Top Five Benefits of Healthcare ERP Systems

Enterprise resource planning (ERP) systems are used across a wide range of businesses to streamline operations and reduce costs, including the healthcare sector. Healthcare ERP systems offer numerous benefits to hospitals and other healthcare clinics. They also improve financial performance. Many erps for healthcare also include or integrate with electronic health record or ehr systems for integrated patient management.

ERP software helps streamline business operations and improves communication throughout your business. It ensures that all your employees have access to the same real-time data. EPRs also help with increased regulatory compliance. They allow businesses to cut costs while improving data accuracy and creating a better experience for their customers.

Key Takeaways

• Healthcare ERP solutions improve resource management, streamline processes, and provide better data analytics within a healthcare organization
• Healthcare ERP systems are used by healthcare organizations and healthcare professionals to better manage billing, schedule staff shifts and appointments, order medical supplies, track patient records, improve patient security, and more
• ERP software consolidates all financial, operational, and patient data in a single system, which improves efficiency

What is Healthcare ERP?

Healthcare ERP is a type of software designed specifically to fit the needs of businesses in the healthcare industry. ERP healthcare solutions help businesses in automate operations, eliminate data silos, and streamlining the transfer of data, enabling you to make better, data driven decisions for your healthcare business. They drive improved patient outcomes and better value based care.

ERP systems are highly beneficial for healthcare organizations in managing essential business processes, including HR, finances, customer relationships, inventory, and more. They help healthcare businesses fulfill their two primary objectives: delivering quality care to patients and delivering quality care that costs less. They’re specifically designed to handle electronic health records (EHR) and improve patient management.

How Does Healthcare ERP Work?

For decades, hospitals and medical clinics have been adopting new technological solutions to cut costs and improve patient care. Many healthcare facilities now use electronic medical records, as an example. Lots of medical equipment like heart monitoring equipment is also Wi-Fi-enabled. Telemedicine is becoming more and more popular. Robot-assisted surgery allows doctors to perform many types of complex procedures with increased precision while reducing healing time for patients.

It’s fair to say that technology is changing the face of medicine. Healthcare ERP solutions are just one component of this technological healthcare revolution. They improve project management, supply chain management, and more.

ERP Key Features for the Healthcare Industry

A healthcare ERP system should have several key features to serve the unique needs of healthcare companies. While ERPs are common in multiple industries, healthcare companies have specific needs that require customized solutions.

Patient Information Management
One key feature of a healthcare ERP system is the ability to efficiently manage patient information, including demographic details, medical history, and insurance data. By making this information easily accessible, healthcare providers can enhance patient care, streamline management, and minimize administrative errors.

Appointment Scheduling
Effective appointment scheduling is essential for smooth healthcare operations. A robust ERP system should enable healthcare providers to easily schedule and manage appointments, helping reduce wait times and improve overall patient satisfaction.

Financial Management
A comprehensive healthcare ERP system must include financial management features like accounts payable, accounts receivable, and general ledger functionality. These tools help healthcare organizations better manage their finances and mitigate the risk of financial errors.

Inventory Management
Managing inventory is critical for healthcare organizations, which often require efficient tracking of medical supplies and equipment. A healthcare ERP system should offer a detailed inventory management module that addresses supply chain issues, monitors stock levels, manages orders, and provides real-time insights into inventory status.

Clinical Documentation
Accurate clinical documentation is vital for patient care and management. Healthcare ERP systems should include an intuitive clinical documentation feature, allowing providers to document and access patient information in real time, enhancing workflow and care quality.

Reporting and Analytics
A healthcare ERP system should also provide strong reporting and analytics tools, offering real-time data, dashboards, and analytical insights. This information can be instrumental in identifying areas for improvement and driving organizational change.

Compliance and Security
Finally, ERP systems must prioritize security and compliance, adhering to regulations such as HIPAA to protect sensitive patient information and prevent legal consequences.

Benefits of ERP in Healthcare

ERPs offer numerous benefits to hospitals and other types of medical clinics. Healthcare providers are trying to take advantage of existing technologies to reduce costs and provide quality patient care.

The top benefits of ERP in healthcare are:

1. 1. Improved Patient Care. Hospitals and other medical facilities use healthcare ERP software to easily create patient databases such as reports, dietary information, patient records, schedules, and more. Storing all this data in an ERP makes it easier for both medical staff and patients to access it. In addition, ERPs often offer artificial intelligence (AI) and automation. Doctors and other medical professionals can use this functionality to easily make data-based decisions and treatment plans.

1. 1. Reduce Operational and Labor Costs. Like with other types of businesses, ERPs allow hospitals to reduce operational and labor costs. Better data tracking allows hospital administrators to identify wasted resources, optimize staffing levels, and reduce unnecessary costs. In addition, the HR department can easily manage payrolls with automated calendars and reports.

1. 1. Better Financial Planning. Medical ERP systems help hospital accounting and finance professionals manage bills, payroll, tax and expenses, inventory schedules, and medical equipment costs. This helps in planning the financial chart and managing profitability.

1. 1. Record and Planning Automation. A fully automated ERP platform allows doctors and other medical professionals to easily manage appointments, patient records, and prescriptions.

1. 1. Increased HIPPA Compliance. Medical ERP software includes provisions for HIPAA compliance. Any healthcare facility needs to ensure that their technological tools are HIPAA compliant. Using an ERP solution designed specifically for a medical setting makes this easy, including limiting record access and advanced audit trails.

What Are Some Examples of Healthcare ERP Systems?

Multiple different providers offer ERP solutions, many of which aren’t healthcare-specific. They may, however, be customized to provide healthcare-specific functionality. Some of these generic ERP solutions include SAP S/4HANA, Oracle Fusion Cloud ERP, IFS Cloud and Microsoft Dynamic 365. Healthcare-specific ERPs include Sage Intacct, Epic, Cerner, and NextGen Healthcare.

Healthcare professionals have a choice between multiple different versions of ERP hospital management software. When considering what software solution to use, healthcare providers should consider HIPAA compliance and that they are picking a solution that best fits their needs. Choosing the right ERP for your practice can be a daunting task, which is why we’re here to help.

Some of the most important functions of a healthcare ERP system include:

• Eliminating repetitive data and coding errors
• Better supply chain management
• Better manage patient data
• Robust employee and patient management
• Improve patient care with predictive analytics and AI

What is the Purpose of Using Healthcare ERP?

The primary objectives of a healthcare ERP solution are to enhance access to relevant data throughout the organization and improve operational efficiency. ERP systems streamline the process for caregivers to access comprehensive patient information, from imaging results to immunization records. Patients also benefit from greater access to and control over their personal health data, which is often centralized within a patient portal. This collaboration between healthcare organizations and patients can lead to more effective communication and a higher standard of care.

Healthcare ERP systems drive efficiency by offering broad oversight into both administrative and clinical functions. Administrators can leverage this data to monitor costs, set operational limits, and make more informed decisions. Additionally, the artificial intelligence and centralized reporting features commonly found in ERP platforms can provide valuable insights, revealing problem areas that may otherwise go unnoticed without such a system.

How We Can Help

At CertiPro, we are experts in all things related to Sage Intacct. Sage Intacct is an intuitive cloud-based ERP system. It was built specifically for healthcare organizations just like yours. Sage Intacct has been certified as HIPAA- and HITECH-compliant by Avertium (formerly Sword and Shield). They offer advanced audit trail capabilities and will happily enter into a Business Associate Agreement (BAA) with eligible healthcare clients.

Sage Intacct is the first and only AICPA preferred financial management solution. It’s also rated #1 in Customer Satisfaction by the G2. Contact us to learn more about what Sage Intacct could do for your healthcare practice today.