Caravel Partners Recognized by NetSuite as Summer 2022 Alliance Partner Spotlight Award Winner

We are excited to share that Oracle NetSuite has named Caravel Partners, A BPM Technology Solutions Company, a Summer 2022 Alliance Partner Spotlight Award Winner for Software.

NetSuite’s Alliance Partner Spotlight Awards recognize leading partners and their achievements for outstanding work with customers, including:

  • Demonstrated commitment and success in implementing NetSuite
  • Development of outstanding expertise, customizations and/or intellectual property in specific microverticals
  • Demonstrated commitment to and success in implementing NetSuite Analytics Warehouse, OpenAir, SuiteCommerce and NetSuite Planning and Budgeting

The NetSuite Alliance Partner program provides business consulting services, as well as integration and implementation services, that help customers get even more value from their NetSuite software. Alliance Partners are experts in their field and have a deep and unique understanding of NetSuite solutions.

Caravel Partners continues to show expertise in the Software and High-Tech industry with the goal of helping companies grow.

“We are honored to be recognized for the hard work our teams have put in to ensure the success of our software and high-tech customers. Our goal remains the same for all our clients, help drive the right decisions as quickly and as cost-effectively as possible”.

Tai Valenzuela, Director of Strategic Operations

Having worked with over 500 clients, Caravel has consolidated this experience into a repeatable framework for helping companies define lean yet scalable business processes, efficiently determining the right technology to support the business, deploying the software platform, providing project oversight to ensure project and ultimately business success and providing ongoing support services as needed.

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Health Care Organizations and NetSuite Cloud ERP

In 2020, health care providers, health plans, health care clearinghouses, and business associates of those entities reported 642 total data breaches—25% more than in 2019 (which was also a record-breaking year). “More than twice the number of data breaches are now being reported than six years ago,” HIPAA Journal reports, “and three times the number of data breaches that occurred in 2010.”

This is a concern both for individual patients and the health care providers that they rely on for care. With many of these providers in the very early stages of adopting innovative technologies, most rely on basic systems. Such as QuickBooks combined with separate billing and patient management systems to run their operations.

“Companies that break from the cycle of continuing to layer more manual processes and point solutions on top of the problem, and that opt for a unified platform that complies with HIPAA rules, will come out the winners.”

Matt Hayton, Client Engagement, Caravel Partners

This can create vulnerabilities and increase the risk of security breaches. With multiple different data storage locations to manage, for example, controlling that data and keeping it safe becomes increasingly difficult.

Ensuring compliance with the health information portability and accessibility act (HIPAA) is equally challenging. This is mainly because the information has to be transferred back and forth across billing, patient management, and other solutions. These entities face scrutiny when gathering, storing, and/or sharing information. Without the metrics and reports that allow them to track and monitor their business operations, health care organizations can’t effectively address problems or make good decisions.

A Three-Pronged Solution for Health Care

  • Option #1: NetSuite’s unique identifiers manually keep protected health information outside of the ERP platform. It does this while also providing access to it within the system itself. “By linking patient data with an external ID or unique identifier, medical providers can manage the data while staying HIPAA compliant,” said Matt Hayton.
  • Option #2: Embed a link within NetSuite that effectively “pushes” out the protected health information (PHI). This is stored in a different HIPAA-compliant system. “We can encrypt the data and then embed a secure link,” Hayton explained, “thus allowing the organization to access that information as needed.”
  • Option #3: Used less often but applicable for some organizations, the third option involves Caravel Partners working with a third-party software provider. These providers may offer an extensive HIPAA-compliant platform. The PHI data is then housed on that platform and doesn’t interact with the ERP.

Using a methodology created specifically for health care companies, Caravel Partners takes four to six months to implement NetSuite. This methodology includes the best data compliance option (from the above list). Thus Caravel not only solves the companies’ HIPAA compliance challenges but also helps them consolidate their different software systems.

The disparate systems typically include—but aren’t limited to—laboratory information systems (LIS), patient management systems (PMS), electronic medical record systems (EMR), plus a proprietary data warehouse for storing all of the data that runs through these platforms.

Going Well Beyond the Basics

By merging HIPAA compliance capabilities with a leading ERP solution, Caravel gives health care companies one data repository to work from. As well as expansive reporting capabilities, and a holistic view of their operations. None of which was possible using separate patient management systems and QuickBooks or other accounting software packages. And because the ERP reduces the number of external systems needed to run their operations, organizations save money and time.

Other “wins” that companies see once they have NetSuite in place include automated transactions, data summarization, and improved financial
reporting. A medical practice, for example, will gain access to better financial reporting at both the clinic and doctor/procedural level. A distributor of medical test kits, on the other hand, can use the system to drive better analytics around testing and other kit-related metrics.

“We recently worked with a group of 20 medical clinics that lacked a data governance policy and, therefore, visibility into its operations,” Hayton explained. “We integrated one of their EMR systems with NetSuite, which ties together the financial revenue, cost, and inventory levels, providing better visibility into the location-based profitability.”

The same organization began using NetSuite for equipment and asset tracking. They can now more effectively evaluate and track the multimillion-dollar MRI machines (and other equipment) their clinics use.

Locking Down Patient Data

With health care data breaches increasing and point technology systems proliferating, organizations need to consolidate onto a single platform. These platforms should also support HIPAA compliance. NetSuite and Caravel work together to provide health care organizations the tools to keep patient data safe. This includes benefits such as:

  • Automated transaction capabilities
  • Better data governance and HIPAA compliance
  • Data summarization
  • Equipment and asset management tracking
  • High levels of operational visibility
  • Fully-automated business processes
  • Improved financial reporting

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5 Reasons to Use Cloud ERP to Automate DCAA Compliance

5 Reasons to Use Cloud ERP to Automate DCAA Compliance

Whether securing their first government contract or acquiring larger opportunities, companies of all sizes need a DCAA compliance solution that’s built into NetSuite Cloud ERP to create a complete business management solution. Here are five reasons why:

1. A requirement for any organization that wants to do business with the DoD, DCAA compliance ensures that all of its trading partners are using proper financial management techniques in the course of business. Responsible for performing all audits for the U.S. DoD and for providing accounting and financial advisory services to DoD components responsible for procurement and contract administration, the DCAA also provides contract audit services for other government agencies.

2. Where the Lockheed Martins and Raytheons of the world may have complex systems in place to ensure DCAA compliance, small to midsized businesses (SMBs) don’t always have these resources at their avail. A smaller organization that relies on older, on-premises software systems and Excel spreadsheets to run its operations, for example, may be caught off guard upon being awarded its first government contract. An excellent opportunity to expand its horizons, the company may quickly find itself mired in the idiosyncrasies of maintaining DCAA compliance. 

3. If you’re awarded a government contract, the government agency will request detailed information regarding contract-related transactions such as procurement, revenue, and time entry postings. DCAA also mandates how you structure and report against your financials. These requirements directly impact how a company sets up its chart of accounts, reports on that chart of accounts, and then manages financial allocations. Handling these responsibilities manually or using disconnected, on-premises software systems is both time- and labor-intensive, not to mention error-prone. By automating these processes on a unified cloud ERP platform that includes pre-built DCAA compliance capabilities, companies of all sizes can easily gather, retain, and generate everything they need to win a contract and maintain compliance. 

4. Without a centralized system to refer to, companies also grapple with poor operational visibility for their government contracts. When sales, procurement, and fulfillment managers can’t collaborate on a single system, they must resort to emailing spreadsheets and documents back and forth every time a company has to produce a report or a specific document to the DCAA. 

5. Once in place, the DCAA SuiteBundle automates time entry, labor costing, accounting, billing, and reporting in a way that disparate solutions and spreadsheets can’t match. The SuiteBundle also makes the DCAA’s strict payroll and time-keeping requirements much easier for SMBs to manage. And while some solutions on the market tackle just the time-keeping task, Caravel Partners enhanced the NetSuite Cloud ERP time entry module to be able to handle all of DCAA’s time-related specific requirements.  

Caravel’s DCAA Compliance SuiteBundle is built directly into NetSuite and supplements the functionality that companies need to comply with DCAA rules and regulations. The DCAA SuiteBundle can be implemented either during or post a base ERP implementation, with the typical time frame spanning four to five months (for both the ERP and the SuiteBundle). 

By automating processes and tasks that were previously handled manually, the DCAA SuiteBundle frees up employees to focus on more important projects. It also provides an excellent audit trail for DCAA and its third-party audit agencies. 

Whether your company is on the verge of winning a large government contract and in need of its first DCAA compliance software or already using one and unable to handle the complexities of larger contracts, NetSuite ERP plus the pre-built DCAA SuiteBundle can accommodate organizations of all sizes and across all industries.

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A Unified ERP Solution for DCAA Compliance | WhitePaper

Whether securing their first government contract or acquiring larger opportunities, companies of all sizes need a DCAA compliance solution that’s built into NetSuite Cloud ERP to create a complete business management solution.

Every year, the U.S. federal government spends trillions of dollars procuring the goods and services that it needs to keep its many different departments running. In 2020 alone, it spent $6.55 trillion, [bm1] a portion of which involved deals with government contractors, the largest of which includes well-known organizations like Lockheed Martin, Boeing, General Dynamics, and Raytheon.

Download our WhitePaper to learn more.

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Webinar 4.8.21 | High-Tech: Why NetSuite Edges Out Intacct in High-Tech

Join us on Thursday, April 8th at 11:00 AM PST, for an in-depth look at the differences between NetSuite and Intacct and why NetSuite continues to be the #1 ERP for High-Tech.

Caravel Partners will be covering the below topics:
– Industry Pain Points in High-Tech
– NetSuite Solution Configuration
– NetSuite vs Intacct Comparison
– Integrations & Improving Visibility

*Agenda subject to change

Presenters

Scott Curry | Managing Partner

Matt Hayton| Managing Partner

Caila Cohen | Solutions Engineer

Dates and Times:

April 8, 2021 11:00 AM PST

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