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December 2016 – January 2017 Issue 87 £12.50
INDEPENDENT PRACTITIONER TODAY
The business journal for doctors in private practice
In this issue
The application of science Jane Braithwaite presents her top ten most helpful apps for doctors P16
How you can win at the managing game
Using management accounts can track performance and aid decision-making P22
A happy and prosperous 2017 to all our readers
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Draw up a rosy future for your family Why it’s important for grandparents to ‘talk money’ with family P38
Boost for doctors’ voice By Robin Stride The Independent Doctors Fed eration (IDF) has announced ambi tious New Year plans to beef up services to members and become a stronger voice in 2017. It has revealed plans to better rep resent independent practitioners by taking a more proactive approach and relationship with the many stakeholders, such as insurers, who influence private medical practice. At the same time, it has announced plans to boost its mem bership of private consultants and GPs from the current level of around 1,200 doctors. The IDF told Independent Prac titioner Today it wanted to now ‘har ness the strength’ of new doctor entrants to the independent sector and develop the range of services it could offer them. It will also return to the tradi tional heart of private practice by relocating its offices from The Strand to the Harley Street area in London in April 2017 – and it is
promising space to hold many organisation’s administrative team. She added: ‘But key to the future more meetings locally. The package follows the appoint is to implement an active recruit ment last Spring of independent ment programme to harness the strength of new doctor medical business expert entrants to the inde Sue Smith as interim pendent sector and chief executive. She has develop the services that now been given the sub can be offered. stantive role of chief ‘This includes a more executive. proactive approach to In the last few months, and relationship with she has been running a the many stakeholders review of the strategy that influence private and operational back medical practice, such as ground the IDF. the private medical She said: ‘There are a Sue Smith, IDF’s new insurers.’ variety of tasks and activ chief executive IDF leaders say they want com ities to plan and implement during 2017, all of which are key to munication with their members, strengthening the voice of the and the body’s corporate sponsors, membership and the role of the to be more regular and effective in IDF in the independent healthcare future. The first newly revived e-newsletter was published in sector.’ Ms Smith said IDF members December and the website is carry should benefit from improvements ing more news. Ms Smith said a recurring theme being made to the IT infrastructure. These would give the organisation during her review was that in order a more dynamic website as a tool to be a voice and to be heard, there f o r b o t h m e m b e r s a n d t h e needed to be sustained and appro
priate feedback on issues affecting the membership. She said: ‘Messaging is a two-way process, so I look forward to receiv ing regular feedback from the membership as we strive to become the respected voice representing doctors in the independent sector.’ One worry for the IDF has been a fall in the proportion of younger doctors: those aged under 50 dropped from 28% to 26% last year. IDF president and council chair man, private GP Dr Peter KingLewis, told the last annual meeting that the federation needed more young members if it was to be taken seriously ‘by those seeking to carve out the future of private practice: the hospital groups and the private medical insurers’. The IDF will also be keen to expand its membership presence outside the capital. Only 36% of the members are outside London. It has reported encouraging talks with insurers in recent months. Read Sue Smith in next month’s Independent Practitioner Today
Get in financial shape now – or lose money
Independent practitioners are being advised to get in financial shape before the end of the tax year – or risk losing money. And accountants are also remind ing busy doctors to beware of leav ing paying the tax they owe, and In association with
filing online tax returns, to the last minute. Those missing the 31 January midnight deadline will be fined £100 but for many doctors the cost could be far more if their behaviour triggers a tax investigation.
Accountants told Independent Practitioner Today many doctors still miss opportunities to maximise their tax-free allowances before the tax year-end of 5 April, often due to heavy workloads. Pension contributions, tax-free
ISAs, junior ISAs, investments, inher itance tax, trading structures, dis posal of assets and buying equipment now rather than later should all be discussed with specialist medical accountants and financial advisers. n See our round-up on page 44