Director Greg Bestwick explores the challenges medical, health and wellbeing businesses can face, and how an experienced accounting partner can help professionals safeguard the health of their clients – and of their businesses.
Primary care challenges
2020 has been a year of upheaval for primary care. In Jersey, an unprecedented agreement led to more than 100 GPs being directly employed by Health and Community Services for four months, delivering increased resilience to the health sector throughout the early stages of the pandemic.
With these changes came significant business impact. Medical practices with robust accounting and business support were able to adapt their approach and work with government to ensure a smooth shift to new ways of working. As accountants for several Jersey medical practices, we saw our clients through the transition, quickly learning about the evolved primary care model and ensuring medical practices continued to operate robustly throughout.
Better service through better performance
While resilient business operations have become increasingly important, medical practices and health businesses also have much to gain by building a better understanding of their business performance. Through developing bespoke reporting and aligning insights with key objectives, we’ve helped clients in the healthcare sector speed up their decision making and plan ahead more effectively – both critical pieces of the puzzle during a time of rapid change.
Better decision making and efficient planning will only lead to better business performance. And with better performance comes better service, with doctors and other healthcare professionals able to spend more time focusing on the people they treat.
Don’t ignore the standards
Client service and professional care continue to be paramount. At the same time, many primary care and wellbeing services are delivered by private businesses – and professional financial management can’t be relegated to the bottom of the priority list. By working with professional accountants, healthcare businesses can have the administrative burden eased, safe in the knowledge that their accounts are prepared to the appropriate standards and in line with ever-evolving regulations and requirements.
It’s more than medicine
Efficient accounting and bespoke business insights aren’t only relevant to medical practices; they’re equally important for dental surgeries, physiotherapists, chiropractors, gyms and other wellbeing businesses. Healthcare, fitness and wellbeing services are all focused on improving people’s life experiences, many down to the individual level. By working with an accounting and financial planning partner with relevant industry experience, healthcare professionals can quickly develop a strong understanding of their business performance, streamlining their approach to ensure the long-term health of their clients and of their businesses.
To find out more about our services and how we could support your business, contact Greg Bestwick for an informal chat: