Healthcare has undergone a massive transformation in recent years, and dramatic changes have impacted nearly everyone in the industry. From individual practices to large-scale healthcare organizations, it has become easy to focus on how to keep up with change rather than keeping a close eye on financial performance.
The problem is that, in many cases, medical practices and organizations lack adequate financial management systems to help them maintain clear visibility into financial performance. For example, legacy on-premises systems or disparate cloud-based solutions often lack the sophisticated auditability and financial controls required for adaptation to market changes. Oracle NetSuite for healthcare is the top choice for medical practices that want to bridge this gap. Let’s find out why.
Why NetSuite For Healthcare Practices and Organizations?
At its core, NetSuite is a KPI-driven, highly effective, scalable accounting solution. The built-in capabilities of NetSuite perfectly fit the healthcare industry. Consider the key features that make it easier for healthcare stakeholders to analyze the financial health of the practice or organization during these changing times.
1. Scalable back-office system
Growing practices can streamline operations with a highly scalable back-office system. The NetSuite platform makes maintaining a single source of information easy by integrating mission-critical business processes. This holistic approach allows healthcare organizations to implement better procedures and start new business lines and services.
2. Pre-built reports
In NetSuite, you can easily access more than 200 pre-built reports in real-time. Cloud access allows you to work on your schedule to provide the best care to your patients.
3. Business Intelligence
NetSuite comes with over 300 business intelligence features that provide real-time insight into key metrics and practice performance.
4. Rapid ROI
Healthcare practitioners and organizations can anticipate rapid return on investment. Traditional ERP systems cannot compete with NetSuite’s speedy implementation. As a result of short turnaround times and minimal IT infrastructure, providers can continue to focus on providing quality care to their patients.
5. Fail Safe
With NetSuite, you will gain access to a cloud-based system that is dependable, secure, and safe. The system provides data mirroring, catastrophe recovery, and failover capabilities. In addition to being multi-tenant, all servers, storage, and hard drives are built with several layers of redundancy.
6. Open API
With unprecedented flexibility and ease of use, this platform is a powerful development platform. NetSuite’s API allows integration with external systems, enabling practices to customize the system to meet their unique needs.
Featured Solutions for Healthcare Management Capabilities
Healthcare practices and practice management groups can establish efficient business processes and gain transparency into the financial performance of the practice. Through the power of NetSuite for healthcare practices, you will find support for the following critical aspects of practice management:
- End-to-End Visibility: track receivables and payables from end-to-end, with support for both the accrual and cash accounting methods.
- Fixed Assets: access complete tracking system for fixed assets, including automated reporting on depreciation, retirement, and acquisitions.
- Allocations and Revenue Recognition: recognize revenue automatically in accordance with accounting standards, utilizing flexible scheduling and sophisticated allocations.
- Financial Projections: manage financial projections against actuals with integrated budgeting and forecasting tools.
Satisfy Compliance Requirements Through Robust Financial Controls
Have questions about how NetSuite supports regulatory requirements, such as keeping HIPAA data separate from financial data? With NetSuite, you can comply with GAAP, FASB, SEC, and AICPA regulations and standards and SOX Section 404 requirements. The key is establishing strong internal controls, individual accountability, and a complete audit trail using the following NetSuite tools.
Management and Consolidation of Multiple Entities
With NetSuite, healthcare practices with multiple legal entities or locations can streamline operations and gain visibility by consolidating divisions, departments, and subsidiaries in real-time. Using NetSuite, practices can develop business processes that can be deployed across divisions and subsidiaries at a click, while at the same time meeting the laborious and time-consuming requirements for financial regulatory compliance.
Analytics and Reporting in Real-time
Using NetSuite, healthcare practices can quickly create financial reports from scratch or access one of the hundreds of pre-built reports in just a click.
Plus, NetSuite integrates all business processes within one software suite and delivers real-time dashboards, reporting, and analysis tools. This will allow users to identify issues, trends, and opportunities in real-time and instantly drill down to the underlying transaction so they can take action.
- External Audit Ready: NetSuite’s audit trail provides detailed insight into every transaction, report, and record.
- Tax Basis Reporting: in addition to maximizing cash, controlling bank accounts, managing liquidity, and ensuring compliance, tax-basis reporting provides your finance team with increased visibility and a proactive approach to reporting.
- Allocations: establish entity-specific allocations and amortization schedules.
- Compliance: with seamless integration, you can protect your data, control it, see it, and audit it. All data can be encrypted and tokenized in NetSuite, including reports, employee information, and client data.
In addition, NetSuite’s extensive search functionality allows users who have the appropriate permissions to find any information in a few seconds. Through customized roles, you can segregate duties and permissions so that critical data is only accessed by individuals who should have access to it.
Planned and Reactive Inventory Management
Using NetSuite, your practice can better manage inventory to ensure that you can serve your patients. You’ll be able to automatically balance demand and supply with just-in-time ordering, ensuring you have inventory in the right place at the right time. To optimize inventory levels, NetSuite allows you to upload formularies to manage supply lockers efficiently and quickly.
Cutting-Edge Customizability and Integration Capability
Overall, NetSuite provides an affordable solution that boosts productivity, reduces the burden on IT departments that support medical practices, and supports integrations with other software you already use through flexible APIs. Specifically, the SuiteCloud development platform provides powerful customization tools to satisfy the needs of medical practices.
How Finlyte Enhances the Capabilities of NetSuite’s Platform
Finlyte developed a dedicated solution for healthcare organizations. Backed by the NetSuite platform, we enable practices to gain full visibility into financial performance. You’ll gain the ability to pull the data you need from your medical record or practice management systems without risking HIPAA compliance and data breaches!
- Leverage our Athena integration for analytics support. We’ll capture data in your EMR, normalize the data, and import the data into NetSuite. utilize dimensions such as procedure types to segment out the requirements for physicians, insurers, clinics, etc.
- Take advantage of features such as physician compensation models, procedure reporting, and average payout reporting (e.g. by insurer or procedure). Pre-built chart of accounts (COA) tailored to your specific healthcare industry. implementation within 45 days! Gain access to an experienced NetSuite Staff accountant for the first 90 days after implementation.
Ready to see how Finlyte can help illuminate financial performance for your practice? Contact us today to find out why NetSuite for healthcare is the best choice in a rapidly changing industry.
