Plan of action
The financial situation of any organisation is always a good indication to how well it may be performing. However with raising costs of supplies and staffing and in addition cutbacks across the health sector the financial viability of even the best organisations can come under strain. With the numerous and varied streams of income (QOF, MPIG, GLOBAL SUM, Enhanced Services, PPA reimbursements etc.) GP finances can be even for the astute financial mind difficult to grasp. Therefore you can rest assured that with almost 30 years combined experience running GP practices we can provide you with practical tips on ensuring your profitability is at its maximum.
We also work closely with a specialist provider of healthcare payroll services (wage slips, NHS Pension, P45 etc.), and throughout the years have established good relationships with a whole host of suppliers to ensure you get the best possible deal on all your purchases.
Even if it is just general advice on any matter related to finance we are sure you will find our services of immense benefit. The below list are just some of the areas where our expertise can help your organisation improve its financial health.
The importance of accurate and careful budgeting and forecasting for any organisation should not be underestimated, particularly with the impeding threats and changes facing general practice, a few examples of such issues might be;
- Potential loss of locally commissioned enhanced services
- Employee and Employer pension issues (increased contributions and auto enrolment)
- Increased age of retirement
The above and the growing list of other challenges facing general practice and the financial health of practices further cements the necessity for effective and robust financial planning, the first step of which is the preparation of accurate budgets’ and forecasts for your organisation.
PCMS Ltd have many years’ experience of running payroll services for GP practices, whether this be administered in-house through one of the payroll providers or outsourced to a payroll agency. We have worked with small providers and some of the larger national payroll providers who specialise in payroll for GP practices.
If you would like to discuss your payroll requirements, please do not hesitate to give us a call or send us an email.
In our experience many practices fall short financially due to not adequately reviewing and maximising on the various revenue streams that account for core and additional general practice income. Some of the areas where we can work with your organisation are:
- GMS / PMS & APMS Contracts review of core income
- Enhanced Services Income
- Private Services Income Generation
We can work with your practice to ensure that all income streams and opportunities for income generation are being maximised. Contact us today for an informal discussion to review and assess the financial health of your organisation.