June 17, 2022
With the advent of technological innovations and increasing competition in the industrial markets, Enterprise Resource Planning software has gained broad acceptance across numerous industrial domains. Taking advantage of the effective feature of ERP software, businesses are able to break down information silos, streamline processes, and automate business functions within different departments, making it an irresistible choice.
Many home healthcare agencies start out using spreadsheets or simple accounting software, but an ERP integrated with a home healthcare software system offers so many advantages that the sooner you implement such a system, the better.
In order to rebuild and prepare for the uncertain future, homecare organizations need to implement systems, processes, and tools that are more agile, more responsive and offer greater visibility over staffing and patient needs. It is for this reason that Enterprise Resource Planning (ERP) software is essential.
Growing homecare & healthcare expenditures, inefficient care management, and a shrinking workforce are driving stakeholders to find new ways to deliver patient care. Due to these factors, enterprise resource planning (ERP) solutions are expected to grow in popularity, which will, in turn, provide high-quality patient care, reduced operational costs, and eliminate data silos in back-end operations.
With a CAGR of 5.96%, the global healthcare ERP market is expected to reach US$ 11.6 billion by 2030, up from US$ 6.5 billion in 2021.
Not sure if this is the right move for your organization? Find out a few of the top ways ERP software is revolutionizing the homecare and healthcare industry:
A home health care agency can use ERP software to keep track of patients and manage their cases. Agencies, for instance, can keep clients’ records easily, including their medical history, physician visit records, symptoms list and history, diagnoses, treatment records, medication history, current medication, and lab results. Additionally, ERP can easily track a client’s treatment plan that includes more than one primary care provider.
One of the most prominent features of ERP systems is inventory management. This has proven to be a key feature in the healthcare sector as well. It is hard for hospitals to manage their inventories on a daily basis. In this regard, ERP software is particularly helpful, such as for example, coordinating the purchase and maintenance of instruments, tracking expiry dates and reorder status, and finding the most economical suppliers.
It’s no secret that medical records are extremely sensitive and confidential. Does your organization still store them in files or on the network? With an ERP system, you can set advanced user controls so that only authorized personnel can access patient records.
4) Streamlines Decision-Making:
Having an ERP application with a business intelligence module increases accessibility to detailed data by providing fast reporting and graphical visualizations. Leaders can make accurate, real-time decisions quickly and approach problems holistically when using accurate, real-time data. Additionally, you can access information on your budget to help you plan future expenditures.
Organizations can access all data from a centralized location via cloud ERP systems, which allow universal access to all data. A majority of cloud-based systems can be accessed via mobile devices, allowing employees to access HR, Finance, Reporting, etc. from anywhere. Furthermore, AI capabilities can be integrated into ERP systems to improve efficiency and reduce costs.
In 2021, there were 19 percent more reported healthcare breaches. Therefore, healthcare organizations can reduce the risk of leaking private data and negative publicity by implementing a new, secure ERP system. Cloud-based ERP systems enable healthcare organizations to rely on their provider’s security team for data security. Moreover, most cloud vendors keep duplicate copies of their clients’ data in different locations.
ERPs can be cost-effective in the following scenarios:
Using an ERP system, home health agencies can set up automated notifications and alerts so staff and medical providers are alerted when there’s a potential risk or issue with a client or when specific conditions have been met. Additionally, alerts can be placed to remind clients to see their physician or return to the office.
Healthcare is a heavily regulated industry, which must prioritize compliance to protect patients, employees, and the organization itself. A centralized ERP system makes all aspects of your organization transparent, traceable, and easily accessible.
With an ERP solution, you can bring patients, doctors, caregivers, insurance companies, etc. on the same page, with centralized information. Transparency and accountability requirements have accelerated the pace of implementing ERP in the healthcare & homecare sectors.
By doing so, home healthcare organizations can focus on improving the quality of care they provide to patients and ensuring good outcomes, rather than reducing costs or improving operational efficiency.
If your company hasn’t taken advantage of this technology yet, it’s time to seriously consider an ERP system.
Want to streamline and optimize your business operations? ZoftSolutions is a global provider of digital transformation services and ERP software solutions that help homecare care organizations manage clients, workforce, patients, and financial aspects of their operations.