Accounting firm in Dubai to take care of your financial health
The healthcare industry is efficiently growing as more and more people are becoming conscious about their health. However, with the development, new problems have come up, such as maintaining medical and accounting records of patients, maintaining the staff, risk of sensitive data leakage, keeping a check on the use of resources, etc. To solve these issues, your healthcare business requires support of a reliable accounting firm in Dubai.
In the year 2018, the global healthcare market reached $8,452 billion, making it one of the leading sectors in the world. Furthermore, it is expected that the industry will attain a new height of $11,908.9 billion by the year 2022.
With higher engagement and growth, increment in issues can be observed. For solving the aforementioned problems, you need to place additional effort and extra resources. However, investing time in those issues may harm your business’ development. That’s where we come into the picture. Let your burden go down on us.
The sector could be further divided into various sections- healthcare services, biologics, pharmaceutical drugs, and veterinary healthcare. Though these sectors are related to one field, their functioning is entirely different. If you take the intersection of various aspects of these services, you will find accounting and bookkeeping exist everywhere.
However, maintaining records may consume a lot of time for small as well as significant medical centers and hospitals. Our accounting services may aid in reducing the operational costs of the company.
Our accounting service will also support your business by providing insightful financial opinions leading to better decision making. As we have mentioned, the industry is subdivided, and so are our services. We offer customized accounting services based upon the requirement of your healthcare industry.
For instance, healthcare service will directly deal with patients, and pharmaceutical drug manufacturers need to conduct business with retailers, material suppliers, the transportation industry, etc. Therefore, depending upon the users of the accounting information, our accounting service can be customized to assist them by letting them know the profitability and financial position of the company.
To optimize the health of your healthcare service, our IT audit service will take care that none of your data gets leaked. In case, if the data of your patients, drugs tests, equipment development, etc. gets leaked, it may even cause loss of lives. We check your systems and equipment and certify them uninfected.
Though largescale medical services have their own human resource department, still in some instances, they may need an external body to focus on the working and benefits of their employees. Our human resource services are specially prepared to deliver a secure connection between employee and employer. Additionally, utilizing our service will provide you the best in industry employees dedicated to their work.
Healthcare industries have an immense number of attributes, and few of them are mentioned above. Other than them, there is research, consumer welfare, equipment development, advancement in facilities, and many more. Leave the above ones on us and escalate the worth of your business.
Accounting and Finance
Our healthcare accounting service renders timely accounting of medical data. It is highly essential as it prevents -loss of revenue due to omission on the part of the staff to add items or services to a bill. It also helps in inventory management of essential drugs and reduces the chances of pilferage. Bank reconciliation also becomes efficient and accurate. We offer bookkeeping services for a custom period. In addition to it, we also manage accounts payable and accounts receivable, aiding to have proper cash flow management.
Management of a healthcare service can use statistical and financial reporting for decision making. We prepare financial statements, for example, a hospital’s balance sheet, revenue, and expense statement, etc. Particular types of reports are prepared for the reimbursement systems implemented in hospitals and other healthcare facilities. We even prepare budget reports containing net revenue, bill charges, operating expenses, and net income.
Human Resource
Medical recruitment is somewhat different from the general recruitment process as it requires employees who have précise knowledge in their field. Therefore, we take care of the fact that the job profile exactly matches the candidate’s experience.
There are various factors on which the performance of your medical staff depends. Out of all the parameters, we will suggest you the KPIs to look for when evaluating staff performance and draw a complete process facilitating smooth performance appraisal.
In the medical sector, compensation highly depends upon the specific area of work and experience. It also depends upon the location and other benefits provided to the employee. Keeping that in mind, we will create a framework for all job positions, and even maintain the payroll service for providing on-time compensation.
HR administration works for development of the benefit of the company as well for the employees. Our primary objective is to render complete employee satisfaction with minimal usage of the company’s resources. We also offer a customer support system for the medical industry.
The medical field requires high-grade discipline and punctuality, for which we offer additional employee training. The usage of training is directly reflecting on the work ethics of the employees and their productivity.
Information Technology
Every day, your business would be generating a lot of financial data that you wish to accommodate in a uniform format. For that reason, you might be relying on a tailor-made software. We manually conduct its evaluation and check the results obtained by using it. We detect if any errors or inaccuracies occur, so no-fault exists the final reports generated.
The data stored in the various devices or on the cloud may have chances of getting breached. We make sure that the security of all the medical information is up to the mark. In the case of breaching, there is a risk of loss of data or invasion of ransomware, which must be avoided at any stake. We check the level of security, and if it is not up to the standards, we strive to implement it.
The medical industry is one of the fastest developing sectors, and one needs to step up every moment to stand the competition. We provide you guidance about the techniques and machinery to deliver high-level healthcare. With our knowledge, you can boost your internal communication, make the management facile, fluent moment of patients and their data, and faster & effective process for bill reimbursement.
Operations
Healthcare industry is a highly regulated industry. In order to sustain and succeed, it is necessary that all types of risks are properly managed. We provide and implement a complete risk management strategy that covers identifying risks associated with your healthcare business. We prioritize those risks and evaluate them further to adopt the best possible risk management strategy. We then recommend suitable controls to manage, mitigate and transfer the risk. We do review the strategy at proper intervals to ensure that it is sufficient considering the nature and size of your healthcare business.
Optimizing the utilization of resources will lead to a decrement in the investment which you make for your business growth. Further it helps in achieving higher operational efficiency, reduced turn-around time, customer satisfaction and profitability. We help you restructure your business processes to achieve the optimum benefit from your existing resources.
One needs to be careful while setting up a business in the medical field. One cannot afford not being compliant even with a single regulation. Such cases may lead to penalties and even cancellation of licenses. As we are familiar with the law of various countries and also the international laws, we will assure that your healthcare service remains compliant with rules, and we take care whenever any amendment occurs, or any new regulation is introduced.
Legal
Whenever you start a medical service or a pharmaceutical company, there are various licenses and permissions required. These requirements can be fulfilled by our assistance, which makes sure no incompliance occurs in the future. We offer step-by-step guidance to take you out of issues that may arise while you are just getting started.
Medical contracts and terms & conditions are susceptible, and therefore, even a single error may lead to legal issues. Using the knowledge and expertise of our experienced team, you can avoid these unwanted stances. Working with us will let you have relief while creating contracts and setting various costs.
Advisory
We provide a wide range of advisory services that helps the business to boost its various aspects. Our services will strengthen your implemented system and offer upgraded solutions to your hardware, software, and networking.
If you are going to be a new player in healthcare, it is beneficial to take advantage of our feasibility study which will help you decide time and place of entry and the best possible business structure to achieve operational efficiency.
Have a look at our advisory services page to know about the complete list of services that we provide.
Audit and Assurance
Statutory audit is necessary to comply with the regulatory requirements. We undertake statutory audit and ensure that your financial statements represent true and fair view of the state of affairs of your business. We follow international accounting standards and audit procedures to ensure that your financial statements are well accepted. Read more about our external audit services in Dubai.
Internal auditing the best way to identify the risks and errors happening in your business. With advanced internal auditing method and smart selection of audit procedures, we examine all areas of your business. This helps us identify control weaknesses, errors and omissions and material misstatements concerning your business. Read more about our internal audit services in Dubai.