Practus’ assisted the healthcare service provider in reducing TAT for monthly MIS to investors from 15 days to 7 days and implementing system-driven processes to record, monitor, and minimize consumption of medicine stocks.

Client NameROIIndustryOwnershipManagementNo. of EmployeesSizeProject Duration
A Modern Healthcare Service Provider4.9xHospitalsVC Driven CompanyProfessionals200-250$25 million3 Months

About The Company

NICU Hospitals is a Pioneer in offering modern Healthcare Services for Women and Children in India since 1985. Its facilities include – India’s largest level 3 NICU facility, dedicated Neonatal Ambulances, Private Suites, and Innovative health treatments.​

Practus’ Role

  • Month-end closing delays owing to a lack of interoperability between HIMS and the accounting package.​
  • No cash flow forecasting system in place.​
  • Data entry duplication between the HIMS and the accounting system.​
  • There aren’t enough analytics reports to analyze profitability.​
  • Delay in the completion of the yearly audit.​
  • Operational Issues with Stock Issuance and Consumption.​

Impact Delivered

  • The TAT for monthly MIS to investors has been reduced from 15 to 7 days.​
  • Automation of accounting entries from HIMS to the accounting package saves over 7 man-days each month.​
  • Through tight cash monitoring, zero variances have been achieved between the cash budget and actuals.​
  • Implemented system-driven methods to track, monitor, and reduce pharmaceutical stock consumption.​
  • Implemented a decision-making structure via the circulation of department profitability, doctor profitability, and a variety of other profitability cuts.​
  • Processes in the hospital have been redesigned to comply with the ICFR and IA standards.​
  • An Interim CFO and Technology lead have been appointed.​
  • A month-end checklist was implemented.​
  • For cash management, a budgeting and forecasting system were implemented.​
  • Collaboration with an IT partner led to the formation of a link between the HIMS and the accounting system.​
  • To aid decision-making, all MIS reports were reviewed, and several analytical reports were implemented.​
  • Set up a system-driven approach to track and control stock usage.​