6 Compelling Reasons How Healthcare Businesses Success with NetSuite

The Healthcare industry represents one of the most expanding markets today. As per the latest reports, the global size of the healthcare sector is $10 trillion. The Indian healthcare sector is worth approximately $372 billion and is developing at a compound annual growth rate (CAGR) of 22 percent. Due to the increase in the commercialization of products and services, technology plays an inspiring role in R&D, sales, marketing, and distribution for healthcare businesses.  

  

Health care is big business—real big—and it touches every life, often in very intense ways. 

 

With the growing intervention of technological advancements, businesses can take better advantage of the upcoming technologies, with the implementation and business processes.  

  

In this arena, the Healthcare industry alternatively looks for technologies that can help them manage their business processes at a better pace. NetSuite is a business-oriented solution for healthcare industries to automate business processes and drive business efficiency.  

 

Understanding NetSuite’s Significance for Healthcare Companies  

 

Healthcare companies increasingly utilize NetSuite, the top cloud-based ERP application, for operational and financial management. Employing this sophisticated software in business allows for accurate reporting, stakeholder satisfaction, and excellence by moving with the opportunity continuum for scientists and researchers.  

  

NetSuite's cloud-based business management system is used by over 38k organizations. The software helps businesses minimize complexity and maintain agility. Keeping health a priority, the platform is also certified for HIPAA Security and Privacy Rule compliance, ensuring organizations can manage their business while protecting customer or patient information.  

  

NetSuite enhances efficiency in healthcare and life sciences companies by reducing time spent on inventory management and closing months, while also providing optimal patient satisfaction and reducing patient treatment time. 

 

NetSuite’s Expert Edge 

 

Before hiring an ERP consultant, it's crucial to clearly define your business goals and requirements. This will help them determine the best approach to deploy NetSuite ERP. An integrated solution like NetSuite combines all sales and accounting systems, ensuring equal access to critical data and insights. This eliminates the need for third-party systems or analytics experts, allowing for more efficient and effective business operations.  

 

The Reasons Why Healthcare Needs NetSuite 

 

Today, with optimum market opportunities and reach, solution providers like Cinntra Infotech Pvt Ltd can help you with their expert consultants to bring the best of implementation for businesses. Back at our Nationwide event “Smashing Growth Barriers” hosting India’s top C-suite, businesses derived applauding advantages enjoyed by joining hands with NetSuite. 

 
#1 Managing Financials for Healthcare Industries
  

NetSuite ERP offers all-inclusive financial management solutions for healthcare institutions and medical centers. Its advanced capabilities enable marketers and sales departments to streamline daily transactions. Real-time financial reporting and auditing tools enable monitoring of financial performance, budgeting, billing, revenue recognition, and financial consolidation.   

 

NetSuite integrates easily with various business applications, facilitating smooth financial processes like inventory and revenue management. Its financial management features can automate complex financial processes, making it an ideal choice for healthcare organizations looking to streamline their operations.  

 

#2 Increased Data Security  
 

Data security is an everyday issue for institutions, particularly in the healthcare industry, that handle large volumes of sensitive information. To protect this data, businesses might employ strong security features such as encryption and access control methods.   

 

NetSuite ERP is a security solution for the medical sector, offering capabilities such as role-based access management, encryption, and data backup features. This ensures the protection and recovery of patient data in case of any security breaches or system failures, further extending patient safety.  

   

Encrypting data makes it unreadable, while access control measures limit employee access to specific types of information. These measures ensure that only authorized individuals have access to sensitive information, protecting the industry from unauthorized access.  

 

#3 Managing Medical Records with Data Intelligence
 

NetSuite is an ERP platform designed for healthcare and surgical facilities to improve patient management and care. Its electronic medical records feature allows for the documentation of a patient's medical history, lab reports, diagnostic tests, and other information.  

 

NetSuite combines patient data with digital health records, allowing healthcare professionals to access information rapidly.  

  

Hospitals and clinics should integrate NetSuite into their business processes to harness cloud power for effective patient record management. This centralized cloud-based platform allows hospitals to record and monitor unlimited records, accessible from multiple devices, eliminating the need for manual data extraction. NetSuite's high scalability allows healthcare organizations to invest in advanced development processes.  

 

“To expand in Healthcare Market Horizons, industry leaders must prioritize both worldwide expansion and cost-effective technical expenditures to increase stakeholder value.” 

 

#4 Reduced Operational Costs  
 

Healthcare companies can benefit from using NetSuite, as a cloud-based ERP, for better decision-making and operational cost reduction. This system offers transparency across processes and centralized access to information, increasing productivity and efficiency.   

  

The cost of a single, unified cloud-based solution is lower than multiple IT systems, allowing for efficient management of software, hardware, servers, and other IT requirements. Healthcare businesses using cheap dedicated servers also experience increased profits due to cost-effective access to resources.  

 

#5 Concurrent Business Insights  
 

NetSuite ERP platform is assisting healthcare companies in streamlining business processes and improving transparency. It automates core processes and manages financial performance, allowing for efficient management of accounting, inventory, supply chain, production, operations, distribution, and patient records.   

  

The software provides real-time data access, allowing organizations to control their operations. Customized dashboards, reports, and analytics summarize important processes, saving time and resources. This enables companies to focus on innovation and new medical technologies.  

 

#6 Enhanced Business Scalability:  
 

NetSuite is an advanced ERP platform that executes business operations by integrating a database into a unified system, refining customer management, and eliminating the need for complex integrations or multiple software programs.  

  

NetSuite also offers unique features like the "Advanced Shipping module," which allows for the building of custom shipping labels, tracking of shipments, and generating reports. The software is user-centric, allowing swift setup and support from the dedicated expertise of consultants. Overall, NetSuite is a valuable tool for businesses looking to scale their operations.  

  

“NetSuite is your Vitality Booster”

 

Healthcare systems naturally evolve from providing access to reducing costs, enhancing services, and promoting health on par. Healthcare companies are extensively relying on data-driven decisions to stay ahead of the competition.  

 

NetSuite offers medical organizations unparalleled visibility into cash flows, subsidiaries, and invoices. However, real-time and seamless access to data-driven operations is not possible with disintegrated applications. NetSuite integration allows every sales and accounting system unification, ensuring equal access to critical data at the time of need.