If you’re a finance leader in an American healthcare organization, the odds are that you’re feeling a little starved of new technology.
Recent investments around ICD 10 conversions, cybersecurity, population health, and analytics have left little to no money for upgrading finance systems. In 2015, less than 29 percent of all U.S. hospitals implemented finance or supply chain software, according to a Black Book survey.
But there are indications that the situation is about to change. With more healthcare insurers reimbursing for value-based care rather than fee-for-service, providers face increasing demands to demonstrate value to the institutions paying the bill—and healthcare payers face similar expectations from members and stakeholders.
Proving value is tough to do if your financial systems aren’t up to the job.
This recognition is driving higher levels of interest in enterprise resource planning (ERP) software—because in a payment environment that reimburses for value, it’s critical to understand exactly how much it costs to deliver patient care.
92 percent of survey respondents said that the future of ERP is in the cloud—with mobile, analytics, and security built in. They like the idea of having general ledger, accounts payable, budgeting, forecasting and cash management accessible anywhere—whether it’s in purchasing, administration, a doctor’s office, or even the operating room.
The survey also invited respondents to rate healthcare ERP vendors for 2017. Oracle ERP Cloud was ranked the #1 solution for value-based care.
If you’d like to take a closer look at Oracle ERP Cloud for your healthcare organization, we invite you to visit us next week in Las Vegas at HIMSS 18. Drop by booth 5627 to see demos of Oracle Cloud applications and talk with our subject-matter experts.
You’ll also learn how Oracle Cloud applications meet the standards set by the healthcare industry for security and patient record protection. Oracle recently received a Health Insurance Portability and Accountability Act (HIPAA) attestation for its suite of cloud applications—including Oracle ERP Cloud, Oracle Human Capital Management (HCM) Cloud, and Customer Relationship Manager (CRM) Cloud. HIPAA attestations demonstrate that Oracle Cloud solutions meet the requirements established by the U.S. Department of Health and Human Services for the proper saving, accessing and sharing of individual medical and personal information—as well as compliance with national security standards to protect health data created, received, maintained or transmitted electronically.
If you’re planning to be in Las Vegas next week for HIMSS 18, we invite you to stop by our booth and see why your peers have ranked Oracle #1 in ERP for value-based care.