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."
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