In the last fewyears, healthcare providers have become increasingly interested in implementing enterprise resource planning or ERO systems as part of their business intelligence and revenue cycle management suites.
ERP system is basically a business management tool that provides users an integrated view ofcore business operations like production capacity, orders and purchasing, cashflow, and payroll.
This software collects and consolidates data from different departments to facilitate information exchange and automate the entire backoffice works.
In the healthcare segment, an ERP system is used to eliminate financial data silos that have traditionally separated back-office functions.
By developing ERP software specifically for the healthcare segment, providers are breaking down the walls between front-end revenue cycle management duties like back-end responsibilities including claims management and patient access.
Organizations are free to employ ERP software to link healthcare supply chain management data to revenue cycle as well as other financial data. Healthcare organizations can get a comprehensive picture of their revenue cycle by eliminating data silos in the financial space.
The value-based purchase has spurred companies to make investments in the business intelligence tool. According to the survey of 2016 Black Book revealed that the healthcare executives are renewing their interest in the ERP solution as their organizations implement alternative payment models.
In nutshell,healthcare ERP is able to cover various needs specific to the healthcare industry like medical scheduling and billing, practice management, and electronic health records.
Many software also covers the needs of specialized practitioners like physical therapists, optometrists. Every product is usually sold separately and needs integration with accounting or sales software, that is the reason why ERP vendors their products to provide an integrated system for healthcare.
As there are alot of ERP vendors working in the industry, selecting perfect ERP software can be overwhelming. To help you find the best ERP software for your healthcare companies, we have listed here top ERP Software vendors for healthcare.
Harris ERP-Top name for Healthcare-Specific ERP
Harris ERP is aweb-based software solution to different industries, schools, the public sector, and healthcare. It is a wholly-owned subsidiary of Harris Computer Systems.This software helps users comply with the latest and future regulations through its web-based structure and flexible design.
For the healthcare industry, it brings Medi Solution. This is healthcare-specific ERP software. It allows individuals or organizations to realize operational efficiencies, cost savings as well as care delivery enhancements through a variety of suites. The system involves suites for human capital management,business intelligence solutions, and financial management.
Intacct- A Reputed Name in Browser-based ERP Solution
Intacct brings ERP software for a lot of industries. But when it comes to healthcare, its health ERP focuses on supporting hospitals and practices to accomplish scale while making sure that the financial processes and performances improve various locations.
It enables health systems and hospitals to centralize financial management data and processes in different locations and create consolidated financial statements at any point in time, it is not limited to just a month's end.
The unique fact about this ERP vendor is that managers at any healthcare facility can access the browser-based ERP solution to access approvals and perform transactions.
Meditech- The Popular ERP Solution Provider
Meditech is another popular name for providing healthcare organizations with an integrated ERP solution. This ERP system performs with the EHR platforms of an organization to manage reimbursements and medical billing, cut supply chain costs, develop profitable teams, and measure the overall financial health.
Major benefits ofthis ERP solution including real-time supply chain management, patient accounting tools that can create one bill for all services rendered, staff profitability and productivity assessments, and web-based business intelligence analytics.
Prognosis Innovation Healthcare- Introducing Amazing Financial Access ERP System
Prognosis Innovation Healthcare brings an amazing Financial Access ERP system that catersto rural and community hospitals. Although, this software allows hospitals of all types to integrate general leader, time and attendance, payroll, fixed assets and materials management into a single system.
Prognosis Innovation Healthcare ERP system connects to the company's EHR to automate financial management workflows and create customizable reports.
Infor- A Unique ERP Software Solution Provider
Infor enables providers to select either an on-premise or cloud-based ERP solution. Infor offers hospital and outpatient providers, health plans and medical technology device companies an ERP system, which contains human capital management,personalized views by user, common master data from any mobile phone, and automated procure-to-pay processes.
The Infor software also uses key performance indicators to expand the view of organizations on its financial health and take steps at a rapid pace based on financial performance.
Infor is a unique ERP software that supports clinical inter operability through the Clover leaf suites and value-based purchasing implementation.
Evident- bringing Advanced and Latest EHR Solutions
An arm of CPSI,Evident is dedicated to providing advanced and latest EHR solutions to rural and community healthcare organizations. It offers rural organizations a health record with integrated support like patient and information management throughits thriving EHR solution.
As part of itssuite of EHR supports, Evident provides financial and revenue cycle management tools. The financial solutions of the company incorporate decision support for departmental investments, whole integration with hospital operational data,advantages reporting for real-time insight in the financial health, and shared data integrity checks.
Mckesson- A Popular Name for healthcare Industry
Mckesson is another famous ERP software for the healthcare industry. It combines the powerof the company's supply chain, fiscal management, and human capital management solutions under one system.
In conjunction with ERP analytics tools, the software supports to streamline the enterprise continuum by integrating information exchange between major areas like operation room management, enterprise intelligence, and scheduling.
This web-based tool allows users to access the ERP software and data on mobile devices. Withits web-based feature, you can view managerial dashboards, budget versus actual reviews, requisition approvals, and payment processing, self-service humancapital functions, and par level management and inventory, cycle counts.
HealthLand- Famous ERP Software for Supporting Rural and Small Hospitals
One of the leading ERP software vendors, Health Land mainly develops health IT systems for community, rural and inpatient psychiatric hospitals. It established HealthLand Centre, a fully integrated EHR solution, which asset the care continuum.
This is a Minnoestor-based vendor and customizes its health IT solutions to tackle theunique needs and challenges rural hospitals may suffer. Healthland focuses to support rural and small hospitals to retain staff, compete with other facilities in the area and enhance their community presence through an integrated EHR and financial management system.
Oracle- The Famous Name in Cloud-based ERP Solution
Oracle brings cloud-based ERP and enterprise performance management systems. It deals with a wide range of industries, one of them is Healthcare.
Major functions of healthcare ERP software are accounting, financial planning and analysis,revenue recognition, risk management, financial governance, procurement,project planning and more.
Oracle ERPproducts are widely famous for offering standards and updated best practices to support individuals and organizations to measure and bring great enhancements in financial health.
SAP- Leading Germany-based ERP solutions providers
SAP is a Germany-based ERP solutions provider catering to the advanced needs of a myriad of industries and customers on the global level. It is one of the largest ERP providers in the healthcare ERP market. That is why; healthcare organizations have looked to SAP to integrate their core business operations into a single solution.
BottomLine
These are the best ERP software for the healthcare industry for your business. The purpose ofthis article is to help you find the most suitable ERP software for your unique business needs while recognizing the best enterprise resource planning leaders will help make your decision possible.
Go through each ERP vendor and select the one that suits your budget and needs perfectly. If you know any important vendor's name that we have missed,please let us know in the comment section below. We hope you find the article interesting. To read such more amazing content, keep visiting Startup Citymagazine.