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Top 5 tips to prevent closure

  • 3rd September 2014

Top 5 tips to prevent closure

Accountant Keith Taylor outlines his top five tips to prevent closure as part of Pulse's Stop Practice Closures campaign

1 Review your contract: Establish the estimated year-on-year gains/losses arising from GMS contract changes and the ongoing PMS contract reviews. Carry this out in conjunction with a comparison of your practice's financial performance against
national averages to identify areas of potential weak financial control, an area that should be covered by a specialist accountant.

2 Undertake a critical appraisal of staff resources: This is to ensure the best use is made of skills and delegation, making the most of the largest cost a practice incurs.

3 Upskill staff: Assess the development needs of your workforce, as the short-term costs of training could produce efficiencies in the longer term.

4 Consider federating with other local practices: This could not only protect income, but also provide new potential income streams. (We are supporting the set-up of Federations across England - contact us for free guides or pop and meet us at the BEST PRACTICE Exhibition 2014)

5 Approach your neighbours: If all reviews indicate the practice in its current independent state is not financially viable, approach other local practices in order to explore the merits/efficiencies of a merger.

Please contact us if you have any concerns or is you wish to compare our service offering to your existing accountants, all initial consultations are free of charge. enquiry@bw-medical.co.uk

Who writes this?

Keith Taylor FCA

Keith Taylor FCA

Director of Medical Services
Find out more about Keith
  • 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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