26 Jun, 2024

Why India’s Growing HealthCare Organizations Need Oracle NetSuite?

Over the past few years, the healthcare sector in India is witnessing rapid growth and visibility when it comes to revenue as well as employment. Experts point to the population growth at 1.6 percent annually with a sizable chunk of elderly people pegged at more than 100 million. Studies reveal that the healthcare industry in the country was estimated at $370 billion two years ago and in 2026, it is slated to be over $610 billion. 

Demographics is playing a pivotal role in increasing the market size making the demand for additional specialized healthcare facilities and products more visible than ever before. Among the key factors fueling this growth are medical equipment, health tourism, clinical trials, health insurance and cutting-edge diagnostic tools. As far as this industry is concerned, the onslaught of the pandemic came as a game changer, forcing the private sector to seriously think about the growth potential of the healthcare segment and the need to invest in it. 

Like any growing organization, healthcare firms must ensure seamless coordination between different departments and efficiently manage data and resources for greater growth. In such a scenario, a top-notch ERP solution can work wonders by managing critical data on a consolidated platform and automating all mundane tasks. Automation ultimately improves patient care as the burden of devoting more time to overseeing administrative aspects of the establishment is significantly reduced. 

An efficient cloud-based ERP system consolidates all patient records, consulting schedules and bills. This promises quick access to all information about patients and cuts down the inordinate delay they face. This will improve the overall quality of health care. Another priority area where an ERP solution can prove its mettle is regulatory compliance given the constantly changing rules and regulations in this industry. It is equipped with the necessary features for reporting and documentation to ensure compliance with the standards stipulated by regulatory authorities. 

As one of the world’s most sought-after ERP solutions since 1998, Oracle NetSuite is an ideal choice for organizations in the bourgeoning Indian healthcare industry. With a history of 26 years, it is used by more than 37,000 establishments in various countries across the world. Its whole suite of applications, immense customizable properties and intelligent dashboards make it the best bet. 

Now what are the salient features of NetSuite that can boost the fortunes of healthcare firms? This much-in-demand solution guarantees transparency and accuracy in financial management. This reduces manual labor and minimizes the chances of error to a great extent. The quality of health care gets a shot in the arm when the supply chain of medical equipment, drugs, diagnostic tools and other accessories is streamlined. 

Apart from financial management, this comprehensive system is equipped with tools to automate revenue generation, inventory control, HR systems, performance analytics and payroll. NetSuite also automates professional service automation that keeps track of records and order management. Yet another salient feature is the key performance indicators (KPIs) and reports provided by this platform to provide a bird’s eye view of the entire organization. 

Many Indian organizations still devote time and energy to maintaining bulky cabinets of files and ledgers. Healthcare organizations are no exception either. This is where NetSuite can prove beneficial. Its robust properties eliminate the need to maintain file cabinets as it can manage all documents and records effortlessly. This streamlines workflow and reduces the time needed to fetch records. The net result? Patient care gets more attention. 

Worried about safety aspects such as data privacy? This is significant because shielding sensitive information about patients is paramount for any medical establishment. NetSuite has top-class security features that ensure the protection of patient data. It also complies with privacy regulations. 

Another plus point of NetSuite is the optimization of costs without having to compromise on the quality of health care. This is because the platform streamlines all operations and removes redundancies. By employing this cloud solution, growing health care organizations in India can also gain visibility into real-time data and insights in the form of graphs, charts, etc. This information will provide an upper hand to decision-makers as they can access it in real-time. 

To sum it up, healthcare firms shouldn’t think twice when it comes to choosing Oracle NetSuite to stay competitive and extend the profit trajectory.