abbey medical

What exactly will my Dashboard Report give me?

Amongst other information your Dashboard Report will contain the following critical financial information:

Monthly Management Accounts

• Year to date management accounts in detail and summary.
• A full reconciliation of your Practice bank account.
• Income reports broken down by category and by month.
• Expenditure reports broken down by category and by month.
• Cash-flow analysis and alerts to any forecasted cash-flow deficits.
• Full access to the income & expenditure breakdown reports on a transaction-
  by-transaction, day-by-day level (at the click of a mouse).
• Summary and reconciliation of monthly with-holding tax (F45) receipts.
• Comparative data for same period previous year.

GMS Monthly Reports

• A GMS monthly reconciliation report (for every GMS panel in the Practice).
• Average capitation and total GMS fees per month per patient.
• Summary of STCs paid, rejected and average STC values per month.
• Detailed Practice support subsidies analysis comparing received vs. entitled
  (based on GMS weighted panel sizes and existing staff hours).
• Summary of leave allowances (annual, study, sick) – claimed ‘year to date’
  vs. total entitlements and a leave allowance tracker and alert mechanism.
• Summary of all other individual GMS payments and deductions.
• Monthly checker for ad-hoc (non monthly) payments (e.g. Medical Indemnity
  rebate, Rural Practice Allowance, etc. where applicable).

What will my Dashboard Report look like?

Level 1 is the highest level of summary report. This is a one-page document displaying all of the critical Key Performance Indicators for your business. A sample Level 1 report is displayed below.

There are multiple additional reports, each providing in depth detail and information on specific critical Practice issues. A summary of the reports is as follows:

• Dashboard Report 1: Summary Level (1 page)
• Dashboard Report 2: Total year-to-date Income analysis (vs. previous yr data)
• Dashboard Report 3: Total year-to-date Expenditure analysis (vs. previous yr data)
• Dashboard Report 4: Complete bank statement reconciliation
• Dashboard Report 5: Full GMS payment reconciliation and highlight of critical ‘income leakage’ areas.

Can I see more?

Please contact me directly at barryobrien@abbeymedical.ie to request a sample copy of a typical full set of monthly GP Dashboard Reports.

What are the minimum requirements from the Practice side?

The GP Dashboard Report pack can be put in place for any practice, of any size and regardless of the demographics or characteristics of the practice. However it will rely on the timely submission of specific monthly information from your Practice. These reports can be compiled by a nominated member of the admin staff or by the GP, normally in 1-2 hours per month.

It is also preferable that your Practice has one main bank account into which Practice income is lodged and out of which all Practice expenses are paid.

What information will I need to send to you each month?

Each month we will require the following information

• Copy of Bank Account Statement for the month in question.
• Summary information providing detail of income and expenditure category
  (only where this is not evident from the bank statement transaction).
• Summary of cheque stub detail for month in question (cheque number,
  amount and name of payee).
• Summary of bank lodgment records for month in question.
• Copy of monthly GMS ‘Pink Sheets’ report(s).

We will provide formatted monthly templates that can be used ‘in house’ to provide all of the information necessary. The completion of the necessary information should take a maximum of 1-2 hours per month and could easily be provided by a responsible member of the administration staff.

How should this information be sent?

Ideally the monthly practice information should be submitted to us by e-mail. If this is not possible, a hard copy of the information by post is acceptable.

What will it cost?

Costs will be agreed in advance and are based on a monthly fixed fee. Fees will vary based on the Practice size, complexity of the financial accounts and number of GPs & GMS panels within the Practice.

Fees generally vary from €500 – €900 per month with a typical practice of 4 GPs incurring a monthly fee of approximately €650 per month plus VAT. Fees are invoiced directly to the practice as tax-deductible expenses within the Practice accounts.

In the example outlined, allowing for a self-employed marginal rate of tax of 55% (Marginal Rate calculated at: Income Tax 41% + USC 10% + PRSI 4%; Total 55%) net cost per GP, after tax deduction, would amount to €1,079 per year or €21 per week.

What will the GP Dashboard Report not do?

Your Dashboard Report will not remove the requirement for you to take some role in personally managing your business. Equally it will not provide a substitute to an effective practice manager or senior administration staff member.

However it will complement both of these roles and responsibilities and will make the overall role of managing the Practice finances (and subsequent commercial and management decision making processes) significantly easier.

How will it be delivered?

Your monthly GP Dashboard Report will be delivered to you by e-mail. Each month you will receive the summary (Level 1) report accompanied by all additional detailed reports which provide critical detail backing up the data contained within the summary report and additional financial and commercial information.

What else is included in the fixed monthly fee?

As well as the monthly GP Dashboard Reports other business advisory services are also included in the service. These include;

• Remote management support and advice on all operational management queries which might arise in the Practice.
• Response to all general correspondence, calls and e-mails regarding queries which might arise subsequent to review of each monthly report(s).
• General advice (by phone/email) on setting up, maintaining and regular audit of other Practice Management systems and processes that should be established in the Practice.
• General advice and assistance on the establishment of complementary detailed financial systems within the practice that will assist in maximising the value of the GP Dashboard Report (e.g. monthly financial reconciliation systems ensuring maximum income received for all state and private income streams).
• Provision of the end of year management accounts to your nominated practice accountant.
• Full bank account reconciliation prior to provision of management accounts to your practice accountant.
• Response to all correspondence, calls and e-mails from the practice accountant with any queries they might have on the content or format of the management accounts.

What if I require additional services?

The GP Dashboard Reporting service is a fixed fee, structured service designed specifically for a GP Practice setting. But it is only one of a larger number of management and advisory services available.

Should you wish to avail of additional services that are not included in the Dashboard Reporting package, they can be provided on an hourly rate basis. All clients availing of the GP Dashboard Reporting package will automatically receive a 20% reduction on hourly rates for all other consulting services.

Examples of such services include

• Provision of advice and core structures for Profit Sharing arrangements.
• Negotiation, facilitation and implementation of Partnership Agreements.
• Development of ‘buy-in’, ‘work-in’ and exit/retirement models.
• Mediation/conflict resolution for Partnership and/or Employer-Employee grievances.
• Recruitment and Selection of practice staff (admin, nursing & GP).
• Risk analysis and financial modelling to assist with key strategic decisions
  and/or implementation of new Practice services.
• Project management, advisory services and negotiation in respect of
  participation in Primary Care Centres and commercial healthcare building
  strategies.
• Liaison with banks to assist in securement of Practice funds.
• Liaison with HSE in participation of PCT discussions.
• General ad-hoc Practice Management projects or advice on specific
  commercial/management issues which require resolution at management
  level.
• Review, formulation and implementation of core Practice Management
  systems, processes and protocols within the practice.

How do I commence this service?

To commence the service or to discuss it in more detail, please do not hesitate to contact Barry O’Brien directly on 087 697 2000 or at barryobrien@abbeymedical.ie..

Subsequent to further explanation of the service, the Practice will be provided with a short application form requesting general information on the size of the Practice, its current management structure and existing financial control and accounting procedures. On receipt of a completed application we will provide you with a fixed price quotation for the service.

If you decide to engage the service, it will be necessary to make further contact with the GPs and staff members that we will be dealing with on a monthly basis. We will go through the exact requirements regarding monthly provision of information and clarify any queries regarding content and timing of the monthly Dashboard Report and other services provided both within and outside of the GP Dashboard Reporting service.

Any other general management or business queries that you may have can also be addressed at that time.