To help healthcare providers improve financial performance and patient care, Oracle is introducing a planning solution for the healthcare industry. Part of Oracle Fusion Cloud Enterprise Performance Management (EPM), the new industry-focused planning solution enables healthcare organizations to quickly model scenarios, determine future demand, optimize resources, and make better financial, workforce, and patient care decisions.
Over the past few years, healthcare organizations have seen huge reductions in demand for elective treatments, skyrocketing demand in emergency rooms, and unprecedented difficulty in workforce scheduling. These challenges have made it extremely difficult for healthcare providers to address the rising cost of care and have resulted in inefficiencies in many health systems.
“Outdated financial systems and processes prevent many healthcare organizations from being able to adapt quickly to operational uncertainties, which impact their ability to manage costs, operate efficiently, and provide the best possible care,” said Matthew Bradley, senior vice president of applications development, Oracle. “With industry-specific planning capabilities in Oracle Cloud EPM, healthcare organizations can embrace best practices and leverage innovative technologies to enhance insight, optimize planning and forecasting, reduce costs, and improve patient care.”
“Healthcare sector is one of the key pillars around which our country’s economic and public sector structure lies. To support the internal processes of India’s healthcare sector, we have launched a planning and management solution EPM for Healthcare. For years, we have been catering to the needs of thousands of organizations across industries with our EPM solutions, and now we have expanded this capability with advanced functionalities, especially to transform the healthcare organizations”, said Kaushik Mitra, Senior Director, Cloud ERP, Oracle India.
“Our goal is to provide Healthcare organizations with simple yet comprehensive solutions to improve their internal planning and financial management processes. With this announcement, Healthcare providers can embrace best practices and innovative technologies with industry-specific planning capabilities by leveraging EPM for Healthcare. This will help improve, and optimize planning and forecasting functions, lower costs, and enhance patient care. Our latest offering will assist in driving innovation, and achieve synchronized, integrated, and streamlined processes for healthcare providers, thereby contributing to the overall growth and development of India’s healthcare ecosystem”, he added while talking about Oracle’s contribution to the growth of the India healthcare sector.
Oracle Cloud EPM solutions for healthcare help hospitals and clinics:
- Centralize and integrate healthcare planning: Connected planning capabilities with embedded healthcare-specific best practices support financial statement planning across income statements, balance sheets, and cash flow. Oracle Cloud EPM also integrates with operational health information systems to create a single source of truth and increase the speed and accuracy of insights.
- Enhance decision making: New performance management capabilities enable customers to leverage data science to find trends, anomalies, forecast bias, and variations that may not be immediately apparent. In addition, healthcare-specific prebuilt KPIs, dashboards, input templates, and reports help healthcare organizations quickly surface the insights needed to enhance decision making and improve financial performance and patient care.
- Determine future demand: Scenario modeling capabilities help healthcare organizations anticipate and manage patient demand for specific products and services, while long-range financial modeling capabilities increase visibility into costs and profitability and help healthcare organizations improve alignment between staff and services.
- Manage costs and profitability: Capital expense planning capabilities with healthcare-specific features provide detailed predictions on the impact of new and existing assets to help control costs, mitigate risk, and improve patient care.
- Optimize workforce planning: Resource capacity and operational planning help to optimize workforce costs by helping to predict demand for healthcare staff, physicians, and caregivers to ensure healthcare organizations are adequately staffed. With enhanced staffing planning, healthcare organizations can help increase efficiency and improve patient care.
