Medical accounting services
Today’s medical practices need more than basic accounting; they need precise financial oversight, forward-looking planning, and a specialist partner who truly understands the unique pressures of the healthcare sector.
Benchmarking tool: Discover how your GP practice compares with market trends and insights
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How does your GP practice compare with others?
Running a GP practice has many challenges, administratively and financially. You carry out some research, gather information, analyse it, and make decisions that you hope have the best financial impact for the practice. How do you then know how successful those decisions have been?
Financial reward is not usually one of the reasons for choosing to be a GP, but that does not mean you should not take an interest in profitability or even how to enhance profitability. After years of listening to, and working with, GPs we have developed a benchmarking tool which provides statistical comparisons with other practices across a range of financial indices.
What are the benefits?
Benchmarking your practice can provide you with reassurance, confirmation of own thoughts or provide a call to action to make some changes. The key point is that there are no right or wrong answers, just quality information which can be used to enable well informed decision making.
Typical information we can compare is:
- Income per patient
- Overall profitability %
- Profit per partner session per annum.
This information can then lead on to a number of conversation topics such as:
- Financial viability of new partner (or salaried doctor) or increasing sessions
- Consideration of list size
- Challenge of certain NHS income streams if they seem out of line
- Review of other miscellaneous costs.
In some cases, we can analyse our data even further to provide meaningful information on certain sectors or aspects. For example rural practices or practices operating in deprived areas, both of which we know have different operational challenges and financial models from the norm.
While a full benchmarking report is something we will be providing to our clients, we have created a mini benchmarking report to provide an example of what is possible. If you would like to see this for your own practice, please click the button below.