash flow.
High Operational Costs
Increased operational costs are a persistent pain point for all healthcare organizations, regardless of their size or area of practice. Between the costs of equipment, supplies, wages, and miscellaneous overhead operating expenses, healthcare businesses often operate on margins that are far thinner than would be preferred.
NetSuite accounting software provides real-time insights into operating costs, as well as accounts receivable and payable, total revenue, and other relevant financial metrics. These data points will help business leaders pinpoint which expenses are undermining their profitability and hindering company growth, and once they have identified where waste occurs, they can proactively work to improve their business management processes and reduce operating costs.
Poor Visibility Across Multiple Locations
Maintaining visibility across a single-location healthcare business is hard enough in its own right, but the task becomes significantly more difficult when a healthcare organization operates out of more than one physical location.
The NetSuite platform can help healthcare businesses overcome a multitude of various growing pains, including this one. NetSuite integrations are fully scalable, meaning they can grow with a business as its needs evolve.
NetSuite’s solutions can keep all business leaders in the loop, no matter how many locations they oversee. The NetSuite platform features customizable dashboards that provide users with access to real-time business data, enabling business leaders to make timely, informed decisions that will have a positive impact on the entire business.
Compliance Shortfalls
As you are well aware, the healthcare sector is subject to some of the most stringent regulatory requirements in the world, and failure to comply with these requirements can threaten business continuity, lead to lasting reputational damage, and erode patients’ confidence in your organization.
NetSuite healthcare solutions simplify a multitude of compliance-management processes by providing teams with access to real-time reporting tools. The platform creates detailed, accurate, and easy-to-access audit trails that healthcare businesses can use to turn compliance into an organizational strength. It also supports internal controls via its seamless integrations and customizable interface.
Subpar Customer Engagement
NetSuite’s unified CRM platform seamlessly shares data and communicates with the other modules on the platform. By combining data from all sources into a singular platform like this, you can gain a more comprehensive view of your patients, their needs, and their expectations, which will enable you to facilitate better patient outcomes and provide positive experiences that strengthen your brand image and ultimately lead to improved patient retention rates and enhanced profitability.
What Are the Healthcare Industry’s Common Uses of NetSuite?
Members of the healthcare industry that have embraced the NetSuite platform are putting it to work in a variety of ways. Its customizable, scalable, cloud-based solutions are capable of solving a plethora of business challenges.
Some common healthcare business use cases for the NetSuite ERP include:
Demand Forecasting
NetSuite’s ERP platform is best known for its collaborative accounting and budgeting tools. There is no question that these tools can help healthcare businesses more efficiently create and manage their annual budgets. With that being said, however, NetSuite accounting software is far more than just a budgeting tool for healthcare providers.
The sophisticated NetSuite accounting module includes advanced planning technologies that enable business leaders to explore various “what-if” scenarios. These modeling tools facilitate demand forecasting, so organizational leaders can effectively create a balanced business growth strategy and execute it to perfection.
Accounting Process Management
NetSuite’s accounting and financial management technologies are time-tested financial management software that yield meaningful impacts on business productivity and financial health while also being able to integrate with a healthcare business’s existing back-office processes and protocols.
With NetSuite’s accounting software for healthcare businesses, organizations like yours can rein in unruly or inefficient back-office processes by increasing visibility and automating redundant tasks.
Increasing Overall Organizational Resiliency
The healthcare landscape is in a state of constant evolution, so in order to thrive in this unpredictable and sometimes volatile ecosystem, healthcare businesses must be resilient, agile, and forward-thinking.
NetSuite healthcare solutions allow businesses in the sector to create custom workflows in accordance with their current needs. The NetSuite platform also features sophisticated reporting tools that organizational leaders can use to identify and react to emerging trends.
As these trends develop, the business can refine and reconfigure its existing NetSuite workflows and processes in order to adapt to changes in the healthcare landscape.
Customer Relationship Management
NetSuite’s CRM software creates a unified database for tracking and monitoring every customer interaction. This platform can be used to manage both business-to-consumer (patient) relationships as well as business-to-business (vendor) partnerships.
Healthcare businesses can use the capabilities provided by NetSuite’s CRM tools to build strong, mutually-beneficial relationships that last. Stable relationships promote business continuity, enhance cash flow, and increase a company’s resilience in the ultra competitive healthcare sector.
QBIX and NetSuite Partnership
A NetSuite implementation does not have to involve a complex or labor-intensive process. If you want to facilitate a seamless deployment of your ERP software, you can leverage the services of a NetSuite ERP implementation provider like QBIX.
QBIX has partnered with the world’s most widely deployed ERP solution source, NetSuite, in order to provide healthcare organizations like yours with end-to-end implementation services.
QBIX can help your organization achieve greater business agility and optimize its overall visibility by deploying NetSuite integrations into your existing organizational framework. We have the resources, knowledge, and expertise necessary to handle every phase of your deployment, from pre-planning to post-implementation support.
Ready to Embrace NetSuite? QBIX Can Help
By embracing NetSuite integrations and incorporating such a robust technology solution into your organization’s business management processes, you can overcome challenges such as:
- A lack of data visibility
- Inefficient, labor-intensive accounting processes
- Accounting errors that impact cash flow
- Compliance issues
However, before you can tap into the benefits of this ERP software, you must first set the stage for a successful NetSuite implementation. You can do that by connecting with QBIX Analytics, the premier Netsuite ERP implementation provider for healthcare businesses.
QBIX Analytics understands the unique challenges facing the healthcare industry. We use this understanding to plan an implementation strategy that minimizes business disruption and facilitates a smooth transition to the NetSuite framework.
To learn more about this opportunity to modernize your healthcare business, contact us today.