As doctors we are well trained in red flag medical symptoms.
But what about financial red flag symptoms?
Here are 5 red flag financial symptoms that could mean your practice finances are in need of an urgent referral to Medics’ Money.
🚩 Waiting until the Accounts meeting to find out profits.
Even the best accountants will finalise your accounts a few months after your year end.
Too late to make in-year tax efficiency savings.
Too late to identify any overspends or unexpected variations in profits.
Too late to avoid pension tax problems.
Too late to plan expenditure.
🛠️ How to fix it – Setup realtime accounting that allows you to forecast and budget in real time, when you can still make meaningful changes.
Our GP Finance course will help you do this. In bitesized chunks, that fit around your schedule.
The price? £750 plus VAT.
But the COST after tax savings? Scroll down to see how tax efficiencies could mean it costs you just £179.
Apply to the course here
Find a specialist medical financial advisor with Medics Money
🚩 Not knowing profit margins for LES/optional services.
Back in the good old days GP partnership income was dominated by the Global Sum – guaranteed predictable income.
Now the Global Sum has been frozen and all kinds of different LES/DES etc have replaced it. But which LES are profitable? If you haven’t calculated your profit margins on these optional services you could be providing services to your patients that cost you money.
🛠️ How to fix it – you could spend hours building a spreadsheet that factors in all your costs and calculates which services are profitable.
Or you could use the spreadsheet our experts created for those on our course and in just a few minutes answer the question
“Is this LES profitable?”
The only way to stop doing unprofitable work is to understand your accounts and calculate the profit margins. Every day that goes by without doing this you are potentially wasting £££.
I want to stop doing extra work that doesn’t pay
🚩 Being too cheap
The NHS controls the price of most of GPs income streams.
But not all.
🛠️The fix – Review the fees you charge for private reports and calculate your profit margins. Streamline the payment process using card machines to improve cashflow and collect payments up front.
🚩 Seeing COST not ROI
If you SIMPLY look at what something costs you’re not thinking like a business owner.
Instead calculate Return on Investment which is the increase to profits expected from any expenditure.
Sometimes it’s easy to calculate this and sometimes it’s not.
Take our Medics’ Money Essentials of Practice finances course.
The next course starts at the end of February, runs online at times that suit you.
It’s for partners, PMs and prospective partners in England AND Scotland. And it costs £900 (or does it??)
https://medicsmoney.co.uk/medics-money-essentials-of-gp-practice-finance-course/
Want to see how £750 plus VAT becomes just £179 then check this out 👇
Are you coming on the course?
