The financial situation of any organisation is always a good indication to how well it may be performing. However with raising costs of supplies and staffing and in addition cutbacks across the health sector the financial viability of even the best organisations can come under strain. With the numerous and varied streams of income (QOF, MPIG, GLOBAL SUM, Enhanced Services, PPA reimbursements etc.) GP finances can be even for the astute financial mind difficult to grasp. Therefore you can rest assured that with almost 30 years combined experience running GP practices we can provide you with practical tips on ensuring your profitability is at its maximum.
We also work closely with a specialist provider of healthcare payroll services (wage slips, NHS Pension, P45 etc.), and throughout the years have established good relationships with a whole host of suppliers to ensure you get the best possible deal on all your purchases.
Even if it is just general advice on any matter related to finance we are sure you will find our services of immense benefit. The below list are just some of the areas where our expertise can help your organisation improve its financial health.
Our specialist consultants can help your organisation by undertaking a financial health check. This will help you to identify any areas of potential shortfall and opportunities to maximise income.
Are you getting the most from your accountancy firm? Every forward thinking organisation needs to plan ahead for the events of tomorrow. General practice is now facing a period of uncertainty with the prospect of locally enhanced services being offered to private providers under the ‘any qualified provider’ processes. With enhanced services income accounting for anywhere between 25% for some practices this presents a considerable element of uncertainty and concern. Practices need to plan ahead for this potential loss in income and look at the impact this may have on their organisation and plan accordingly to minimise any untoward impact.
GP practices in particular have over the years struggled with the adjustment from being public service providers’ vs the role of being independent businesses that are required to deliver a profit and financial sustainability. £66.25 per patient (GMS) to provide unlimited access to appointments, home visits and the ever growing list of responsibilities that GPs provide does not make for comfortable reading. The mechanisms that govern the way in which general practice is funded require astute processes to ensure maximum profitability. PCMS can help your organisation to undertake a review of existing processes used to manage your practice finances and are confident that our experience and professionalism can help to improve efficiency and profits for your organisation. If you have concerns about your practice finance then contact us to discuss our ‘financial health check’ package.
The importance of accurate and careful budgeting and forecasting for any organisation should not be underestimated, particularly with the impeding threats and changes facing general practice, a few examples of such issues might be;
- Potential loss of locally commissioned enhanced services
- Employee and Employer pension issues (increased contributions and auto enrolment)
- Increased age of retirement
The above and the growing list of other challenges facing general practice and the financial health of practices further cements the necessity for effective and robust financial planning, the first step of which is the preparation of accurate budgets’ and forecasts for your organisation.
PCMS Ltd have many years’ experience of running payroll services for GP practices, whether this be administered in-house through one of the payroll providers or outsourced to a payroll agency. We have worked with small providers and some of the larger national payroll providers who specialise in payroll for GP practices.
If you would like to discuss your payroll requirements, please do not hesitate to give us a call or send us an email.
The NHS pension scheme is highly regarded as one of the best employee pension schemes available; however there are many aspects of administering the pension scheme within your organisation that requires to be implemented correctly. Please contact us if you have any questions about the NHS Pension Scheme and your organisation.
In our experience many practices fall short financially due to not adequately reviewing and maximising on the various revenue streams that account for core and additional general practice income. Some of the areas where we can work with your organisation are:
- GMS / PMS & APMS Contracts review of core income
- Enhanced Services Income
- Private Services Income Generation
We can work with your practice to ensure that all income streams and opportunities for income generation are being maximised. Contact us today for an informal discussion to review and assess the financial health of your organisation.