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James Gransby, Partner at RSM UK and medical financial expert, summarises the key considerations and implications for practices and new networks of their financial arrangements, particularly within the context of the new – and since updated – draft primary care contract service specification.
Introductions (0:48)
James’ initial thoughts on the formation of PCNs and their impact (1:22)
Workforce implications (2:15)
How is the PCN’s money best held? Is there an ‘ideal’ financial model? (3:51)
The lead practice model (5:21)
Lessons learned so far, advice on setting up a new financial model – and all things VAT (6:27)
Let’s talk about pensions (7:41)
Clinical Director pay (9:18)
Check employment status for tax / HMRC (10:04)
Year End accounts (13:00)
Showing a ‘surplus’ and how to manage a PCN ‘surplus’ (14:21)
Impact on practice finances as a result of PCNs (16:15)
Reflecting on the draft service specifications (the December 2019 version) (17:37)
General Practice sustainability in today’s world? (20:10)
James’ top tips for practices and networks (21:55)
Getting in touch (23:10)
The draft GP contract update – new reflections (23:31)
What differences do the changes in the draft contract make? (24:19)
Tax implications for contract incentives? (24:55)
HMRC updates discussed (26:25)
James is contactable at: james.gransby@rsmuk.com
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