Healthcare organizations have seen decreased demand for elective treatments, a skyrocketing demand for emergency room treatments, and unprecedented difficulty scheduling their workforces in recent years. Consequently, healthcare providers have found it extremely challenging to address rising health care costs and have incurred inefficiency.
A number of healthcare organizations are unable to adapt quickly to operational uncertainties due to outdated financial systems and processes, which impact their ability to manage costs, operate efficiently, and provide high-quality care, according to Matthew Bradley, Oracle's senior vice president of applications development. Health care organizations are able to enhance insight, optimize planning and forecasting, reduce costs, and improve patient care by leveraging Oracle Cloud EPM's industry-specific planning capabilities.
Oracle's broadspectrum planning solution for the healthcare industry helping providers to improve integrated medical performance and patient care. The new industry-focused planning solution is part of Oracle Fusion Cloud Enterprise Performance Management (EPM), allowing healthcare organizations to quickly model scenarios, forecast demand, optimize resources, and improve financial, workforce, and patient care decisions.
In addition to automating routine medical tasks, the system will also provide diagnostic assistance as it moves into more advanced areas of work. By capturing and analyzing conversations between physicians and patients, the tool automatically generates structured notes.
With Oracle Fusion Cloud Supply Chain & Manufacturing (SCM), healthcare customers can optimize inventory management with a new replenishment solution. By ensuring the right amount of stock is at the right location at the right time, RFID for Replenishment helps healthcare organizations increase productivity, expand inventory insights, and prevent delays. Clinicians need to have the right supplies for every procedure, which is why inventory managers in healthcare organizations rely on manual data entry, which can result in errors, replenishment delays, and item shortages. By automating stock replenishment, expanding inventory visibility, improving productivity, and enabling clinicians to focus more on patients, healthcare organizations will be able to automate stock replenishment.
The Oracle Cloud EPM solution is part of Oracle Fusion Cloud Enterprise Resource Planning (ERP), which integrates financial and operational planning, closes books faster, and manages enterprise master data.
EPM solutions for healthcare management in the Oracle Cloud can be beneficial to hospitals and clinics. Integrate healthcare planning: Connected planning capabilities supported by healthcare-specific best practices support the planning of income statements, balance sheets, and cash flows across the financial statements. Additionally, Oracle Cloud EPM integrates with operational health information systems in order to create a single source of truth and increase the speed and accuracy of insights.
Leverage data science to make better decisions: With new performance management capabilities, customers can identify trends, anomalies, forecast biases, and variations that might not be obvious at first glance. Healthcare-specific prebuilt KPIs, dashboards, input templates, and reports help healthcare organizations rapidly gain insight into financial performance and patient care in order to enhance decision making.
The ability to forecast and manage patient demand for specific products and services is aided by scenario modeling capabilities, while long-term financial modeling enables healthcare organizations to improve alignment between staff and services while improving visibility into costs and profitability.
The optimization of workforce planning, resource capacity, and operational planning helps healthcare organizations to optimize workforce costs by predicting the amount of healthcare staff, physicians, and caregivers that are needed. Enhancing staffing planning can help healthcare organizations improve patient care and efficiency.
