Healthcare businesses must walk a fine line, balancing efforts to lower costs and raise profits with the underlying responsibility of maintaining customer care standards. Issues like quality of care and patient experience must be weighed against rising costs in both infrastructure and industry-specific concerns, like pharmaceuticals. With so many options, many healthcare businesses struggle to know where to focus their attention, energy, and resources. This is because one of the most vital sources of information businesses have at their disposal is often being ignored- data.
Healthcare organizations exist atop a mountain of data- patient records, financial reports, and information about physical assets like buildings and equipment all add up to a giant stream of data that businesses could be using to drive themselves forward. However, they fail to focus their resources on harnessing this data, opting to operate with legacy systems that fail to capitalize on the unique potential of the data available. A modern, agile ERP platform like Dynamics 365 Business Central with Binary Stream can help healthcare providers use their existing data to power their business in new ways.
The Power of the Cloud
A modern, cloud-based solution is a game changer for any business used to operating with a bulky, on-premises platform. In addition to the considerable and often unexpected cost savings that come from not having to house and maintain servers, a cloud-based solution offers several advantages. BC is accessible from any internet-connected device, meaning users are no longer chained to workstations and can access the entire system from anywhere.
Additionally, unlike on-site solutions, BC is not prone to downtime because of system failure, power outages, or natural disasters. System downtime is costly for any business, but for healthcare providers it can be downright catastrophic, with knock-on effects that impact patients, potentially even endangering their health.
Perhaps the most impactful positive, however, is the simple fact that all of a healthcare provider’s data would be stored in one centralized system, rather than disparate systems that do not connect. By having financial systems integrated with patient data, operations, and other spheres, decision makers can always have access to the complete picture of the business, not segmented snapshots.
Visualize Your Data with Advanced Reporting
Business Central comes complete with a powerful suite of reporting and data visualization functions, both ready-made and customizable. Thanks to BC’s always live capabilities, these reports are always up to date and readily available. Pulling data directly from the system, users from any sphere of the business can get accurate data in easy-to-read visualizations, allowing for better cross-team collaboration. These reports offer the ability to drill down into the data to see further information for the more numbers-oriented users. Many reports also offer Excel compatibility and import/export, yet require little to no coding skill.
These reporting functions are a key tool in making the data already residing in your system more accessible, easier to understand, more actionable, and ultimately more valuable.
Ensure Compliance with Audit Tools
Compliance and regulatory concerns are a matter of utmost import in the healthcare industry, where strict patient confidentiality laws must always be adhered to. Dynamics 365 BC offers tools to assist compliance officers in tracking vital changes in privacy laws, as well as tools for maintaining strict data integrity and confidentiality, ensuring the business is never exposed to needless risk because of their data handling and storing practices.
Financial compliance is also handled by BC, as yearly financial updates include tax and payroll information, such as ASC810 and IFRS10 standards. For healthcare providers that operate multiple locations or systems, these centralized compliance safeguards ensure standards are being kept across all locations without the need for constant monitoring- they are built into the system.
Finally, BC includes tools to assist in creating audit trails, ensuring the proper documentation is always up to date and readily available whenever needed.
Top of the Line Security to Protect Your Data
Hand in hand with compliance comes concern for data security. Healthcare businesses with multiple locations can be prone to dangerous practices when it comes to storing and transferring data between locations, potentially exposing the organization to costly lawsuits should something go wrong. Data breaches are a threat to any type of business but considering the confidential nature of customer information healthcare companies deal with, they are particularly vulnerable.
Dynamics 365 BC is powered by Microsoft Azure, one of the most secure platforms on the market. Microsoft invests over one billion dollars a year in cyber security, with Azure receiving a large part of that investment. This means that healthcare providers operating within the Azure Cloud are receiving the highest level of protection available, on par with many larger businesses with dedicated cyber security wings, all within their ERP platform, not an external provider. With top-of-the-line tools like TSL/SSL encryption, advanced firewalls, and two factor authentication, BC ensures healthcare businesses are protecting their most valuable resource- their data.
Thanks to its cloud nature, BC is constantly kept up to date, with security updates included in every major release, keeping businesses protected from evolving or new cyber-threats, including denial of service, malware, and ransomware attacks.
Automate Intercompany Transaction Processes to Reduce Errors
With Dynamics 365 BC and Binary Stream, healthcare companies can integrate emerging technologies, such as advanced automation tools, to help streamline and optimize workflows, saving both time and money, while simultaneously protecting data integrity.
Many businesses currently manually match transaction records between departments or entities using spreadsheets, a time-consuming and tedious process that they see as an inescapable price that must be paid for accurate, consolidated financial records. In addition to the time and resource cost inherent to this approach, it also greatly increases the chance that human error is introduced into the data. With a modern ERP platform like Dynamics 365 BC, however, this is no longer true, as these reconciliations can be automated.
Because BC is a complete ERP platform, these automation tools are housed within the same system as all your data, meaning there are no compatibility or integration concerns. For multi-location entities, having the same system helps eliminate issues that arise from different locations having different ways of operating. With one standard approach, businesses can be sure all locations are entering and maintaining their data in the same fashion. This not only improves efficiency, but is also helpful in ensuring compliance, as outlined above.
What used to take a team of employees dozens of hours can be accomplished by one employee in minutes, saving time and money while eliminating errors. When errors do occur, usually during the data-entry phase, these same automation tools can be used to hunt down and rectify them.
Power Your Business with Data, Choose the Right Platform
Healthcare providers are uniquely suited to transitioning their businesses to a data-driven approach, because of their natural accumulation of patient, provider, and pharmaceutical data. However, many healthcare providers have failed to embrace the transformative power of data, instead remaining anchored to legacy, on-site platforms to power their business. By partnering with Enavate to lift their business to Microsoft Dynamics BC with Binary Stream, healthcare providers can begin harnessing the untapped potential of their mountains of data. Improving data management touches nearly every sphere of a business:
System Accessibility - Users can access the system, and therefore their data, from any internet connected device, anytime, anywhere. The data is live, meaning leadership can make informed decisions in real-time, rather than wait for updates.
Reporting - BC offers a full suite of reporting and visualization options, allowing for both out-of-the-box and custom generated reports, helping businesses get the data in their system in front of the eyes who need to see it in straightforward, easy-to-understand ways for better decision making.
Security and Compliance - As a cloud-based solution, BC is protected by Microsoft Azure, one of the most secure platforms on the market. With enhanced data encryption, firewalls, and two factor authentication, sensitive patient data is always protected. This is one of the many features ensuring compliance, with tools available to create audit trails and enhanced documentation. Dynamics BC also features yearly financial rules updates, which are vital for tax information and payroll compliance. These built-in tools greatly lessen the burden on employees when maintaining compliance.
Automation - Advanced automation tools allow businesses to cut down on the time it takes to enter, correct, and match data, such as transactions or patient records. This not only saves costly work-hours but increases data security. Additionally, these tools ensure cross-site cohesiveness by standardizing workflows across multiple locations.
The power of data is undeniable and is only growing stronger as new advances in technology emerge. Partnering with Enavate to move to Microsoft Dynamics BC with Binary Stream gives healthcare providers a vital leg up over their competition. Contact Us today to get started!
