4 reasons why NetSuite is healthy for your Healthcare business
Posted On March Tuesday 2, 2021
As a healthcare company, there is constant pressure to respond to customer requirements along with government and industry regulations in a space that is becoming increasingly competitive. In such a scenario, you must have the tools that increase your organizational efficiency.
Especially, if your core processes are still wrapped around legacy applications like Quickbooks or Tally. Your Accounting & Revenue Management processes make all the difference between good or bad business decisions. Hence, it is imperative that they provide maximum visibility on numbers, flexibility in terms of the reporting & data sharing. Here’s how Netsuite can help.
Better Inter-departmental data sharing and visibility
The various departments in your healthcare company are interested in data for different reasons and derive differing value from it. But for this to happen, there must be some degree of permissibility for data to flow between them.
A siloed business inhibits digitalization. And even if your organization is looking to work towards sharing information, insights, or stats across departments with core processes still largely based on legacy architecture, sharing is either partial or extremely process intensive.
While QuickBooks is light and cheaper, it is exceedingly difficult to share such information and there are probably several data sources maintaining the same data to the extent that each department would probably be maintaining its own data source.
In NetSuite, there is just one data source—the cloud. NetSuite is also lightweight in comparison to a desktop application and is still affordable for small and medium businesses. Netsuite OneWorld provides an end – to – end ERP + CRM solution which can be suitably customized to meet your data management requirements
Manage your financials better
To maintain robust business health you have to have a keen understanding of whether your revenue mix is optimized.
NetSuite Advanced Financials allows you to do budgeting and forecasting very easily. It completely automates your financial planning cycle, allowing you to set your budgets, monitor and report on variances, analyze your options, and re forecast accordingly. Add to this the very user-friendly interface, a 360-degree overview of your financials with a drag-and-drop functionality.
Being able to identify the different revenue streams and view their consolidated as well as individual performances is a key data visualization outcome, which Netsuite facilitates through automation. You now do not have to worry about spreadsheets or version control or consolidation of complex data ridden with manual errors. Instead you can focus on providing the right numbers, accounting for it with reports, and devote your time to strategy & business planning.
Manage multiple locations with ease
Though Quick Books is quite easy to set up and hence very attractive to begin with, managing multiple locations, especially in multiple countries, can be a rather complex task. This is because of different business requirements, multiple currencies, and even varying taxation standards.
NetSuite OneWorld Edition allows you to manage multiple subsidiaries in different locations of the world. It saves you and your accounting teams a lot of time in financial consolidation from anywhere, by storing and fetching data from multiple subsidiaries worldwide and by having taxation standards built in to NetSuite for each country.
A well-integrated CRM is already a part of NetSuite
If you have ever used Quick-books to run your healthcare services, you would have observed that it does not have a CRM built in. Though you can always buy a CRM separately and integrate it, albeit with some pain, with Quick-books, it is never quite the same as having a unified solution for both.
You need someone trained on ERP to handle the back end and someone with CRM training to work your front end. And let’s not even talk about the arduous task of maintain separate databases, one for the ERP and the other for the CRM. First, with only a single system to maintain both ERP and CRM, IT costs are highly reduced. Second, in a system where the ERP and CRM talk to one another, there is no need to keep two separate databases or ever worry about keeping the data synchronized at all times.
#Bonus: Netsuite is has always been a SaaS based solution so it is cloud-ready, already, as opposed to some of its legacy based competitors such as Microsoft Dynamics with its three pillars which have now been combined into one platform and are as such a lot more complex to implement.
Techcloudpro, an Oracle Netsuite Channel Partner specializes in customized solutions based on the netsuite platform. From 40 hours of free consultation & pre-sales discovery sessions to shorter implementation periods, after sales support and complementary products, your order to cash and purchase to payment worries cease to exist.
Tech Support
The availability of tech support impacts your business in a big way. Microsoft Dynamics provides support during regular business hours and it is not toll-free. NetSuite support lines are open 24×7 and are toll-free. This means that if you have a simple query that can be sorted on call, then you do not need to wait a couple of days for it, in case it happens on the weekend. This makes it incredibly convenient for a NetSuite user to get support when he wants to. NetSuite also classifies the severity of the issue on a scale of 1-4. Both basic and premium support services in NetSuite address issues with a severity of 1 or 2, but issues with a severity of 3 and 4 are generally address in Premium. Microsoft Dynamics does not make such distinctions.
Conclusion
As you may have noted, we did not present a cost-based analysis to differentiate between the two ERPs. This is because they both have different pricing models and over a longer period, let’s say two or more years, cost is not really a differentiator.
Also, despite the points we cited in favor of NetSuite (and these are just a few of them), we urge you to impartially consider both ERP solutions for your business before you decide on one. This is because there may be a few other ways that Microsoft Dynamics could be better than NetSuite in managing your specific business needs—the presence of a digital assistant being a key point. There might be a few other points as well in favor of Microsoft Dynamics, so it may be worth checking it out too.
If you need to know more about how Techcloudpro can help you use NetSuite to grow your business, talk to us. We are waiting to hear from you!
