If you work in the healthcare industry, an ERP software can streamline operations related to compliance, human resource management, and inventory control. Finding the right solution depends on your own business, like budgetary concerns and ease of user training. To start your search right, here are the top 6 ERP software products for the healthcare industry.
- Top ERP products for healthcare include Workday, NetSuite, and SAP Business ByDesign.
- Consider features like primary data compliance and patient management when making your selection.
- Determine if any third-party integrations are necessary for interoperability.
Learn more about these products to find the right ERP software for your needs:
- SAP Business ByDesign
- Infor CloudSuite
- Dynamics 365
Why We Chose It: Workday is a well-suited ERP solution for healthcare organizations as it offers a unified platform that combines financial management and human capital management (HCM) in one place. Healthcare organizations can benefit from streamlined financial processes, including billing, invoicing, and revenue cycle management, while also efficiently managing their workforce, which is essential for maintaining high-quality patient care.
Embedded analytics and real-time insights in Workday HCM is particularly valuable for healthcare facilities, as it enables data-driven decision-making and monitors compliance with healthcare regulations like HIPAA. Scheduling and time tracking tools help healthcare professionals optimize staffing levels.
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Why We Chose It: NetSuite is a cloud-based ERP software which offers several features and capabilities that make it a suitable choice for healthcare organizations. First, the cloud-based nature of NetSuite also provides healthcare professionals with anytime, anywhere access, which is essential for optimizing workflows and patient care coordination.
NetSuite’s scalability is advantageous for healthcare organizations of varying sizes, making it a viable option for mid-sized healthcare facilities that have outgrown basic accounting solutions. And its ability to handle inventory control, time tracking, and supply chain management is particularly relevant for distribution within the healthcare sector.
3 SAP Business ByDesign
Why We Chose It: SAP Business ByDesign provides an integrated ERP solution that supports a wide range of business operations. For healthcare facilities, this means handling everything from basic finances down to procurement, compliance management, supplier relationship management, and HR.
The adaptability of SAP Business ByDesign is also crucial for healthcare organizations, as it allows providers the ability to respond to changing regulations. Overall, SAP Business ByDesign offers healthcare organizations a scalable, adaptable, and comprehensive ERP solution that can streamline operations and enhance the ability to deliver high-quality patient care.
4 Infor CloudSuite
Why We Chose It: Infor offers integrated ERP capabilities that can greatly benefit healthcare institutions by providing deep visibility into operations to facilitate more informed, timely decisions. The budgeting, forecasting, and global statutory reporting, are a good fit for healthcare facilities with more complex financial and HR requirements.
One notable advantage for healthcare organizations is the ability to manage their entire business within a flexible and secure cloud infrastructure, eliminating the need for costly hardware upgrades and ensuring the latest software updates without hassle. In the healthcare sector, where supply chain management is vital for the availability of medical supplies and equipment, Infor CloudSuite’s supply chain management capabilities, including procurement, contract management, and mobile supply chain management, can help streamline operations and ensure efficient service and delivery.
5 Dynamics 365
Why We Chose It: Microsoft Dynamics 365’s comprehensive suite of functionalities, including finance, human resources, and operations, makes it well-suited to address the multifaceted needs of healthcare institutions. The software’s integration capabilities with other Microsoft services like Office 365 and Power BI are particularly advantageous for healthcare facilities aiming to unify their operations and leverage familiar tools.
Dynamics 365 offers healthcare institutions the automation of recurring tasks like invoicing and reporting, streamlining administrative processes. Furthermore, the flexibility of deployment, including cloud and on-premises options, caters to the diverse IT infrastructure setups commonly found in healthcare environments.
Why We Chose It: Acumatica is an ERP with open architecture, which facilitates rapid integrations, can be particularly advantageous in healthcare, where interoperability with various systems like EHR and Laboratory Information Systems (LIS) is crucial for seamless patient care and data management. Furthermore, the platform’s multi-entity support is valuable for healthcare organizations with multiple facilities, allowing for efficient global financial consolidation.
Healthcare’s complex and evolving requirements can result in the need for customizations and modules, and Acumatica’s consumption-based pricing model allows organizations to tailor the ERP precisely to their needs.
What is ERP Software for the Healthcare Industry?
ERP software for the healthcare industry optimizes various administrative and operational processes at facilities such as hospitals, clinics, and other medical practices. It helps these organizations manage resources, improve efficiency, and enhance patient care.
Before implementing an ERP system at a healthcare facility, it’s essential to carefully assess your organization’s needs and select a solution that aligns with your goals and regulatory requirements. Additionally, ongoing monitoring and optimization of the ERP system are crucial for long-term success.
ERP for the healthcare industry needs to include these key features:
- Patient Management: Manage patient registration, appointment scheduling, and electronic health records (EHR) all in one place for seamless care coordination.
- Financial Management: Comprehensive financial tools, including billing, invoicing, insurance claims processing, and revenue cycle management, are essential for healthcare facilities to maintain financial stability.
- Human Resources Management: HR modules can manage employee information, payroll, scheduling, and ensure compliance with healthcare regulations.
- Compliance: Healthcare ERP software should help organizations adhere to regulatory requirements like HIPAA and the Health Information Technology for Economic and Clinical Health (HITECH) Act while maintaining high-quality standards in patient care.
- Vendor Management: Healthcare ERP systems should support procurement processes, vendor evaluations, and contract management when sourcing medical supplies and equipment.
- Inventory Management: Effective inventory management features can help track stock levels, manage expiration dates, and reorder supplies as needed.
- Analytics and Reporting: These analytical tools help healthcare facilities gain insights into daily operations, make data-driven decisions, and track key performance indicators (KPIs).
What to Look for in Healthcare ERP
Here are a few other things to consider when searching for a healthcare ERP software:
- Vendor Reputation: Request customer references and case studies from the vendor to get a better idea of how they will work for you.
- Data Security Compliance: Check the data compliance of your ERP will meet HIPAA standards and other relevant security regulations.
- Customization: The chosen ERP system should allow for customization to adapt to specific workflows and requirements of your healthcare organization.
- User Training: Proper staff training is essential to ensure all users understand the full benefits of the ERP system.
- Scalability: Ensure that the ERP system can scale as your healthcare facility grows to accommodate an increasing number of patients, staff, and resources.
- Total Cost of Ownership (TCO): Evaluate the total cost of ownership, including upfront costs, ongoing maintenance, and support fee to see if it fits within your long-term budget.
- Support and Maintenance: Create an internal tech support team or contract maintenance services from the vendor to minimize service interruptions.
- Integration: Assess the ERP system’s ability to integrate with existing systems and future technologies to avoid data silos and enhance interoperability. Popular integrations include clinic management and EHR software.