About the Company
Parakh Hospital & Research Centre is a leading tertiary care hospital that has been serving the healthcare needs of patients for the past 15 years. The hospital is known for its high-quality healthcare facilities, including diagnostic, preventive, and therapeutic services, which are provided by a team of super-specialist physicians and surgeons.
Led by founder Jagdip Shah, a practicing doctor with extensive experience in the healthcare industry, the hospital has become a well-known name in the Indian healthcare sector. Dr. Shah had previously run a nursing home and worked with several public and private hospitals, giving him a unique perspective on the healthcare system and business in India. This experience inspired him to establish Parakh Hospital with the aim of addressing the healthcare needs of the Indian population.
Parakh Hospital’s mission is to provide personalized care at an affordable cost, which has become the hospital’s motto. This mission is evident in the hospital’s state-of-the-art facilities and highly trained staff who are committed to providing the best possible care to their patients.One of the hospital’s key strengths is its team of over 11 specialists, each highly skilled in their respective medical fields. The hospital has a team of doctors specializing in cardiology, nephrology, gastroenterology, neurology, urology, and orthopedics, among others. Each specialist is highly trained and experienced, ensuring that patients receive expert medical care.In addition to its highly trained medical staff, Parakh Hospital is also equipped with one of the largest single-doctor kidney care and dialysis setups in the private sector in India. This setup is operated by highly skilled nephrologists and support staff, providing patients with access to cutting-edge kidney care and dialysis services.The hospital’s commitment to providing high-quality healthcare services is further reflected in its focus on preventive care. The hospital offers a range of preventive health check-up packages, enabling patients to identify potential health issues early on and take necessary measures to prevent them.Parakh Hospital & Research Centre is committed to providing personalized, affordable, and high-quality healthcare services to patients. Its team of specialists, state-of-the-art facilities, and focus on preventive care make it one of the most trusted healthcare providers in the Indian healthcare sector.
Streamline all Back End Operations so that you can save Time & Money and focus on GROWING YOUR BUSINESS.
Accounting & Tax: Let us crunch the numbers, so you can focus on growing your business.
Virtual CFO: Experience financial success with a Virtual CFO by your side.
Internal Audit: Gain peace of mind with our comprehensive internal audit services.
Company Secretary: Let our experienced Company Secretary guide you through corporate compliance effortlessly.
Challenges faced by Parakh Hospitals
Parakh Hospital & Research Centre, led by founder Jagdip Shah, faced numerous challenges in its early days. One of the primary challenges was retaining staff due to other hospitals offering higher salaries. To address this issue, Shah established a nursing college within the hospital to provide training and employment opportunities to aspiring nurses. This not only helped in retaining talent but also ensured a steady supply of trained staff.
In addition to staffing issues, the hospital faced difficulties in managing its accounts and taxes. Clients and stakeholders had expressed concerns about accounting not being done on time and accounts being in complete disarray. Shah recognized the need for a reliable accounting service that could streamline the accounting process and provide timely and accurate MIS reports to better manage the hospital’s finances.
To address these challenges, Shah sought recommendations from his clients and stakeholders, which led him to Savage & Palmer (S&P). S&P was known for its professional and responsive staff, which was crucial for Parakh Hospital & Research Centre. The hospital needed a strong team to manage its accounts, especially since Shah had limited experience in finance and management.
S&P’s services allowed Shah to focus on other aspects of the business, while the accounting and financial management were taken care of by the S&P team. This not only provided Shah with peace of mind but also helped in ensuring that the hospital’s finances were managed efficiently and effectively.
In conclusion, Parakh Hospital & Research Centre faced several challenges in its early days, including staffing issues and accounting difficulties. However, the hospital was able to overcome these challenges by establishing a nursing college to retain talent and by seeking the assistance of S&P for its accounting and financial management needs. The hospital’s dedication to providing personalized care at an affordable cost has made it a popular choice among patients seeking high-quality healthcare services.
Our Approach
- Accounting was not being performed within expected timelines, resulting in delays in the preparation of financial statements.
- The MIS reports provided to the client were incomplete, inconsistent, and difficult to interpret.
- The client’s accounts were in complete disarray, with numerous errors and omissions in the accounting records.
- There were potential issues regarding non-deduction of TDS and GST, which Savage & Palmer highlighted in their review.
- To address these challenges, Savage & Palmer recommends implementing a streamlined process for accounting and bookkeeping, developing a reporting framework that includes relevant key performance indicators, financial ratios, and industry benchmarks, conducting a thorough review of the accounting records, implementing proper accounting procedures, and training staff on best accounting practices.
- Savage & Palmer also suggests providing notifications to the client’s internal team regarding important updates such as E-Invoicing and TDS on goods.
Results
Savage & Palmer has a reputation for providing excellent service to their clients. Their professional and responsive staff ensures that clients receive the best possible service. For doctors who may not be skilled in finance and management, having a strong accounting team is crucial. Savage & Palmer provides invaluable support and guidance to doctors, enabling them to focus on providing quality healthcare services.Our MIS reports have been particularly helpful for doctors who may not be familiar with the financial aspects of running a business. These reports provide important insights into the financial standing of the business and enable doctors to make informed decisions about where to allocate resources. Savage & Palmer’s guidance and support in this area are especially valuable, as accounting and finance are not typically part of a doctor’s curriculum.To address the challenges previously faced by their clients, Savage & Palmer implemented a number of measures. They ensured that accounting processes were carried out in a timely manner, provided daily updates, prepared monthly MIS reports, offered audit support, and conducted a two-eye review to ensure accuracy. These measures effectively resolved the issues previously faced by their clients and ensured that their financial affairs were in order.
Savage & Palmer’s services have enabled doctors to focus on providing quality healthcare services, without having to worry about the financial aspects of running a business. Their expertise in accounting and finance has proved invaluable for doctors who may not have the necessary skills or knowledge in these areas. Through their professional and responsive staff, Savage & Palmer has delivered excellent results for their clients, enabling them to run their businesses more efficiently and effectively.
Additionally, Savage & Palmer’s expertise in tax and compliance matters is essential for doctors who run their own clinics or hospitals. As medical professionals, their primary focus is on providing quality patient care. However, they must also navigate complex tax laws and regulations. Savage & Palmer provides comprehensive tax planning and compliance services, helping doctors avoid potential pitfalls and minimize tax liabilities. This support allows doctors to focus on their core competencies and ensure that their patients receive the best possible care.
Our reputation for reliability and professionalism has earned the trust of many doctors and healthcare organizations. Clients appreciate the team’s willingness to go above and beyond in addressing their needs. In particular, the team’s ability to communicate complex financial information in an accessible manner is highly valued. Clients appreciate how Savage & Palmer translates financial jargon into plain language, making it easier for them to make informed decisions.
Moreover, Our proactive approach to problem-solving is a key factor in their success. Rather than waiting for problems to arise, the team anticipates potential issues and develops strategies to address them proactively. This approach helps prevent issues from becoming major problems, saving clients time and money in the long run.
In conclusion, Savage & Palmer’s expertise in accounting, tax, and compliance matters is invaluable for doctors and healthcare organizations. Their ability to provide timely and accurate financial information, along with proactive problem-solving, helps clients make informed decisions and run their businesses more efficiently. Doctors can trust us to provide reliable and professional services, allowing them to focus on what they do best: providing quality patient care.
