Vittakosh is an outcome of a notion – a belief that we can and ethical practices.
Today, the healthcare sector is progressing at a rapid pace. Moreover, healthcare firms are becoming more and more consumer-focused and results-driven. At the same time, pharmaceutical and biotech firms are grappling with issues such as rising costs and stiff competition. Hence, we at Felix Advisory work in coherence with leading pharma companies, dental care chains, hospitals and biotech companies, health-tech companies, Pharma Packing Companies and CTMS (Clinical Trial Material Supply / Services) Companies to address these issues by designing and implementing robust strategic plans as well as complete outsourcing of non-core function such as Finance and Accounting. Our team of experts has worked with the top healthcare industry players to create growth opportunities through inorganic means such as M&A. With an in-depth understanding of the healthcare sector, our team has helped leading pharmaceutical companies achieve their long-term goals.
The financial system of a healthcare company is different from other industries. The Healthcare industry has different regulations systems, intricate models, and payment systems. Insurance companies usually pay medical bills, making the taxation process quite complicated. The insurance status of patients, claims, etc. that require thorough checks are among the reasons healthcare needs a robust accounting process. These reasons make it difficult for a small healthcare company to handle its finances, and sustaining high accounting standards becomes paramount for the healthcare industry.
We provide the following services for healthcare companies:
A Virtual CFO’s core function is to provide solutions to issues that will help improve the finances of the Healthcare industry. Every healthcare company serves different types of products and services. These include healthcare consulting firms, clinics, medicare, pharmaceuticals, and operations. As a result, they need different accounting services from their financial officer. For an on-site CFO, it is often difficult to switch from one healthcare company to another due to their disparity. This is not a concern for a Virtual CFO as they have a grip over the workings of different kinds of organizations. Another fascinating thing about Virtual CFO services is that you must pay for what you need. You can choose from the umbrella company’s portfolio of services and decide on your plan. Every package is tailored as per your company’s prerequisites.
A solid foundation can be laid by setting up an advisory board when entering the health tech industry as a new startup. A board can guide you through industry-specific nuances, make critical judgments and demonstrate your legitimacy to investors looking for a robust industry background.
You can get helpful and strategic insights from the advisory board paving way for more comprehensive healthcare and technology industries.
In an industry like healthcare, where swiftness is of utter importance, ERP Development helps a great deal. We help companies streamline their accounting needs through the integration of data. It provides a better view of all areas of the business, enabling you to make faster and more accurate decisions affecting your company’s operations. Insights into financial data promote cost efficiency and can significantly improve the health industry’s financial productivity.
Introducing Data Analytics and Monitoring in healthcare will allow using new technologies in treating patients and financial management. We have conducted stringent internal audits for leading global pharmaceutical manufacturing companies. These internal audits covered all critical business functions and processes. The findings of these audits were used to perform critical financial analysis to monitor and predict financial growth. Our financial experts also guided and supported the firm in preparing financial models and frameworks that helped the clients to prepare appropriate financial plans and cash flow forecasts.
An SOP for the same task will differ from method to method. Designing a complete set of SOPs for a business can be time-consuming. A little time spent systematizing today will reduce frustration with the procedure and make the tasks more efficient and effective. There are also several different approaches to developing SOPs. They can be demonstrated visually through flowcharts or annotated illustrations, depending on the complexity of the SOP and the number of people involved in the development.
Today, hospitals and biotech companies are being merged and acquired rapidly. Heath-tech companies are also disrupting the way businesses operate. We are helping healthcare-focused companies throughout the process of M&A, including due diligence, valuation, lead advisory, and scouting for the best-fit target/acquirer. From the beginning of the process, we focus on creating a blueprint that considers various factors to ensure a smooth merger and acquisition process. We help the transacting parties identify aspects of the prospective transaction that must be resolved.
The healthcare sector is hazardous to patients, staff, and the entire company. Therefore, setting up an appropriate risk management plan to mitigate these risks is essential. We have worked with some of the best names in the industry to design and implement robust and flexible risk management plans through intensive internal audits. These plans have addressed existing and potential risks such as patient safety, statutory policies, and probable medical accidents.
Vittakosh is an outcome of a notion – a belief that we can and ethical practices.