GP surgeries and locum practices are at the heart of primary care, but they face unique financial pressures. With fluctuating patient volumes and the need to balance operational costs, effective financial management is key to ensuring stability and long-term success.
Managing Fluctuating Revenues:
For both GP surgeries and locum practices, patient volumes can vary significantly based on seasonal demand and local demographics. Financial planning tools can help forecast revenue fluctuations, allowing practice managers to plan for slower periods and avoid cash flow issues. It’s essential to maintain a financial buffer for leaner times.
Optimising Costs and Resource Allocation:
Cost management is crucial for GP surgeries and locum practices. Regularly reviewing operational costs—such as staff wages, medical supplies, and technology maintenance—can highlight areas for cost savings. Practices should also consider outsourcing non-core functions, such as payroll and bookkeeping, to trusted accountancy firms, freeing up time for patient care.
Tax Planning for Locum Doctors:
Locum doctors face specific tax challenges due to their self-employed status. Understanding allowable expenses, such as travel costs, professional subscriptions, and equipment purchases, can help locums reduce their tax burden and manage their finances more efficiently.
How can we help?
Effective financial management helps GP surgeries and locum practices navigate their unique challenges. Working with a knowledgeable accountant can provide valuable insights into tax planning, cost management, and long-term financial stability.
Author: Emma Hardwick, Senior Business Services Manager, Plus Accounting
Any views or opinions represented in this blog are personal, belong solely to the blog owner and do not represent those of Plus Accounting. All content provided on this blog is for informational purposes only. The owner of this blog makes no representations as to the accuracy or completeness of any information on this site or found by following any link on this site.
Date Published: 25 September 2024
