Advantages of using ERP in the Healthcare Industry
We have a seen a tremendous growth in healthcare sector and this is further expanding. According to reports, the Indian healthcare market, is likely to grow at a CAGR of 23% to US$ 280 billion by 2020. It is one those sectors that has adopted new-age technologies with open arms. Other than investing in high end apparatus, new technology devices and machines, the healthcare institutions are also spending in upgrading their ERP systems to improve the efficiency of the medical centres thereby increasing the quality of patient care. Additionally, minimizing clinical errors and increasing healthcare providers’ productivity are key motivations to adopt ERP solutions.
What is ERP?
Enterprise resource planning or ERP as it is popularly called is a technology that encourages inter-departmental communication within an organization, enabling employees to work better. The software helps to break data silos across multiple business functions, streamline information in various departments and automate tasks. Since all the relevant data is centralized, users can access and interpret the most up-to-date business facts and figures by the click of a button. This kind of integrated approach is safer than having information across multiple systems where data can get lost in transition. Also, it’s time consuming and costly to analyze data from different systems when every information can be made available in a single location. With the ability to manage end-to-end operations such as financial accounting, inventory management, customer relationship management, and human resource management, the software can augment productivity and increase profitability.
What is the need of ERP software in the healthcare industry?
With the number of footfalls in hospitals increasing day-by-day, doctors and clinicians need real-time information on their patients’ diagnostic reports. A strong ERP System facilitates the communication and makes treatments and therapies more effective. In addition, various departments in hospitals need automated solutions to integrate their core services, support services and back-office operations. Reducing operational cost and overhead is one of the key motivations for adopting ERP solution. Streamlining information across pharmacy, laboratory system, radiology, picture archiving and communication system (PACS) and patients’ electronic medical records (EMRs) is vital. On the other hand, patients get access to the consolidated information of their medical reports to timely schedule the appointments and promptly make decisions.
Benefits of ERP software in healthcare
Some of the key benefits of implementing ERP solutions are:
- Better Patient Care: An ERP software helps healthcare providers to provide patients with remote access to crucial databases and reports. This further helps patients in better decision making. An advanced automated software makes planning subsequent tests and medical procedures easier. ERP solution ensures the availability of crucial patient information across departments.
- Reduces Operational Cost: ERP as a part of IT automation software can result in process efficiencies since it takes care of the entire operation and brings all the relevant information under a common database. Hence a CRM can talk to an HRMS app and an inventory management app can talk to a CRM app and so on. It helps optimize different back-end operations such as payroll management, accounts management and inventory management.
- Streamlines Healthcare Processes: This is achieved by integrating core services such as patient registration, managing electronic medical records, radiology department, OPD and emergency.
- Financial Planning: An ERP ensures payments from various managed care providers are reasonable, leading to a win-win situation for providers and payers. This also helps in maintaining profitability in healthcare institutions along with affordable patient care.
- Adopting Best Practices: Healthcare institutions can efficiently manage all policies and procedures pertaining to member benefits, claims, enrolment, and providers’ networks, which keeps them updated with best practices of the sector.
- Patient Safety: An ERP software enables healthcare providers to enhance safety by making the communication between the clinicians and patients transparent. An interactive ERP is considered by numerous institutions as an organizational mandate for bringing patient safety culture.
Implementing ERP solution helps to bring healthcare providers, insurance providers and patients under one platform and keeps all the crucial information centralized. Deskera is one of the fastest growing ERP vendors that provides cloud-based fully integrated ERP software suite.This award winning software helps healthcare professionals to focus on their key concerns—quality patient care and safety. Deskera ERP software helps these organizations gain competitive edge and augment their bottom line. It has all the applications that are required by healthcare providers to manage their day-to-day activities. Thus, helping every institution streamline its process to become more efficient. Deskera offers an integrated suite comprising ERP, CRM, MRP, PM and HRMS. These apps can be accessed from any internet-enabled device real time.