Healthcare organizations have a wide range of concerns to juggle, from big-picture patient welfare to rising costs of care, to easier to overlook problems like compliance management.
Finding an ERP platform that can handle these disparate needs is vital to ensuring long-term success in the crowded medical workspace. Microsoft Dynamics 365 Business Central with Binary Stream offers users unique tools to help shape a culture of compliance in healthcare organizations, while offering all the perks of a modern ERP platform.
When it comes to compliance, healthcare businesses have more to consider than businesses in other spheres. You have the common financial compliance concerns all businesses must navigate- tax information, reporting, and payroll, as well as strict regulations in patient care, ethical standards, data security, and privacy, among others. Should you fall short in any of these areas, the punishments are severe, both from regulatory bodies and potential lawsuits.
Additionally, a rigorous set of compliance standards will also serve businesses by helping lower both waste and fraud by defining and streamlining day to day operational processes. These standards can be upheld across the entire business, even across multiple sites for hospital groups.
While compliance programs will naturally vary in composition from business to business, there are several elements every good compliance program should include.
Operating any business with a culture of compliance top of mind will have costs inherent in the process. Dedicated compliance systems, officers, and the hours dedicated to creating and maintaining the workflows and standards to succeed will all impact your business’ bottom line.
A poll of healthcare organizations conducted in the 2010s showed that between one quarter and one third of healthcare businesses spent over a million dollars annually on compliance, a number that has grown in the decade since. While these numbers may seem staggering, especially for smaller, local medical businesses, the benefits reaped by such a policy are even greater.
The good news is, there is a way to create a culture of compliance that offers a positive return on the considerable investment across the entire business.
Experts agree, the best solution for creating a culture of compliance in any business is upgrading to a modern, cloud-based Enterprise Resource Planning (ERP) platform. A cloud-based ERP platform like Business Central offers healthcare businesses all of the tools you need to create the policies, systems, and documentation required to operate day-to-day with compliance top of mind. A modern ERP platform will power the entire business, acting as a central hub for all the data, processes, and workflows that make a business run.
This centralized nature is ideal for installing a culture of compliance, as it increases visibility and transparency for all users, a key initial step for increasing compliance throughout the business. Businesses operating on a top-tier solution such as Microsoft Dynamics Business Central with Binary Stream will also find the advanced automation tools critical for compliance standards, as you drastically reduce the chance of human error occurring during day-to-day work.
A modern ERP platform will also empower users to create workflows to handle situations like reporting compliance violations and creating audit trails. Thanks to its cloud nature, it will also ensure all users will always know exactly what is, and isn’t, within compliance standards.
Business Central is accessible by any internet-connected device, meaning the centralized hub of policies, documentation, and support is never more than a few clicks away, drastically lowering the odds of compliance missteps due to unclear expectations. Allowing compliance to be a constant conversation rather than an occasional check-in is a huge step on the path to achieving a truly compliant culture.
As mentioned above, a full-scale compliance shift can be a costly endeavor to maintain, and implementing an entirely new ERP platform is a sizable investment in its own right. While the costs may seem daunting, partnering with Enavate for Dynamics 365 BC is a choice that will pay for itself quickly. It will also reap concrete rewards for your business, and not solely in the field of compliance.
The same automation tools that can power compliance can also be used to maximize efficiency across the business, freeing up employees to focus more on vital, care-giving tasks rather than tedious routine functions. These efficiency boosts are simply one aspect of an ERP system that helps businesses lower costs and increase profitability, meaning that a modern platform is a short-term cost increase for a long-term cost savings. The costs savings of not having to house and maintain physical servers, the protection against downtime because of natural disasters, and top of class security functions all add up to long-term profitability.
Read about how healthcare companies transformed their business with Business Central and Enavate
Due to the often-under-appreciated importance of creating a culture of compliance in medical businesses, many in the field are now scrambling to play catch up, creating and maintaining their own compliance programs. These efforts are costly and time consuming, and can be made easier and more effective by choosing to partner with a top-tier ERP provider to implement a modern, agile solution to power the business.
The wisest choice, however, is to partner with Enavate and Binary Stream to choose an industry-customized solution in Microsoft Dynamics 365 Business Central for healthcare providers. BC will offer all of the features and tools of a modern ERP platform such as automations, centralized data housing, and audit controls to help create compliance standards, as well as top of line tools to power all aspects of the business. This will allow healthcare providers of all sizes to maximize your potential while maintaining a focus on what matters most.