NetSuite Launches Healthcare Solution Designed to Enhance Efficiency and Improve Patient Care
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AUSTIN, Texas, June 24, 2024 ~ Oracle NetSuite, a leading provider of cloud-based business management solutions, has announced the launch of a new solution specifically designed for healthcare organizations. The NetSuite SuiteSuccess Healthcare Edition aims to improve business efficiency and support compliance with the Health Insurance Portability and Accountability Act (HIPAA).

Evan Goldberg, founder and executive vice president of Oracle NetSuite, emphasized the importance of the healthcare industry and Oracle's commitment to simplifying processes and enhancing patient experiences. "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," said Goldberg. He added that this solution will enable frontline workers to focus on delivering high-quality care to patients.

The SuiteSuccess Healthcare Edition is a pre-configured solution with pre-defined role-based dashboards, reports, key performance indicators (KPIs), and workflows. Leveraging Oracle's significant investment in healthcare, this solution is designed to help organizations improve operational efficiency, achieve faster time-to-value, enhance security measures, and ensure compliance.

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One of the key features of this edition is its financial management and reporting capabilities. By automating transactions, payables, receivables, and improving purchasing controls, healthcare organizations can gain a real-time view of their business operations. This includes clinic financials, patient billing information, inventory management for medications and medical supplies. With this comprehensive view of their business data, organizations can make more informed decisions regarding resource allocation and increase operational efficiency.

The SuiteSuccess Healthcare Edition also offers inventory management capabilities that provide a real-time view of inventory across all locations. This includes medications and medical supplies which are crucial for providing quality care to patients. By optimizing reorder processes and ensuring the right quantity of stock is in the right location at all times, organizations can reduce costs and minimize delays.

In addition to financial management and inventory management features, this edition also includes asset and lease management capabilities. This allows healthcare organizations to efficiently manage assets and leases for medical devices, ambulances, and offices. With detailed asset reporting and seamless integration with NetSuite's accounting software, organizations can control costs by creating amortization schedules, planning maintenance, and tracking depreciation.

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The SuiteSuccess Healthcare Edition also addresses compliance and security concerns for healthcare organizations. With role-based access controls, password policies, and multifactor authentication, organizations can control access to electronic protected health information (ePHI). This helps protect sensitive patient information while streamlining business processes and improving overall efficiency.

Furthermore, the solution offers user activity auditing capabilities to monitor access to ePHI in NetSuite. This includes user activity monitoring of customer records and associated transactions to identify any unusual activity. With NetSuite Compliance 360, healthcare organizations can enhance patient privacy by improving customer record visibility and accelerating audits and HIPAA-related investigations.

Merlan Powell, vice president of finance at Coastal Care Partners, shared their experience with using NetSuite. "Our mission is to redefine the way aging adults in our community receive healthcare," said Powell. "NetSuite provides a 360-degree view into our operations, enabling us to streamline business processes and enhance decision-making." She also highlighted the importance of the expanded capabilities and support for HIPAA compliance in protecting patient information and ensuring top-notch care.

The NetSuite SuiteSuccess Healthcare Edition is now available in North America. With its comprehensive features tailored specifically for the healthcare industry, this solution aims to help organizations improve efficiency, reduce costs, ensure compliance, and ultimately provide better care for patients.
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