Doctors & medical professionals

• Set up appropriate insurance policy to cover your private practice work.
• Register with Information Commissioners Office.
• Register with private health insurance companies and Care Quality Commission as applicable.
• Decide which private hospitals you plan to hold clinics at.
• Consider the business structure of your private practice – we can advise on this and help you to set up a business plan and growth strategy.
• Prepare terms and conditions and a price list for your private practice work.

• The optimal business structure of your private practice, for example, sole trader, limited company or partnership.
• The effective administration of your private practice leaving you to focus on delivering excellent patient care and growing your private practice.
• Safeguarding patient data.
• Accurate, efficient and timely secretarial and bookkeeping for patient administration, invoicing, cash collection and maintaining patient and financial records.
• The use of modern technology to create a ‘paperless’ practice with real time access to patient and financial records from any location.
• The marketing and growth of your private practice.

Our private practice business review and bookkeeping services will help you to maximise the efficiency and effectiveness of the administrative processes that underpin your private practice work. As part of the business review we will:

• Collaborate with your private secretary to walk through all of the processes involved in running your private practice.
• Review and document administrative processes.
• Highlight process improvements to optimise business performance.
• Identify where efficiencies can be found to reduce secretarial time and your time spent on administration.
• Identify any training requirements.
• Standardise ways of working to reduce the impact of a change in secretarial provider.
• Reduce burden of administration by streamlining an end to end administration process.
• Best practice invoicing and credit control procedures.
• How use of technology can bring efficiencies and improve accuracy.
• Moving towards a paperless practice.

Our bookkeeping services will:

• Provide you with anywhere, anytime, real-time access to your finances via a collaboration with your private secretary.
  
• Ensure that all of your transactions (patient / insurance company invoices and your expenses) are logged accurately and quickly.
• Train your secretary to prepare a bank reconciliation to keep control of your finances.
• Train your secretary in best practice invoicing and credit control procedures including debtor reporting.
• Make the best use of available technology to bring optimal efficiency and accuracy to your business.
• Develop bespoke reports to give you full visibility of the financial performance and position of your business.

Please contact Tayabali & White on 01223 843324 to find out more.

As part of our business support and growth planning advisory service we will work in partnership with you and your private secretary to give you the tools you need to be in control of your business’s performance, to identify growth areas and to increase profitability. We will:

• Develop reports to give you full visibility of the financial performance and position of your business.
• Prepare analytics around business performance and different revenue streams e.g. referral channel, revenue by procedure, average fee per clinic, timeliness of invoicing.
• Propose ways of collecting data to enable you to monitor the performance of your private practice in detail.
• Propose ways of growing your private practice revenue.
• Look at potential ways of increasing margins and profits.
• Define process improvements to drive efficiency, reduce cost and increase profit.
• Document processes: our experience is that where procedures have been documented they are more likely to be followed.
• Consider your approach to marketing and personal branding – is it currently increasing your revenue.
• Bookkeeping services – providing anywhere, anytime real-time access to your finances via a collaboration with your private secretary.
• Training and support for your secretary to facilitate the most effective management of your practice.

Please contact Tayabali & White on 01223 843324 to find out more.

Even a one-person private practice faces myriad compliance requirements from HMRC and Companies House. Most doctors are aware of their compliance requirements though they are generally less sure about whether, when and how to register for, report and pay taxes and fees, nor what expenses they can legitimately claim.

The private practice compliance environment is very familiar to us at Tayabali & White and we will support you as much as you need.

As well as coping with the compliance environment, the prospect of having to face an HMRC enquiry is a real concern for doctors. We work with our medical clients to help ensure their tax affairs can stand up to scrutiny.

We have successfully represented medical professionals in HMRC enquiries and you can rest assured that we will look after you if HMRC enquires into your returns.

However, we believe that it is best to prevent enquiries if at all possible. We know what tax and accounting rules and reliefs affect the medical profession and how best to present your return to HMRC.

Consultants practice either through a limited company, a partnership or alone through self-employment. To determine the best route, there are many considerations that we discuss with our doctor clients and this involves getting to know them and their circumstances well.

Factors to consider include how much you expect to earn, what other income you have, how much income you require, whether your spouse can be involved in the business – and many more.

Furthermore, this is an area where tax legislation changes frequently and it is vital to revisit your business structure with us regularly. As always, the important thing is to take time to plan and to rely on our expertise to help you.

Many doctors and medical professionals will have income from employment, private practice and investments, which are taxed in different ways and will link across different tax bands and tax rates. Additionally, their spouse may contribute other income to the family.

We can help you understand how all your family income streams are linked and plan to ensure that they are not subject to more tax than necessary. Again, it is about taking time to understand the whole picture and offer you careful and tailored advice.