NetSuite SuiteSuccess is a new out-of-the-box business solution by Oracle NetSuite for healthcare organizations. It is designed to grow with enterprises and enable them to attain healthcare-specific operational excellence without compromising HIPAA regulation. This product, cloud computing, and artificial intelligence (AI) technologies can revolutionize healthcare providers.
Some of its features include business process management, automating billing and financials in the healthcare industry, and creating meaningful reports. These characteristics, alongside AI make decisions to include where to establish a clinic, which machine to purchase, how many machines, when to buy more machines, and which staff to hire, among others, to strive towards increased efficiency in the healthcare profession for the benefit of the patients. In addition, another product from the same vendor, NetSuite Compliance 360, serves as the complementing solution for improved customer record visibility and the faster and more efficient completion of the audits and investigations tied to HIPAA protection of the patient’s data.
The New NetSuite Healthcare Solution
“Healthcare is one of the world’s most significant, critical, and complex industries. Oracle is investing significantly in healthcare to help streamline processes and improve the patient experience,” said Evan Goldberg, founder and EVP of Oracle NetSuite. He added, “With NetSuite Healthcare solution, healthcare companies can use an integrated cloud system to automate and optimize business processes, make better decisions, and cut expenses while maintaining HIPAA compliance. As a result, these organizations can accomplish more with less, allowing frontline workers to focus on what is most important: providing high-quality care to their patients.”
The Features of NetSuite Healthcare Solution
Financial Management & Reporting
NetSuite Healthcare solution helps healthcare firms automate and streamline transactions, payables, and receivables, strengthen purchasing controls, and speed up reporting. Customers may improve decision-making, resource allocation, and operational efficiency by having a single, real-time view of the business, including clinic financials, patient billing, and inventory.
Inventory Management
NetSuite Healthcare solution gives healthcare businesses a real-time inventory view across all locations, including pharmaceuticals and medical supplies. Customers may save money and time by improving reorder procedures and ensuring the proper amount of stock is in the right place when they have a comprehensive view of inventory.
Asset & Lease Management
NetSuite Healthcare solution assists healthcare businesses in efficiently and properly managing assets and leases for medical instruments, ambulances, and offices. Thanks to detailed asset reporting and seamless connection with NetSuite accounting software, healthcare users can keep expenses under control by efficiently designing amortization plans, managing maintenance, and tracking depreciation.
Compliance & Security
With role-based access controls, password rules, and multifactor authentication, healthcare companies may better manage access to electronic protected health information (ePHI). Customers can use these capabilities to protect sensitive patient information while reducing corporate operations and increasing overall productivity.
User Activity Auditing
NetSuite Healthcare solution helps healthcare organizations monitor access to ePHI in NetSuite, including user activity tracking of the customer record and associated transactions, to detect odd activity and report on interactions with patient data. Healthcare customers can improve patient privacy with NetSuite Compliance 360 by boosting customer record visibility and speeding up audits and HIPAA-related investigations.
Supporting HIPAA Privacy and Security Requirements
NetSuite SuiteSuccess Healthcare Edition focuses on patient privacy and HIPAA compliance. This cloud-based solution has robust security features such as role-based access controls and encryption to protect sensitive patient information. Additionally, NetSuite Compliance 360 protects patient privacy by improving visibility into client records and automating HIPAA audits. This allows healthcare organizations to focus on providing outstanding care while ensuring the security of protected health information.
Conclusion
Oracle NetSuite has been assisting enterprises with growth, scaling, and change management for over 25 years. Now, it has taken on the aim of transforming the healthcare industry. In the long run, NetSuite SuiteSuccess Healthcare Edition has the potential to change the healthcare business by increasing efficiency, lowering expenses, and eventually contributing to a higher standard of patient care.
