With GP practices approaching the year-end accounts review, now is a good time to take stock and consider ways to improve your financial performance.
Here are our five top tips:
- Check claims have been paid
Since September 2015, Primary Care Contractor Services have been run by an outsourcing company. Clients have reported issues including non-payment of childhood immunisations, training grants and seniority payments. Keep up-to-date records of claims and match them to payments.
2. Control stock levels
Profitability of drugs purchases is an area practices often fall down on. Again, review your claims to ensure they have been paid and keep stock levels under control. We always review these as part of the year-end process.
3. Code clinical work correctly
Coding of work done in clinical systems is now more important than ever. Many payments to practices rely on the automated extraction of data – so if it’s not coded correctly you won’t get paid. Make sure clinicians are aware of what they need to record.
4. Beware of rising staff costs
With increasing patient demand, it’s easy to try to plug the gap by employing more staff. However core funding for practices remains unchanged and, whilst in some areas local schemes have provided new sources of funding, these are not guaranteed to be recurrent. Therefore practices must be careful not to expand their cost base too much
5. Benchmark against others
Comparing your practice to others is a good way to highlight potential problems and identify areas for improvement. As part of the year end accounts process, we can help monitor your performance in different areas and provide you with benchmarking statistics.