From a financial point of view, the medical profession is probably the most complex of all the professions. The growth of private medical plans and hospital trusts and the constant changes to the NHS structure mean doctors need expert and timely advice in financial matters.
Through years of service to the medical profession we have accumulated a wealth of experience in dealing with issues such as:
- Claiming reimbursements from the NHS
- Accounting for income from different sources such as hospital PAYE work, private patients, and participation on advisory panels
- Partnership arrangements such as income sharing or joint ownership of premises
- Advising doctors who are technically self-employed but participate in the NHS pension scheme
Through our experience of acting for clients in the medical profession we have developed specialist knowledge of the accounting and financial issues that affect this sector and are ideally placed to help healthcare professionals.
We serve the specialist accounting needs of:
- GPs (both GMS & PMS practices)
- PCGs and PCTs
- Dispensing practices
- Locum and hospital doctors
- GP co-operatives
Examples of the services we can provide are:
- Detailed accounting for GMS and PMS practices
- Regular management accounts that monitor practice performance, including benchmarking against national averages
- Medical billings
- Calculation of drawings
- Advice on effective use of working capital
- Finance for premises
- Partnership agreements
- Partnership tax planning
- Preparation of expense claims
- Personal tax planning – including exit strategies
Most important, we can help you identify where your practice is under-performing and offer advice on reducing costs and improving financial performance.
Contact Us today to discuss how we can help you put your practice on a sound financial footing.