On Tuesday 30 April, Head of Healthcare Kay Botley delivered a financial update specifically for GPs as we enter a new financial year. Kay was joined by Head of Payroll Damon Tunnicliffe, who provided a payroll update.
Kay ran through the differences that practices will see in 2024/25 versus 2023/24 driven by changes to the NHS contract, warning that it will be a challenging year for GPs financially the way things currently stand.
She stressed the importance of practices being aware of the impact the contract changes will have on funding and workload and they should review their business strategy and make sure they prepare effective budgets and cashflow forecasts with the help of their accountant.
Kay spoke about the Qualities and Outcomes Framework (QOF) and advised that practices need to actively maintain their records in order to receive the funding that is due. She also reviewed PCN funding, access, AARS, drug profits, and the impact of rising costs in addition to sharing valuable advice on what GPs can do to maximise their practice income.
Damon delivered a payroll and pensions update, including the impact of the increase in the National Minimum Wage and how the extra costs are affecting GP practices.
Finally, Kay delivered some reminders and things that surgeries should have in mind for the financial year ahead, including new pension tiers and pay rises, declaring GP earnings, and partnership agreements.
You can watch the webinar below.
If you would like to discuss any aspect of the webinar, contact our team.
