The business and accounting aspects of General Practice are integral to daily practice. In addition, recently there have been radical changes in the world of General Practice (GP). While formal post graduate GP training in the UK is thorough and practice accounts are included in the MRCGP syllabus, many GP registrars struggle with the subject and there is obviously less emphasis on this than the clinical aspects of the profession. This book helps to address that deficiency and would be invaluable to all those confused by accounting terminology, including GP registrars, locums and principals. This text would also prove practical for new practice managers.
‘Practice Accounts Made Easy’ is a concise guide on the fundamentals and often confusing world of practice accounts. The book assumes a basic knowledge but is written in a clear jargon-free way, with detailed examples given throughout. The author is an accountant with a specialist interest in medical accounting and thus a wealth of knowledge in this very specialised field. The book sets out to define almost every term associated with General Practice accounts and the minefield that is taxation. It provides a breakdown of the now ubiquitous Quality & Outcomes Framework (QOF). The text sets out an example balance sheet from a practice and all the various items that would be included in this. Other important aspects of business are covered, including, the make-up of payments for a practice medical services contract, joining and leaving a practice and superannuation. It also provides information for the individual GP on how to pay their tax, tax deductible expenses and the differences on being employed and self-employed for tax purposes.
In summary, I would recommend this book to anyone entering the world of General Practice or indeed interested in consolidating their knowledge. Each section of the book is easy to follow and as a result it can be used as a quick reference guide. Alternatively, it would lend itself to being read ‘cover to cover’. The book reflects efficient and patient-friendly practice. The continuing evolution of the NHS reforms are presented in clear, comprehensive and concise terms, from which the reader will derive confidence and understanding, whether they use the book for background reading in the practice, or as a stand alone textbook on this important and evolving subject.
Gillian Johnston General Practitioner