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First year target smashed as medical accountancy specialist thrives

  • 17th September 2014

First year target smashed as medical accountancy specialist thrives

A team of medical accountancy specialists has smashed  its target for the first 12 months of trading, tripling expectations by winning over 65 GP practices as clients.

Launched in July 2013 BW Medical Accountants Limited, sister company to independent financial advisers Blackett Walker Limited, focuses on advising medical practitioners and GP practices across the country.

Under the expert stewardship of chartered accountant Keith Taylor, and tax specialist Peter Waller, the business, which operates in the unique and highly regulated healthcare sector, now has a client portfolio reaching over 400, including doctors, consultants, dentists, retired practitioners and personal tax clients.

Mr Taylor, BW Medical's head of medical services who has recently been made managing director, said: "When we launched the business it was just Peter and I with the backing of the Blackett Walker board of directors. Our business model anticipated 25 GP practices by the end of the first year but we managed that in a few weeks and fortunately we have been able to recruit individuals with a proven track record in the medical accountancy sector to the growth, something I think is vital for our continued success."

BW Medical now boasts a team of 15 permanent staff with clients across the North East, Cumbria, Leicester, Humberside and Lincolnshire. Keith's business strategy of targeting GP practices across the country together with the financial backing of Blackett Walker has proved decisive in producing dynamic growth.

"All we need is to bring 10 more practices on board and we will have moved through a critical mass figure that will mean we become self sustaining with the current complement of staff. A sound base for further expansion particularly when you consider we've got to this stage without any external borrowing.

"I think in the position we are now and our ability to recruit ahead of the game we should have 80 practices on board by the beginning of 2015."

BW Medical and Blackett Walker, purchased 5,000 sq ft head office in Gosforth, Newcastle where it can continue to build a sustainable business.

"My real passion has always been owner managed businesses and particularly in the medical sector as it's a challenging environment due to constant change.

"And what good is advice if you don't apply it yourself? I've been working as a chartered accountant for over 32 years so seeing the pitfalls and the things that work firsthand has been very instructive." 

As managing director Keith is charged with developing the company's core talent, providing opportunities and investing in the future of its people. 

"I have always believed as a manager 50 per cent of your time should be comprised of man managing your team it is something I have done for many years, I really enjoy seeing talent get fulfilled."

"We are currently the only firm to solely focus on the healthcare sector that can provide a full financial service for Primary and Secondary Care practitioners that, includes specialist independent NHS pension advice, joining up practice accounts and personal finances, and looking at the bigger picture by being proactive on pension forecasts and supporting GP Federations nationally.

"As industry experts, we recently highlighted that the NHS Pension Agency was issuing statements to GPs which were inaccurate, resulting in routine errors with many of its statements, and consequently it has reviewed its systems. We don't compromise on quality so have invested in the best people who have proven track records in medical finance and arguably have the best technical team in the country."

Changing your accountant couldn't be easier! You might think your service is good but how do you know until you compare? Contact us for a free initial discussion or meeting. rachael.mackay@bw-medical.co.uk

Who writes this?

Rachael Mackay

Rachael Mackay

Client Relationship Manager
Find out more about Rachael
  • Very smooth changeover to BW, with good communication at all times. Very efficient in the production of the accounts (as promised) and the Partners are delighted with the advice received to date.

    Paul Atkinson, Practice Manager
    Netherfield House Surgery, Northumberland
  • BW Medical Accountants have a good working knowledge of General Practice and are keenly aware of the challenges Practices face within the changing environment of the NHS.  Benfield Park have been very impressed by the way BW Medical continue to deliver the range of services they provide from Accounts to Tax and NHS Pension advice. 

    We have found Practice consultation and engagement from BW Medical specifically helpful to shape the future of the Practice.

    Jonathan McCutcheon, Practice Manager
    Benfield Park Medical Group, Newcastle
  • We had no hesitation in moving to BW Medical Accountants.  For any business your accountant is integral, and for us one of the most important factors to this relationship is to have a personal and trusting approach, which BW have undoubtedly achieved. 

    The service we receive and the interest they show in our practice assures us that they have a genuine interest in us and commitment to us.  More importantly they are always helpful and polite to answer even the dumbest of questions!  They give us confidence and reassurance knowing that they are always very up-to-date with all the numerous changes within general practice and we would have no hesitation in recommending them to other practices seeking a professional and personal accountancy service.

    Jackie Rotherham, Practice Manager
    The James Street Family Practice, Lincolnshire
  • We moved to BW Medical Accountants in 2013 and we are delighted that we have.  Having been in the same business for over 20 years it is important to have a relationship with the accountancy team but most importantly you need to have trust.  We made the decision to move our business to BW Medical Accountants and having worked with the Team especially Tina we are very satisfied.  Tina going through the accounts brought to our attention many things that I was not aware of in the past.  The first years' experience can only be described as excellent.

    Customer service is first and foremost with BW and this shines through as each and every one of them are approachable, helpful and most importantly understand and know the business.  General practice is complex and is going to get more complex in the coming years.  We need Accountants who truly understand our business. We as a practice and as individuals would certainly recommend BW Medical Accountants.

    Gloria Middleton, Managing Partner
    Westbourne Medical Group, Sunderland
  • We changed to BW Medical Accountants during this financial year and I would say we have just had the most transparent and understandable end of year meeting and the best planning advice I have ever had in 16 years of practice.

    Dr H Jervis, Partner
    Temple Sowerby Medical Practice, Cumbria

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