Medical Accountants in Newcastle
You deserve great care for your situation
We possess the expertise to bring you the confidence you need to thrive as a modern medical professional. Our medical accounting understanding runs deep throughout the profession as a whole.
The NHS has been subject to a huge amount of change over the last few years, be it structural reformation, or the constant change in legislation, the challenges are constant and recurring. Working as a private medical professional is a great way to bring home some more cash, but can cause you a similar amount of stress.
We’ll help you with any number of issues – for example, NHS reimbursement claims, PAYE, private patients or even acting as an adviser on your behalf when addressing a panel. We can help produce regular management accounts if you work for a GP, giving you a clear indication of your performance and allowing you to find areas for growth. Basically, no matter the accounting or financial problem that causes you to feel derailed, we’ve got you covered.
If you work with another doctor in partnership, then we can help you too. Partnership arrangements, such as income sharing and joint ownership of premises are all things we deal with on a daily basis. Technically self-employed? No problem, we’ll help you work out the NHS pension scheme and get you the results you need. Get in touch today and get the medical accounting assistance in Newcastle Upon Tyne you need.
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What we offer you
Our range of financial services are delivered with the same care and attention, no matter where you come from, or what you do. It’s about relationships – not numbers on a page.
At Glen C Rodger we put people and the spirit of adventure at the heart of everything we do. We can open your eyes to a world of possibilities, looking at your business in a new and exciting light.
Stuck in a rut? We’ll get you out.
We bring a fresh perspective that always delivers.
Saving you time to focus on what matters
We’ll help streamline your affairs.
Getting your tax under control
You won’t pay a penny more than you should.
Plan for the success you deserve
We offer a range of business planning services.
Our Medical Accounting Guide
Our Medical Accounting Guide
Medical accounting is a niche area that requires a unique set of skills and knowledge to navigate the complexities of healthcare financial management. It involves record-keeping, compliance and financial planning.
What is Medical Accountancy?
Medical accountancy requires specialist accountants as it is quite different from general business accountancy. Medical practices have to deal with multiple billing systems, insurance claims and different revenue streams. Medical accountancy is also subject to specific regulations and reporting requirements.
A good understanding of medical coding and billing is also required. This ensures that financial records are accurate and that insurance companies make timely payments. Medical accountants should also be familiar with tax laws and healthcare-related tax deductions.
Medical accountants often work with fee-for-service, capitation and value-based care models. Each of these models has different financial implications that need to be considered.
Basic Accounting Principles for Medical Practices
Accurate bookkeeping is the foundation of any medical practice. This involves tracking income from multiple sources, managing expenses wisely and reconciling accounts. Good cash flow management is also important to ensure that the practice meets its financial obligations.
Medical practices must also comply with strict patient privacy laws such as GDPR in the UK. Accountants must protect the confidentiality of financial records while still providing the necessary information for audits and tax purposes.
Budgeting and forecasting are essential to the financial health of medical practices. These processes enable practices to plan for equipment purchases, staff salaries and expansion. Accountants should help practices set realistic financial goals and track their progress toward these goals.
Tax planning is another important aspect of medical accounting. Accountants must stay up to date with tax legislation affecting healthcare providers and help practices to maximise legitimate tax deductions while ensuring that they comply with HMRC requirements.
Our Medical Accountancy Services
At Glen C Rodger, we provide medical accountancy services that are tailored to the needs of healthcare professionals. We offer business planning, bookkeeping, auditing and tax services to help medical professionals manage their finances. We have extensive experience of the financial issues faced by hospital doctors and other medical professionals.
Business Planning Services
Our business planning services can help healthcare professionals to get their finances in order. They enable doctors, dentists and other medical professionals to establish a strong financial foundation for their practices. Taking control of one’s finances is vital, especially in an era of falling income and rising living costs.
Key services include:
• Practice start-ups
• Financial forecasting
• Budgeting and cash flow management
• Expansion planning
Our experienced accountants work closely with medical professionals to develop business plans that are tailored to their needs. They analyse market trends and financial data to develop realistic projections.
Regular reviews ensure that plans remain relevant in the face of changing healthcare regulations and practice objectives. This forward-thinking approach enables medical businesses to adapt and thrive in a rapidly changing industry.
Bookkeeping and Auditing
We provide bookkeeping and auditing services to ensure compliance and financial transparency. We also offer specialist services for GP practices.
Our bookkeeping services include:
• Recording daily transactions
• Bank reconciliations
• Payroll management
• Financial statement preparation
Our experienced staff use specialist accounting software to maintain accurate records. This attention to detail enables practice operations to run smoothly, allowing informed decisions to be made.
Auditing services provide an additional layer of financial scrutiny. Regular audits help to identify potential issues early on, ensuring that practices remain financially robust and compliant with industry regulations.
Tax Returns and VAT Management
Tax legislation can be difficult for medical professionals to understand. Glen C Rodger’s tax specialists are on hand to provide comprehensive assistance with tax returns and VAT management.
Our services include:
• Preparation of personal and corporate tax returns
• Tax planning and optimisation
• VAT registration and returns
• HMRC inquiries
Our team is committed to staying up to date with the latest tax legislation affecting healthcare providers. This enables us to identify legitimate deductions and tax-saving opportunities that are relevant to medical practices.
Our VAT management services ensure that practices comply with VAT regulations and submit timely, accurate returns. This attention to detail helps medical professionals to avoid penalties and maintain financial stability.
Business Advisory and Specialist Services
Glen C Rodger provides a range of business advisory and specialist services for medical practices. Our expertise includes strategic planning, financial management and sector-specific solutions for healthcare professionals.
Advanced Business Advisory for Medical Practices
Business advisory services from Glen C Rodger help medical practices develop strategic insights to improve their operations. Our advisors carefully analyse practice finances, identifying areas for improvement and growth opportunities.
Key advisory services include:
• Benchmarking practice performance
• Cash flow management and forecasting
• Budgeting and financial planning
• Strategies for cost reduction
These services enable medical professionals to make informed decisions about their practice’s future. Our advisors work closely with practice owners to develop tailored strategies that reflect their goals and the unique challenges of the healthcare sector.
Specialist Services Tailored to the Medical Sector
Glen C Rodger provides specialist services tailored to the medical sector. Our team has a deep understanding of the complexities inherent in healthcare finance and regulatory requirements. We have a dedicated medical accounting team that focuses on addressing the unique financial challenges within the medical sector.
Specialist services include:
• Management and reporting of NHS contracts
• Structuring of locum payments
• Guidance on practice mergers and acquisitions
• VAT planning for medical services
Our expertise in medical accounting ensures that practices remain compliant with sector-specific regulations. We assist with intricate financial matters, such as managing multiple income streams and navigating shifts in healthcare funding models.
Glen C Rodger’s specialist knowledge aids medical practices in streamlining their financial processes, allowing them to concentrate on delivering exceptional patient care.
Regulatory Compliance and Collaboration
Medical professionals must adeptly navigate complex regulatory requirements while maintaining efficient financial management. Collaborating with expert accountants can streamline compliance processes and optimise financial operations.
Navigating Companies House and Regulatory Bodies
Companies House requires medical practices operating as limited companies to submit annual accounts and confirmation statements. Medical accountants can help prepare accurate filings to meet deadlines and avoid penalties.
Regulatory bodies such as the General Medical Council (GMC) and Care Quality Commission (CQC) impose additional compliance obligations. Accountants well-versed in healthcare regulations ensure that financial practices align with these standards.