Reasons The Healthcare Industry Should Implement ERPs
The healthcare industry is one of the largest and fastest-growing industries, with an expected national expenditure of $4.3 trillion in 2023. As the demand grows, PolicyAdvice highlights the necessity of tools like automation in order to save doctors, nurses, and staff from the time-consuming process of sorting messy paperwork and clearing miscoordinations. This is where ERPs come into play. As an application that automates business processes, ERPs are able to collect and organize key insights, internal controls, and business information in order to help expanding organizations run lean, efficient operations. Many of the world’s top firms like Amazon or Toyota have depended on ERPs for the last quarter century and now, this software can be configured to meet the needs of all-size businesses — including healthcare. Keep reading to learn how ERPs can benefit the healthcare industry.
ERPs can consolidate important business info
Healthcare deals with a continuous flow of information. Implementing ERP software streamlines data through pharmacy, laboratory system, radiology and many other fields in order to provide quick remote access to key resources and reports for patients. Many larger corporations take advantage of this. For example, multinational e-commerce Amazon uses an ERP software, SAP. It allows business customers to choose which area of business they’d like to view — from marketing to third-party order fulfillment — and all aspects of the business are provided. Its built-in AI, machine learning, and advanced analytics make it perfect for multi-level industries. ERP software simultaneously eliminates repetitive data entry and coding errors, which often result in duplicated efforts across patient and client management tools. This will help the patient and care provider make informed and timely care decisions.
ERPs can unify business processes
ERPs thus help business customers manage different business processes — from finances, human resources, inventory, to sales and marketing — under one software system with various databases. This allows businesses to completely and efficiently work in collaboration with each other, and gets rid of disparate systems and disjointed experiences. For example, managing employees’ health can get complicated and result in a decrease in productivity over time. This is why more businesses are making use of ERPs for healthcare and related activities. Telehealth platform Wheel offers companies the option to get virtual consultations and provide care to their employees. The integration of primary care, behavioral health, and laboratory and diagnostics provide a seamless care system with customizable services that scale across various health industries including medtech to pharma.
ERP can increase efficiencies
As hybrid work becomes a standard and health professionals get accustomed to working from home, it is important to find the right methods that can help manage teams effectively. Our previous article discusses the advantages of Dynamics 365 for companies in particular. As a cloud-based customer relationship management platform, Dynamics 365 keeps operations accessible by connecting all of the users’ accounts while integrating to other applications like Microsoft Office 365.
ERPs allow businesses to access up-to-date data from anywhere
ERPs like Dynamic 365 or Oracle make use of the cloud to store data. This means that data is continuously updated and stored in real time. Data security isn’t an issue either — new ERP security controls leverage machine learning to automate security monitoring against insider threats, compliance and audit costs, and privacy issues. This is particularly helpful in healthcare where patient information is highly confidential and needs to be accessed quickly. The Healthcare ERP market is predicted to reach $9.16 billion by 2028. With the benefits ERP provides, it is no surprise why. Improve your services and stay ahead of the industry with our business solutions here at Solution Systems, including CRM, Web Development, IT Infrastructure system, and of course, ERP.
Written by Aliya Kristin K. Exclusive for solsyst.com