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At the heart of general practice since 1960

Five tips on how 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.

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.

Keith Taylor is head of medical services at BW Medical Accountants Ltd.

 

 

 

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