Mitchell Charlesworth warns over Government shake-up to GP accounting rules


Mitchell Charlesworth are urging GP practices to seek professional assistance in dealing with new government rules designed to make public financial information about GP earnings from 1 April 2016.

However, in grappling to comply with the new rules, GP practices could end up exposing incorrect or misleading information.

Stethoscope

With so much financial information generated by any doctors’ surgery and included in the accounts, plus details of full-time and part-time GPs, the calculations needed for compliance to the new rules require expert help.

Paul Durrance, a partner at Mitchell Charlesworth with over 20 years’ experience supporting healthcare clients, said: “This isn’t about scare-mongering, but in a matter of weeks GP practices will have to calculate and declare GP earnings figures.”

Tracey Simpson, Mitchell Charlesworth manager specialising in healthcare, said: “It’s a case of making sure that you strip out everything that is not required in the financial information. It’s more than just patients finding out what their doctor earns, it is sensitive data that has to be right.”

Mitchell Charlesworth’s medical specialism means that it has seen a 30 per cent growth in handling work for GP practices over the last two years, as an increasing number of  doctors’ surgeries request advice and help.

As a result, Mitchell Charlesworth’s healthcare specialism and healthcare team is expanding to meet the demand across the North West.

Paul Durrance said: “We’re doing far more in business support for GP practices than merely providing routine compliance. It’s not just about year-end accounts and tax compliance, we’re assisting finance teams, providing support in preparing budgets, cash flow projections and management information. Doctors need to recognise the change in the mechanics of their businesses and having to be commercial in the medical market place”.

GP Benchmarking Report Front Cover

Tracey Simpson added: “We’re going into GP practices to see where income streams have not been claimed or missed completely. Our experience in the sector enables us to assist in managing their income stream and what to expect in a particular practices’ locality.”

You may be interested to read our GP Practices Benchmarking Report prepared last year in association with Kreston UK.  Please click the image to the right to download your copy.


For more information about Mitchell Charlesworth’s specialist medical service team, tel: 0151 255 2300 or email Phillip Ward, Mitchell Charlesworth's Marketing and Business Development Manager.

Post a comment

Registered to carry on audit work in the UK and Ireland by the Institute of Chartered Accountants in England and Wales and authorised and regulated by the Financial Conduct Authority for investment business