4 Reasons why NetSuite is healthy for your Healthcare Business

4 Reasons why NetSuite is healthy for your Healthcare Business

As a healthcare company, there is constant pressure to respond to customer requirements along with government and industry regulations in a space that is becoming increasingly competitive. In such a scenario, you must have the tools that increase your organizational efficiency.

Especially, if your core processes are still wrapped around legacy applications like Quickbooks or Tally. Your Accounting & Revenue Management processes make all the difference between good or bad business decisions. Hence, it is imperative that they provide maximum visibility on numbers, flexibility in terms of the reporting & data sharing. Here’s how Netsuite can help.

Better Inter-departmental data sharing and visibility

The various departments in your healthcare company are interested in data for different reasons and derive differing value from it. But for this to happen, there must be some degree of permissibility for data to flow between them.

A siloed business inhibits digitalization. And even if your organization is looking to work towards sharing information, insights, or stats across departments with core processes still largely based on legacy architecture, sharing is either partial or extremely process intensive.

While QuickBooks is light and cheaper, it is exceedingly difficult to share such information and there are probably several data sources maintaining the same data to the extent that each department would probably be maintaining its own data source.

In NetSuite, there is just one data source—the cloud. NetSuite is also lightweight in comparison to a desktop application and is still affordable for small and medium businesses. Netsuite OneWorld provides an end – to – end ERP + CRM solution which can be suitably customized to meet your data management requirements

Manage your financials better

To maintain robust business health you have to have a keen understanding of whether your revenue mix is optimized.
NetSuite Advanced Financials allows you to do budgeting and forecasting very easily. It completely automates your financial planning cycle, allowing you to set your budgets, monitor and report on variances, analyze your options, and re forecast accordingly. Add to this the very user-friendly interface, a 360-degree overview of your financials with a drag-and-drop functionality.
Being able to identify the different revenue streams and view their consolidated as well as individual performances is a key data visualization outcome, which Netsuite facilitates through automation. You now do not have to worry about spreadsheets or version control or consolidation of complex data ridden with manual errors. Instead you can focus on providing the right numbers, accounting for it with reports, and devote your time to strategy & business planning.

Manage multiple locations with ease

Though Quick Books is quite easy to set up and hence very attractive to begin with, managing multiple locations, especially in multiple countries, can be a rather complex task. This is because of different business requirements, multiple currencies, and even varying taxation standards.

NetSuite OneWorld Edition allows you to manage multiple subsidiaries in different locations of the world. It saves you and your accounting teams a lot of time in financial consolidation from anywhere, by storing and fetching data from multiple subsidiaries worldwide and by having taxation standards built in to NetSuite for each country.

A well-integrated CRM is already a part of NetSuite

If you have ever used Quick-books to run your healthcare services, you would have observed that it does not have a CRM built in. Though you can always buy a CRM separately and integrate it, albeit with some pain, with Quick-books, it is never quite the same as having a unified solution for both.

You need someone trained on ERP to handle the back end and someone with CRM training to work your front end. And let’s not even talk about the arduous task of maintain separate databases, one for the ERP and the other for the CRM. First, with only a single system to maintain both ERP and CRM, IT costs are highly reduced. Second, in a system where the ERP and CRM talk to one another, there is no need to keep two separate databases or ever worry about keeping the data synchronized at all times.

#Bonus: Netsuite is has always been a SaaS based solution so it is cloud-ready, already, as opposed to some of its legacy based competitors such as Microsoft Dynamics with its three pillars which have now been combined into one platform and are as such a lot more complex to implement.

Techcloudpro, an Oracle Netsuite Channel Partner specializes in customized solutions based on the netsuite platform. From 40 hours of free consultation & pre-sales discovery sessions to shorter implementation periods, after sales support and complementary products, your order to cash and purchase to payment worries cease to exist.