Healthcare

KEY CONTACTS

Woo E-Sah Partner and Industry Lead
 
+65 6594 7843
eswoo@RSMSingapore.sg
 
Sabrina Tay Partner and Deputy Industry Lead
 
 

Longer life expectancies, together with ageing populations in Singapore and major cities across Asia, provide healthcare and pharmaceutical companies with a driving force for growth and expansion. The current pursuit of healthier lifestyles is also fuelling an increased appetite for healthcare products and services, creating new streams of revenue for healthcare and pharmaceutical businesses.
 
However, the rapid development and evolution of the industry also mean that new challenges present themselves under the least expected circumstances.

 
Top Challenges Faced by Healthcare and Pharmaceutical Companies

  • Shortage of skilled workforce
  • Escalating salaries
  • Rising operating costs
  • Pressure on pharmaceutical prices
  • Tightening regulatory environment
  • Patent expirations on leading products
  • Development of new drugs
  • Access to research funding

 Dealing with Unique Challenges

Today’s healthcare and pharmaceutical businesses often find themselves knee-deep in administrative and routine work that arise from the need to deal with these challenges, draining valuable time and manpower. The increasingly complex legal and regulatory frameworks as well as an ever-changing marketplace also leave businesses lost and often without the required in-house expertise to react with sufficient speed.

Our clients include:

  • Life sciences companies
  • Pharmaceutical businesses
  • Medical technology businesses
  • Healthcare services

 

Our Services

 

Analytics

  • Data analytics solutions that cover data management, big data, and advanced analytics, providing enterprise-wide visibility of business performance and actionable insights
  • Expertise in business analytics applications, data modelling, analytics implementation, and reporting
  • Support for BI products and tools from other technology providers
    • Tableau
    • Microsoft Power BI
    • Splunk Enterprise
    • Hadoop systems

Audit

  • Proper accounting treatment that complies with the Singapore Finanical Reporting Standards (SFRS) or International Financial Reporting Standards (IFRS)
  • Compliance with statutory requirements through audit services designed to provide reasonable assurance that the financial statements are not materially misstated and are presented fairly in accordance with applicable accounting standards as well as relevant statutory requirments
  • Right expertise in IPO grooming, transition and exit management to help businesses prepare for next stage of growth
  • Finanical due diligence
  • Special audit of financial statements, compilation of financial statements and agreed upon procedures
  • Audit certifications required by various regulators (applicable to healthcare service providers regulated under Charities/IPCs):
    • Fund raising appeals
    • Annual return for tax-deductible receipts for IPC
    • Patient statistic audit
    • Medisave claims audit
    • Integrated framework funding (MOH) audit
    • Replacement ratio audit
    • Subvention grants audit

Accounting and Reporting

Our diverse services are categorised in the following four main areas:

  1. Setup
    • On-premises/Cloud-based accounting system
    • Advisory services for accounting processes and workflows
    • Provide suggested best practice for AR/AP management
    • Recommend dashboards for management analysis
    • Training staff on updated processes
  2. Recurring services
    • Routine accounting
    • Cloud accounting
    • Payment/Payroll administration
    • Accounts receivable management
    • Support for accounting/process queries
  3. Reporting
    • GST reporting
    • Dashboard reporting
    • Drafting of finanical statements
    • Corporate tax
    • Personal tax
  4. Special Projects
    • SWAT accounting
    • Crisis management
    • CFO2SMETM

Deals and Transactions Services

Our financial due diligence team comprises specialists who are experienced in providing:

  • due diligence for investors and private equity houses
  • due diligence for corporate acquirers, in which case, we report to the acquirer and, where appropriate, their funders

The process includes:
  • an in-depth analysis of underlying historical performance, cash flows, assets and liabilities
  • a critique of management's forecasts, including the working capital requirements of the business
  • a review of the underlying financial systems and controls
  • analysis of the taxation position of the business

Our reports will also include:
  • a summary of the key issues that have been identified by our work
  • our views on the associated risk and implications for the deal, including integration and other post-deal issues where appropriate
Governance and Risk

We offer services that improve our clients' positions to achieve their objectives in this current complex healthcare environment. Our services include:

  • Corporate governance structuring and improvement plans
  • Evaluation of board effectiveness
  • Strategic business alignment and target setting
  • ERM implementation such as risk governance oversight, ERM programmes (based on ISO 31000 Standards), risk assessments, risk dashboard development and defining risk indicators
  • Internal audit outsourcing requirements (i.e. controls and process optimisation, agreed upon procedures, co-sourcing requirements, pre-IPO reviews, Sarbanes Oxley attestation, policy development, site inspections and audits, anti-fraud programme development, whistle-blowing frameworks)

Contract Staffing and Recruitment Services

Our Contract Staffing and Recruitment Solutions division is uniquely differentiated in the industry as a Total Finance and Accounting Staffing Solutions provider with a CPA practice discipline and background.

We help clients to resolve situations such as a sudden increase in workload and unplanned headcount movement. By applying both conventional advertising as well as modern proactive search tools for a wider candidate reach, we also provide them with the right talent.

All accounts are assigned to dedicated Account Leaders to ensure business partnership continuity is achieved.

We assist in:

  • Contract Accountant Services
  • Contract Staff Services
  • Recruitment Services
  • Employment Pass Consultancy and Application Services

Payroll Outsourcing and HR Advisory

Manual payroll processing in Singapore is becoming more challenging with constant changes to payroll regulations.

Whether you are a one-man business or a company managing a business with over 1,000 employees, we have payroll solutions to manage your workforce. We specialise in meeting basic to complex payroll and HR administration needs of business in Singapore. We support your organisation with the full range of scalable payroll and HR management solutions.

By outsourcing your payroll administration to us, you gain the benefits of expert consultation in best practices, compliance and world-class customer service.

Why deal with the risks of incorrect payroll calculations, non-compliance, costly in-house payroll management systems and internal control issues when you can simply outsource the entire process to a company that specialises in payroll?

We assist in:

  • Payroll & HR Outsourcing
  • PayDay! HR Management Solution (HRMS)
  • PayDay! Software as a Service
  • PayDay! Payroll Management Software
  • HR Advisory and Administrative Services
  • Payroll Training (WDA ATO)
  • Payroll Compliance Review

Information Technology Solutions

Our IT services arm offers expertise in:

  • On-premises and cloud-based ERP/CRM system
  • IT infrastructure solutions
  • IT outsourcing services
  • On-premises to cloud migration services and solutions
  • Backup and recovery solutions and services
  • IT advisory and services
  • Cybersecurity protection solutions and services
  • Security compliance advisory, solutions and services
  • Security Information and Event Management (SIEM) advisory, solutions and services
  • Vulnerability assessment and application security solutions and services
  • Incident response and forensics services
  • Automated incident response solutions

Tax

Compliance and International Tax Advisory

  • Singapore corporate income tax compliance services
  • Singapore personal income tax compliance and global mobility services
  • Cross-border tax structuring and planning
  • Corporate group restructuring
  • Tax due diligence
  • Tax investigation and audit
  • Tax incentive and advance tax ruling applications


Goods and Services Tax (GST)
  • Assisted Compliance Assurance Programme review (ACAP)
  • Assisted Self-help Kit (ASK)
  • GST health check
  • GST guidebook and tax code analysis
  • Due diligence review for mergers and acquisitions and IPO
  • GST scheme certifications (i.e MES, ACMT, IGDS, AISS, AFMT, ARCS)
  • GST consulting and advisory
  • GST analytics


Transfer Pricing
  • Singapore compliance documentation
  • Strategy and policy development
  • Planning and tax-efficient value chain transformation
  • Risk assessment and controversy management
  • Transfer pricing audit defence
  • Advance pricing arrangements and rulings

Valuation

We establish the value of businesses for commercial purposes such as buy/sell transaction pricing, internal management information and planning, litigation support and dispute resolution.

The use of a fair value model for financial reporting is increasingly common for various assets and liabilities. We offer valuation expertise in:

  • Valuation of financial instruments (FRS 32 and 39)
  • Impairment assessment (FRS 36)
  • Valuation of intangible assets (FRS 38)
  • Valuation of share-based payments (FRS 102)
  • Purchase price allocation (FRS 103)
  • Fair value measurement (FRS 113)

We assist to derive an indicative price before an acquisition strategy is developed. We also perform valuations of companies that measure potential synergies and highlight business risks and opportunities.

When it comes to litigation for business disagreements or marital dissolutions, an independent valuation may help to resolve issues. We support legal professionals in dispute resolution involving the valuation of a business or business interest, tangible or intangible assets and liabilities.

Intellectual property valuations can be instrumental in helping businesses to understand what their assets are and how they may affect their bottom line. Our valuation professionals are experienced in providing intellectual property valuations for transactional, structuring, tax or financial reporting purposes.

Fund or portfolio managers often have limited internal resources available to address complex and time-consuming valuation issues. We can assist them in the valuation of:
  • Senior, subordinated and mezzanine debt
  • Convertible securities and common equity
  • Warrants, options and other derivatives
  • Corporate guarantees

 

Supporting Your Regional Expansion

While Singapore’s small population size limits longer term market potential, its well established infrastructure and capabilities across the entire industry value chain, from basic research & development to support services such as supply chain management and financing, provide a good platform for healthcare and pharmaceutical companies to expand into emerging markets in the region.

 

 

Our international network affiliation allows us to tap into over 41,000 minds across 800 offices in 120 countries to assemble highly qualified teams of healthcare and pharmaceutical professionals with the relevant local experience to meet your unique business needs regionally and globally.

Why RSM?

  • Specialised healthcare and pharmaceutical practice
  • One-stop shop and dedicated specialist team
  • High partner, director and manager involvement
  • Global presence
  • Extensive experience in serving both Singapore and internationally active clients 

 

Healthcare Insights

 

 

How We Help Clients

 

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    [188] => D:\WEB\RSMSingapore\libraries\joomla\utilities\utility.php
    [189] => D:\WEB\RSMSingapore\libraries\joomla\document\html\renderer\modules.php
    [190] => D:\WEB\RSMSingapore\modules\mod_menu\mod_menu.php
    [191] => D:\WEB\RSMSingapore\modules\mod_menu\helper.php
    [192] => D:\WEB\RSMSingapore\templates\rsm\html\mod_menu\footerblock.php
    [193] => D:\WEB\RSMSingapore\templates\rsm\html\mod_menu\default_component.php
    [194] => D:\WEB\RSMSingapore\modules\mod_custom\mod_custom.php
    [195] => D:\WEB\RSMSingapore\templates\rsm\html\mod_custom\default.php
    [196] => D:\WEB\RSMSingapore\templates\rsm\html\mod_menu\default_url.php
    [197] => D:\WEB\RSMSingapore\libraries\joomla\filter\output.php
    [198] => D:\WEB\RSMSingapore\templates\rsm\html\mod_menu\default_urlf.php
    [199] => D:\WEB\RSMSingapore\templates\rsm\html\mod_menu\bottom.php
    [200] => D:\WEB\RSMSingapore\modules\mod_breadcrumbs\mod_breadcrumbs.php
    [201] => D:\WEB\RSMSingapore\modules\mod_breadcrumbs\helper.php
    [202] => D:\WEB\RSMSingapore\libraries\joomla\language\text.php
    [203] => D:\WEB\RSMSingapore\templates\rsm\html\mod_breadcrumbs\default.php
    [204] => D:\WEB\RSMSingapore\modules\mod_sharethis\mod_sharethis.php
    [205] => D:\WEB\RSMSingapore\modules\mod_sharethis\helper.php
    [206] => D:\WEB\RSMSingapore\templates\rsm\html\mod_menu\default.php
    [207] => D:\WEB\RSMSingapore\modules\mod_jux_megamenu\mod_jux_megamenu.php
    [208] => D:\WEB\RSMSingapore\modules\mod_jux_megamenu\helper.php
    [209] => D:\WEB\RSMSingapore\components\com_members\router.php
    [210] => D:\WEB\RSMSingapore\components\com_rsform\router.php
    [211] => D:\WEB\RSMSingapore\libraries\cms\component\router\legacy.php
    [212] => D:\WEB\RSMSingapore\modules\mod_jux_megamenu\tmpl\default.php
    [213] => D:\WEB\RSMSingapore\modules\mod_search\mod_search.php
    [214] => D:\WEB\RSMSingapore\modules\mod_search\helper.php
    [215] => D:\WEB\RSMSingapore\components\com_search\router.php
    [216] => D:\WEB\RSMSingapore\templates\rsm\html\mod_search\default.php
    [217] => D:\WEB\RSMSingapore\templates\rsm\html\mod_menu\worldlocation.php
    [218] => D:\WEB\RSMSingapore\libraries\joomla\document\html\renderer\head.php
    [219] => D:\WEB\RSMSingapore\libraries\joomla\document\html\renderer\message.php
    [220] => D:\WEB\RSMSingapore\templates\rsm\html\layouts\joomla\system\message.php
    [221] => D:\WEB\RSMSingapore\libraries\legacy\response\response.php
    [222] => D:\WEB\RSMSingapore\administrator\components\com_acymailing\helpers\helper.php
    [223] => D:\WEB\RSMSingapore\administrator\components\com_acymailing\compat\compat3.php
    [224] => D:\WEB\RSMSingapore\administrator\components\com_acymailing\classes\cpanel.php
    [225] => D:\WEB\RSMSingapore\libraries\cms\html\select.php
)