Accounting and Practice Finance

Practice Finance & Income Streams – Reducing Costs, Payroll, and an understanding of the PCN landscape.

This is the foundation workshop for the PMA series which focuses on the business management of general practice. Accounting and practice finance will all be explained in a user-friendly, interactive way. The web workshops will also take a look at the PCN landscape and explore financial issues of the working at scale models – where costs are reduced and new funding and income streams introduced.

The module will be delivered as an interactive web workshop with practical guidance to enable participants to map the techniques and outcomes onto their own practice. The group work encourages participation so that individual issues can be explored.

Duration: 3 hours

Location: Online

Don’t miss the opportunity to work with leading specialists focused on the ‘business’ aspects of General Practice.

General Practitioners
Practice Managers

Objectives

Participants will gain an understanding of practices finances and how to understand the accounts produced by your accountant. You will also gain an understanding of practice finances, Primary Care Network finances, and the importance of managing these areas to reduce financial risk in the ever-changing world of general practice.

Workshop Agenda

Below is an outline of the proposed agenda with sample timings. If you have any questions please get in touch.

	Welcome & Introduction
	Managing Practice Finances – Overview
	Contract Changes 2020
	Understanding Accounts Accounting Terminology Types of Income and expenses Variance analysis Debtors and Creditors Current and capital accounts explained Drawings Payroll Property ownership – accounting treatment and buy-in/selling
	Practice Finances Financial Benchmarking & Budgeting Cash-flow forecasting IR35 GMS/PMS Contract Changes – Contract changes on the horizon (lost seniority, background funding of 6% ER’s superannuation uplift).
	Primary Care Networks and the future of Primary Care PCN Funding Funding Streams To individual practices Extended hours Extended access funding Accounting at a practice level Workforce mix VAT Employment status of Clinical Director Investment Workforce
	Employee issues Shared resources Employee liabilities Pension tax – calculations (Annual Allowance / Lifetime Allowance) and options from a tax perspective VAT
	Reflective session – Open Forum Reflection on the progress being made and open discussion of challenges or concerns.
	Close