Over the past few years, healthcare providers have spent most of their time and technology budget on electronic health records (EHR), but in doing so, they’ve neglected their back office—until now. Our team of technology consultants has been seeing a rise in hospitals and healthcare networks evaluating enterprise resource planning (ERP) solutions, and one of the vendors attracting their attention is Workday.
Workday has been making a big push (not to mention investing major dough) into its healthcare solution. In this article, we’ll cover some of the new features in the latest Workday release and how they can be used to improve healthcare organizations.
Let’s get started.
Workday Healthcare Highlights in 2020 R2
Workday’s healthcare roadmap for 2020 R2 focuses on experience, efficiency, and insights. Here are some cool new features that we think will benefit almost any healthcare provider.
Workday Answers
Workday Answers is a new HR Knowledge Management and case tool that will allow you to search for information, open and track cases, and look through your knowledge base. You’ve gathered all this great information in Workday—it’s time to make the most of it.
Talent Marketplace
The Talent Marketplace is being introduced to help healthcare providers match up work needs with the skilled talent they have on hand. So, if you have a project that requires an occupational health nurse, you simply search the marketplace to find an internal resource. The marketplace is a one-stop-shop to help identify people and match them up to the right assignments.
Mobile Receipt
In the supply chain area, Workday continues to roll out improvements on mobile devices with Mobile Receipt. This new feature speeds up the mobile receipt process thanks to embedded scanners and pop-up keypads, keeping you moving seamlessly from one transaction to the next.
Instant Pay
A feature that will be added to Workday in an early adoption phase, Instant Pay allows you to offer new benefits to hourly employees who are looking to get paid a little earlier for payroll that they’ve already earned. While this feature may not be relevant to every type of healthcare network, it’s still a nice perk to have at your disposal.
Account Reconciliation
To reduce the time it takes to manage the close management process, Workday has made some enhancements to account reconciliation. For instance, if something changes in an account, the new account reconciliation feature will automatically decertify that account and open it back up through transaction matching on the transaction amount. In the future, you’ll be able to reconcile and certify across multiple companies and track certification document status.
Workday People Analytics
Workday People Analytics delivers pre-packaged KPIs around hiring, organization compensation, diversity and inclusion, talent and performance, and retention and attribution, saving you a ton of time and energy. But what makes this tool really exciting is when you combine it with augmented analytics in Workday—creating stories from your data has never been easier. For example, if turnover is going up, you can drill down and determine what department is being impacted, helping your team research what’s behind the data to make better decisions.
Discovery Boards
All Workday customers can now opt into Discovery Boards. This data discovery tool allows you to combine information from different data sets and create visual dashboards and reports, including data from HR, finance, and supply chain. No matter what aspect of your healthcare network you want to dig into, there’s probably a discovery board for that.
Getting Started with Workday for Healthcare
Workday’s recent investments demonstrate that they’re particularly focused on supply chain management (something that’s been neglected in the healthcare industry), as well as credentials and analytics. As the healthcare industry continues to experience seismic shifts, from regulatory changes from the Office of the National Coordinator (ONC) for Health Information Technology to pandemics like COVID-19, Workday can help providers improve practically every aspect of their organization.
If you’re considering a new ERP solution, or just want to learn more about what Workday can do for you, our senior-level Workday consulting team is here to assist. We’ve helped many hospitals and healthcare organizations assess, implement, upgrade, and deploy modern technology solutions to keep them running efficiently.
Contact us today to get started.
