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GP payment statements explained

January 21, 2021, by in AISMA 1 Comment

Close up of woman hand calculating her monthly expenses with calculator.  Debt.

Specialist medical accountant David Lockitt* offers some tips on checking the practice’s monthly statements for payments and deductions With the increasing reliance on the calculation of practice payments based on data automatically extracted from the practice’s records, and also changes in when income is paid, it is essential that practices review their GMS/PMS statements on…

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The Practice Index Podcast: Episode two – Are practices less profitable than they were 10 years ago?

September 24, 2020, by in Accounting, AISMA, Finance 0 Comments

Woman working with documents, Tablet pc and notebook. Profit Concept.

There was a headline in the GP press recently that stated that, in real terms, GP partners’ income in 2018/19 was 10% below the figure recorded a decade earlier in 2008/9 (according to “official” data for England). But as is always the case with statistics, averages never tell the whole story. I know of practices,…

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Easy profit wins in general practice

costs

Many practices are under pressure financially following COVID-19. Specialist medical accountant Sally Sidaway offers ten tips on how to maintain profits in challenging times. 1 – Drug profit levels Even for non-dispensing practices, having good internal controls and a solid buying policy for drugs are essential. Make sure everything used is claimed for and that…

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A brief guide to final pay controls and how to avoid them

August 19, 2020, by in Accounting, AISMA, Pay 1 Comment

Close up hand man doing finance and calculate on desk about cost at home office.

Final pay controls were introduced in 2014 to stop the abuse of the NHS Pension Scheme. Practices can face huge charges if they fall foul of the rules. Specialist medical accountant James Gransby explains. Many practice managers are unaware of final pay controls and the impact the resulting charges could have on their practice’s profitability.…

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24-hour retirement for GP partners

August 13, 2020, by in Accounting, AISMA 1 Comment

Hand putting Coins in glass jar with retro alarm clock  for time to money saving for retirement concept

24-hour retirement allows doctors to draw their NHS pension and then return to work. Specialist medical accountant James Gransby explains what this means for GP partners. How it works For those in the 1995 section of the NHS pension scheme, legislation requires a GP to break their contract for a period of 24 hours (a…

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Should you accept an offer of becoming a partner in the practice?

businessman check the work documents in office,The media reaches the operational guidelines

The partners have shown how much they value your contribution to the practice by offering you the opportunity to become a partner. While the recognition is gratifying, what does it actually mean, especially from a financial perspective? AISMA accountant Luke Bennett offers these points for consideration. Profit share Becoming a partner means sharing in the…

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Explaining the GP practice accounts – Part 10 of 10

May 21, 2020, by in Accounting, AISMA 0 Comments

GP sitting in office holding in hands big binder with some important documents close-up

Bookkeeping in the Cloud Introduction Cloud accounting and payroll software has been available for several years now and products have improved consistently as new features are added. Having your software stored on a desktop restricts what you can do and how you can work. The advent of Covid-19 led us to do more things online…

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