There is still a quarter of the year left where your practice’s performance needs to be managed, whether you are ahead or behind.
If you are ahead of your targets, you will have patient expectations to manage as you run out of capacity, together with clinical colleagues, who may not appreciate a slow down in their earning ability. Now is the time to put in place a marketing drive for additional independent work, including possible temporary price reductions – bear in mind that all your fixed costs are already committed. The aim is to keep your practice working at capacity.
If alternatively you are behind in your UDA’s, do not just give up. NHS England is much more likely to permanently reduce your Contract in 2014 even if you are not a habitual under-performer, and this has an effect on the permanent value of your practice. If there is a way to increase your rate of achievement over the next three months by changes in working practices, or possibly a temporary addition to the workforce, consider it strongly.
Either way, it’s stocktaking season, says Tracey Prest of Minford Chartered Accountants.