NetSuite has launched the NetSuite SuiteSuccess Healthcare Edition in North America. SuiteSuccess editions help accelerate the implementation and ongoing adoption of NetSuite. They are tailored for specific industries to help customers with NetSuite adoption. The Healthcare edition helps organisations improve business efficiency by streamlining business processes, expanding insights, improving decision-making, optimizing resource allocation, and enhancing patient care. The solution also wraps compliance around the solution, helping to ensure that the organisation is compliant with the support Health Insurance Portability and Accountability Act (HIPAA).
Evan Goldberg, Founder and Executive Vice President, of Oracle NetSuite, commented, “Healthcare is one of the biggest, most critical, and most complex industries in the world. Oracle is making a significant investment in Healthcare to help simplify processes and enhance the patient experience.
“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, all while addressing HIPAA compliance. As a result, these organizations can do more with less and enable frontline workers to focus on what matters most—delivering high-quality care to their patients.”
What is in NetSuite SuiteSuccess Healthcare Edition
Ever since it acquired Cerner in 2022 for $28 billion, Oracle has become a powerhouse in the healthcare market. It has leveraged the knowledge and experience gained and applied it to the healthcare industry with the aim of accelerating growth in that sector. NetSuite has always been strong in life sciences but has seen increasing demand from Healthcare, and with SuiteSuccess, will hope to accelerate its growth in the sector.
The new edition comes with the usual pre-defined role-based dashboards, reports, KPIs, and workflows. This edition comprises of:
Financial management and reporting
It helps healthcare organizations automate and streamline transactions, payables, and receivables, improve purchasing controls, and accelerate reporting. With a single, real-time view of the business, from clinic financials and patient billing to inventory, customers can improve decision-making, enhance resource allocation, and increase operational efficiency.
Inventory management
It helps gain a real-time view of inventory across all locations, including medications and medical supplies. With a comprehensive view of inventory, customers can reduce costs and minimize delays by optimizing the reorder processes and confirming the right quantity of stock is in the right location.
Asset and lease management
Healthcare organizations can quickly and accurately manage assets and leases for medical devices, ambulances, or offices. With detailed asset reporting and seamless integration with NetSuite’s accounting software, healthcare customers can control costs by efficiently creating amortization schedules, planning maintenance, and tracking depreciation.
Compliance and security
Healthcare organizations can control access to electronic protected health information (ePHI), with role-based access controls, password policies, and multifactor authentication. These features can help customers to protect sensitive patient information while streamlining business processes and improving overall efficiency.
User activity auditing
Auditing functionality enables healthcare organizations to monitor access to ePHI in NetSuite – including user activity monitoring of the customer record and associated transactions – to identify unusual activity and report on interactions with patient data. With NetSuite Compliance 360, healthcare customers can enhance patient privacy by improving customer record visibility and accelerating audits and HIPAA-related investigations.
Healthcare customers
NetSuite has several partners with expertise in the Healthcare industry, including Folio3, GSI, Nolan Business Solutions and SCG. These partners will also benefit from what SuiteSuccess for Healthcare will provide to supplement their own experience.
NetSuite already has a cadre of happy healthcare customers. These, no doubt, have helped the firm develop the requirements of SuiteSuccess that it has now productised. They include companies like Coast Care Partners and Recovery Healthcare.
Coastal Care Partners
Coastal Care Partners was founded to run innovative Nurse Care Management and In‑Home Care programs which qualified nurses run. It has now expanded to operate additional services, including Concierge Pediatrics, Concierge Adult Primary Care, and Urgent Care. NetSuite has helped power that growth.
Merlan Powell, Vice President of Finance at Coastal Care Partners, commented, “Our mission is to redefine the way ageing adults in our community receive Healthcare, so we needed an integrated business system that would help us deliver more personalized care. NetSuite provides a 360-degree view into our operations, enabling us to streamline business processes and enhance decision-making. With these expanded capabilities and support for HIPAA compliance, we can better protect patient information and ensure first-class care.”
Recovery Healthcare
Another client is Recovery Healthcare, based in Dallas, Texas. The firm used QuickBooks but was challenged by its limitations as it expanded across three states. Unable to take online payments, the system risked billing errors, particularly in cash transactions and relied on time-consuming manual processes.
Having adopted NetSuite, the company has grown 500% within three years while lowering administration costs. Its financial disclosure reports can now be produced instantly rather than taking 30 days. The automated processing of credit cards and on-site payments has reduced manual work and increased accuracy. A spokesperson commented, “NetSuite allowed us to grow from 10 employees to 110 in 4 years, with financial control and visibility — something no other software product could do.”
Enterprise Times: What does this mean
NetSuite is slowing expanding its presence into all of the verticals that Oracle operates in. During the early days of the Oracle NetSuite acquisition, it seemed as though Oracle wanted to ring-fence certain verticals. However, it now realises that the organisation is much stronger if it can enable Oracle NetSuite to pick up the smaller organisations. It is now leveraging its deep expertise and supplementary solutions, such as those from Cerner, by bringing the power of NetSuite to market.
This latest edition, though initially focused on North America, may well expand abroad. It will be interesting to see which markets it targets next.
