2 Profit Tips for Doctors

Profit Tip 1 ( Stress reduction tip )

When your taxable earnings fall into the range of £100,000 to £119,000 you end up effectively paying tax at 60% on the £19,000, because you lose your personal allowances on earnings above £100,000.

This leaves doctors with a quandary - do they keep working even harder to get precious little of the money after 60% tax and superannuation on top, or do they do something different like give up one session a week and reduce their stress levels.

In a recent case, we showed a doctor that he would lose less than £350 per month in his pocket by doing one session a week less - to him that extra time was worth so much more than £350 per month - so a profit tip in a different sort of way  

Profit tip 2

Consider reducing your wages and associated superannuation costs by outsourcing some of the back office work to more effective non-nhs bodies who will deliver the service at a fixed monthly cost

In the non-medical world outsourcing is massive - so it will become in the medical world, I believe

Typing notes and letters are dealt with often elsewhere with the dictation into a digital transcriber, so each note or letter is a file that can be transferred as a voice file to come back as a letter or set of notes to be stored or printed back at the senders office; with a doctors surgery this also is possible, although you will need to be careful with client confidentiality.

Payroll and Accounts 

Payroll and Accounts often take the team in a surgery far longer than necessary, and this is a big area that can be outsourced to specialist book keepers / accountants to allow the practice team to concentrate on the medical side.

For example - we ourselves offer an outsourced payroll service, and also a bookkeeping service to our clients, to allow them to have accurate and timely management accounts and payroll.

Prescriptions

80% + of prescriptions are repeat prescriptions - it would not be difficult to systemise this and have the work dealt with for you

When a surgery outsources the work, they need not have that "employee" in the NHS superannuation scheme, thereby not only saving a wage cost, but also a superannuation cost - however be careful because there might be a redundancy cost to find short term

For more details contact Mike Ogilvie or Clare King mo@doctoraccountants.com today  

Get in touch for a free Consultation Today

Find out more