Non-clinical technology in healthcare has been decades behind other industries. Providence—a not-for-profit health system with over 117,000 caregivers (employees) across 51 hospitals and 1,000 clinics—was no exception. Providence has been on a four-year journey to transform business processes and technologies. In July 2022, we achieved a monumental milestone implementing an enterprise-wide integrated ERP cloud platform. Since go-live, others have been reaching out to learn from our journey. With that, I’d like to share our story.

Overview of our journey

Providence’s technology landscape previously consisted of a dozen disparate, outdated systems – a result from decades of mergers and acquisitions. There was a lot of variation with our processes and policies, and overall, a poor experience for our caregivers. Activities were manual, with limited controls, cumbersome to get insight into spend, and in some cases, no automated workflow in place hindering productivity. Providence needed solutions that could scale as we grew and aligned with the evolving complexities of healthcare (e.g., unions, compliance/regulatory requirements). We needed to improve our caregivers’ experience, so they could focus on providing quality patient care.

With these needs, we replaced our legacy HR, Finance and Supply Chain systems with an integrated ERP cloud solution and streamlined processes and policies. Providence is now the largest healthcare system on a single cloud ERP instance delivered at 2-3 times the typical scope implemented in a single go-live. Adopting a cloud-based ERP enabled Providence to accelerate and reduce our deployment time by 25-50% compared to other large-scale ERP implementations. CIO/EVP B.J. Moore states, “This program has propelled us forward in the healthcare industry, eliminated our technical debt and aligns with our strategy to simplify our processes and technology, modernize through a cloud SaaS solution and innovate with AI. Our caregivers are working in one seamless digital platform accessible from anywhere, anytime from any device.” In addition, Providence is now an industry leader with one cloud ERP and one EHR where we’ve laid the foundation to rapidly adopt changes and innovation and are well-positioned to influence how the industry maximizes the existing capabilities of RPA, AI and ML.

Providence is now an industry leader with one cloud ERP and one EHR where we’ve laid the foundation to rapidly adopt changes and innovation and are well-positioned to influence how the industry maximizes the existing capabilities of RPA, AI and ML.

Providence demonstrated resilience throughout this initiative. This was one of the most complicated and challenging initiatives implemented at Providence. Also, it was deployed during one of the most turbulent times in history for healthcare with a trifecta of crises – the COVID-19 pandemic, financial difficulties due to inflation, low volumes and increased labor and supply costs, and global workforce shortage. Despite these challenges, we remained focused on delivering the complex program by finding creative solutions to keep the program moving forward, while 100% remote and reallocating 90% of business resources to support COVID-19 response and recovery. The 500+ program team responded rapidly to evolving business needs due to the pandemic. For example, we pivoted quickly to design changes with hiring processes (e.g., updating COVID-19 policies and vaccination requirements, and accelerating new caregiver onboarding) – expediting deployment of changes like these were essential for the program’s success.

While we focused on pushing the program forward, Providence responded as a unified organization and continued delivering high-quality care to our patients. And continuing the 165-year legacy of investing in communities, Providence contributed $2.1 billion in 2022 to the communities we serve.

Key learnings from our journey

PEOPLE – Gain commitment from executive leadership and business stakeholders. Providence executives, CIO/EVP B.J. Moore, CFO Greg Hoffman, Chief People Officer Greg Till and COO Erik Wexler, had the foresight that investment to simplify processes and technology was critical for our future and would better prepare us for major market disruptions. I’m grateful for their leadership towards making the vision of an integrated ERP solution a reality.

Do not underestimate change management and implement a comprehensive plan across all levels and throughout all phases of the program. Establish a change agent network and listen and respond to their feedback – input on the user experience is invaluable. Facilitate end-to-end process training and leverage embedded learning tools to accelerate adoption. Communicate early and often that go-live will not be perfect, plan for surprises and unplanned issues.

Proactively manage resource burnout and engagement. This is not a sprint, but a marathon. It’s a long, emotionally-taxing journey. Focus on how to keep people motivated and engaged, including reinforcement of why we are doing this.

PROCESS – Set the vision that this is a transformation of business processes and technology. Seize the opportunity to rationalize and transform processes and policies. Develop a strong partnership between IT and business – my deepest appreciation for the leadership of SVP of HR Ops/Payroll Lynne Farlow, VP of Transformation Todd Perry, and VP of Supply Chain Ehab Sahawneh. Our partnership was critical for go-live and continues with our business transformation efforts.

Have a strong post go-live support process in place. Develop operational contingency plans and quick escalation paths to minimize impact on operations.

TECHNOLOGY – Acknowledge go-live will never be perfect. Even with thorough testing, issues will occur at go-live. Strive to find the right balance between going live with the appropriate support structure for quick issue resolution and delays to the timeline to refine the system.

Focus on both go-live and post-stabilization period. Align with business stakeholders and vendors on an operating model tailored for cloud solutions.

Gaurav Dhiman, VP of IT applications, on my team emphasizes, “With a transition to a cloud ERP, it is crucial to strike a proper balance between customization and out-of-box functionality. Too much variation can lead to increased maintenance and hinders scalability and innovation.”

What’s next with our journey

Our focus for the future is on design optimization and driving value through innovation with RPA, AI and ML. We’re continuing to partner with our vendors, providing our expertise in healthcare to help shape vendors’ future product roadmaps. We will continue looking for automation opportunities to advance our operational metrics.

Lastly, I’m reminded of the resilience of our founding Sisters of Providence. It is this same resilience that helped deliver this huge accomplishment for Providence during one of the most challenging times in history for healthcare.

The post Resilience Through Crises: Providence’s Journey to an Integrated ERP appeared first on HealthTech Magazines.

In an era where every industry is harnessing the powers of integration and technology, healthcare stands at a pivotal crossroads. The delicate interplay of finance and human resources has always been crucial. Taking a journey through time, the insights of experts, and real-life applications, we unravel the symbiotic harmony of finance and HR, now further enhanced by the introduction of Enterprise Resource Planning (ERP) systems. By the dawn of the 20th century, large healthcare institutions began incorporating structured finance and HR frameworks, planting the seeds of an intertwined future.

Now, introduce ERP into this intricate tapestry, and the possibilities multiply. Especially the financial modules of ERP have emerged as powerhouses, enabling healthcare institutions to retain their economic backbone while ensuring unparalleled patient care. These are the most common financial healthcare ERP modules,

• Budgeting and Forecasting
• Cost Accounting
• Financial Analytics and Reporting
• Asset Management
• Payroll and Compensation Management
• Supply Chain and Inventory Management
• Financial Integration with Other Departments

ERP systems provide the tools and insights necessary for healthcare institutions to operate efficiently and profitably. As the healthcare landscape continues to evolve, leveraging the power of ERP in financial management will be indispensable for institutions striving for excellence in both care and operations.

Modern ERP systems, recognizing the specific challenges faced by healthcare institutions, offer HR modules tailored to address the below concerns

• Recruitment Management
• Training Modules
• Attendance and Shift Management
• Performance Management
• Compliance and Certification

ERP’s HR modules provide panoramic solutions to human resource challenges. They facilitate efficient recruitment processes, keep training modules updated, and ensure alignment with institutional objectives. Hospitals globally have benefited from ERP-driven HR transformations, adjusting to cultural, economic, and technological nuances.

The journey through the healthcare ERP modules highlights a crucial point in technology’s role in marrying financial sustainability with HRM and exceptional patient care. As we advance into a future where healthcare faces unprecedented challenges and opportunities, ERP systems’ efficacy and indispensability will be undeniable. Embracing them is not just a strategic move; it’s a commitment to ensuring healthcare’s heart continues to beat strongly and efficiently.

In this ever-changing arena, ERPs stand as beacons, assisting institutions in navigating the tricky waters of finance, HRM, and patient care

Among the leading names in this domain are Workday, Oracle, and Infor. Let’s delve into each system, comparing and contrasting their features, strengths, and market niches.

1. Overview:

• Workday: Originally known for its Human Capital Management (HCM) solutions, Workday expanded its offerings to finance, planning, and analytics. It emphasizes cloud solutions, targeting medium to large enterprises.
• Oracle: Oracle’s ERP Cloud covers a vast terrain from financials, project management, procurement, risk management, and other core functions. Oracle is suitable for businesses of all sizes.
• Infor: With a focus on specific industries, Infor offers tailored ERP solutions that cater to the nuances of sectors like manufacturing, healthcare, public sector, and hospitality, among others.

2.    Deployment & Architecture:

• Workday: Cloud-native, Workday promotes ease of use and offers a consistent UI across all devices.
• Oracle: While Oracle ERP Cloud is its flagship offering, Oracle still supports on-premises solutions and hybrid deployments.
• Infor: Infor CloudSuite is their primary cloud ERP but, like Oracle, Infor supports on-premises and hybrid environments, especially for some industry-specific solutions.

3.   Scalability & Customization:

• Workday: Highly scalable, it is designed for rapidly evolving businesses. Its platform allows for some customization to meet specific enterprise needs.
• Oracle: Oracle ERP Cloud offers both scalability and a high degree of customization, leveraging Oracle’s vast suite of tools and extensions.
• Infor: Particularly strong in customization, given its industry-focused approach. The ERP solutions can be scaled and molded to fit very particular enterprise requirements.

4.   User Interface & Experience:

• Workday: Known for its user-friendly interface with intuitive design, providing a seamless experience across its suite of applications.
• Oracle: The interface is modern and user-friendly, but given the system’s vastness, there might be a steeper learning curve.
• Infor: Provides a visually appealing and customizable interface with its Infor OS (previously known as Mongoose) platform.

5.   Integration Capabilities:

• Workday: Uses web services and APIs for integration. It also offers Workday Cloud Platform for developing custom integrations.
• Oracle: Boasts a wide array of integration tools and extensive APIs to ensure seamless integration with both Oracle and non-Oracle products.
• Infor: Infor ION is a middleware platform that facilitates smooth integration between Infor and third-party applications.

6.   Pricing:

• Workday: Pricing is subscription-based, factoring in the number of modules used and the size of the organization.
• Oracle: Offers both subscription and license-based pricing models. Costs can vary widely based on deployment method, modules chosen, and business size.
• Infor: Pricing is generally module-based and can be tailored to the industry and the specific solutions chosen.

7.   Industry Presence:

• Workday: Has a strong presence in sectors that need robust HCM solutions, such as technology, service industries, and education.
• Oracle: With its comprehensive suite, Oracle caters to a broad spectrum of industries, including finance, healthcare, manufacturing, and retail.
• Infor: Known for its industry-specific solutions, Infor has a pronounced presence in sectors like manufacturing, distribution, and healthcare.

While Workday, Oracle, and Infor all offer robust ERP solutions, choosing between them often hinges on specific enterprise needs. Workday shines in HCM and cloud-native solutions. Oracle, with its vast and comprehensive suite, is suitable for those seeking an all-encompassing solution with deep customization. In contrast, Infor’s strength lies in its industry-specific solutions tailored to unique sector needs. Decision-makers should assess their organizational priorities, growth trajectory, and specific industry requirements when selecting between these ERP giants.

In this ever-changing arena, ERPs stand as beacons, assisting institutions in navigating the tricky waters of finance, HRM, and patient care. By amalgamating financial and HR functions, ERPs provide a cohesive platform for administrators to envision the bigger picture and drive their institutions towards excellence, both in patient care and operations.

The post The Vital Confluence: ERP in Healthcare’s Lifeline appeared first on HealthTech Magazines.

A hidden revolution is happening in modern hospitals’ busy hallways. Beyond stethoscopes and patient records, digital transformation has been and is changing healthcare. You might ask, ‘What’s leading this charge?’ It’s the Enterprise Resource Planning system. 

The Digital Backbone of Healthcare: ERP

ERP systems have moved from industry and retail to healthcare. These systems merge patient care and inventory management into one platform. The result? Significant cost reductions, enhanced operational efficiency, and improved patient outcomes.

The AI Advantage

The magic comes when ERP and AI are integrated. AI systems can evaluate massive volumes of data in real-time, providing new insights. Imagine a system that can forecast a patient’s health decline hours in advance or optimize the supply chain to keep crucial medical supplies in stock. That’s the power of an AI-enhanced ERP.

Factors to be considered while deploying an ERP in a healthcare institution

Integration: Integration is a complex process, but can be seamless with careful planning. Start with a comprehensive analysis of the existing infrastructure. Identify potential constraints and upgrade-required areas. Engage ERP vendors with a track record in the healthcare industry, as they will provide industry-specific insights. Ensure a phased implementation, perhaps beginning with non-essential departments. Regular training sessions and a dedicated support staff can aid in resolving any initial difficulties.

Value-based care: Value-based care is enhancing patient outcomes while controlling costs. The data analytics capabilities of ERP systems can facilitate the monitoring of patient outcomes, the identification of best practices, and the allocation of resources where they will have the greatest impact.

ROI: An ERP system’s returns include enhanced patient outcomes, increased staff satisfaction due to streamlined processes, and enhanced regulatory conformance. To ensure that the system delivers on its promise, establish distinct KPIs at the outset and monitor them regularly.

Sustainable practices: In healthcare, sustainability means ensuring that we can meet current requirements without compromising future generation’s capabilities. ERP systems are crucial in this context. ERP systems promote sustainability by optimizing resource utilization, reducing waste, and assuring efficient energy use (via smart infrastructure management). The ERP’s data-driven insights can help formulate policies that strike a balance between immediate requirements and long-term sustainability objectives.

People, Process and Data Migration: Implementing ERP systems is not possible without obstacles. Staff are resistant to change, there are potential data migration issues, and the necessary initial investment may cause some CFOs to pause everything. These issues can be mitigated with a clear vision and effective leadership. Engaging employees early on, involving them in the decision-making process, and providing adequate training can help overcome resistance. Collaboration with seasoned vendors can facilitate seamless data migration. It is essential to view it in terms of the long-term cost reductions and enhanced patient care that the ERP system will provide.

As hospitals and clinics implement ERP systems, operations are streamlined, and patient care is reimagined. ERP and AI combine to create a promising digital future.

Challenges to consider

1.  Financial Consequences

Challenge: Initial ERP system investments can be substantial. Leaders frequently struggle to justify the costs, particularly when budgets are limited and numerous competing priorities exist.

Consideration: Despite the initial costs being substantial, it is crucial to evaluate the investment in terms of its long-term return on investment. Leaders should emphasize not only direct cost savings, but also intangible benefits –  improved patient outcomes, increased staff efficacy, and enhanced compliance.

2. Opposition to Change

Challenge: Oftentimes, healthcare professionals are set in their methods (let’s face it, we’re all human), having utilized particular systems and procedures for decades. Resistance, skepticism, or even dread may be encountered when introducing a new system.

Consideration: Change management is indispensable. Leaders should involve employees in the decision-making process as early as possible, elicit their feedback, and ensure they comprehend the advantages of the new system, not only for the organization but also for their daily responsibilities.

3. Data Protection and Compliance

Challenge: As patient data become increasingly digitized, data security and regulatory compliance become paramount concerns.

Consideration: Leaders must ensure that the selected ERP system complies with industry regulations and standards. Essential are regular audits, strong encryption, and user access controls. It is also essential to communicate these measures to stakeholders to establish their trust.

4. Incorporation of Existing Systems

Challenge: Most healthcare institutions have already implemented various software solutions. This can be technically difficult and disruptive to integrate with the new ERP system.

Consideration: A phased integration strategy can be useful. Leaders should prioritize incorporating essential systems first and then progressively expand to integrating other systems. Collaboration with ERP vendors with healthcare experience can also facilitate this transition.

5. Guaranteeing Continuity of Care

Challenge: During the ERP implementation phase, there is a risk of disruptions that could negatively affect patient care.

Consideration: The ERP system should be implemented during off-peak hours or in phases to ensure that patient care is not compromised. Regular communication with staff and patients regarding potential disruptions and the countermeasures in place is also essential.

6. Training and Development of Skills

Challenge: An ERP system, particularly one with AI capabilities, necessitates a specific skill set. There may be a skills deficit in the modern workforce.

Consideration: It is essential to invest in comprehensive training programs. During the initial implementation phases, leaders should also consider engaging or consulting with professionals to ensure a seamless transition.

7. Long-term scalability and support

Challenge: Healthcare institutions evolve and develop. The ERP system implemented today may not satisfy tomorrow’s requirements.

Consideration: Leaders should choose scalable ERP solutions that can adapt to changing requirements. Ensuring that the vendor provides long-term support can aid in addressing future challenges.

The healthcare industry is undergoing a digital revolution. As hospitals and clinics implement ERP systems, operations are streamlined, and patient care is reimagined. ERP and AI combine to create a promising digital future.

The post The Transformative Role of ERP in Healthcare: A New Era appeared first on HealthTech Magazines.

Adopting an ERP system in healthcare promises streamlined processes, improved patient care, and enhanced operational efficiency. However, integrating such software solutions into healthcare organizations requires significant bandwidth and resources. The intricate nature of healthcare workflows, the critical importance of data security and compliance, and the need to balance customization with standardization of care create a unique set of obstacles. Healthcare organizations can navigate the complexities of ERP implementation with a greater understanding of overcoming hurdles and achieving successful outcomes.

Challenges in Adopting an ERP System in Healthcare

The Complexity of Healthcare Processes: Adapting a generic ERP to intricate healthcare workflows requires a comprehensive analysis of various departments’ clinical or non-clinical needs in expertise. Modifying the ERP’s modules to accommodate these multifaceted processes while maintaining efficiency demands collaboration between IT specialists and healthcare professionals.

Regulatory Compliance: Navigating the intricate landscape of healthcare regulations demands precise customization of the ERP’s compliance features, allowing for easy adaptation to evolving industry standards. Regular audits and continuous monitoring are essential to ensure compliance, prevent penalties, and maintain patient trust.

Data Security and Privacy: To safeguard patient data, ERP adoption necessitates the implementation of multi-layered security protocols, including robust encryption during data transmission and storage. Moreover, establishing stringent access controls, audit trails, and regular security assessments is imperative to ensure HIPAA compliance and instill confidence in patients and stakeholders.

Integration with Legacy Systems: Connecting modern ERP systems with legacy infrastructure demands technical expertise and a strategic approach to avoid disruptions during the transition. Employing adaptable middleware and creating a phased integration plan can mitigate complexities arising from differing data formats and ensure data consistency across old and new systems.

Data Migration: Efficient data migration demands thorough data cleansing, validation, and reconciliation procedures. Establishing a migration timeline that allows for comprehensive testing, data verification, and addressing potential discrepancies ensures a smooth transition without compromising data accuracy or patient care.

Customization vs. Standardization: Balancing customization and standardization can be achieved by adopting a modular ERP approach, in which specific modules can be customized to align with unique healthcare processes while retaining standardized modules to benefit from proven best practices and interoperability.

Cost and Return on Investment (ROI): Beyond financial aspects, calculating ROI must encompass qualitative improvements, such as reduced errors and enhanced patient safety and satisfaction. Collaborating with clinicians and financial experts to quantify these intangible benefits can provide a comprehensive understanding of the ERP’s value.

Vendor Selection: Choosing the right ERP vendor involves evaluating their ability to align with healthcare needs, not just through their solutions but also by providing ongoing support and updates that accommodate industry-specific requirements. Seeking vendor references within the healthcare sector can offer insights into their compatibility with the unique challenges of healthcare organizations.

Change Management: Overcoming resistance to change requires a strategic approach involving continuous communication, early involvement of key stakeholders, and highlighting success stories from other healthcare institutions that have successfully transitioned. This approach fosters a shared sense of purpose and encourages staff engagement.

User Resistance and Training: Addressing staff’s reluctance to embrace change requires tailored training programs focusing on how the ERP can simplify their daily tasks. Furthermore, establishing a feedback loop that allows users to voice concerns and suggest improvements can foster a sense of ownership and enthusiasm for the new system.

Adopting ERP systems in healthcare brings forth the potential for streamlined processes and enhanced patient care, yet this endeavor can be complex and costly.

Adopting ERP systems in healthcare brings forth the potential for streamlined processes and enhanced patient care, yet this endeavor can be complex and costly.

Resolutions to Adoption Challenges

Customization: Collaborate closely with healthcare professionals during the customization process, leveraging their expertise to align the ERP system with intricate clinical workflows. A modular approach to customization allows for iterative adjustments, accommodating evolving needs while preserving system stability.

Data Security: Implement recurring security awareness training (for all teams) to foster a culture of data security vigilance. Employ advanced intrusion detection systems alongside encryption to protect patient data against emerging cyber threats.

Data Migration: Create comprehensive documentation of data migration processes and procedures for future reference. Conduct “test” migrations in controlled environments to identify potential issues before migration.

Integration: Prioritize data mapping and transformation mechanisms during integration, ensuring seamless communication between systems despite differences in data formats. Thorough testing with simulated data scenarios can preventively identify and resolve integration bottlenecks.

Compliance: Engage legal and compliance experts to ensure the ERP vendor contract outlines compliance responsibilities and ramifications. Periodically review vendor compliance performance and address any variations swiftly.

Change Management: Identify influential stakeholders and leaders within the organization as champions for the ERP initiative and create a sense of enthusiasm among teams. Constructive feedback mechanisms allow for ongoing improvements and adaptations based on user experiences.

Training: Establish a dedicated user support network with online resources, help desks, and peer-to-peer forums. Continuous training workshops can empower staff to leverage the ERP’s advanced features to their fullest potential.

Vendor Selection: Engage in comprehensive discussions with prospective vendors to understand their roadmap for adapting to evolving healthcare regulations. Seek referrals from peer healthcare organizations to validate the vendor’s claims.

ROI Calculation: Continuously track and measure KPIs for the ERP implementation. Collaborate with medical staff to quantify improved patient outcomes, adding a qualitative layer to the ROI calculation.

Pilot Implementation: Document the successes and lessons learned from the pilot phase to refine the rollout strategy for subsequent steps. Solicit feedback from end-users and incorporate their insights into the broader implementation plan.

Adopting ERP systems in healthcare brings forth the potential for streamlined processes and enhanced patient care, yet this endeavor can be complex and costly. Addressing challenges within healthcare workflows, data security, user training, regulatory compliance, customization, integration, vendor selection, change management, data migration, and ROI calculation is crucial. By embracing tailored solutions, such as collaborating with healthcare experts for customization, implementing multi-layered data security measures, establishing dedicated user support networks, engaging legal and compliance experts, and fostering change champions, healthcare institutions can surmount these hurdles.

The post The Challenges (and Resolutions) of Adopting an ERP System in Healthcare appeared first on HealthTech Magazines.

Johnson excitedly talked about the impact their platform has on their customers. “I’ve yet to meet a healthcare finance CFO that has more resources than they know what to do with.  These teams are so often understaffed and spending their time chasing numbers rather than using them.”

But what really moved Johnson? His passion not just for what they do, but how they do it. The business’s success is self-evident: Multiview has won numerous accolades within the ERP world. At the moment, it is the software platform with the highest user adoption and is the easiest to use for conducting business. Why?

“Most people would assume we are a technology company, but we consider ourselves a people company,” said Johnson. He discussed what makes the biggest difference for Multiview: “Unlike most companies in our industry, we don’t outsource our clients’ success.  Many of our peers act as if the relationship ends at go-live, we believe that’s the beginning.”  One of the company’s driving beliefs is that technology not well adapted is no different than bad technology. 

Johnson reviewed the reasons why this passion for their customers throughout the company is so important to them. “We have an amazing team of experienced professionals who guide our clients through adoption, optimization, and day-to-day support. More than 15% of Multiview’s staff are former clients, including myself, who have passion and experience using the product and navigating the challenges our clients are facing daily.”  Multiview’s client retention rate in their primary market, healthcare, is a testament to this passion. “We have never lost a hospital client that’s been live on Multiview Cloud ERP other than to bankruptcy or acquisition,” said Johnson.

A whole new healthcare world

The scars from the worst of the COVID-19 pandemic are still strong.

Johnson told numerous horror stories from his clients who remain scared by COVID. Clients are still having a hard time getting paid by payers and facing delays in getting money into their bank accounts. Staffing also remains a serious challenge: “The environment from a staffing perspective right now that healthcare organizations are trying to navigate their facilities through is one with new pressures from employees to provide more flexibility, higher pay, early retirement, and high levels of burnout amongst healthcare professionals. This is leading to a continuous shock with sustained increases in costs without, in many cases, proportionate increases in revenue.”

You shouldn’t have to be a 500 bed+ healthcare system to afford the right tools.

Some of their clients are leaning into these challenges and turning their staffing and payment model completely on its head. Johnson told the story of one CFO who’s seeing a positive reaction from its employee’s who transitioned many of their medical professionals from salaried into hourly to empower them and give them the flexibility they were looking for whether it was more control of their schedule, reduced or increased hours.

That being said, not every health system has the agility to navigate through these times. To survive, hospitals and health systems need best-in-class software that can provide more insight and integration than ever before. Johnson believes, “You shouldn’t have to be a 500 bed+ healthcare system to afford the right tools.”

Legacy systems no longer cut it

As Johnson knows from his regular interactions with customers, legacy systems no longer work in this business. “Being a healthcare finance professional is an extremely challenging career,” said Johnson, who noted that staying on top of the job is near impossible without the right tools.

Fortunately, says Johnson, the right platform can make all the difference. Johnson specifically cited three areas where using programs like Multiview can make a difference: the breakdown of data silos by integrating information automatically, the ability to move away from manual work, automate accounting entries and eliminate paper invoice approvals, and the opportunity to empower organizations to make more timely and informed decisions.

This is where a legacy system fails to deliver. “Most organizations don’t realize that there is a bigger cost to using a legacy ERP that’s not industry-specific, coupled with continuing to do things the way they’ve always been done.”

Solving these specific issues is where a platform like Multiview can help to close the gap. “My advice to any healthcare organization is to see the opportunity in leveraging best-in-class technology to optimize all areas of their business,” noting that healthcare-specific platforms are built to challenge the exact needs of the healthcare industry. Speaking to decision-makers at these systems, Johnson said, I encourage you to challenge the assumptions of last month and investigate industry solutions like Multiview ERP, which may be able to help take some of the burdens off of your team and significantly improve your organization’s data liquidity.” 

Helping Montgomery County Memorial Hospital and Clinics 

Montgomery County Memorial Hospital and Clinics (MCMH) is another well-known provider whose financial teams recognized the benefit of having all their accounting functions within one application. The team needed to coordinate access between a slew of users, including five core users, three managerial staff, and dozens who could order supplies or make reports. This led to massive coordination struggles: The previous ERP required a separate login to a module to manage their fixed assets which required a separate login for the general ledger and accounts payable. Although the function worked well, the lack of interfacing between functions was a problem. Now, they are more productive and save time using Multiview ERP, which has all these components in one application.

MCMH staff also struggled before Multiview ERP because their system would only interface with the healthcare patient accounting system monthly. That meant they could only see their revenue in the general ledger once a month. They would have to access the information through the patient accounting system, which was time-consuming: Month-end closing took 12-14 days, an unacceptably high number.

Multiview Financial worked with MCMH to ease the integration of the system. The timeframe needed by MCHM was less than a year, and the process started in late 2019 and went live in September 2020, meaning that implementation occurred at the height of COVID-19. Fortunately, MCHM staff still described the implementation as “amazing” and noted that Multiview made the transition as smooth as possible. Furthermore, implementation was enhanced by training videos, online resource manuals, and peer-to-peer support training. This entire process enables MCMH to smoothly manage implementation and immediately begin seeing the benefits of Multiview’s integrated system.

The COVID-delayed process at MCMH was long, reported Johnson, however, he described the remote implementation as well worth it, saying, “We measure our success not based on “hours billed” but on the success of our clients. I’ll be the first to admit, we aren’t perfect. But if you asked all our clients, I’d be surprised if they shared anything other than ‘they are always eager to help us, and available.’” 

Driven by values

Throughout our interview, Johnson cited the role of the company’s values in pushing Multiview to be better. “Being values-driven is something that Multiview strives to be every day, and this has been one of the most important elements of us fostering the culture we have today.”

The company’s values are broader than you might typically think for a technology business, it’s clear that Johnson uses these values to drive home the need for the business to be better for their stakeholders. “One member of our team shared with me the importance of making sure you take the values off the wall and live them. To us at Multiview, it’s not about being able to recite them. It’s about us living them and embracing the culture that they are used to reinforce.”

Interestingly enough, Johnson admits his leadership approach has changed over time. “When we were a third the size we are today, I was a very different leader. Both because of experience and because it was what the organization needed at that time. As I reflect on our journey at Multiview and mine as a leader, the type of leader I am today or was at a point in time was dependent on what I believed the organization needed from me.” 

However, Johnson notes that some values — particularly a belief in putting people first and fostering a culture of diversity — have remained consistent throughout the company’s journey. The importance of these values has only grown as the company’s client list and features have continued to grow. 

An eye to the future

“2023 is a big year for Multiview,” says Johnson. “We are launching a new version of our solution, which is a free upgrade for all our clients, that has a new user interface with all the great powerful features we’ve developed over the past 33+ years. This is something we’ve been working on for several years now, and we cannot wait to share it with our clients at our annual conference this fall.”

With the company’s October conference fast approaching, it is clear that Multiview has an eye towards the future — one built for serving healthcare companies and helping them be better positioned to service their communities.

The post Multiview ERP-An ERP platform isn’t supposed to be just about numbers appeared first on HealthTech Magazines.

Technological disruption is transforming every aspect of the future of healthcare. COVID-19 emphasized the need for this digital world much more than ever. Social distancing and hygiene requirements forced hospitals and other providers to speed up their adoption of transformative technologies. Whether they were ready or not, organizations spanning every industry and size were forced over the last two years to fully embrace digital transformation. Virtual care delivery is persisting at exponentially higher adoption rates than pre-pandemic levels, and remote monitoring as well as digital diagnostics and therapeutics continue to gain attention and investment. As a consequence of the world’s digitalization, customer behavior is changing which also highlights why organizations need to evolve and adapt to this digital environment.

To compete and succeed amid ongoing uncertainty and rapid change, provide an enhanced patient/consumer experience, and bring added value, healthcare organizations are focused on building “digital-first” business models. In addition, CEOs across healthcare sectors are evangelizing digital and innovative initiatives as strategic imperatives to seize the opportunities of disruption, create added value, and deliver new growth.

Cloud Computing has become the catalyst for digital transformation.

The Cloud-enabled business model helps organizations simplify IT infrastructure and focus more on digital transformation. It gives access to the ‘Everything-as-a-service’ model, utilizing multiple automation processes to build a customer-centric system. As these models become more prevalent, humans will work alongside automation to boost their cognitive abilities and skills.

Quick, on-demand access to reliable, scalable, and flexible technologies and IT infrastructure are the imperative requirements for digitization in any organization. Self-hosted on-prem solutions can be considered organization-controlled but involve time and money to scale up for business growth.

Implementing Cloud Computing solutions may be pretty straightforward. However, migrating without proper planning, preparation and governance can be disastrous.

Integrating new forms of technologies fast tracks automation and improves patient care. AI, ML, Big Data Analytics, and IoT are key components of such new solutions. Considering that these technologies require heavy computational power and storage space, Cloud Computing is the ideal solution to integrate and optimize these technologies and make them more scalable.

Benefits of Cloud Computing which empowers digital transformation

1. Agility, Flexibility, Scalability and Efficiency
   
   Healthcare is in constant need of continuous innovation, testing, and implementation to drive digital transformation.
   
   Cloud Computing is a key enabler for agile innovation. It offers agility by providing platforms and Computing resources where we can rapidly build, test, and deploy apps throughout the transformation phase to enable business growth and meet patient care and access needs, without a need for complex on-premise infrastructure that requires investment, time and IT resources to set up. It further helps to eliminate the need to maintain and upgrade systems and also solves compatibility issues between different types of infrastructure.
   
   Cloud Computing enables enterprises to quickly respond to customer needs, eliminating the problem of IT systems overload or over-provisioning.
   
   Enterprise storage solutions impose limits on the data capacity. Expansion is expensive, both for infrastructure and IT resources. However, Cloud-based storage in healthcare provides greater flexibility. It is a pay-as-you-go subscription-based model. It allows organizations to scale up or down quickly to meet demand.
   
   
2. Integrated Solution
   
   Cloud Computing enables organizations to access, retrieve, and process information at any time, from any place, ensuring efficient collaboration and improved productivity without restrictions and geographical boundaries.
   
   
3. Security
   
   Healthcare may constantly face the risk of losing critical information (including PHI) due to unexpected system shutdowns, data breaches, etc. Furthermore, in the case of AI-driven big data analysis, the chances of system failure increase considerably due to Computing and storage constraints.

Cloud solutions are built to comply with the increasing high level of privacy standards and threat protection postures, including compliance to HIPAA and GDPR. This enables organizations to create multiple defenses for data protection. It can be as good as on-premises solutions and sometimes when properly configured, it might even provide better security.

Despite Cloud Computing’s advantage and its enablement of digitization, significant challenges of Cloud Computing in healthcare include user misunderstanding or distrust of provided security and privacy, organizational barriers, loss of data governance, and poor safety standards. The use of Cloud Computing raises many legal issues such as local contract laws, IP rights, data jurisdiction, and privacy.

Migrating to Cloud for the organization is not a one-off decision that should be made in isolation. Cloud migration has company-wide, short-term and long-term implications. Implementing Cloud Computing solutions may be pretty straightforward. However, migrating without proper planning, preparation and  governance can be disastrous. 

Any organization can speed up their digital transformation by adopting Cloud solutions if they consider the following:

Business Goals

When considering Cloud solutions, organizations need to have a clear understanding of the business goals they will achieve and the alignment with strategic growth. For example, they should know whether technologies supported by the Cloud are compatible with systems and applications already being used in the organization, including legacy solutions.

Cloud Computing Security Concerns

Every organization is responsible for its patients, payers and their own confidential and valuable data. Therefore, they must be confident that their data is secure and know where and how it is being shared. PHI and PII data security is the primary concern for healthcare. Therefore, before adopting Cloud solutions, organizations must prepare their security and firewalls to guarantee the safety of their data. Cloud is secure, but it must be used correctly.

Governance

Different Cloud solutions like IaaS, PaaS, and SaaS provide ease of use, cost savings, and innovative features. Typically, they offer users a free trial account. Due to this flexibility, any organization may buy Cloud solutions without centralized IT control. Moving to the Cloud can save money, but this is not automatic. Therefore, strong governance in the organization is key for the selection and use of Cloud applications to avoid having siloed systems and risks.

In summary, one thing we can count on is that the Cloud has proven itself as a valuable tool and will be integral to all modern healthcare must-dos.

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The U.S. Healthcare industry is transforming. With consumers having more financial accountability for their care and the government shifting healthcare reimbursement to a value versus volume-based model, the business is fundamentally changing. Before the pandemic, the shift to a more consumer-oriented and value-based healthcare service occurred at an evolutionary pace. Post pandemic change will be revolutionary.       

Supporting 92% of Fortune 2000 companies, SAP has a proven 50-year history of enabling business transformation through world-class enterprise software solutions and a partnership mindset. Healthcare organizations moving toward consumer-oriented and value-based service models can capitalize on best practices from across industries to facilitate their business transformation. “When we connect with healthcare executives, they want to know how SAP is helping customers in other industries such as retail manage consumers at the point of service and they want to see how they monitor business performance in real time” states Steve Risseeuw, SAP’s National Vice President for U.S. State, Local, Education, and Healthcare business sectors.

Steve is an SAP veteran who recently assumed responsibility for the company’s team supporting payers and providers. His background in collaborating with government and education customers to bring commercial best practices into their organizations makes him a natural leader for growing SAP’s U.S. healthcare practice.

SAP’s strategy enables healthcare organizations to be intelligent, sustainable enterprises with a solution platform and partnership comprised of analytics and process-oriented applications. The cumulative value provides executives with the speed, scale, and adaptability to manage the new value-based healthcare experience.  

“The solution platform is only a start. The relationship and mindset that SAP brings as a vendor partner is a key to effective business transformation,” states Deb Millin, Head of SAP U.S. Healthcare Industry, Cloud Services. “SAP’s success in transforming various industries was accomplished in collaboration with customers. We use the same blueprint with healthcare organizations as they transform to run more like a business.”  

Deb brings over 25 years of healthcare industry experience involving management, product innovation, and company strategy for Fortune 100 technology companies. She recently joined SAP as Head of the U.S. Healthcare Industry, Cloud Services.

Every healthcare enterprise needs to develop new value-based business models to avoid disruption, gain efficiencies to fund innovation, and transform mission-critical systems without business risk. SAP’s approach called RISE is the cornerstone of the company’s customer-as-a-partner approach: a framework that addresses each customer’s technology and business transformation needs for enterprise-wide resource planning. RISE with SAP builds upon that ERP foundation with additional services, such as embedded advanced analytics, workflow redesign, hosting infrastructure, a defined set of cloud managed services, and the Business Network Starter Pack, which facilitates connections with suppliers, distributors, and assets.

This is the heart of how SAP differentiates insofar as the choices of cloud software vendors. “We’re not just another cloud offering – we are an enterprise-wide business transformation company,” adds Deb.

SAP quickly pivoted to help the frontline healthcare providers and suppliers address supply chain constraints, workforce challenges, and real-time analytics needs to manage critical and virtual care.

The Pandemic Partner and Post Healthcare Revolution

SAP’s customer-as-a-partner approach proved to be pivotal in supporting the uncertain demands of the pandemic for frontline healthcare customers. “If there is one thing we learned from the pandemic, you can’t manage a real-time pathogen through the rearview mirror of traditional healthcare,” states Walt Ellenberger, Senior Director of U.S Healthcare Business Development and Strategic Alliances for SAP.

Walt has over 30 years of healthcare system and operations experience outside of his tenure at SAP.

“SAP quickly pivoted to help the frontline healthcare providers and suppliers address supply chain constraints, workforce challenges, and real-time analytics needs to manage critical and virtual care,” says Ellenberger.

Renowned healthcare systems, such as Parkland Health and Hospital System in Dallas, Texas, leveraged SAP’s solution platform to address surge capacity and critical care resource planning. Parkland, in partnership with SAP, extended the solution platform to proactively manage care demand by COVID risk scoring their surrounding population for community-based education and care outreach.

SAP’s partnership with pharmaceutical leaders helped lay the groundwork for architecting an integrated business network, achieving greater transparency to an end-to-end supply chain process and collaboration between manufacturing, distribution, administration, and post-vaccine monitoring. This innovative work set the stage for extending SAP’s solution platform to stakeholder collaboration with workflow and data insight integration along the entire healthcare industry value chain.

“The speed of change post-COVID 19 will become revolutionary to address the vulnerabilities of a fragmented and reactive healthcare delivery system to be better prepared for another pandemic threat,” comments Ellenberger. “The lessons learned from the pandemic will leave a permanent mark on shifting healthcare delivery and management to be more proactive and collaborative moving forward. “

The Next Generation of Healthcare Enterprise Resource Planning

Legacy healthcare ERP systems based on old technology and a reactive volume-based business model were never designed for the transformational shift to proactive value-based care. “SAP’s enterprise resource planning offering is different because we focus on providing the applications and analytics to manage enterprise-wide resources through the lens of healthcare value. We offer the next generation of technology and software solutions to integrate and proactively manage care experience, costs, and quality services, “explains Steve Risseeuw.

SAP differentiates its solution platform based on speed, scale, and adaptability, enabling healthcare business integration, insights, and innovation.

• Integration enables customers to unify care experience, cost, and quality data into the new formula for managing value-based healthcare.
  
  
• Insights from multiple data sources help healthcare executives make decisions on the go and proactively manage risk and performance for the entire enterprise. In healthcare, data is the most valued asset. Gaining insights into outcomes is the foundation for not just expeditiously improving care but also operational efficiencies and effectiveness.  
  
  
• Innovation enables new healthcare collaboration and risk-sharing for supplies, processes, and data insights across all stakeholders.

SAP’s Healthcare Path Ahead 2022

SAP’s healthcare focus areas in 2022 are Workforce Management, Procurement, Supply Chain, Financials, and Embedded Data Analytics. When paired with value-based services and a partner mindset healthcare organizations truly benefit.

A critical part of SAP’s healthcare go-to-market strategy is their partner ecosystem that leverages and extends their solution platform and business transformation service with depth and credibility for addressing specific customer and emerging market needs.      

“With the current crisis in nursing shortage around the world, but especially in the US, we are addressing predictive clinical staffing management needs,” says Deb Millin. “The pandemic has certainly prioritized nursing staffing needs, but there are many other resource use cases this solution can address.” SAP partner DXC Technologies built a comprehensive healthcare workforce solution on the SAP solution platform that enhances overall clinical staffing and workflow management to effectively solve customer challenges.

Being an ERP Global leader for decades, SAP has a proven record of helping organizations optimize revenue streams and reduce costs with an automated approach to resource management. “We are working with Nesa Solutions, an IoT Hub and analytics platform, to optimize the way healthcare organizations utilize and maintain their assets,” Millin reveals. Integrated real-time tracking monitors critical asset locations for improved inventory reporting and clinicians’ access to essential assets supporting patient care. Real-time analytics on the asset’s metadata can also provide deeper insight into the product’s lifecycle and asset utilization for better enterprise-wide purchasing decisions. Nesa’s alignment with SAP’s solution platform extends the value of real-time insights that hospital CFOs otherwise find challenging to obtain.

The healthcare industry has undergone unprecedented transformative shifts. The digitization of patient records, the shift of analog to digital peripheral devices whose data can be leveraged, real-time reporting, artificial intelligence, and process-oriented solutions that aid in clinical workflow and operational healthcare all help drive a new way of doing business. “We are at the forefront of this evolution with a 50-year track record that has provided the foundation for pivotal product suites that grow with the customer’s transformation journey”, Steve concludes. “Customers can leverage their investment with SAP and partner with a company who has a proven portfolio and best practices to transform their business.”

The post SAP IS ENABLING HEALTHCARE TRANSFORMATION WITH A SOLUTION PLATFORM AND PARTNERSHIP appeared first on HealthTech Magazines.

Introduction

Until 2018, San Joaquin General Hospital and County Clinics had a relatively immature digital infrastructure. Its core healthcare processes were documented in paper charts, and numerous isolated systems supported the core administrative functions of patient registration, billing, general ledger, and human resources management. In March of that year, the health system successfully pulled off a ‘big-bang’ implementation of monolithic and integrated Electronic Medical Record and Enterprise Resource Planning systems. While this effort yielded a transformation in the organization’s clinical and business processes, it significantly increased its reliance upon Information Technology.  Extended outages were no longer acceptable and a major disruption in IT services became a high risk to patient care and business operations. With the full support of executive leadership, the Information Systems Department initiated a transformation of the organization’s network infrastructure and disaster recovery capabilities to meet these new availability and resiliency goals.

Hybrid-Cloud

For experienced IT professionals, the very phrase “Disaster Recovery Solution” conjures up thoughts of distant co-location facilities, idle hardware, expensive circuits, a large capital investment, and infrequent and often unsuccessful Disaster Recovery Testing events. Today, however, hybrid-cloud solutions offer organizations like ours the ability to deliver superior functionality with less capital investment and a lower total cost of ownership. Hybrid-cloud solutions extend modern data center capabilities into the cloud and enable the organization to leverage its existing on-premise investment.

Nutanix Xi Leap

Since our data center already used a Nutanix Hyperconverged Infrastructure, we implemented the Nutanix Xi Leap Disaster Recovery as a service (DRaaS) to avoid a large DR capital investment and extend our existing data center’s capabilities into the cloud. We partnered with Nutanix professional services to protect our most crucial business systems, as identified in our Business Impact Analysis (BIA). The entire configuration was done from a single ‘pane of glass’, Prism Central.  Nutanix Xi Leap offered us a variety of recovery plans and protection policies to meet the Recovery Point Objectives (RPOs) and Recovery Time Objectives (RTOs) established by executive leadership. Xi Leap offered us a variety of service levels to select from, including full network and partial network failover recovery plans.

Network Fabric Technology

Readers who have struggled with complex network architecture challenges will be thrilled to read what network fabric technology allowed us to accomplish with our infrastructure. 

Legacy Network

The health system had a traditional and complex network design which lacked dynamic routing, relied upon spanning tree for loop detection, and required manual provisioning. Network switches were statically interconnected with single fiber paths, virtual networks were provisioned with a rudimentary loop prevention mechanism, and the network design was flat and riddled with single points of failure.

Extreme Fabric

We partnered with Extreme professional services to implement Extreme’s Network Fabric to transform our legacy network infrastructure into a private network cloud. Extreme Fabric technology offered us extremely fast convergence times by allowing all links to be active and simplifying the extension of services across multiple sites. Fully redundant and active LAN and WAN fiber paths transformed our infrastructure, and the flexibility of the fabric allowed us to meet our challenging disaster recovery requirements.

Disaster Recovery Testing  

As many IT professionals know, Disaster Recovery testing events are often horror stories. Millions of dollars may have been spent to create a DR infrastructure that is only tested infrequently and that otherwise sits idle. Lengthy and complex DR runbooks are dusted off and staff members attempt to meet the RTOs and RPOs that their managers have committed to the business. The resulting complexity turns testing events into labor-intensive, exhausting, and thankless ordeals. The flexibility and ease of using Nutanix’s Xi Cloud allowed us to rewrite this tale completely.

Armed with a highly capable infrastructure, we designed disaster recovery procedures for multiple systems, simply and in little time. As one example, we created a DR recovery plan for a pneumatic tube system powered by several network-attached controllers and managed by a central server. P-tube systems are critical healthcare infrastructure that shuttle blood and tissue samples between nursing units and the clinical laboratory. We utilized a full network recovery plan for this system, which allowed us to recover the P-Tube central server in Xi Cloud. After a few readiness checks, we  recovered the central server in the Xi Cloud while maintaining its original IP address. The P-Tube system was operational within minutes without making configuration changes to P-tube controllers. The Xi Leap failback feature allowed us to restore services to the on-premise infrastructure while replicating back all system logs and changes.

Conclusion

After our DR journey, our organization has a network and disaster recovery infrastructure that is simpler to manage but significantly more capable. We are well on the road to meeting all the recovery objectives for our critical business systems. Our executive team has greater confidence in our ability to sustain operations in the event of a catastrophe.

Our journey to meet demanding resiliency and availability goals was at times perplexing and time-consuming, but as Audrey Hepburn once said, “Nothing is impossible, the word itself says ‘I’m possible’!”

The post How a California county health system took a quantum leap in disaster preparedness and business continuity through the use of hybrid cloud and network fabric technologies? appeared first on HealthTech Magazines.

Since its introduction a little over a decade ago, there has been a mix of pessimism and measured enthusiasm about the prospects of the blockchain technology in the enterprise. Some business leaders continue to dismiss the blockchain, a decentralized time-stamped ledger of transactions that are written and cryptographically secured on a peer to peer network, as a passing fad, while an increasing number advocate for its enterprise adoption.

According to Deloitte’s 2020 Global Blockchain Survey, many business leaders list blockchain as a top-five strategic priority and increasingly commit resources to it. A growing majority of global enterprises (55%, up from 53% in 2019, and 43% in 2018), now view blockchain as an enterprise priority. Despite this uptick in commitment to the technology, 54% of leaders also feel that the technology is overhyped. This is not unusual, and perhaps signifies the cautious optimism that many leaders have developed around this technology.

Enterprise blockchain pilot projects and production implementations continue to emerge globally, with the most common use cases falling into these categories:

Digital Identity Management:  Blockchain can be leveraged to address several challenges around identity management, including the effort to shift more of the control or ownership of identity data from identity providers to the individual owners of the identity. There are also ongoing projects to use blockchain to solve the problem of Provider Data Management in Healthcare.

Supply Chain Management: Blockchain can be used for real-time/multi-party tracking of goods, with an immutable audit trail. This has found application in Logistics and Retail (e.g., for product recalls) and in Pharmaceuticals (e.g., for drug traceability).

Financials: The Finance industry has been a leader in exploring the enterprise use of blockchain, and active pilot use cases include FX settlement in Banking. The Healthcare industry has also been exploring the use of blockchain to facilitate Revenue Cycle management.

Clinical Research/EHR Interoperability: Lifesciences and Healthcare also have interesting uses cases of blockchain, including managing patient consent in clinical trials, and tackling the longstanding problem of Electronic Health Records interoperability.

Despite the growing number of enterprise blockchain initiatives, a lot of obstacles remain in the path of enterprises seeking to adopt blockchain technologies. These include fundamental confusion around the nature of the technology. Many enterprises also struggle to identify viable business use-cases for the technology and to determine where blockchain offers better value than existing technologies. The lack of requisite technical skills has also made the exploration of the technology difficult. In addition, regulatory and technology standards that are required for the wide adoption of any technology are still evolving in the case of blockchain.

A Proven Path Forward

One proven approach to addressing the blockchain adoption challenges listed above is the use of a blockchain consortium to accelerate enterprise adoption. This is in some ways reflective of the success of other industry consortia in the evolution of nascent technologies (for example, the World Wide Web Consortium – W3C). A consortium membership allows an enterprise to leverage the collective technical skillsets of the consortium, as well as make for the distribution of the costs and risks associated with the development of the technology. It also facilitates the development of standards, key infrastructure and use cases, and partnerships for the purpose of the technology. It could also provide access to market intelligence. Blockchain consortia are private/permissioned and require membership to participate. This helps to mitigate some of the concerns around privacy and security associated with participating in public blockchains. Their focus defines the activities of blockchain consortia.

Business-focused blockchain consortia comprise of business entities with similar, complementary, or even competing business interests. This type of consortium is focused on developing blockchain use cases and standards for the adoption of the technology, and creating a partner ecosystem. Examples include the Synaptic Health Alliance, formed by some Healthcare Industry leaders to “explore the use of blockchain technology in tackling the challenge of accurate and efficient provider data management and sharing.” Another example is the IBM Food Trust, which connects “participants across the food supply through a permissioned, permanent, and shared record of food system data.”

Technology-focused blockchain consortia are focused on developing core blockchain technologies and related standards. The best-known example of this is Hyperledger, a global collaboration, “focused on developing a suite of stable frameworks, tools, and libraries for enterprise-grade blockchain deployments.”

Hybrid blockchain consortia, on the other hand, works to both develop the core technology as well as the business applications and uses cases for blockchain. An example is R3, founded in 2016 by several of the world’s leading banks. R3, now consisting of 300 participating global enterprises, has evolved into an enterprise software firm.

Today, there are dozens of global consortia, with participation by many of the leading global companies. Any organization wishing to explore the blockchain should consider whether joining a consortium would be beneficial to its efforts, as opposed to trying to go it alone in the beginning. They can start by identifying the blockchain consortia in their industry and assessing them based on the four success criteria described below to determine if joining a group could accelerate their learnings and adoption of blockchain technologies. An organization can also consider forming a new consortium in partnership with other enterprises.

The success and effectiveness of a consortium depend on a few key factors:

Governance: Having a well-defined and well-structured governance model is key to the success of any consortium. This helps define the role and participation of members, many of whom might be competitors.

Membership: The entities constituting the consortium defines what it can accomplish and how seriously it is taken by industry and regulatory authorities. Having key industry stalwarts in a consortium could grant it a lot of credibility and legitimacy out the gate.

Leadership: The leadership of the consortium can help set and drive its mission and vision and keep the organization on track. Leading consortia members often contribute significant intellectual property and technical capability to the consortium. Having reputable organizations in leadership roles on the consortium improves its chances of success.

Funding: Any viable consortia need a good source of funding for its activities. Having members that are financially committed to the mission of the consortium is critical to its success.

Blockchain is likely to become a strategic imperative in the coming years, and enterprise leaders are best served to position their organizations to learn and explore its potential benefit. Joining a consortium could be the easiest way for many organizations to achieve that goal.

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