Five ERP Software Trends to Watch in the Healthcare Industry
Almost every aspect of the healthcare industry is continuously evolving. ERP software, which plays a pivotal role in everything from ensuring the security of patient data to identifying possible illness patterns, is one area that is expected to see substantial changes in the upcoming year. To give you an idea of what to expect in 2018, here are 5 ERP software trends to watch in the healthcare industry.
1. There will be a significant focus on increased security
By October 2017, there had been 272 security breaches in the healthcare sector for the year [1]. Due to these breaches, hackers were able to obtain the personal information of more than 1 million patients from all types of medical facilities, including hospitals, outpatient surgical clinics, and imaging centers. This is why it should come as no surprise that ERP software vendors will be taking every step possible to improve security. Currently, some providers are considering the use of digital and encryption keys, as well as fingerprint, eye, and even voice scanning to be proactive instead of reactive. Also, blockchain technology is being developed, allowing medical records to be stored in encrypted blocks. This data would be unchangeable and only available to someone with the correct access key.
2. There will be a push to develop telemedicine features further
Today, many patients do not necessarily want to visit their doctor in person. Instead, they are willing to have their consultation completed on their computer or mobile device. While some ERP systems have been adapted to allow for telemedicine, such as by enabling clinicians to access information from other locations, this is indeed another area that ERP system developers will focus on overhauling. Telemedicine is one of healthcare’s fastest growing sectors and ERP software will have to keep up.
3. The predictive power of ERP software will be used to help reduce healthcare costs.
ERP software can include predictive analysis capabilities, which is used to identify patient readmissions, allowing the healthcare provider to implement measures to prevent this from happening. This is important because the costs of hospital readmissions have risen so high that the Medicare Hospital Readmission Reduction Program was created in 2012 to withhold reimbursements for hospitals with excessive readmissions. For Fiscal Year 2018, $564 million in payments will be held, meaning hospitals will not recoup the money they were expecting [3]. You can expect hospitals to take full advantage of ERP software to identify and limit their readmissions. At the same, ERP system vendors will work to make this as thorough as possible.
4. ERP software will be utilized more in research and prevention.
ERP software can be used to collect all types of data, giving researchers the ability to identify information that once would have taken months or even years to obtain. For example, it makes it easier for them to track disease outbreaks among specific locations and demographics, as well as make a plan to stop it. You can expect to see healthcare providers to take full advantage of the data available at their fingertips to create a safer health environment.
5. Healthcare centers and providers will have to renew and upgrade their ERP software to keep up with the times
In today’s world, ERP software is offering so many benefits that healthcare centers just can’t afford to lag behind the others. Those that are using legacy software will have no choice but to look at and invest in new ERP software options. Need help in your ERP software selection? Contact the World Leaders of ERP Consultants, Panorama Consulting.