The News: Oracle NetSuite announced a new solution designed to assist healthcare organizations with improving business efficiency and supporting compliance with Health Insurance Portability and Accountability Act (HIPAA) regulations. NetSuite SuiteSuccess Healthcare Edition leverages advancements in cloud computing and artificial intelligence (AI) to help streamline business processes, expand insights, improve decision-making, optimize resource allocation, and enhance patient care.
You can read the press release at Oracle’s website.
Oracle NetSuite Announces NetSuite SuiteSuccess Healthcare Edition
Analyst Take: Oracle NetSuite is leaning into its parent company’s focus on the healthcare industry with the launch of NetSuite SuiteSuccess Healthcare Edition, a new solution designed to help healthcare organizations improve efficiency and decision-making while also supporting HIPAA privacy and security requirements. As Oracle Chairman and Chief Technology Officer Larry Ellison has stated, the healthcare industry is a primary focus for the company, and not surprisingly, NetSuite is also focused heavily on this industry vertical.
NetSuite SuiteSuccess Healthcare Edition is a pre-configured solution that incorporates predefined role-based dashboards, reports, KPIs, and workflows for healthcare organizations. NetSuite SuiteSuccess Healthcare Edition is available now in North America and includes the following features and elements:
- Financial management and reporting: The solution provides a single, real-time view of the business, from clinic financials and patient billing to inventory, helping healthcare organizations automate and streamline transactions, payables, and receivables, improve purchasing controls, and accelerate reporting.
- Inventory management: The solution provides healthcare organizations with a real-time view of inventory across all locations, including medications and medical supplies. Using the 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: With detailed asset reporting and seamless integration with NetSuite’s accounting software, the solution helps healthcare organizations quickly and accurately manage assets and leases for medical devices, ambulances, or offices. It enables customers to better control costs by efficiently creating amortization schedules, planning maintenance, and tracking depreciation.
- Compliance and security: The solution assists organizations with controlling access to electronic protected health information (ePHI), with role-based access controls, password policies, and multifactor authentication. These features can help customers protect sensitive patient information while streamlining business processes and improving overall efficiency.
- User activity auditing: The solution can identify unusual activity and report on interactions with patient data to help healthcare organizations monitor access to ePHI in NetSuite, including user activity monitoring of the customer record and associated transactions. With NetSuite Compliance 360, healthcare customers can enhance patient privacy by improving customer record visibility and accelerating audits and HIPAA-related investigations.
Driving Efficiency and Supporting Compliance Efforts for Healthcare Organizations
Today’s healthcare organizations are facing increasing pressure to modernize and drive efficiency. However, they are often hamstrung by one-size-fits-all technology platforms or struggle to connect disparate third-party or homegrown applications. This can result in a lack of visibility across the organization, impacting its ability to manage inventory, costs, and schedules.
More importantly, organizations that are unable to efficiently manage these back-end processes are often unable to provide an excellent customer or patient experience, as they aren’t able to surface relevant patient details at the right time or connect data held in disparate systems that enable seamless transactions or processes. Furthermore, for organizations operating in a competitive market, controlling costs is essential to ensuring that services can be delivered in a way that maximizes value to patients while delivering the expected revenue to the organization.
NetSuite has touted its suite approach to delivering software, which maximizes value to the organization by incorporating all functions within a single software package. This ensures that critical and dependent data remain updated and synchronized while also enabling users to have a holistic view of all relevant data.
NetSuite SuiteSuccess Healthcare Edition appears to meet this goal, though NetSuite, like other vendors, must convince customers that its solution can quickly deliver ROI to justify the cost of investing in a new platform. This requires a more mature view of the value of digital transformation efforts, particularly in understanding that access to data is the underlying pillar for enabling automation, artificial intelligence, and workflows that can be deployed within each user’s natural flow of work.
Disclosure: The Futurum Group is a research and advisory firm that engages or has engaged in research, analysis, and advisory services with many technology companies, including those mentioned in this article. The author does not hold any equity positions with any company mentioned in this article.
Analysis and opinions expressed herein are specific to the analyst individually and data and other information that might have been provided for validation, not those of The Futurum Group as a whole.
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Author Information
Keith has over 25 years of experience in research, marketing, and consulting-based fields.
He has authored in-depth reports and market forecast studies covering artificial intelligence, biometrics, data analytics, robotics, high performance computing, and quantum computing, with a specific focus on the use of these technologies within large enterprise organizations and SMBs. He has also established strong working relationships with the international technology vendor community and is a frequent speaker at industry conferences and events.
In his career as a financial and technology journalist he has written for national and trade publications, including BusinessWeek, CNBC.com, Investment Dealers’ Digest, The Red Herring, The Communications of the ACM, and Mobile Computing & Communications, among others.
He is a member of the Association of Independent Information Professionals (AIIP).
Keith holds dual Bachelor of Arts degrees in Magazine Journalism and Sociology from Syracuse University.
