What you need to know!

General Practice Finances

Maximising income and minimising expenditure are the bedrocks of any business. It is crucial, therefore, that going forward into Practice you are aware of what is needed to maximise profit and to keep the Practice functioning as a stable business.

Talking about money – about income and expenditure is not easy for some doctors.

Don’t be a ‘wuss’ just do it!

We love our acronyms! A QuizQOF (easy)KPI (harder)DES (easier)SIP (impossible)GMS (easy)PMS (easy)

IncomeNational GP contract – Quality & Outcomes Framework (QOF) – clinical and organisational:-CHD HypothyroidismHeart Failure CancerStroke &TIA Palliative careHypertension Mental HealthDiabetes AsthmaCOPD DementiaEpilepsy DepressionCKD Atrial FibrillationObesity learning DisabilitiesSmoking CVD risk

QOF contd-Organisational BP – age > 45 – 65% and 80% Records summaries – 60%, 70% and 80% Ethnicity recorded Smoking status recorded Medication reviews – 4 or more & repeats Cytology Contraceptive services Patient experience survey results

Local GP Contract January 2011 Replaces previous GMS/PMS contracts Rationale? – (1) standardisation – more like a

dumbing down of standards for high performing practices – working at the lowest common denominator

Rationale? - (2) cost reduction

(I am a cynic!)

Contract KPIs Availability Convenience &

Choice Palliative Care Cancer Childhood vaccs Flu imms Obesity Sexual Health Smoking cessation Stroke/TIAs QOF Quality Accounts Data Quality Infection control Effective activity management Cost effective prescribing Appropriate access Engagement in commissioning

Specifics? Questions?

Enhanced ServicesLARC IUCDMSS/SCC AlcoholNear patient testing Learning DisabilityExtended access Patient participation

Specifics?Questions?

SIPsExamples: -AcupunctureInsulin InitiationHousebound patients

Specifics?Questions?

Other income Training – grants – GPR, Foundation years, HYMS

students GPSI Private income eg standard medicals, insurance

medicals & reports, shotgun licences(!), OOH, Hospice, Police doctor, Private companies Reimbursements eg flu, pneumovax imms, yellow

fever etc (speculate to accumulate!)

Expenditure Partner drawings Staff costs – salaried GPs, locum GPs, nursing and

non clinical staff Surgery expenditure – surgery supplies eg vaccs,

dressings Rent, utilities Tax, superannuation

Planning Business Plan Budgets – Income & Expenditure Reconciliations Cash flow forecasts

The End & a Tip You need to know this You need to get up to speed on this You are not trained to do this You probably just want to be a doctor but ignoring

this will affect you greatly – financially, emotionally------------------------------------------------------------------ Employ someone like me to take the pain away! Trust people