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Transforming Patient Engagement In Healthcare Through Better Financial Management And Analysis

transforming

Client Overview

The client is a leading player in the healthcare industry. It is revolutionising patient engagement through their AI-powered patient engagement. Their platform empowers Healthcare Providers and Insurers to connect with customers across various online platforms, enhancing the overall healthcare experience.

transforming

Key Achievements

  • 20% reduction in losses, ensuring profitability by 2023.
  • 33% Decrease in Accounts Receivable days, ensuring stable operations.
  • 7% increase in cash flows through accelerated collections.

Primary Goals and Objectives

When Growwth was engaged, client sought assistance in various areas:

Accounting: Implementing efficient accounting practices for accurate financial reporting.

Fractional CFO support: Closely partnered with CEO and the founding team on advising on various strategic projects including fund raise, debt raise,sale of business,

M&A activities, pivoting the business for a stronger financial performance Forecasting and Budgeting: Developing a clear financial plan and path to profitability.

Cash Management: Managing working capital, optimising cash flow, and ensuring timely payments.

Compliances: Ensuring compliance with corporate tax, GST, and other regulatory requirements

Audit Support: Providing support during audits for seamless compliance.

Accounts Receivables Management: Faster collection of accounts receivable to maintain healthy cash flow.

Due Diligence Support: Assisting in due diligence processes for potential partnerships or investments.

Key Achievements

Path to Profitability: Collaborated with the CEO to implement a clear path to profitability, resulting in sustainable financial growth.

Working Capital Mastery: Optimised working capital, ensuring smooth day-to-day operations and stability in cash flow

Efficient Consolidation: Assisted the CEO in implementing strategies for faster collection of accounts receivable, reducing outstanding payments and ensuring timely revenue recognition.
Client Challenges

Client Challenges

Revenue Loss: Resulting from delayed invoice issuance.

Cash Flow Challenges: Facing difficulties in efficient working capital management.

Accounting Struggles: Encountering issues in timely and accurate financial reporting.

Identifying Growth Opportunities

Client X identified growth opportunities by recognizing the need for streamlined financial forecasting and business valuation to make informed decisions for future expansion and operational efficiency.

Data-Driven Solutions

Growwth partnered with Client X to develop tailored financial forecasts and automated dashboards, addressing the complexity of multiple geographies and clients. By understanding the client’s pain points, Growwth implemented unique financial modeling strategies to simplify data analysis and enhance decision-making capabilities.

Growwth's Role:

In the dynamic landscape of our client’s enterprise, Growwth stood as a strategic architect. We meticulously refined accounting protocols, orchestrated seamless cash flow management, and implemented robust safeguards against revenue loss. With our expertise, the client’s business not only achieved financial stability but also radiated a vibrant aura of success, captivating markets and stakeholders alike. Growwth played a pivotal role by:

Strategic Thinking: Collaborating closely with the internal team and the CEO to devise effective strategies. 

Operational Support: Serving as a long-term partner, not just a consultant, aligning goals and working hand-in-hand with the internal team.

Key Takeaways

The sustainable growth achieved can be attributed to:

  • Financial Planning and Strategy: Implementing a clear financial plan aligned with business objectives.
  • Cash Flow Optimisation: Managing working capital effectively, ensuring stability and predictability.
  • Improved Accounts Receivable Collection: Faster collection of accounts receivable, maintaining a healthy cash flow.
  • Operational Efficiency: Implementing SOPs and process automation, reducing bottlenecks and enhancing overall efficiency.
  • Compliance and Audit Support: Meeting regulatory requirements, ensuring a hassle-free business environment.

Ongoing Strategies Post-engagement, the client continues to thrive by:

  • Leveraging the implemented financial systems for real-time insights and informed decision-making.
  • Adapting strategies based on market trends and customer demands, ensuring agility in their approach.
  • Fostering a culture of continuous improvement and innovation, positioning the business as an industry leader in the competitive food technology landscape.
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