Botham Accounting are financial experts for the independent health and social care sectors.
Healthcare is a growth market with an aging population and more people with chronic medical conditions. It’s a competitive sector and government funding is limited. For the owner of a healthcare business there is a tension between making a profit and delivering high quality services. How can you get to the top of your game in Healthcare and stay there?
Whether your business is a residential home, supported living, domiciliary care or other specialism, healthcare services are often delivered by staff who are remote from the owner/investor. If you can create a culture where your staff feel empowered and encouraged to make suggestions and create systems that identify and deal with the problems and difficulties of delivering healthcare services in your setting you can overcome that tension. We can help you to look at your systems and simultaneously improve both performance and profit by introducing good management techniques and controls. Improved management and performance also leads to improved recognition by CQC and you can create a virtuous circle of continuous improvement.
How can we help you create value and improve your business?
Do you need help to fully understand and interpret the financial information that your business generates? Would you like to outsource the whole of your financial management? Would you like someone to prepare quarterly board packs and regular monitoring information on KPIs or controls that have been identified as requiring continuous monitoring? Are you certain that you are making the most of tax advantageous strategies?
We use plain English to make financial information easy to understand and we can check that you are complying with legislation and rules so that you don’t need to worry. And we will highlight the things you need to know, which decisions you need to take, and give you the evidence and facts you need to make those decisions.
For those operators not reliant on Local Authority funding we can help you set your pricing policy by benchmarking you against your direct competitors on key comparables, such as CQC rating, to give you the confidence to charge the price that your services are worth. We can also help you identify how you measure up against the industry norms and quickly identify any anomalies.
We have Real Estate and Tax specialisms which are key areas in the maximisation of your profits. Whether you are an owner occupier or renting we can advise on the best structure and most tax efficient way to hold property within your business.
Making the most of your audit?
If you need an audit we can make sure that it adds value to your business by writing you an executive report with a traffic light system for each of your controls. This means you can see at a glance how each control is performing and decide the relative merit of making improvements/changes to your systems.
Because we know the sector we know key areas and high risk areas for audit purposes which means that we can tailor our approach to the audit and be as efficient as possible.
Thinking of expanding your business?
The healthcare sector is extremely buoyant with plenty of opportunities for you to grow your business.
If you need us, we will be there to help you at every stage of an acquisition, we can negotiate on your behalf and help you to secure the most appropriate deal for you. Our team have expertise for each step of the process providing advice on tax, compliance, financing and deal terms. We can carry out due diligence assignments in a focussed and timely manner, identifying any key issues and quickly being able to gain an understanding of the target business.
We can put you in touch with useful contacts – developers, funders and specialist professionals. If you’ve been offered lending terms we can talk them through with you and benchmark them against other lenders. If you need it, we can create models and forecasts to support your funding applications.