Managing Practice Finances

Tuesday, 05 April 2022 9:30 AM - 12:30 PM [AZOST]

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Tuesday, 05 April 2022 9:30 AM - 12:30 PM [AZOST]

Overview: 

This is the foundation workshop to the PMA programme – a series focused on the business management of general practice - where practice finances and accounting systems are explained in a user-friendly, interactive way. The web workshop will also take a look at the PCN landscape, Superannuation and Cashflow forecasting. The group work encourages participation so that individual issues can be explored. 

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.  

Objective: 

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 how important managing these areas lead to reduced financial risk in the ever-changing world of general practice. 

 

Programme

Managing Practice Finances – Overview

 Overview of your Accounting System

·         What comprises your accounting system?

·         Source records

·         Software

 

Financial Controls and Maximising your income streams

·         Open Exeter

·         CQRS

·         Reimbursements

·         Claims

·         Contract Changes 2020 and looking ahead

·         Other Income Streams

·         Tracking your Income

·         Other Financial Controls

 

Primary Care Networks and the future of Primary Care

·         PCN Funding

·         Funding to individual practices

·         Core Funding

·         Extended access funding

·         PCN Accounts

  

Superannuation

·         Estimate of Pensionable Profits Form

·         Pension Forms – Type 1 and Type 2

·         Timeline

·         Tier rates

·         Open Exeter

·         Examples

 

Hints and Tips

·         Understanding tax and the tax system

·         Non-NHS Income

·         Final Pay Controls

 

 Understanding Accounts

·         Accounting Terminology

·         Types of Income and expenses

·         Debtors and Creditors

·         Current and capital accounts explained

·         Drawings

·         Variance analysis

·         Financial Benchmarking

 

Understanding Accounts – Activity

 

The Power of the Cashflow Forecast

·         Levels of complexity

·         Using Excel

·         Other options

·         Interpretation

 

Q&As 

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Frankie Maclean