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LMC urges practices to seek financial advice

Londonwide LMCs is advising practices to seek financial advice ‘as a matter of urgency’ to determine how contract changes and ‘serious funding cuts’ will affect them.

The LMC says it is ‘crucial’ that practices understand their current financial position, and future viability, and urged GMS practices to use a ‘ready reckoner’ – produced by NHS England – to see how changes will affect them, or contact their practice accountant.

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Any practices who find themselves in the ‘big loser category’ – losing more than £2 or £3 per patient – should contact the LMC.

The LMC update states: ‘If you haven’t already done your calculations and financial forecast either via NHS England’s funding Ready Reckoner or through your accountant, we would advise you to do so as a matter of urgency.’

‘It is absolutely crucial that you are fully aware of the impact of the contract changes on your practice budget so that you are in a position to understand in detail your current financial position and future viability.’

You can find the GMS practice funding ready reckoner here.