Standardization is a primary goal for today’s health systems. Hospitals highly regard standardization as a valuable approach that promotes quality patient care at a cost-effective price. An additional benefit is the opportunity to reduce supply chain costs.
Compliance also benefits from standardization. The laws, regulations, guidelines, and best practices that govern healthcare are necessary to protect both patient and staff. However, driving compliance consistency across multiple venues can be challenging.
The clinical, operational and financial impacts of the COVID-19 pandemic on healthcare organizations have been well documented and publicized. As virus cases surged, hospitals were forced to cancel or delay elective procedures, stifling their most lucrative revenue stream.
Your cloud ERP system will only be as valuable as the data that powers it. An investment this costly—both in time and financial resources—should be supported by a modern item data strategy that helps ensure the enhanced visibility, efficiency and resiliency you understandably expect. It provides your organization with data that’s comprehensive, precise, trusted and actionable.
While hospitals and health systems, along with their suppliers, have long recognized the benefits of supply chain process automation—greater efficiency and accuracy, lower costs—the COVID-19 pandemic has revealed how critical it is to procure products in a timely manner. Never before was the importance of automation more apparent than when we saw the pressure on supply chain professionals to quickly meet an unexpected surge in demand for personal protective equipment (PPE) and other products needed for the care of patients and caregiver safety.
As recent months have painfully demonstrated, healthcare systems and processes must be fortified to withstand shock and maintain business continuity in the face of unforeseen challenges. To be sure, cloud ERP systems provide greater resilience for healthcare organizations compared to disparate on-premises systems. But without the right data, that resilience can be limited.
The COVID-19 pandemic has changed the financial landscape of the U.S. healthcare system. Hospitals continue to face increased supply and labor expense, decreased revenue from postponed elective procedures, and an increasing number of uninsured patients due to unemployment. The American Hospital Association estimated hospitals were losing $1 million per day in the early days of the pandemic. In addition, most providers have seen a loss of non-operating revenue from their investment portfolios as global financial markets waver due to the economic uncertainty.