The performance improvement services provided by Practus assisted Medevices in reducing month closing time and MIS delivery from 25 days to 12 days and improving inventory holding from 95 days to 55 days.
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Private, PE Invested
About The Company
Medevices is a company that manufactures sterile medical devices. It also includes Absorbable Sutures (Braided), Absorbable Sutures (Monofilament), Non-absorbable Sutures (Braided), Non-Absorbable Sutures (Monofilament), Dual-side mesh, Skin Staplers, Trans-obturator sling, and Needle system, Homeostatic Clips and Appliers, Mesh-Polypropylene mesh for Hernia Repair, and Homeostatic Clips and Appliers.
- Recognize current cost structures and look for ways to save money.
- Prepare a reporting system to keep track of the capital spent on each product line.
- Examine existing credit limits for customers and payment conditions for suppliers to discover areas where the working capital cycle could be improved.
- Prepare the statutory compliance reporting tool and distribute the monthly exception report.
- Prepare standard operating procedures (SOPs) for the finance and business processes.
- Introduce a month-end check list to ensure proper book closing and distribute a full MIS with explanatory comments and significant findings to aid decision-making.
- The month-end closing and MIS delivery times have been reduced from 25 to 12 days.
- The inventory holding period has been cut in half, from 95 to 55 days.
- By implementing a statutory compliance tracker and calendar, there will be no statutory non-compliances.
- Improvements in working capital management resulted in a 20% reduction in interest payments.