About the Company

Industry: Healthcare

Type: Privately Held

Parakh Hospital & Research Centre is a leading tertiary care hospital with over 15 years of experience in providing diagnostic, preventive, and therapeutic healthcare services.

With a mission of providing personalized and affordable healthcare, the hospital boasts state-of-the-art facilities and a team of specialized doctors in fields such as cardiology, nephrology, and gastroenterology. The hospital is known for its cutting-edge kidney care and dialysis services.

Problem statements

Staff retention and talent development: The hospital initially struggled to retain its staff due to competition from other hospitals offering higher salaries.

Accounting and compliance issues: The hospital faced challenges with maintaining accurate accounts, tax compliance, and managing timely financial reporting.

MIS reporting gaps: The hospital lacked timely and accurate MIS reports, resulting in difficulties in managing its financial operations.

Our Solution

Financial process optimization: We introduced streamlined processes to improve bookkeeping, ensure accurate tax filings, and enhance overall financial management.

MIS reports: Implemented a new MIS framework to provide complete, consistent, and easy-to-interpret financial reports.

Compliance and audit support: Ensured that all regulatory and tax obligations were met, reducing the risk of penalties and fines.

Results

Improved financial Accuracy: The introduction of modern bookkeeping practices and timely financial reporting led to greater accuracy in the hospital’s financial records.

Full compliance achieved: Parakh Hospitals successfully adhered to all tax regulations and deadlines, ensuring compliance and avoiding penalties.

Operational efficiency: The new systems and processes allowed the hospital to manage its finances more effectively, improving overall efficiency and decision-making.

Benefits and ROI

Enhanced financial management: Timely and accurate reports provided better visibility into the hospital’s finances.

Compliance confidence: Adhering to tax regulations reduced the risk of penalties.

Operational improvements: Streamlined processes led to better financial oversight, allowing management to focus on growth and patient care.

ROI: Our Accounts and Financial Management services helped Parakh Hospitals achieve accurate financial reporting, full compliance, and improved operational efficiency, allowing the hospital to focus on its mission of delivering high-quality healthcare.