Five steps to managing finances when a partner retires
April 17, 2013
AISMA accountant Anthony Brand explains how to plan the financial aspects of a retiring partner
When a senior partner retires – and ‘really’ retires, rather than taking 24-hour retirement, there are plenty of things to think about.
Most retirement processes are entirely manageable if properly planned. The watchword is plan ahead so you know what to expect and involve the whole team including accountants, lawyers and bankers.
This guide covers the essential financial considerations in five steps. Read more
Pulse Analysis: What the changes to the premises rules mean for your practice
April 11, 2013
Accountant Luke Bennett looks at the implications of the changes in the GMS Premises Costs Directions 2013
Removing the need for GPs to declare their private income was completely unexpected. Perhaps as the Department of Health has said, it’s just to reduce bureaucracy – or maybe it’s a recognition of where the NHS is going, with the introduction of Any Qualified Provider. Read more
Spring 2013 AISMA Doctor Newsline published
April 5, 2013
A Contract Survival Pack special edition of AISMA Doctor Newsline, the newsletter for GPs and practice managers published by the Association of Independent Specialist Medical Accountants has been published today.
Packed with business advice and tips to help GPs and their practice teams get to grips with the new GMS contract, this special issue introduces an outstanding line-up of contributors, all specialists in the complex field of GP practice finance and business management.
Deborah Wood, AISMA Vice-Chair, leads the issue with her analysis of the funding issues arising from the imposed contract, and casts an expert eye on how downward pressure on income and rising expenses will affect practices in the year ahead.
There are two articles from practice management expert Kathie Applebee, the first offering some timely advice to practices on the art of cost cutting. QOF is the focus of Kathie’s second article, starting with the important task of calming and reassuring the practice team amidst the panic and confusion arising from the Government’s last-minute imposition of the QOF changes.
Accountant Nick Holmes examines how practices can maximise efficiencies by using their staff to their maximum skill set, while Anthony Nuttall offers 10 tips for GPs wanting to reduce their tax bills in the financial year ahead. Lawyer Alison Oliver offers her thoughts on business models for general practice in the new NHS environment and Matt Smith has an update on employment law reform for GPs and practice managers.
AISMA Doctor Newsline is available exclusively to clients of AISMA accountants.
Doctors wishing to contact their local AISMA accountant can find details on the find an accountant page of this website.
Managing the change in locum superannuation funding
April 2, 2013
Bob Senior explains how to mitigate the costs that will arise from practices’ new responsibility for handling locum pension payments. Read more
Practice Management: Making collaboration work
April 1, 2013
At its best, collaborative working can be a dynamic, efficient and cost effective way of providing a new service, or a way of improving how an existing activity is done.
At its worst collaboration can increase working costs, create VAT liabilities and prevent a new activity from forging ahead.
Faye Armstrong explains how practices can work together successfully practices can work together successfully.
Seven habits of high earning practices
March 15, 2013
AISMA accountant Sue Beaton looks at what steps GPs can take to maximise profitability
With so many GPs feeling the strain, there has never been a better time to ask whether your practice is operating as best as it can. In theory all GPs have the potential to earn well, but inevitably there are occasions when, for example, personality clashes among partners will sometimes lead to fall-outs that dent financial performance. There will be practices too where there simply isn’t as much profit to be made, perhaps because of local budget constraints, patient demographics or high staff costs due to geographical location. Read more
Pulse Analysis: This offer is not even close to the rise in the cost of living
March 14, 2013
Accountant Bob Senior examines what the impact of the Government’s funding increase of 1.32% will be on practices.
There’s an element of the Government being disingenuous. The 3.4% increase recommended by the DDRB was for a whole raft of things – like organising the practice for commissioning – but the Government have chosen to interpret that report very selectively. Read more
GPs warned to prepare for 4% pay cut
March 14, 2013
Accountants are predicting a reduction in GP drawings of up to 4% next year, warning that the Government’s 1.32% practice funding uplift will fail to cover rising practice expenses – and accusing ministers of ignoring key evidence when making the award. Read more
Practice Management: Internal financial controls
March 1, 2013
Internal financial controls are systematic measures (such as reviews, checks and balances, methods and procedures) necessary to:
- Conduct business in an orderly and efficient manner
- Safeguard assets and resources
- Deter and detect errors, fraud and theft
- Ensure accuracy and completeness of accounting data
- Produce reliable and timely financial and management information
- Ensure adherence to policies and plans
Pauline Hogg explains more about key areas to monitor in a GP practice
Pulse Finance Diary: March 2013
March 1, 2013
It is vital practices pull together and partners delegate effectively. Bob Senior advises on the warning signs of problems in store
Tough times lie ahead and teamwork will be essential if practices are to ride out the storm. Dysfunctional practices, where GPs fail to delegate effectively or where partners fall out, will only make a bad situation worse. Read more