Liverpool healthcare accountants Mitchell Charlesworth is urging GP practices to seek professional support ahead of new government rules making information on GP earnings public from 1 April 2016.
The firm is urging GPs grappling to comply with the new regulations to seek advice due to the risk of exposing incorrect or misleading information.
Paul Durrance, a partner at Mitchell Charlesworth with over 20 years’ experience supporting healthcare clients, said doctors surgeries generate large volumes of financial information plus details of full-time and part-time GPs, meaning expertise is required to make accurate calculations to comply with new rules.
“This isn’t about scare-mongering, but in a matter of weeks GP practices will have to calculate and declare GP earnings figures,” said Mr Durrance.
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.
“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.”
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.
Mr 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.”
For more information about Mitchell Charlesworth’s specialist medical service team, tel: 0151 255 2300 or email Phillip Ward, Marketing and Business Development Manager at phillip.ward@mitchellcharlesworth.co.uk
Mitchell Charlesworth
Mitchell Charlesworth was formed more than 125 years ago and has grown into one of the largest independent practices in the North West. Operating with over 150 staff across five offices in Manchester, Liverpool, Widnes, Warrington and Chester, the firm of Chartered Accountants and Business Advisors provides a comprehensive range of services in the areas of financial and taxation advice.
Mitchell Charlesworth excels at working closely with clients to ensure they maximise their full potential by using their experienced partners and staff, as well as their extensive contact base in the financial markets, to achieve the best results. Whether looking at business improvements, extending trade alternatives or ensuring the best deal is obtained in a business acquisition or disposal, the services are led by partners with years of experience supported by a qualified and enthusiastic staffing team delivering:
* Statutory audit
* Accountancy
* Corporate and personal taxation
* Company acquisitions and disposals
* Corporate recovery and insolvency
* Management buyouts
* Due diligence
* VAT
* Tax planning
* Pensions and investment advice
* Payroll
Mitchell Charlesworth is the trading name of Mitchell Charlesworth LLP, registered in England and Wales number OC391811. A list of members is available for inspection at our offices.