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July-August 2016 Issue 83 £12.50 Read our page-turnable edition on our website
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INDEPENDENT PRACTITIONER TODAY
The business journal for doctors in private practice
In this issue Swindler’s list
Fraudsters are finding new ways to target doctors. So how do you fight back? P14
By Robin Stride Private doctors in London stand to lose thousands of pounds in the wake of Brexit, accountants fear. Financial projections for Indepen dent Practitioner Today, based on independent practitioners’ earnings from the City, predict a 2-3% average drop in private practice gross incomes in the centre of the capital for every 10,000 job losses. That represents a drop of £3,500£4,500, although the figures could be nearer £35,000-£45,000 for some if forecasts by pessimistic commentators are realised. But the analysis, by Stanbridge Associates, highlighted that a profits fall could be offset by more international patients coming to be treated in London as a centre of world medical excellence. Specialist medical accountant Ray Stanbridge added: ‘Optimists are saying there could be 10,000 City job losses. Pessimists have said 100,000, which I don’t believe. But whoever leaves, they take their private medical insurance-covered (PMI) families with them too. ‘ I ’d a d v i s e c o n s u l t a n t s to increase their prices and level of service to self-pay patients. ‘Outer-London consultants are likely to see some fall off in the business as the economy slows In association with
Personality goes a long way
Medical training can stifle good marketing methods. Here’s some ideas to enliven your website P16
www.independent-practitioner-today.co.uk
An accident but still your fault Private doctors with employees need to be aware of the risks of vicarious liability P28
could well cost you thousands
down, but this again may be offset by more self-pay. ‘Around the country, the promised £350m per week to the NHS following Brexit seems to have disappeared in a haze – if it ever was a reality. Things are likely to continue as they were before.’ Private practice marketing consultant Malcolm McCoskery said: ‘There is much uncertainty at the moment, but if Sterling continues to fall, this could attract more international patients, especially those from outside Europe. ‘If the Eurozone continues to disband, then the international markets will fluctuate even more and if the Euro currency collapses, then more opportunities could arise. ‘In the longer term, the ability of European doctors to work here could be restricted. But, there again, it may become easier for Commonwealth doctors to work here, so this could be a neutral situation. ‘As for the UK market, if there is a significant downturn, then personal PMI may suffer as subscribers – especially the elderly if their savings hit zero per cent interest – feel the pinch.’ Gary Nials, managing director at Medical Billing and Collection, said overseas self-pay might
increase if the pound continued to fall against other currencies. But he foresaw little impact on embassy work, as they would continue to use the UK-based medical expertise. He thought the UK self-pay market would continue to grow as it has done recently unless there was significant NHS investment. NHS private patient units (PPU) expert Philip Housden said: ‘This will take years to work through and life and business needs to go on. ‘Therefore, the outlook for private healthcare provision contin-
ues to be cautiously optimistic, including for NHS PPUs. ‘Despite general market uncertainty, international and domestic trade will continue largely unaffected – although some investment decisions may be postponed. ‘So, in that climate, will individuals and companies renew PMI and will we see a hit to self-pay growth? Personally, I doubt it, as the PMI market has pretty much reduced to a core already following the recession, and self-pay is more likely to respond to NHS pressures than macro-economic ones.’ ➱ continued on page 6
RETAINING THE CROWN: HCA Healthcare UK was named Private Hospital Group of the Year at the HealthInvestor Awards 2016, repeating its success of 2015. John Reay, London Bridge Hospital chief executive (left), and the company’s chief operating officer Andrew Gore, collected the gong at a ceremony at London’s Grosvenor House Hotel. See page 3