The global healthcare industry is growing at a stable, if unspectacular rate, and is expected to earn revenues of over $1.8 trillion this year.
The Indian healthcare industry has turned into one of the country’s largest sectors in terms of both revenue, and employment. The industry has grown at a rapid pace and is expected to be worth over $350 billion in the next few years.
The rapid growth of the industry, while good, also brings with it certain challenges, primarily those financial in nature. As hospitals and healthcare providers grow, so do their financial concerns, and often need a helping hand to smooth things over. This is where we, at MyCFO, come in.
We recently worked on a project with a Hospital operating in this industry. The 50 bedded hospital specializes in the field of Cardiology and Cardiac Surgeries for 30 years. It also catered to other specialties like Dermatology, Ophthalmology, Orthopedics, Endocrinology, etc. The management felt that the operations of this hospital could be better. This is where MyCFO came in. We aimed to handle the relationship and reporting management with the Trust while also installing a new ERP system to manage their finance and commercial functions. We aimed to provide limited on-ground visibility on progress of the key initiatives to the trustee. We also aimed to review the internal processes and implement key internal controls including finance roadmap, along with a requirement for process automation.
The plan executed by MyCFO entailed the building of systems and processes, thereby sufficiently plugging out gaps and implementing the ERP system. It also included monitoring the monthly MIS closely and defining the payment system for the client. Assessing the manpower for cost rationalization and defining detailed roles of each department and assisting the internal audit team of the client by preparing “Points to Review” checklist was also part of the MyCFO plan.
These were just a few among many other benefits they gained through their engagement with MyCFO and further goes to show that through our practical, hands on approach and with our team having a rare combination of superior skill and experience, we at MyCFO guarantee better results and an excellent return on your investment.
MyCFO has worked on an array of such projects. You may read more about us here