Understanding NetSuite for the Healthcare Industry
If you’re a Healthcare professional or a business owner within the healthcare and life sciences industry, then proper financial reporting has undoubtedly crossed your mind.
Perhaps you’ve come across NetSuite as an Enterprise Resource Planning (ERP) tool that can help manage your finances and scale up your business. But where do you go from there?
If you’ve been stuck with questions about NetSuite, look no further. We’ve developed this helpful list of Frequently Asked Questions, and a glossary of terms, to help navigate you along the sometimes confusing path that is Oracle NetSuite.
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Frequently Asked Questions (FAQ)
What tools do I have for managing my business across multiple countries or currencies?
The most popular cloud-based ERP program for international companies is NetSuite OneWorld. Manage numerous subsidiaries, company units, and legal entities from a single cloud ERP system to speed up financial consolidation and visibility while easily navigating various currencies, taxing regulations, and reporting needs.
How can I improve business relationships with my patients?
With a complete 360-degree customer perspective, NetSuite provides healthcare enterprises with a single repository of client interaction in B2B and B2C situations, enabling greater service quality.
Is NetSuite HIPAA compliant?
Although NetSuite is not natively HIPAA compliant, it has the ability to integrate seamlessly with services that are. Google Big Query, the power behind Business Intelligence for NetSuite, Powered by GURUS, is HIPAA compliant and would help your business manage your data.
What is the best way to manage my business’ finances?
Integrated with your larger back-office, sales, and service processes, NetSuite financial management software offers extensive ERP/financial capabilities. With real-time tracking, reports, and auditing features, this tried-and-true financial management solution increases your productivity.
Do I have access to resource planning for my manufacturing facilities?
The life sciences and healthcare industry as a whole benefit from NetSuite's superior manufacturing resource planning, leaner manufacturing production processes, and improved supply chain management. This includes pharmaceutical, biotechnology, and other organizations.
Is there such a thing as a true cloud solution?
One of the top enterprise resource planning platforms in the world, NetSuite ERP has a sizable ecosystem of add-ons, third-party applications, and sector-specific functionality. Its platform is entirely cloud-based.
You can access your NetSuite instance on any device from anywhere you have access to the internet.
When is the right time to move beyond Quickbooks?
If you’re utilizing QuickBooks, and you’re wondering when the right time to update systems is, look for some of these signs and you’ll know it’s time to upgrade:
- Do you rely too heavily on Spreadsheets to manage your data?
- Is the process of consolidating your yearly financial statements becoming too complex?
- Are you beginning to lack visibility in your business or department’s processes?
If you want more information, explore our blog about the 6 reasons to switch from QuickBooks to NetSuite.
What are the benefits of Digital Transformation?
Digital transformation has emerged as a critical strategic endeavor for staying ahead of the curve as significant changes engulf the healthcare and life sciences corporate sector.
The industry is subject to ongoing legislative change, growing cost-control pressure, and a more complicated competitive environment. Organizations must be able to react swiftly to changes in market conditions, customer demands, and governmental and industry laws if they are to adapt to this dynamic environment.
Download our white paper to learn more about why the Healthcare industry is moving toward Digital Transformation.
Glossary of Terms:
An ERP, or Enterprise Resource Planning, refers to a category of software that businesses employ to handle daily tasks including accounting, purchasing, project management, risk management, and compliance, as well as supply chain management.
PointClickCare provides a unified platform that spans care settings to improve network optimization across visits, patient management within visits, and care transitions between visits.
Fixed Asset Management
This solution from NetSuite provides you with a configurable depreciation and amortization schedule, detailed asset reporting, an easy-to-manage one version of the truth for company-owned and leased assets, and seamless integration with the ERP’s core accounting features.
HIPAA (Health Insurance Portability and Accountability Act) is legislation that works to protect the health and safety, and privacy of privileged medical information.
Materials Requirements Planning (MRP)
Material requirements planning (MRP) is a system for calculating the materials and components needed to manufacture a product.
NetSuite Warehouse Management System (WMS) optimizes daily warehouse operations with the aid of industry-leading techniques like mobile RF barcode scanning, defined putaway and picking strategies, task management, return authorization receipts, and cycle count plans.
iTPM is a native NetSuite SuiteApp for planning promotions, managing deductions, and post-promotion analysis. It is commonly used in the Food and Consumer Packaged Goods (CPG) industries but has a strong use case for healthcare buying groups.
Looking for more information or to see if NetSuite ERP is the right choice for your healthcare business? Talk to a NetSuite Healthcare Cloud Solutions Expert today or continue reading about the benefits of Oracle NetSuite ERP for the Healthcare Industry.