Medical Accountants for Doctors, Dentists and Pharmacists

Medical Accountants

We are living in a time of profound changes to healthcare delivery and medical innovation. It is a period of great excitement as the genomics revolution and the era of personalised medicine is closer to becoming a reality. Our medical accountants keep abreast of the trends shaping healthcare, and the regulatory changes that impact upon the day to day affairs of healthcare management and operations.

Increasingly we see the need for a multidisciplinary approach to healthcare, integrating finance, economics, management, technology and medicine into the effective delivery of primary care. Our medical accountants and consultants work with you to meet the challenges of healthcare in the 21st century. Our medical accountants have worked with dental practices, GP practices and pharmacies for over 30 years.

Our medical accountants provide advice on financial planning, NHS pensions, GP superannuation certificates, partnership agreements, setting up in practice, NHS contracts, tax and much more.

GP Practice Accounts

Primary care delivered by General Practitioners (GPs) has been the subject of intense debate and scrutiny. GPs face many challenges in their sector as primary care has experienced profound changes in recent years. We work with your GP practice to optimise profitability and service delivery [...]

Dental Practice Accounts

The dentistry market has grown rapidly. A growing market combined with regulatory changes, means competition between dental practices will get fiercer. Proposed changes to the NHS dental contract are designed to improve patient care by increasing competition. We work with your Dental practice to optimise profitability and service delivery [...]

Pharmacy Accounts

Pharmacies like the medical and dental sector are experiencing profound changes. The new pharmacy contract that was introduced in April 2005 sets out the vision for how pharmacy services will be delivered in the new NHS. We work with your pharmacy to optimise profitability and service delivery [...]

GPs & Hospital Doctors

Whether you’re a GP or hospital doctor, our medical accountants work with you to maximise your tax advantage and plan for your financial future [...]

Dentists

Whether you’re working as a dentist in private practice, in the NHS or both, we work with you to maximise your tax advantage and plan for your financial future [...]

Pharmacists

Whether you’re working as a community pharmacist or a hospital pharmacist, we work with you to maximise your tax advantage and plan for your financial future [...]

Questions and Answers

Can a Dental Practice set up as a limited company and keep their NHS contract?

Yes, in principle this is now possible. The problem that faced the incorporation of dental practices was that their NHS contracts could be open to tender if a practice changed its legal structure even if the same people owned the practice.

Consequently if their contract did go out for tender there would be no guarantee they would keep their contract according to the Public Contracts Regulations (PCR).

However in 2008 a case brought to the European Court has changed this and it is deemed that if a practice does change its legal structure, then this would amount to only ‘material’ or ‘minor’ changes, and the practice would keep its original contract.

Please contact us to see how we can help you become a Dental Body Corporate (DBC).

We are a GP Practice should we set up as a limited company or LLP?

The traditional models for General practice are changing to meet the demands of our time. Single GP practices and traditional GP partnership models have declined significantly because they have limited infrastructure to provide the necessary services needed, and they are also too small to respond to the financial and demographic challenges facing the NHS.

Consequently there is a trend towards GPs merging to create larger practices, and federated models of working. New GP models encompass super-partnerships, multi-practices and federations of networks of GP practices.

Therefore there is a stronger case for GP practices to incorporate especially when it comes to competing for NHS contracts.

Please contact us to see how we can help your GP practice become a limited company or LLP.

How will changes to the GP contract agreement affect GP Practice income?

The GP contract agreement for 2014-2015 came into force on 1st April. The changes to the contract aim to significantly reduce bureaucracy. Our medical accountants highlight some areas, which affect GP practice income.

Quality and Outcomes Framework (QOF): A 40% reduction in QOF points will inevitably affect cash flow. This amounts to £54,000 for the average practice. Consequently GP practices need to ensure they manage this impact upon cash flow accordingly.

Seniority Payments: GPs who receive seniority payments as of 31 March 14 will continue to receive payments. The payments worth on average of £8,000 year will be reduced by 15% over six years ending on 31 March 2020. GPs as of 1 April 2014 will not be able to enter the scheme. Share in the money released from the seniority pot for all GP practices will be reinvested in core funding.

Minimum Practice Income Guarantee (MPIG): The phasing out of the MPIG by one-seventh over seven years will inevitably affect practices who receive a significant part of their income from MPIG payments. This money will be reinvested to the global sum for all GP practices.

Expand Patient Base: From October 2014 GP practices will be able to sign up patients outside their usual boundary areas. This is purely voluntary and the GP practice will not be duty bound to provide home visits.

Healthcare Market Opportunities

We are living in a time of great innovation as digital technologies transform healthcare. Here we highlight opportunities for healthcare professionals to compete for NHS tenders and create the healthcare businesses of the future.

Digital Healthcare Innovation – West Midlands Interactive Healthcare Fund

The UK aims to be a leader in digital healthcare innovation. As a result Creative England created a £1 million fund to invest in SMEs that have the most innovative concepts to improve health services and patient care using digital technologies.

The West Midlands, which is a leader in healthcare technology innovation is one of the first of four programmes to receive funding. The West Midlands Interactive Healthcare Fund in partnership with Nominet Trust and the Heart of England NHS Foundation Trust is now open to applications.

If you wish to apply for funding, you will need to apply by 31 October 2014, when the fund will close. Please contact our medical accountants to learn more about how we can help you in developing a health tech company.

Horizon 2020

Horizon 2020 is the largest EU Research and Innovation funding programme with a budget of €79bn. NHS organisations and other healthcare providers can apply for funding to develop innovative solutions, which have a real impact on population health and wellbeing.

The calls for proposals have now been launched by the Consumer, Health and Food Executive Agency (CHAFEA), with a deadline of 25 September. On 9 September 2014, Fit for Health 2.0 will organise a webinar focussing on the implementation of clinical trials in Horizon 2020 projects, and targeted particularly at SMEs and research institutes. Registration here, by 7 September 2014.

Community Ophthalmology Services

NHS Central, NHS Hammersmith & Fulham and NHS West London Community Ophthalmology Services published a Notification of Forthcoming Tender providing an overview of their proposed community ophthalmology Services.

The purpose of the Community Ophthalmology service is to improve access in the community and support in primary care for patients with common eye problems. The most critical element of this service is that it should offer a patient centred experience where patients can access quality care locally in a professional and welcoming environment.

CLCCG Musculoskeletal Services

Central London Clinical Commissioning Group is seeking suitably qualified providers to provide musculoskeletal (MSK) services to patients within the CCG area. This Prior Notice is to notify the market of the CCG’s intention to procure the service and to ascertain the level of interest from the MSK Services market.

The service is expected to be delivered to patients registered with the CCG boundaries. The procurement exercise will be undertaken by NWLCSU procurement team (South of England Procurement Services) on behalf of CLCCG.

News and Views

Here we highlight events and innovations shaping the healthcare industry:

TEDMED

TEDMED is a global community of leading doers and thinkers from every walk of life. Their goal is to seed the innovations in health and medicine of today, making the breakthroughs of tomorrow possible.

They are best known for their annual three-day gathering that brings together inspiring speakers, influential Delegates and innovative start-ups.

TEDMED curates a unique and provocative program featuring brilliant short talks and stunning artistic performances that reframe the way we think and inspire critical new possibilities for the future of health and medicine. TEDMED also offers evening entertainments, thought-provoking conversations with Delegates and Speakers, and a showcase of inspiring bio-health startups that live in “The Hive”.

TEDMED imagines fresh possibilities and solutions for the future of health and medicine.

Singularity University ֠Exponential Medicine

Exponential Medicine is an “application required” program of world-class faculty mixed with highly curated participants who want to break across traditional silos, cross-fertilize, understand and leverage rapidly developing technologies to reinvent and improve many elements of healthcare and biomedicine.

Exponential Medicine brings together leading thinkers, innovators and practitioners to reveal what’s happening in the labs and in clinical trials today, and what game changing technologies are likely coming to market in the next 2 to 10 years.

This unique program focuses on breakthrough developments ranging from 3D printing to personalized stem cell lines, artificial intelligence, point-of-care lab-on-a-chip diagnostics to large-scale bioinformatics and synthetic biology and the implications of low cost genomics. All of these rapidly developing technologies and more are discussed in the context of the current explosions of digital information, big data and connected and distributed healthcare.

Through a series of world-class faculty speakers, panel discussions, demos, and in-depth discussions, participants come away from this intensive three and a half day program with new relationships, business concepts, insights, and opportunities for collaborations that can transform their practice or company.