When running your own practice in the medical field, you can face backlash, uncertainty and troublesome times but with Coleman and Co on your side, you can do it all with ease.
Practice managers running GP practices are constantly facing backlash over appointment times, cash flow and the management of income. With a constant battle against keeping profits up and staff in roles of importance, its about time you got in touch with professional accountants like our team here at Coleman and Co to get the experienced knowledge you need for your GP practice.
“Without a thorough understanding of how GP accounts are drawn up, it is almost impossible to consider the full financial implications of any partnership offer”, Pulse Today.
Manage Your Expenses
Maintaining your medical expenses is an essential practice to follow when managing a practice. You need to keep an accurate track of stock, purchases and any missing items that may occur over time. Without keeping a secure note of all of your expenses, it can be difficult to manage your expenses appropriately.
Your staff costs will be the largest item to monitor your accounts even though they are your largest and most valued asset. The best practices you can follow with expenses and your staff is to control that the right members of staff are present when they need to be and work this around your patients’ appointments to reduce waiting time and staff skills waste.
Tip- make sure your staff are working to their best ability so that you can make the most out of their skills and hopefully reduce the number of staff needed for a set period.
Other expenses to take into account and monitor include:
- Premises costs
- Heating and lighting
- Electricity
- Administration costs
When it comes to running your practice and managing cash flow you have to take into account areas that could be draining your income rather than supporting it. Electricity, gas and heating providers are also a business that is looking to make a profit but that doesn’t mean you have to accept their going rates, shop around and look for better rates and your bank account will thank you for it.
Embrace Changing Technologies
Coleman and Co work with the latest technologies when it comes to GP practices in the medical field. Accounting no longer means endless paper records and files of data as with the changing technology, data storage is easier than ever.
By keeping up with technology, bookkeeping methods and more, you are giving your practice the best start and a stable foundation to build on rather than a mess of paper no one knows how to order.
Be Careful Cutting Costs
Although cutting costs can be beneficial, it matters that you don’t cut too many costs leading to a downward fall for your business. Only cut costs where necessary and which experienced advice from our accountants. Although there is no magical way of boosting your income, there are a few tried and tested methods that are worthwhile attempting with professional accountants rather than on your own.
“An accountant who specialises in the medical sector is best placed to help you review and interpret the accounts”, Pulse Today.
Get in Touch
To discuss GP practice accounting with a professional accountant here at Coleman and Co, call us on 028 9266 3599. By meeting all deadlines, creating appropriate budgets to follow, processing all claims and expenses and keeping up to date with NHS pensions, your GP Practice can get year round support when it’s needed most.