When community hospitals consider the need for cost accounting systems and worry about the price tag on such a solution to accesses an extensive deep dive into data analysis, they often don’t realize that if they are using PeopleSoft as their ERP of choice, the answer to their problems is already in house.
While many hospitals rely on PeopleSoft for basic financial needs like planning and budgeting, the venerable ERP also has robust cost and profitability analysis that can analyze the true costs of different services lines, break those costs down by patient segment, and perform “what-if” analyses that can be crucial during uncertain times like those we see in the current global landscape.
By collecting valuable data about every component of patient care, community hospitals can begin projecting budgets, formulating plans to cut costs, and determine how aggressive they need to be in collection of payments from insurance companies and patients.
In 2020, PeopleTools 8.58 introduced the PeopleSoft Data Distribution Framework which integrates with Machine Learning (ML) platforms. ML works by allowing a machine to parse data at a blazing speed, searching for patterns that might take a human analyst days, weeks, or months to discover – or even fail to notice at all. This might be a functionality that your PeopleSoft squad needs help with.