Effective GP Management Strategies

When it comes to running a GP surgery, effective management is paramount. In this article, we discuss how GP practices can optimise their financial sustainability, operational efficiency, regulatory compliance and HR management in the long term.

GP Finance: focus on profit not revenue

Financial management is key for running any business as poor financial management practices can lead to all sorts of problems including cash flow issues, unexpected costs and even being unable to provide care at all.

Here are some of our tips to help avoid poor financial management.

Monitor Practice Finances

Firstly, you should monitor practice finances regularly to avoid surprises when the annual accounts are completed. By reviewing financial performance on an ongoing basis practices can pick up on potential issues early and make adjustments before they become major problems. For example, using regular financial reports and performance dashboards can give you a clear picture of income and expenditure. At Hawsons, we have experts who can conduct monthly or quarterly management accounts on your behalf, in addition to the year end accounts and returns to help you identify any room for improvement, as well as advising how you can become more efficient.

Income

In GP practices, patient numbers and additional services drive income so it’s crucial to keep patient lists up to date and be aware of ever changing funding streams that are available. Practices are paid a set amount per patient so keeping an accurate list is vital for financial health. But you need to consider the financial implications of taking on new patients as whilst this will increase your income, this can add additional pressure to your resources so careful planning will be required to ensure your practice remains profitable.

Whilst patient income is usually the main source of income, GP practices should also consider other revenue streams. For example, research projects, training programs and grants for medical students can bring in extra funding. Grant funding can also help with capacity building so practices can expand services without incurring unsustainable costs. Below are just a few grants that are available for GP practices:

• Practitioner's Allowance Grants
• Premises Improvement Grants
• Estates and Technology Transformation Fund

Cash Flow Management

Cash flow is the lifeblood of any business and GP practices are no different. Having a healthy cash flow means the practice can meet its daily financial obligations such as paying staff wages and covering operational costs. Reviewing cash flow forecasts regularly can help practices anticipate future needs, plan for lean periods and avoid cash flow issues. By keeping an eye on cash flow, GP practices can make more informed decisions on expansion or cost cutting.

Controlling Expenditure

The biggest expense for most GP practices is staff costs. Given the importance of staff in delivering patient care it’s crucial to make sure the practice is staffed properly with the correct mix of skills and experience. But regular reviews of staffing levels and roles are needed to avoid overstaffing or inefficiencies. Although this can be quite challenging, optimising rotas to minimise the use of locums can reduce unnecessary costs. Therefore, investing in recruiting more permanent staff rather than relying on locum staff could help reduce costs in the long term.

Although staff is typically the largest expense for GP practices, there are a range of other expenses to consider optimising such as, utilities, photocopying, equipment hire, insurance and subscriptions. Contracts should be reviewed when they come up for renewal and you should always consider alternative options to ensure the practice is getting the best value for money.

Administration Efficiency: Simplify Operations

Optimising administrative efficiencies is another key part of good GP management. Simplified processes reduce operational costs and improve the patient experience. Here are a few areas to consider:

Patient Records

Modern patient record systems are a core part of any GP practice’s operations. But you need to review these systems regularly to make sure they are working as efficiently as possible. Technology can bring more intuitive and streamlined systems that improve workflow and reduce administrative burden. For example, a more modern electronic medical records (EMR) system could improve efficiency and patient record accuracy which will give staff more time to provide higher quality patient care.

Booking systems

Appointment booking is another area where efficiency can make a huge difference. Practices that use traditional phone based booking systems may experience problems with patient no shows or missed appointments. An online booking tool can solve this problem by allowing patients to book, rebook and cancel appointments at their convenience. This reduces the workload on front office staff, whilst reducing no shows and provides a more convenient service for patients. Furthermore, many of these tools have automated email reminders which can further reduce missed appointments.

Compliance & Regulatory Support

GP practices need to stay up to date with the latest regulations and compliance standards. Not meeting these regulations can result in fines, reputational damage or even legal action. Here are the compliance measures every practice should follow:

Key Regulations

GP practices are required to comply with various regulations including Good Medical Practice (GMP) and Personal Medical Services Agreements. GMP sets out the standards of professional behaviour for GPs and covers areas such as patient confidentiality, communication and record keeping. Personal Medical Services Agreements set out the terms under which GPs deliver NHS services and are reviewed periodically. Practices need to keep up to date with changes in healthcare regulations such as data protection laws, patient safety requirements and staff qualifications. Auditing your practice regularly and seeking help from experts will help you ensure you are meeting all the standards.

HR and Staffing Solutions: Recruitment and Retention

Recruitment and retention of skilled staff is a key issue for any GP practice is key for delivering good patient care and experience.

Recruitment

Attracting and retaining skilled professionals requires a commitment to a positive working environment. This means competitive salaries, professional development opportunities and a supportive culture. GP practice partners should aim to create a practice where staff feel valued and have opportunities to grow. A supportive work culture will attract top talent and improve staff retention.

Training and Development

Ongoing training is key to ensure staff have the knowledge, experience and skills to do their job. Regular training sessions will keep employees up to date with medical developments, regulatory changes and administrative processes. Training also improves staff competence and job satisfaction.

How can we help?

At Hawsons our dedicated team of specialist accountants and tax advisors offer a wealth of experience in the care sector including residential homes, nursing homes and other specialist care services.

Our in-depth knowledge and understanding of the sector is applied and we work closely with our clients, ensuring that changes in the care sector are recognised promptly and appropriate strategies implemented and actions taken. We recognise that no two homes are the same.