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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

Keith Taylor FCA

Keith Taylor FCA

Director of Medical Services

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  • 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.

    Senior Partner
    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 changed to BW Medical Accountants 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.

    GP Partner
    Cumbria

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