The dental industry is declining due to the changes happening all over the world, affecting almost every part of the market. This includes producers and distributors, as well as private clinics and practice management groups. As the competition grows, dentists are looking for ways to stand out from what has become a mix of commodity-based services. Online research is taking the place of word-of-mouth publicity, and ‘customers’ are becoming more aware of the different kinds of services available.
To make them stand out, dentists must adapt to technology that permits them to target on providing the best care possible instead of worrying about the managerial complexities.
A great number of dental practices are quickly realizing that their old financial management systems are impeding their growth, performance, and ability to keep up. Legacy on-premise systems or primitive cloud-based solutions require advanced inspections and financial supervision to adjust to the market changes. People who run dental practices and practice management groups choose NetSuite's cloud-based enterprise-level resource planning (ERP) solution because it can deal with present problems while setting the foundation for the future, which is what they need to move forward.
NetSuite offers Dental community with:
• An extremely scalable system that allows practices to organize their mission-critical business operations. The NetSuite platform makes it effortless to include the latest practices, new business lines and novel services.
• Robust reporting abilities that provide practices greater insight into production data and practice area profitability.
• A stronger development platform with excellent flexibility that offers practices to adapt the system to fulfil their distinct needs. NetSuite’s API (Application programming interface) simply integrates with Dentrix, Open Dental, Carestream and Eaglesoft.
• In-built business intelligence that provides real-time insights into fundamental business performance indicators for a combined prospect of the practice.
• Rapid ROI that conventional systems cannot match. NetSuite’s quick execution times and cloud-based foundation assure that dentists can get back to distributing quality care.
• A cloud-based system that is safe, secure and authentic. Each of NetSuite’s data centres offers data reproducing, disaster rehabilitation and failover abilities for the other. The NetSuite application is multi-tenant, and every server, storage and hard drives are developed on certain layers of redundancy.
• NetSuite permits you to acquire over 200 previously prepared reports with the click of a button. Anytime, anywhere access allows you to work on your schedule so that you are able to better serve the patients.
Comprehensive Financial Management Capabilities
• NetSuite distributes stronger cloud Customer Relationship Management (CRM) abilities, consisting of Sales Force Automation (SFA), marketing automation, consumer support and service, and achieve clarity into business processes including:
• End-to-end transparency into your receivables and dues.
• Finished fixed asset lifecycle tracking and reporting from accession to reduction to retirement.
• Automatic revenue recognition following with accounting standards using varying organizing and sophisticated allotments.
• Combined budgeting and predicting tools to control financial projections against actuals.
• Simply upload Patterson or Henry Schein formulary to administrate inventory and track production data.
Robust Financial Controls and Regulatory Compliance
NetSuite streamlines compliance with GAAP, FASB, SEC and AICPA limitations and standards. It also enables SOX Section 404 compliance by assisting internal controls and facilitating individual accountability via a complete audit trail of every operations and transactions:
• Modifiable positions with consents that assist the separation of duties.
• Audit trail visibility into comprehensive transaction history, reports and saved searches.
• Offers permitting and certification management—capability to confidentially keep doctor NPI numbers and DEA licenses.
• Multi-book/Multi-ledger feature permits practices to follow with various sets of financial books in parallel, and provide financial statements corresponding with accounting standards are needed.
• Tax-basis reporting offers finance teams with the transparency and reporting they require to optimize cash, manage bank accounts, control liquidity and deliver compliance.
Multiple Entity Management and Consolidation
NetSuite OneWorld assists practices with various locations simplifying processes and offering real-time visibility at the local, regional and headquarter levels inside a particular system. Using OneWorld, practices can build standard business operations and deploy them over their divisions and subsidiaries at the click of a button; while confronting all critical and time-taking regulatory financial compliance needs.
Real-Time Reporting and Analytics
Using NetSuite, dental practices can acquire real-time cash positions and make financial reports with a button click. NetSuite offers the power of in-built, real-time dashboards, reporting and evaluating overall combined processes within the software suite. Understanding true value-added insights, business users achieve real-time visibility to recognize problems, trends and opportunities, and immediately examine the fundamental transaction to take action. Observe practice-wide performance over every organization or pinpoint particular spending at a single location.
Industry Leading Customization and Integration Capabilities
NetSuite offers a cost-effective solution that enhances productivity, decreases the strain on IT and combines with key dental practice management software including Dentrix, Open Dental, Carestream and Eaglesoft. The adaptable API and SuiteCloud development platform offer strong customization tools for broadening NetSuite to suit your distinct business requirements, now and into the future.
To know more about the various capabilities available in NetSuite ERP contact Jobin & Jismi. We can assist you with the NetSuite related concerns.