The healthcare sector in Bangladesh is expanding rapidly, driven by domestic demand and investment. However, providers face complex challenges that threaten profitability and compliance:
Managing Withholding Tax (WHT) on highly variable payments to specialist physicians, consultants, and procurement services is a continuous operational and compliance headache, often leading to audit discrepancies with the NBR (National Board of Revenue).
Advanced medical technology (MRI, CT scanners, laboratory equipment) is imported and subject to significant duties, import VAT, and regulatory hurdles, making CapEx optimization and financing crucial.
Strict compliance with Directorate General of Health Services (DGHS) rules, including facility and license renewals, requires meticulous documentation, transparent financial records, and operational adherence to government standards.
Ensuring efficient cash flow from diverse patient payment streams (cash, corporate agreements, insurance) and controlling internal cost leakage—particularly in pharmacy inventory and consumables procurement—is a constant pressure point.
Proper valuation, depreciation, and reporting for fixed and intangible assets (like specialized software and complex medical machinery) must align accurately with Bangladesh Financial Reporting Standards (BFRS).
Shubhankar & Co. delivers targeted financial and management solutions that stabilize operations and fuel sustainable growth.
Implementing streamlined systems for WHT deduction on consultancy and professional services (as per Income Tax Ordinance), ensuring accurate documentation, timely deposit, and minimal NBR assessment risk.
Advising on exemptions, reduced duties, and proper classification for importing high-value medical devices to minimize CapEx upfront costs. We implement rigorous procurement control frameworks.
Pre-audit reviews focused on DGHS documentation readiness, T/A (Trade Agreement) verification, and ensuring adherence to the Medical Practice and Private Clinics and Laboratories (Regulation) Ordinance.
Developing customized internal control systems focused on high-risk areas like pharmacy stock, cash handling, and patient billing to mitigate leakage and enhance overall financial reporting integrity.
Our Health Services Practice Group is built on deep functional knowledge tailored to the nuances of the Bangladeshi medical economy.
Expertise in setting up Hospital and Diagnostic specific Charts of Accounts (COA) to accurately track revenue centers (OPD, IPD, Diagnostic, Pharmacy) and cost centers.
Profound knowledge of accounting for specialized assets, including appropriate depreciation methods and compliance with BFRS 16 (Leases) for financed medical equipment.
Consulting on the financial integration of Hospital Management Systems (HMS) and Electronic Health Records (EHR) into core accounting processes, ensuring data integrity and automated reporting.
Providing rigorous financial modeling and projections for expansion into new markets (e.g., secondary cities) or new service lines (e.g., specialized cardiac care units).
Partnering with Shubhankar is an investment in stability, compliance, and strategic foresight.
We follow a collaborative, phased approach to ensure compliance, efficiency, and measurable financial impact for every healthcare client:
Step 1: Regulatory Health Check
Comprehensive review of DGHS licensing, tax filings, and WHT documentation to identify key compliance gaps.
Step 2: Tax Strategy & System Design
Development of optimized WHT and VAT processes with stronger internal controls for pharmacy and diagnostic operations.
Step 3: Implementation & Training
On-site support for process integration and staff training to ensure smooth adoption of new financial protocols.
Step 4: Continuous Audit & Advisory
Regular audit readiness reviews, ongoing tax advisory, and strategic insights to stay aligned with regulatory changes.
