Oracle NetSuite has officially announced the launch of a brand-new solution, which is designed to help healthcare organizations improve business efficiency, and at the same time, achieve complete compliance with Health Insurance Portability and Accountability Act (HIPAA). Named as NetSuite SuiteSuccess Healthcare Edition, the stated solution basically makes it possible for healthcare organizations to leverage technologies like artificial intelligence, cloud computing, and more, all for the purpose of streamlining business processes, expanding insights, improving decision-making, optimizing resource allocation, and enhancing patient care. This the technology will, markedly enough, realize through pre-defined role-based dashboards, reports, KPIs, and workflows. Talk about the whole value proposition on a slightly deeper level, we begin from the promise of comprehensive financial management and reporting. Here, NetSuite SuiteSuccess Healthcare Edition will enable healthcare organizations to automate and streamline transactions, payables, and receivables, improve purchasing controls, and accelerate reporting. Furthermore, using a single and real-time view of the business, the solution will also inform you on factors, such as clinic financials, patient billing, and inventory so to scale up decision-making, enhance resource allocation, and increase operational efficiency. Having briefly touched upon inventory, the new product also comes decked up a cutting-edge inventory management facility, which generates a real-time view of the same across all locations including medications and medical supplies. This, in turn, positions the customer to optimize the reorder processes, as well as ensure that the right quantity of stock is in the right location, thus paving the ultimate pathway to cost reduction and a more financially viable operation.
“Healthcare is one of the biggest, most critical, and most complex industries in the world. Oracle is making a significant investment in healthcare to help simplify processes and enhance the patient experience,” said Evan Goldberg, founder and executive vice president, Oracle NetSuite. “With NetSuite, healthcare organizations can take advantage of an integrated cloud system to help automate and streamline business processes, make more informed decisions, and reduce costs, all while addressing HIPAA compliance. As a result, these organizations can do more with less and enable frontline workers to focus on what matters most.”
Moving on, the NetSuite SuiteSuccess Healthcare Edition even has a facet dedicated towards asset and lease management, a facet where it allows users to accurately manage assets and leases for medical devices, ambulances, or offices. To deliver that, the solution banks upon detailed asset reporting and seamless integration with NetSuite’s accounting software. You see, thanks to both these components, healthcare organizations can expect to more effectively control their costs, and they can do so by efficiently creating amortization schedules, planning maintenance, and tracking depreciation. Then, we have the compliance and security aspect. This particular aspect will come in handy when the agenda would be to control access to electronic protected health information (ePHI) with role-based access controls, password policies, and multifactor authentication. Such an assortment of features won’t just guide you to protect sensitive patient information, but it will also free up an avenue for you in regards to enhancing the very quality of your operation.
Rounding up highlights is a functionality focused on user auditing. The stated functionality, in essence, brings forth an option to monitor access to ePHI in NetSuite, including user activity monitoring of the customer record and associated transactions. The idea behind doing so could largely be identifying unusual activity and reporting on interactions with patient data. Working alongside NetSuite Compliance 360, the feature even helps you improve customer record visibility to accelerate audits and HIPAA-related investigations, eventually propelling towards an effective patient privacy posture.