Information is a concept that is an important part of the healthcare industry and sharing knowledge has becoming increasingly more important in order to reduce costs and improve the service provided. Therefore, the healthcare system needs to be able to collect and share information amongst several entities, such as clinics and customers.
This is due to healthcare providers not being able to just rely on their scientific knowledge and memories required for professional practice. The role of knowledge management is significant. Their answer is an ERP system that is planned for healthcare delivery organisations. It also needs to provide information about billing and medical knowledge within the healthcare organisation and to stakeholders. Moreover, the increased use of IT has been led by the desire to reduce costs, to increase competitiveness in the healthcare sector, and to improve personalised personal healthcare.
Healthcare is an industry that continues to grow worldwide as healthcare professionals and hospitals are now demanding the best diagnostic tools, reducing the need for having invasive surgery, as well as having a effective and rapid management system to help with organisation focus. These are factors that allow better care for patients and the continued growth of types of healthcare services.
From the Global Healthcare ERP Market By Functions, By Deployment, By Regional Outlook, Industry Analysis Report and Forecast, 2021 – 2027(Global Healthcare ERP Market By Function, By Deployment, By Regional Outlook, Industry Analysis Report and Forecast, 2021 – 2027 (researchandmarkets.com)), has forecasted that the Global Healthcare ERP Market size is expected to reach $9.399 million by 2027, which is a rising market growth of 6.5% CAGR. This is interesting due to healthcare facilities understanding and encouraging the development of cloud-based ERP, due to its various advantages. What ERP can offer for the industry is advantages such as: minimum ownership cost, low availability of in-house technical expertise, agile and flexible infrastructure capacity, less capital requirement, and constant upgrades.
As ERP is becoming more popular among small and medium sized businesses, there is an increase in demand for these systems to bring down the operational costs and improve function outcomes. Not only are hospitals becoming more interested in ERP systems, but there has also been a particular interest in pharmacies and laboratories to start investing in ERP for factors such as inventory management, accounts, purchase, point-of-sale profile, and selling.
The benefits of implementing ERP into healthcare will be discussed down below, as ERP has allowed the healthcare industry to become more productive.
Reducing operating costs
Since the pandemic began, there has been a particular focus on reducing operational costs, as there has been an abrupt halt to the global supply chain and economic transactions. ERP is a solution where all your operational activities occur under one platform, therefore, you will be able to complete multiple operational activities such as supplies, finance, inventory, billing, and others will be stored under one common database. This will ultimately improve your organisation’s productivity to its peak at the same time as lowering your operational costs.
Due to the effectiveness of ERP, the software allows healthcare staff to pull up vital information when needed, which in effect would save lives at critical points in time. ERP software also allows communication to occur between patients and doctors as well as allowing critical decisions to be made in a short frame of time. ERP allows hospitals to run smoother and reduces the amount of time lost.
When we think of hospitals, one thing that comes to mind in the Reception/Font Desk, which is one of the most important components of the flow of the healthcare system because provides patients and their families with updated information. People working at the front desk have access to information about – for example – appointments, bed availability, specialised services, and schedules of doctors. ERP software greatly assists in the efficient organisation and smooth operation of the front desk.
Inventory management is one of the most prominent features of ERP systems. It has also proven to be important in the healthcare industry. Hospitals find it difficult to manage inventories on a daily basis. Therefore, an ERP software can offer significant help in this regard, such as, for example, coordinating the purchase and maintenance of instruments, keeping track of the expiry period and reorder status, finding economical suppliers. This is also helpful within a pharmacy setting where making informed decisions on which drugs needs to be ordered is essential.
Strategic Planning and Business Intelligence
ERP allows advanced strategic planning and business intelligences provided by the software, as ERP provides accurate, relevant and real-time information that intel’s effective decision making. Effective use of business analytics is considered one of the most important factors of the company’s competitiveness, and as the healthcare industry expands, so does its competitive nature.
Better storage of Information
As discussed previously, as with ERP all the data is stored within a single platform. This means that all the information that is needed in regards to finance, accounting, human resources, medical records, etc. Also with your information being stored on the cloud there is advanced security that protects all your information and data.
Better Patient Care
The ERP system can also help schedule medical procedures and future tests quickly. This way, patients will be well taken care of from the moment they step into the facility. Also, doctors need easy access to a patients’ medical records to make the correct diagnoses and decision for the improved welfare of their patients.
One of the most important aspects of the healthcare industry is the protection of patient confidentiality, especially considering that sensitive information and issues arise on a daily basis. Healthcare companies can safeguard these records with the aid of the right software solution and a reliable SEO company. The ERP system consists of advanced user controls that allow only authorized personnel to access this sensitive data.
Accurate Cost Monitoring
Like any business, the ERP system used ensures that all financial information is stored in one place. This includes inventory, payroll, and back-end financial functions. ERP also allows to track patient payments, expenditures, costs regarding suppliers and other services. As the healthcare industry consists of many different businesses and employs a vast number of individuals, all financial processes need to be managed in the most effective way.
Author: Renu Chandegra