In this issue

The Institute of Cost Accountants of India (ICAI) is a statutory body set up under an Act of Parliament in the year 1959. The Institute as a part of its obligation regulates the profession of Cost and Management Accountancy. The Institute also pursues the vision of cost competitiveness, cost management, efficient use of resources and structured approach to cost accounting as the key drivers of the profession.

The Institute is also successfully publishing its pioneering Journal, ‘The Management Accountant’ since 1966. This Journal is being published keeping in mind the needs of the Cost and Management Accountants (CMA), and provides wide knowledge on the recent developments and changes in the global and national financial scenarios. The wide circulation and inputs from academicians, researchers and industry stalwarts are the keys to the success of this journal.

INAUGURATION OF LONDON OVERSEAS CENTRE OF COST ACCOUNTANTS ON 23rd JANUARY 2021

On the auspicious occasion of 125th birth anniversary of Netaji Subhas Chandra Bose on 23rd January or ‘Parakram Diwas’ this year, The Institute of Cost Accountants of India added a feather in its cap through the grand opening of London Overseas Centre of Cost Accountants (LOCCA), the first ever European centre in the heart of London. It was highly supported by British Deputy High Commission, Kolkata, India Business Group and UK India Business Council.

6 mins

UNVEILING DIGITAL HEALTH AND ELECTRONIC HEALTH RECORD THE IMPENDING MECHANISMS TO AMELIORATE HEALTHCARE EFFICACY IN INDIA

With sustainable economic growth potential and foreseeable improvement in public service delivery, India needs instruments to improve sectoral productivity in healthcare. In the modern world of technological advancements, digital intervention is inevitable to increase healthcare effectiveness. Digital health includes multiple digital care mediations ensuring the convergence of digital technologies with wellness, treatment, healthcare, and society to improve the efficacy of service delivery and make medicines more explicit and user-specific.

6 mins

IMPLEMENTING AN INTEGRATED HOSPITAL COST MANAGEMENT SYSTEM

The unique features of Healthcare Sector and their Business Process Flow are a big challenge to implement an Integrated Cost Management Solution. Even though a Hospital may have an effective Medical Information System of Patients and an ERP, they still struggle with implementing a Costing System; this is because the information is in different Silos. To implement an effective Costing System, the cost structure should be either inbuilt in the ERP or should have information flowing in from the Accounting and Patient Information. Identifying the Cost Elements and their classification, defining Cost Objects and their hierarchy and mapping the flow of information from Accounting and Medical Information System are pre-requisite for an Integrated Cost Management Solution. With the rapid development in information technology many IT firms/ERP use Data Connectivity for seamless integration. An integrated Costing System will facilitate online reporting and help Management in decision making on Pricing, Profitability and Cost Control.

8 mins

EMPLOYEE WELLNESS PROGRAM: ITS BENEFITS SURPASS ITS COST

When a person falls ill, it costs a lot not only in monetary terms but also in terms of his mental well-being. Not only the person who has fallen ill suffers, his family, friends also have to suffer because of his illness. The same logic applies to an organization also. When an employee falls ill, the whole organization suffers. In order to avoid such damages and disturbances, precautions are to be taken. For that, employee wellness program is a great panacea. Employee Wellness Program is the program run by an employer in order to improve employee health and also to help an individual employee to overcome any specific health related issue. So, the organizations should implement such Employee Wellness Programs to reap the benefits of the same. In this article, how Employee Wellness Programs can be executed, types of wellness programs and their benefits are discussed.

7 mins

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The Management Accountant Magazine Description:

The Institute of Cost Accountants of India (ICAI) is a statutory body set up under an Act of Parliament in the year 1959. The Institute as a part of its obligation regulates the profession of Cost and Management Accountancy. The Institute also pursues the vision of cost competitiveness, cost management, efficient use of resources and structured approach to cost accounting as the key drivers of the profession.

The Institute is also successfully publishing its pioneering Journal, ‘The Management Accountant’ since 1966. This Journal is being published keeping in mind the needs of the Cost and Management Accountants (CMA), and provides wide knowledge on the recent developments and changes in the global and national financial scenarios. The wide circulation and inputs from academicians, researchers and industry stalwarts are the keys to the success of this journal.