Digitization is transforming the healthcare and wellness industry, and the adoption of smart systems, mobile penetration, and government initiatives for digital adoption will reshape the diagnostics, healthcare, and health tech industries.
Health & Wellness
Disruption With Digitization
Technological innovation and digital transformation have caused massive disruption in the healthcare industry. Experts put the value of the global healthcare industry at $9 trillion and spending on healthcare to reach $10 trillion by 2022.
With wearables, interactive data, and health analytics transforming the future of healthcare – Practus focuses on creating intelligent solutions for the finance function using automation, RPA, AI, and Machine Learning that streamlines F&A, forecasting, SAP optimization, assistance in fundraising, and creating long-term value for stakeholders.
Hospitals and Healthcare services
The Practus team enables hospital and healthcare sector executives with better decision-making by controlling their current risks as well as their plans for growth and future opportunities. Our experts work as strategic partners with healthcare providers, ensuring long-term productivity, efficiency, and profitability.
Practus solves issues related to complexity in the computation of doctor cost, excessive paperwork, revenue assurance, pricing strategy, reconciliation of revenue, mapping sales ROI, inventory management, claims, budgeting tools, supply chain management, and DSO improvement. With tools to deliver regulatory compliance, enhancing margins, profiling patient health information, data analytics, dynamic reporting, account receivables, Practus utilizes new technologies like automation to build digital transformation plans.
Our industry’s leading analytical tools and services allow us to manage risks and maintain financial health for our clients, the supply chain management system, assist sales and management of staff count, integration of in-house tools to ensure the required results.
Diagnostics, MRI, X-ray, Ultrasounds
The dependence of healthcare professionals on diagnostics to correctly assess and chart a treatment course makes it a critical ally. The sector however has to deal with manual distributor processes and claim management, which might escalate to loss of distributor. The number of sales and stock tracking is done manually, and often there is a lack of Regulatory compliance, complaint management, process validation, and setting credit limits to fix the company’s liability. Non-existent field service, sales coordination, trained call center staff, minimal product awareness, and lack of control over prices charged by distributors/dealers cause much harm.
Practus brings efficiencies with end-to-end vendor management which eliminates manual processes. MIS, ERPs, and data analytics give an actual real-time picture for informed decision-making. Reconciliation of receivables, asset tracking, depreciation calculation, and GST Input Credit reconciliation provide productivity and profitability.
Patient Aids, Pacemakers, Orthopedics, Artificial Joints, Prosthetics, Implants
With a steady rise in chronic illnesses and emergencies requiring medical interventions, there is a severe need for automated warehouse management for swifter order processing, tracking movement, and clarity on stock levels. Practus assists with Regulatory Compliance, Complaint management, Process validation, purchasing controls, document control as well as Background credit checks before onboarding customers to fix a company’s liability.
Practus can help companies move away from manual Statutory Compliance management to avoid delays, interest, and penalties. Similarly, BRS/Vendor/Customer ledger reconciliation/Sales returns when done manually are prone to error and loss of time. ERP’s/Chart of Accounts are not designed to capture data and provide profitability across different dimensions – Customer, Region, SKU, Distribution Channel. Practus brings effective insights into the inventory, offering a real-time picture, Visibility of Saleable, Short Expiry & Expired stock.
We transform the accounts receivable (AR) process, GST Input Credit Reconciliation, Asset tagging/tracking, depreciation calculation, and MIS with real-time monitoring and data analytics to make informed decisions.